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Investments in Joint Ventures and Partnerships | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Joint Ventures and Partnerships | Investments in Joint Ventures and Partnerships The Company has investments in joint ventures and partnerships through its Land Operations segment. The Company's investments in joint ventures and partnerships consist of equity investments in limited liability companies that operate or develop real estate and joint ventures that engage in materials-related activities and renewable energy. The Company does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of these investments and, accordingly, accounts for its investments using the equity method of accounting. Operating results presented in the Company's consolidated statements of operations include the Company's proportionate share of net income (loss) from its equity method investments. The Company’s carrying value of investments in joint ventures and partnerships totaled $36.8 million and $39.0 million as of December 31, 2025 and 2024, respectively, which is recorded in Investments in real estate joint ventures and partnerships and Investments in other joint ventures and partnerships on the Consolidated Balance Sheets. The amounts of the Company’s investment as of December 31, 2025 and 2024, that represent undistributed earnings of investments in joint ventures and partnerships was approximately $10.3 million and $9.3 million, respectively. Dividends and distributions from unconsolidated joint ventures and partnerships totaled $7.5 million in 2025, $4.4 million in 2024, and $0.5 million in 2023. During the three years ended December 31, 2025, 2024, and 2023, Income (loss) related to joint ventures was $8.3 million, $4.6 million and $1.9 million, respectively, and return on investment operating cash distributions was $4.0 million, $3.4 million and $0.1 million, respectively. A summary of combined assets and liabilities reported by such entities accounted for by the equity method as of December 31, 2025 and 2024, were as follows (in thousands):
|  | 2025 |  | 2024
Current assets |  | $ | 43,009 |  |  | $ | 55,793 |
Non-current assets |  | 116,570 |  |  | 183,976 |
Total assets |  | $ | 159,579 |  |  | $ | 239,769 |
Current liabilities |  | $ | 16,941 |  |  | $ | 29,840 |
Non-current liabilities |  | 69,259 |  |  | 95,326 |
Total liabilities |  | $ | 86,200 |  |  | $ | 125,166 |
A summary of combined operating results reported by such entities accounted for by the equity method for each of the years ended December 31, 2025, 2024, and 2023, were as follows (in thousands):
|  | 2025 |  | 2024 |  | 2023
Revenues |  | $ | 153,428 |  |  | $ | 159,656 |  |  | $ | 154,423 |
Operating costs and expenses |  | 131,522 |  |  | 138,747 |  |  | 137,431 |
Gross Profit (Loss) |  | $ | 21,906 |  |  | $ | 20,909 |  |  | $ | 16,992 |
Income (Loss) from Continuing Operations 1 |  | $ | 10,494 |  |  | $ | 12,139 |  |  | $ | (1,528) |
Net Income (Loss)1 |  | $ | 10,494 |  |  | $ | 12,139 |  |  | $ | (1,528) |
1 Includes earnings from equity method investments held by the investee.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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