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Investments in Joint Ventures and Partnerships
 12 Months Ended
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):
20252024
Current assets$43,009 $55,793 
Non-current assets116,570 183,976 
Total assets$159,579 $239,769 
Current liabilities$16,941 $29,840 
Non-current liabilities69,259 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):
202520242023
Revenues$153,428 $159,656 $154,423 
Operating costs and expenses131,522 138,747 137,431 
Gross Profit (Loss)$21,906 $20,909 $16,992 
Income (Loss) from Continuing Operations1
$10,494 $12,139 $(1,528)
Net Income (Loss)1
$10,494 $12,139 $(1,528)
1Includes earnings from equity method investments held by the investee.