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BUSINESS SEGMENT DATA | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENT DATA | NOTE 22. BUSINESS SEGMENT DATA The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations. The management services segment consists of the revenue generated from managing PINE, the Portfolio Management Agreement and the Subsurface Management Agreement, as described further in Note 5, “Management Services Business.” Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 89% and 88% of our identifiable assets as of March 31, 2025 and December 31, 2024, respectively, and 88.4% and 87.5% of our consolidated revenues for the three months ended March 31, 2025 and 2024, respectively. Our management fee income consists of the management fees earned for the management of PINE, the Portfolio Management Agreement and the Subsurface Management Agreement during the three months ended March 31, 2025 and 2024. As of March 31, 2025, our commercial loan and investment portfolio consisted of five commercial loan investments and two preferred equity investments which are classified as commercial loan investments. Our real estate operations consists of revenues generated from the sale of and royalty income related to our interests in subsurface oil, gas, and mineral rights, and the sale of mitigation credits. The Company’s assets underlying its real estate operations were sold during the year ended December 31, 2024, therefore, no further revenues are expected from this segment. ​ Information about the Company’s operations in different segments for the three months ended March 31, 2025 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Income Properties |  | Management Services |  | Commercial Loans and Investments | ​ | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 31,672 | ​ | $ | — | ​ | $ | — | ​ | $ | 31,672
Management Fee Income | ​ | ​ | — | ​ | ​ | 1,178 | ​ | ​ | — | ​ | ​ | 1,178
Interest Income From Commercial Loans and Investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,961 | ​ | ​ | 2,961
Total Revenues for Reportable Segments | ​ | $ | 31,672 | ​ | $ | 1,178 | ​ | $ | 2,961 | ​ | $ | 35,811
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | (8,891) | ​ | $ | — | ​ | $ | — | ​ | $ | (8,891)
Total Revenues Less Direct Costs of Revenues | ​ | $ | 22,781 | ​ | $ | 1,178 | ​ | $ | 2,961 | ​ | $ | 26,920
Provision for Impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Depreciation and Amortization - Real Estate | ​ | ​ | (14,346) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14,346)
Total Revenues Less Operating Expenses for Reportable Segments | ​ | $ | 8,435 | ​ | $ | 1,178 | ​ | $ | 2,961 | ​ | $ | 12,574
Gain on Disposition of Assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Net Income From Operations for Reportable Segments | ​ | $ | 8,435 | ​ | $ | 1,178 | ​ | $ | 2,961 | ​ | $ | 12,574
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to Consolidated Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and Administrative Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,683)
Investment and Other Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 575
Interest Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6,136)
Depreciation and Amortization - Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (18)
Net Loss Before Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,312
Income Tax Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (51)
Net Income Attributable to the Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,261
​ ​ Information about the Company’s operations in different segments for the three months ended March 31, 2024 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Income Properties |  | Management Services |  | Commercial Loans and Investments | ​ | Real Estate Operations | ​ | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 24,623 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 24,623
Management Fee Income | ​ | ​ | — | ​ | ​ | 1,105 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,105
Interest Income From Commercial Loans and Investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,351 | ​ | ​ | — | ​ | ​ | 1,351
Real Estate Operations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,048 | ​ | ​ | 1,048
Total Revenues for Reportable Segments | ​ | $ | 24,623 | ​ | $ | 1,105 | ​ | $ | 1,351 | ​ | $ | 1,048 | ​ | $ | 28,127
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | (6,753) | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (6,753)
Real Estate Operations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (819) | ​ | ​ | (819)
Total Revenues Less Direct Costs of Revenues | ​ | $ | 17,870 | ​ | $ | 1,105 | ​ | $ | 1,351 | ​ | $ | 229 | ​ | $ | 20,555
Provision for Impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (48) | ​ | ​ | — | ​ | ​ | (48)
Depreciation and Amortization - Real Estate | ​ | ​ | (10,915) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (10,915)
Total Revenues Less Operating Expenses for Reportable Segments | ​ | $ | 6,955 | ​ | $ | 1,105 | ​ | $ | 1,303 | ​ | $ | 229 | ​ | $ | 9,592
Gain on Disposition of Assets | ​ | ​ | 4,618 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,545 | ​ | ​ | 9,163
Net Income From Operations for Reportable Segments | ​ | $ | 11,573 | ​ | $ | 1,105 | ​ | $ | 1,303 | ​ | $ | 4,774 | ​ | $ | 18,755
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation to Consolidated Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and Administrative Expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4,216)
Investment and Other Loss | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,259)
Interest Expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,529)
Depreciation and Amortization - Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (16)
Net Income Before Income Tax Benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,735
Income Tax Benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 107
Net Income Attributable to the Company | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 5,842
​ Capital expenditures of each segment for the three months ended March 31, 2025 and 2024 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025 | ​ | March 31, 2024
Capital Expenditures: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 80,864 | ​ | $ | 73,403
Commercial Loans and Investments | ​ | ​ | 1,431 | ​ | ​ | 6,575
Corporate and Other | ​ | ​ | 12 | ​ | ​ | 9
Total Capital Expenditures | ​ | $ | 82,307 | ​ | $ | 79,987
​ ​ Identifiable assets of each segment as of March 31, 2025 and December 31, 2024 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2025 |  | December 31, 2024
Identifiable Assets: | ​ | ​ | ​ | ​ | ​ | ​
Income Properties | ​ | $ | 1,109,408 | ​ | $ | 1,039,466
Management Services | ​ | ​ | 1,497 | ​ | ​ | 1,481
Commercial Loans and Investments | ​ | ​ | 105,690 | ​ | ​ | 105,763
Real Estate Operations | ​ | ​ | 616 | ​ | ​ | 611
Corporate and Other | ​ | ​ | 26,692 | ​ | ​ | 34,323
Total Assets | ​ | $ | 1,243,903 | ​ | $ | 1,181,644
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations includes the identifiable assets of certain real estate operations receivables. Corporate and other assets consist primarily of cash and restricted cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. ​ The Management Services and Real Estate Operations segments had no capital expenditures during the three months ended March 31, 2025 or 2024. ​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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