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BUSINESS SEGMENT DATA
 9 Months Ended
Sep. 30, 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 88% of our identifiable assets as of September 30, 2025 and December 31, 2024. Our income property operations accounted for 88.6% and 89.0% of our consolidated revenues for the nine months ended September 30, 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 nine months ended September 30, 2025 and 2024. As of September 30, 2025, our commercial loan and investment portfolio consisted of four 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 September 30, 2025 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Income Properties

    

Management Services

    

Commercial Loans and Investments

​

Total

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

Income Properties

​

$

33,439

​

$

—

​

$

—

​

$

33,439

Management Fee Income

​

​

—

​

​

1,176

​

​

—

​

​

1,176

Interest Income From Commercial Loans and Investments

​

​

—

​

​

—

​

​

3,142

​

​

3,142

Total Revenues for Reportable Segments

​

$

33,439

​

$

1,176

​

$

3,142

​

$

37,757

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Income Properties

​

$

(9,274)

​

$

—

​

$

—

​

$

(9,274)

Total Revenues Less Direct Costs of Revenues

​

$

24,165

​

$

1,176

​

$

3,142

​

$

28,483

Provision for Impairment

​

​

—

​

​

—

​

​

(68)

​

​

(68)

Depreciation and Amortization - Real Estate

​

​

(14,913)

​

​

—

​

​

—

​

​

(14,913)

Total Revenues Less Operating Expenses for Reportable Segments

​

$

9,252

​

$

1,176

​

$

3,074

​

$

13,502

Gain on Disposition of Assets

​

​

1,373

​

​

—

​

​

—

​

​

1,373

Net Income From Operations for Reportable Segments

​

$

10,625

​

$

1,176

​

$

3,074

​

$

14,875

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation to Consolidated Net Income

​

​

​

​

​

​

​

​

​

​

​

​

General and Administrative Expenses

​

​

​

​

​

​

​

​

​

​

​

(4,780)

Investment and Other Loss

​

​

​

​

​

​

​

​

​

​

​

(221)

Interest Expense

​

​

​

​

​

​

​

​

​

​

​

(6,833)

Loss on Extinguishment of Debt

​

​

​

​

​

​

​

​

​

​

​

(53)

Depreciation and Amortization - Other

​

​

​

​

​

​

​

​

​

​

​

(16)

Net Income Before Income Tax Expense

​

​

​

​

​

​

​

​

​

​

$

2,972

Income Tax Expense

​

​

​

​

​

​

​

​

​

​

​

(58)

Net Income Attributable to the Company

​

​

​

​

​

​

​

​

​

​

$

2,914

​

​

Information about the Company’s operations in different segments for the three months ended September 30, 2024 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Income Properties

    

Management Services

    

Commercial Loans and Investments

​

Real Estate Operations

​

Total

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income Properties

​

$

28,528

​

$

—

​

$

—

​

$

—

​

$

28,528

Management Fee Income

​

​

—

​

​

1,124

​

​

—

​

​

—

​

​

1,124

Interest Income From Commercial Loans and Investments

​

​

—

​

​

—

​

​

1,615

​

​

—

​

​

1,615

Real Estate Operations

​

​

—

​

​

—

​

​

—

​

​

538

​

​

538

Total Revenues for Reportable Segments

​

$

28,528

​

$

1,124

​

$

1,615

​

$

538

​

$

31,805

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income Properties

​

$

(7,797)

​

$

—

​

$

—

​

$

—

​

$

(7,797)

Real Estate Operations

​

​

—

​

​

—

​

​

—

​

​

(359)

​

​

(359)

Total Revenues Less Direct Costs of Revenues

​

$

20,731

​

$

1,124

​

$

1,615

​

$

179

​

$

23,649

Provision for Impairment

​

​

—

​

​

—

​

​

(538)

​

​

—

​

​

(538)

Depreciation and Amortization - Real Estate

​

​

(13,204)

​

​

—

​

​

—

​

​

—

​

​

(13,204)

Total Revenues Less Operating Expenses for Reportable Segments

​

$

7,527

​

$

1,124

​

$

1,077

​

$

179

​

$

9,907

Loss on Disposition of Assets

​

​

(855)

​

​

—

​

​

—

​

​

—

​

​

(855)

Net Income From Operations for Reportable Segments

​

$

6,672

​

$

1,124

​

$

1,077

​

$

179

​

$

9,052

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation to Consolidated Net Income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

General and Administrative Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(4,075)

Investment and Other Income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,031

Interest Expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(5,632)

Depreciation and Amortization - Other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(17)

Net Income Before Income Tax Expense

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,359

Income Tax Expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(132)

Net Income Attributable to the Company

​

​

​

​

​

​

​

​

​

​

​

​

​

$

6,227

​

​

Information about the Company’s operations in different segments for the nine months ended September 30, 2025 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Income Properties

    

Management Services

    

Commercial Loans and Investments

​

Total

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

Income Properties

​

$

98,486

​

$

—

​

$

—

​

$

98,486

Management Fee Income

​

​

—

​

​

3,601

​

​

—

​

​

3,601

Interest Income From Commercial Loans and Investments

​

​

—

​

​

—

​

​

9,119

​

​

9,119

Total Revenues for Reportable Segments

​

$

98,486

​

$

3,601

​

$

9,119

​

$

111,206

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Income Properties

​

$

(28,343)

​

$

—

​

$

—

​

$

(28,343)

Total Revenues Less Direct Costs of Revenues

​

$

70,143

​

$

3,601

​

$

9,119

​

$

82,863

Provision for Impairment

​

​

—

​

​

—

​

​

(68)

​

​

(68)

Depreciation and Amortization - Real Estate

​

​

(44,536)

​

​

—

​

​

—

​

​

(44,536)

Total Revenues Less Operating Expenses for Reportable Segments

​

$

25,607

​

$

3,601

​

$

9,051

​

$

38,259

Gain on Disposition of Assets

​

​

1,373

​

​

—

​

​

—

​

​

1,373

Net Income From Operations for Reportable Segments

​

$

26,980

​

$

3,601

​

$

9,051

​

$

39,632

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation to Consolidated Net Income

​

​

​

​

​

​

​

​

​

​

​

​

General and Administrative Expenses

​

​

​

​

​

​

​

​

​

​

​

(13,911)

Investment and Other Loss

​

​

​

​

​

​

​

​

​

​

​

(3,333)

Interest Expense

​

​

​

​

​

​

​

​

​

​

​

(19,828)

Loss on Extinguishment of Debt

​

​

​

​

​

​

​

​

​

​

​

(20,449)

Depreciation and Amortization - Other

​

​

​

​

​

​

​

​

​

​

​

(51)

Net Loss Before Income Tax Expense

​

​

​

​

​

​

​

​

​

​

$

(17,940)

Income Tax Expense

​

​

​

​

​

​

​

​

​

​

​

(303)

Net Loss Attributable to the Company

​

​

​

​

​

​

​

​

​

​

$

(18,243)

​

​

Information about the Company’s operations in different segments for the nine months ended September 30, 2024 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Income Properties

    

Management Services

    

Commercial Loans and Investments

​

Real Estate Operations

​

Total

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income Properties

​

$

79,029

​

$

—

​

$

—

​

$

—

​

$

79,029

Management Fee Income

​

​

—

​

​

3,360

​

​

—

​

​

—

​

​

3,360

Interest Income From Commercial Loans and Investments

​

​

—

​

​

—

​

​

4,407

​

​

—

​

​

4,407

Real Estate Operations

​

​

—

​

​

—

​

​

—

​

​

1,981

​

​

1,981

Total Revenues for Reportable Segments

​

$

79,029

​

$

3,360

​

$

4,407

​

$

1,981

​

$

88,777

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income Properties

​

$

(22,630)

​

$

—

​

$

—

​

$

—

​

$

(22,630)

Real Estate Operations

​

​

—

​

​

—

​

​

—

​

​

(1,437)

​

​

(1,437)

Total Revenues Less Direct Costs of Revenues

​

$

56,399

​

$

3,360

​

$

4,407

​

$

544

​

$

64,710

Provision for Impairment

​

​

—

​

​

—

​

​

(653)

​

​

—

​

​

(653)

Depreciation and Amortization - Real Estate

​

​

(35,650)

​

​

—

​

​

—

​

​

—

​

​

(35,650)

Total Revenues Less Operating Expenses for Reportable Segments

​

$

20,749

​

$

3,360

​

$

3,754

​

$

544

​

$

28,407

Gain on Disposition of Assets

​

​

3,763

​

​

—

​

​

—

​

​

4,545

​

​

8,308

Net Income From Operations for Reportable Segments

​

$

24,512

​

$

3,360

​

$

3,754

​

$

5,089

​

$

36,715

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reconciliation to Consolidated Net Income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

General and Administrative Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(11,750)

Investment and Other Income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5,201

Interest Expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(16,765)

Depreciation and Amortization - Other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(51)

Net Income Before Income Tax Expense

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,350

Income Tax Expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(98)

Net Income Attributable to the Company

​

​

​

​

​

​

​

​

​

​

​

​

​

$

13,252

​

Capital expenditures of each segment for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 2025

​

September 30, 2024

​

September 30, 2025

​

September 30, 2024

Capital Expenditures:

​

​

​

​

​

​

​

​

​

​

​

​

Income Properties

​

$

6,128

​

$

138,850

​

$

87,187

​

$

216,969

Commercial Loans and Investments

​

​

6,381

​

​

53,176

​

​

12,786

​

​

60,206

Corporate and Other

​

​

8

​

​

2

​

​

33

​

​

17

Total Capital Expenditures

​

$

12,517

​

$

192,028

​

$

100,006

​

$

277,192

​

Identifiable assets of each segment as of September 30, 2025 and December 31, 2024 are as follows (in thousands):

​

​

​

​

​

​

​

​

​

As of

​

    

September 30, 2025

    

December 31, 2024

Identifiable Assets:

​

​

​

​

​

​

Income Properties

​

$

1,075,490

​

$

1,039,466

Management Services

​

​

1,203

​

​

1,481

Commercial Loans and Investments

​

​

112,852

​

​

105,763

Real Estate Operations

​

​

626

​

​

611

Corporate and Other

​

​

32,182

​

​

34,323

Total Assets

​

$

1,222,353

​

$

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 and nine months ended September 30, 2025 or 2024.

​