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REPORTING SEGMENTS AND RELATED INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss) | Information pertaining to operating results of the Company's reporting segments are as follows for each of the period end:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |  |
Real estate - commercial/industrial |  | $ | 3,124 |  |  | $ | 3,002 |  |  | $ | 10,985 |  |  | $ | 8,497 |
Mineral resources |  | 3,172 |  |  | 3,166 |  |  | 7,277 |  |  | 7,687 |
Farming |  | 4,335 |  |  | 3,242 |  |  | 6,498 |  |  | 4,249 |
Ranch operations |  | 1,338 |  |  | 1,446 |  |  | 3,725 |  |  | 3,518 |
Segment revenues |  | 11,969 |  |  | 10,856 |  |  | 28,485 |  |  | 23,951 |
Segment Operating Results |  |  |  |  |  |  |  |
Real estate - commercial/industrial |  | 3,531 |  |  | 4,243 |  |  | 9,722 |  |  | 10,103 |
Real estate - resort/residential |  | (318) |  |  | (328) |  |  | (1,008) |  |  | (2,316) |
Mineral resources |  | 1,051 |  |  | 1,354 |  |  | 2,281 |  |  | 2,644 |
Farming |  | (1,027) |  |  | (3,010) |  |  | (2,909) |  |  | (5,157) |
Ranch operations |  | 162 |  |  | 223 |  |  | (59) |  |  | (193) |
Segment operating results 1 |  | 3,399 |  |  | 2,482 |  |  | 8,027 |  |  | 5,081 |
Reconciling items: |  |  |  |  |  |  |  |
Investment income |  | 177 |  |  | 528 |  |  | 749 |  |  | 1,843 |
Other loss, net |  | (9) |  |  | (69) |  |  | (89) |  |  | (210) |
Corporate expenses |  | (2,868) |  |  | (2,945) |  |  | (12,004) |  |  | (8,794) |
Income (loss) before income taxes |  | $ | 699 |  |  | $ | (4) |  |  | $ | (3,317) |  |  | $ | (2,080) |
1 Segment operating results are comprised of revenues and equity in earnings of unconsolidated joint ventures, less segment expenses, excluding investment income, other income (loss), corporate expenses, and income taxes.
Schedule of Segment Information | The following table summarizes revenues, expenses and operating income from this segment for the periods ended:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Commercial/industrial revenues | $ | 3,124 |  |  | $ | 3,002 |  |  | $ | 10,985 |  |  | $ | 8,497 |
Equity in earnings of unconsolidated joint ventures | 2,555 |  |  | 3,329 |  |  | 6,268 |  |  | 7,611 |
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures | 5,679 |  |  | 6,331 |  |  | 17,253 |  |  | 16,108 |
Cost of sales of land | — |  |  | — |  |  | 1,778 |  |  | — |
Operating expenses | 923 |  |  | 858 |  |  | 2,187 |  |  | 2,372 |
Selling, general and administrative expenses | 837 |  |  | 1,125 |  |  | 2,826 |  |  | 3,314 |
Depreciation and amortization | 388 |  |  | 105 |  |  | 740 |  |  | 319 |
Commercial/industrial expenses | 2,148 |  |  | 2,088 |  |  | 7,531 |  |  | 6,005 |
Operating results from commercial/industrial and unconsolidated joint ventures | $ | 3,531 |  |  | $ | 4,243 |  |  | $ | 9,722 |  |  | $ | 10,103 |
The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Mineral resources revenues | $ | 3,172 |  |  | $ | 3,166 |  |  | $ | 7,277 |  |  | $ | 7,687 |
Cost of sales of water | 1,366 |  |  | 1,249 |  |  | 2,548 |  |  | 2,664 |
Operating expenses | 264 |  |  | (22) |  |  | 841 |  |  | 644 |
Selling, general and administrative expenses | 147 |  |  | 240 |  |  | 576 |  |  | 704 |
Depreciation and amortization | 344 |  |  | 345 |  |  | 1,031 |  |  | 1,031 |
Mineral resources expenses | 2,121 |  |  | 1,812 |  |  | 4,996 |  |  | 5,043 |
Operating results from mineral resources | $ | 1,051 |  |  | $ | 1,354 |  |  | $ | 2,281 |  |  | $ | 2,644 |
The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Farming revenues | $ | 4,335 |  |  | $ | 3,242 |  |  | $ | 6,498 |  |  | $ | 4,249 |
Cost of sales | 3,726 |  |  | 4,478 |  |  | 5,433 |  |  | 5,435 |
Fixed water obligations | 656 |  |  | 606 |  |  | 2,172 |  |  | 2,159 |
Selling, general and administrative expenses | 212 |  |  | 595 |  |  | 355 |  |  | 597 |
Depreciation and amortization | 768 |  |  | 573 |  |  | 1,447 |  |  | 1,215 |
Farming expenses | 5,362 |  |  | 6,252 |  |  | 9,407 |  |  | 9,406 |
Operating results from farming | $ | (1,027) |  |  | $ | (3,010) |  |  | $ | (2,909) |  |  | $ | (5,157) |
Ranch Operations The Ranch Operations segment consists of game management revenues and ancillary land uses, such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Ranch operations revenues | $ | 1,338 |  |  | $ | 1,446 |  |  | $ | 3,725 |  |  | $ | 3,518 |
Operating expenses | 960 |  |  | 946 |  |  | 3,033 |  |  | 2,913 |
Selling, general and administrative expenses | 122 |  |  | 179 |  |  | 464 |  |  | 512 |
Depreciation and amortization | 94 |  |  | 98 |  |  | 287 |  |  | 286 |
Ranch operations expenses | 1,176 |  |  | 1,223 |  |  | 3,784 |  |  | 3,711 |
Operating results from ranch operations | $ | 162 |  |  | $ | 223 |  |  | $ | (59) |  |  | $ | (193) |
Information pertaining to identifiable assets of the Company’s reporting segments is as follows for the periods ended:
Identifiable Assets ($ in thousands) | September 30, 2025 |  | December 31, 2024
Real estate - commercial/industrial | $ | 127,472 |  |  | $ | 98,185 |
Real estate - resort/residential | 338,136 |  |  | 330,513 |
Mineral resources | 62,999 |  |  | 54,658 |
Farming | 59,794 |  |  | 54,478 |
Ranch operations | 2,548 |  |  | 2,658 |
Corporate | 38,638 |  |  | 67,506 |
Total | $ | 629,587 |  |  | $ | 607,998 |
Information pertaining to depreciation and amortization of the Company’s reporting segments is as follows for the periods ended:
Depreciation and Amortization | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Real estate - commercial/industrial | $ | 388 |  |  | $ | 105 |  |  | $ | 740 |  |  | $ | 319 |
Real estate - resort/residential | 8 |  |  | 11 |  |  | 28 |  |  | 30 |
Mineral resources | 344 |  |  | 345 |  |  | 1,031 |  |  | 1,031 |
Farming | 768 |  |  | 573 |  |  | 1,447 |  |  | 1,215 |
Ranch operations | 94 |  |  | 98 |  |  | 287 |  |  | 286 |
Corporate | 88 |  |  | 84 |  |  | 267 |  |  | 256 |
Total | $ | 1,690 |  |  | $ | 1,216 |  |  | $ | 3,800 |  |  | $ | 3,137 |
Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:
Capital Expenditures | Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Real estate - commercial/industrial | $ | 8,100 |  |  | $ | 15,358 |  |  | $ | 36,613 |  |  | $ | 29,586 |
Real estate - resort/residential | 2,795 |  |  | 2,112 |  |  | 7,200 |  |  | 6,212 |
Mineral resources | — |  |  | — |  |  | 56 |  |  | — |
Farming | 981 |  |  | 1,034 |  |  | 4,733 |  |  | 4,351 |
Ranch operations | 36 |  |  | 406 |  |  | 192 |  |  | 719 |
Corporate | 335 |  |  | 8 |  |  | 599 |  |  | 127 |
Total | $ | 12,247 |  |  | $ | 18,918 |  |  | $ | 49,393 |  |  | $ | 40,995 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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