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REPORTING SEGMENTS AND RELATED INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
REPORTING SEGMENTS AND RELATED INFORMATION REPORTING SEGMENTS AND RELATED INFORMATION
The Company currently operates five reporting segments: commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations. The financial results of these segments are utilized by the chief operating decision maker, or CODM, who is our Chief Executive Officer, for evaluating segment performance and allocating resources. The CODM uses GAAP operating results predominantly in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for GAAP operating results when making decisions about allocating capital and personnel to the segments.
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)2025202420252024
Revenues
Real estate - commercial/industrial$3,124 $3,002 $10,985 $8,497 
Mineral resources3,172 3,166 7,277 7,687 
Farming4,335 3,242 6,498 4,249 
Ranch operations1,338 1,446 3,725 3,518 
Segment revenues11,969 10,856 28,485 23,951 
Segment Operating Results
Real estate - commercial/industrial3,531 4,243 9,722 10,103 
Real estate - resort/residential(318)(328)(1,008)(2,316)
Mineral resources1,051 1,354 2,281 2,644 
Farming(1,027)(3,010)(2,909)(5,157)
Ranch operations162 223 (59)(193)
Segment operating results 1
3,399 2,482 8,027 5,081 
Reconciling items:
Investment income177 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.

Real Estate - Commercial/Industrial Development
Revenues from the Commercial/Industrial Real Estate Development segment primarily consist of rental income derived from land and/or building leases to commercial and industrial tenants, including multifamily units at Terra Vista. This segment also includes variable income such as percentage rents from the PEF power plant lease, rents from communication tower leases, land sales, and payments received from easement agreements. Refer to Note 14 (Investment in Unconsolidated and Consolidated Joint Ventures) for discussion of unconsolidated joint ventures.
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)2025202420252024
Commercial/industrial revenues$3,124 $3,002 $10,985 $8,497 
Equity in earnings of unconsolidated joint ventures2,555 3,329 6,268 7,611 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures5,679 6,331 17,253 16,108 
Cost of sales of land— — 1,778 — 
Operating expenses923 858 2,187 2,372 
Selling, general and administrative expenses837 1,125 2,826 3,314 
Depreciation and amortization388 105 740 319 
Commercial/industrial expenses2,148 2,088 7,531 6,005 
Operating results from commercial/industrial and unconsolidated joint ventures $3,531 $4,243 $9,722 $10,103 
Real Estate - Resort/Residential Development
The Resort/Residential real estate development segment is actively involved in pursuing land entitlement and development processes both internally and through joint ventures. The segment incurs costs and expenses related to land management activities on land held for future development, but currently generates no revenue. The segment generated losses of $318,000 and $328,000 for the three months ended September 30, 2025 and 2024, respectively. The expenses consisted of operating expenses of $192,000, selling, general and administrative expenses of $118,000, and depreciation of $8,000 for the three months ended September 30, 2025. The prior period expenses consisted of operating expenses of $98,000, selling, general and administrative expenses of $219,000, and depreciation of $11,000 for the three months ended September 30, 2024.

The segment generated losses of $1,008,000 and $2,316,000 for the nine months ended September 30, 2025 and 2024, respectively. The expenses consisted of operating expenses of $475,000, selling, general and administrative expenses of $504,000, and depreciation of $28,000 for the nine months ended September 30, 2025. The prior period expenses consisted of operating expenses of $1,628,000, selling, general and administrative expenses of $658,000, and depreciation of $29,000 for the nine months ended September 30, 2024.
Mineral Resources
The Mineral Resources segment revenues include water sales and oil and mineral royalties from exploration and development companies that extract or mine natural resources from the Company's land. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Mineral resources revenues$3,172 $3,166 $7,277 $7,687 
Cost of sales of water1,366 1,249 2,548 2,664 
Operating expenses264 (22)841 644 
Selling, general and administrative expenses147 240 576 704 
Depreciation and amortization344 345 1,031 1,031 
Mineral resources expenses2,121 1,812 4,996 5,043 
Operating results from mineral resources $1,051 $1,354 $2,281 $2,644 
Farming
The Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Farming revenues$4,335 $3,242 $6,498 $4,249 
Cost of sales3,726 4,478 5,433 5,435 
Fixed water obligations656 606 2,172 2,159 
Selling, general and administrative expenses212 595 355 597 
Depreciation and amortization768 573 1,447 1,215 
Farming expenses5,362 6,252 9,407 9,406 
Operating results from farming$(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)2025202420252024
Ranch operations revenues$1,338 $1,446 $3,725 $3,518 
Operating expenses960 946 3,033 2,913 
Selling, general and administrative expenses122 179 464 512 
Depreciation and amortization94 98 287 286 
Ranch operations expenses1,176 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, 2025December 31, 2024
Real estate - commercial/industrial$127,472 $98,185 
Real estate - resort/residential338,136 330,513 
Mineral resources62,999 54,658 
Farming59,794 54,478 
Ranch operations2,548 2,658 
Corporate38,638 67,506 
Total$629,587 $607,998 
Identifiable assets by segment include both assets directly identified with those operations and an allocable share of jointly used assets. Corporate assets consist primarily of cash and cash equivalents, marketable securities, deferred income taxes, and land and buildings. Land is valued at cost for acquisitions since 1936. Land acquired in 1936, upon organization of the Company, is stated on the basis carried by the Company’s predecessor.
Information pertaining to depreciation and amortization of the Company’s reporting segments is as follows for the periods ended:
Depreciation and AmortizationThree Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Real estate - commercial/industrial$388 $105 $740 $319 
Real estate - resort/residential8 11 28 30 
Mineral resources344 345 1,031 1,031 
Farming768 573 1,447 1,215 
Ranch operations94 98 287 286 
Corporate88 84 267 256 
Total$1,690 $1,216 $3,800 $3,137 
Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:
Capital ExpendituresThree Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Real estate - commercial/industrial$8,100 $15,358 $36,613 $29,586 
Real estate - resort/residential2,795 2,112 7,200 6,212 
Mineral resources— — 56 — 
Farming981 1,034 4,733 4,351 
Ranch operations36 406 192 719 
Corporate335 8 599 127 
Total$12,247 $18,918 $49,393 $40,995