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REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

9 Months Ended

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

X

- 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
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-Section 50
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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

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