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REPORTING SEGMENTS AND RELATED INFORMATION | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
REPORTING SEGMENTS AND RELATED INFORMATION | REPORTING SEGMENTS AND RELATED INFORMATION The Company currently operates six reporting segments: commercial/industrial real estate development, multifamily, resort/residential real estate development, mineral resources, farming, and ranch operations. Beginning in the second quarter of 2025, the Company commenced multifamily leasing operations as buildings within the Terra Vista development were completed and placed into service. The final building was delivered in October 2025. Multifamily is presented as a separate reportable segment due to the significance of its operations and the manner in which management evaluates its performance. Prior years' segment activity related to the Multifamily has been recast, where applicable. The financial results of these segments are utilized by the chief operating decision maker ("CODM"), who is our Chief Executive Officer, for evaluating segment performance and allocating resources. For the commercial/industrial real estate development, resort/residential real estate development, mineral resources, farming, and ranch operations segments, the CODM evaluates performance primarily based on segment operating income (loss), which begins with operating income (loss) as determined under GAAP and includes equity in earnings (losses) of unconsolidated joint ventures attributable to each segment. Segment operating income (loss) excludes investment income, other income (loss), corporate expenses, and income taxes. For the multifamily segment, the CODM evaluates performance primarily based on net operating income ("NOI"), which excludes depreciation and amortization. The CODM uses NOI because it reflects the operating performance of the multifamily leasing operations before non-cash depreciation and amortization associated with the Company's rental properties. NOI is used in evaluating segment performance, preparing budgets and forecasts, and allocating resources within the multifamily segment. The CODM also reviews capital expenditures by segment, which represent cash expenditures for additions to long-lived assets, consistent with the information regularly provided to and reviewed by the CODM for purposes of evaluating resource allocation decisions. Certain prior-year amounts have been reclassified to conform to the significant expense categories in which the CODM receives the information. Specifically, certain costs previously included within General and administrative expenses have been reclassified to Operating costs within the segment expense presentation, and depreciation expense, which was previously included within Other expense, is now presented separately. These reclassifications had no impact on total operating expenses, operating income, net income, or earnings per share as previously reported. The following tables present segment revenues and segment operating income (loss) for the periods ended:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
($ in thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial/industrial |  | 9,663 |  |  | $ | 5,092 |  |  | 12,425 |  |  | $ | 7,846 |  |  |  |  |
Multifamily |  | 857 |  |  | 15 |  |  | 1,553 |  |  | 15 |  |  |  |  |
Mineral resources |  | 1,789 |  |  | 1,510 |  |  | 5,322 |  |  | 4,105 |  |  |  |  |
Farming |  | 750 |  |  | 607 |  |  | 1,645 |  |  | 2,163 |  |  |  |  |
Ranch operations |  | 1,200 |  |  | 1,083 |  |  | 2,817 |  |  | 2,387 |  |  |  |  |
Segment revenues |  | 14,259 |  |  | 8,307 |  |  | 23,762 |  |  | 16,516 |  |  |  |  |
Segment Operating Income (loss) |  |  |  |  |  |  |  |  |  |  |  |
Real estate - commercial/industrial |  | 6,551 |  |  | 4,432 |  |  | 8,925 |  |  | 6,688 |  |  |  |  |
Multifamily |  | 345 |  |  | (166) |  |  | 534 |  |  | (357) |  |  |  |  |
Real estate - resort/residential |  | (363) |  |  | (304) |  |  | (719) |  |  | (690) |  |  |  |  |
Mineral resources |  | 899 |  |  | 720 |  |  | 1,944 |  |  | 1,230 |  |  |  |  |
Farming |  | (536) |  |  | (890) |  |  | (1,630) |  |  | (1,882) |  |  |  |  |
Ranch operations |  | (93) |  |  | (252) |  |  | 311 |  |  | (221) |  |  |  |  |
Segment operating income |  | 6,803 |  |  | 3,540 |  |  | 9,365 |  |  | 4,768 |  |  |  |  |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  | 111 |  |  | 226 |  |  | 253 |  |  | 572 |  |  |  |  |
Depreciation and amortization - Multifamily |  | (516) |  |  | (140) |  |  | (1,033) |  |  | (140) |  |  |  |  |
Other loss, net |  | (82) |  |  | (4) |  |  | (174) |  |  | (80) |  |  |  |  |
Corporate expenses |  | (2,839) |  |  | (4,900) |  |  | (4,725) |  |  | (9,136) |  |  |  |  |
Income (loss) before income taxes |  | $ | 3,477 |  |  | $ | (1,278) |  |  | $ | 3,686 |  |  | $ | (4,016) |  |  |  |  |
Real Estate - Commercial/Industrial Commercial revenue consists of land and building leases to tenants at the Company's commercial retail and industrial developments, base and percentage rents from the PEF power plant lease, communication tower rents, land sales, and payments from easement leases. The following table summarizes revenues, expenses and operating income from this segment for the periods ended:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
($ in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Commercial/industrial revenues | $ | 9,663 |  |  | $ | 5,092 |  |  | $ | 12,425 |  |  | $ | 7,846 |  |  |  |  |
Equity in earnings of unconsolidated joint ventures | 3,100 |  |  | 2,555 |  |  | 4,390 |  |  | 3,713 |  |  |  |  |
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures | 12,763 |  |  | 7,647 |  |  | 16,815 |  |  | 11,559 |  |  |  |  |
Cost of sales of land | $ | 4,854 |  |  | 1,778 |  |  | $ | 4,854 |  |  | 1,774 |  |  |  |  |
Operating expenses | 659 |  |  | 568 |  |  | 1,303 |  |  | 1,130 |  |  |  |  |
Selling, general and administrative expenses | 602 |  |  | 764 |  |  | 1,533 |  |  | 1,755 |  |  |  |  |
Depreciation and amortization | 97 |  |  | 105 |  |  | 200 |  |  | 212 |  |  |  |  |
Commercial/industrial expenses | 6,212 |  |  | 3,215 |  |  | 7,890 |  |  | 4,871 |  |  |  |  |
Operating income from commercial/industrial and unconsolidated joint ventures | $ | 6,551 |  |  | $ | 4,432 |  |  | $ | 8,925 |  |  | $ | 6,688 |  |  |  |  |
Multifamily The multifamily segment generates rents from the tenants living in the Terra Vista community. Construction of the Terra Vista development occurred in phases during 2024 and 2025, and leasing operations commenced as individual buildings were completed and placed into service. The final building was delivered in October 2025. The property is currently in the initial lease-up phase. For the three and six months ended June 30, 2026, the segment generated positive net operating income as lease-up progressed. Operating losses in the comparable 2025 periods primarily reflect start-up costs, as leasing operations had only recently commenced. The following table summarizes the components of net operating income (loss) from this segment for the periods ended:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |  |  |
($ in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Multifamily revenues | $ | 857 |  |  | $ | 15 |  |  | $ | 1,553 |  |  | $ | 15 |  |  |  |  |
Operating expenses | 334 |  |  | 75 |  |  | 701 |  | 138 |  |  |  |  |
Selling, general and administrative expenses | 178 |  |  | 106 |  |  | 318 |  | 234 |  |  |  |  |
Net operating income (loss) | 345 |  |  | (166) |  |  | 534 |  |  | (357) |  |  |  |  |
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 following table summarizes revenues, expenses and operating losses from this segment for the periods ended:
| Three Months Ended June 30, |  | Six Months Ended June 30,
($ in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025
Resort/residential |  |  |  |  |  |  |
Operating expenses | 256 |  |  | 128 |  |  | 427 |  |  | 285 |
Selling, general and administrative expenses | 101 |  |  | 167 |  |  | 279 |  |  | 385 |
Depreciation and amortization | 6 |  |  | 9 |  |  | 13 |  |  | 20 |
Total resort/residential expenses | $ | 363 |  |  | $ | 304 |  |  | $ | 719 |  |  | $ | 690 |
Operating loss from resort/residential | $ | (363) |  |  | $ | (304) |  |  | $ | (719) |  |  | $ | (690) |
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 income from this segment for the periods ended:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
($ in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Mineral resources revenues | $ | 1,789 |  |  | $ | 1,510 |  |  | $ | 5,322 |  |  | $ | 4,105 |  |  |  |  |
Cost of sales of water | 117 |  |  | (24) |  |  | 1,741 |  |  | 1,183 |  |  |  |  |
Operating expenses | 333 |  |  | 282 |  |  | 637 |  |  | 576 |  |  |  |  |
Selling, general and administrative expenses | 96 |  |  | 188 |  |  | 312 |  |  | 429 |  |  |  |  |
Depreciation and amortization | 344 |  |  | 344 |  |  | 688 |  |  | 687 |  |  |  |  |
Mineral resources expenses | 890 |  |  | 790 |  |  | 3,378 |  |  | 2,875 |  |  |  |  |
Operating income from mineral resources | $ | 899 |  |  | $ | 720 |  |  | $ | 1,944 |  |  | $ | 1,230 |  |  |  |  |
Farming The Farming segment revenues include the sale of almonds, pistachios, wine grapes, and hay. The following table summarizes revenues, expenses and operating losses from this segment for the periods ended:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
($ in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Farming revenues | $ | 750 |  |  | $ | 607 |  |  | $ | 1,645 |  |  | $ | 2,163 |  |  |  |  |
Cost of sales | 171 |  |  | 443 |  |  | 790 |  |  | 1,743 |  |  |  |  |
Selling, general and administrative expenses | 93 |  |  | 69 |  |  | 128 |  |  | 106 |  |  |  |  |
Depreciation and amortization | 257 |  |  | 312 |  |  | 586 |  |  | 680 |  |  |  |  |
Direct farming expenses | 521 |  |  | 824 |  |  | 1,504 |  |  | 2,529 |  |  |  |  |
Operating income (loss) from farming before fixed water obligations | 229 |  |  | (217) |  |  | 141 |  |  | (366) |  |  |  |  |
Fixed water obligations | 765 |  |  | 673 |  |  | 1,771 |  |  | 1,516 |  |  |  |  |
Operating loss from farming | $ | (536) |  |  | $ | (890) |  |  | $ | (1,630) |  |  | $ | (1,882) |  |  |  |  |
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 income (loss) from this segment for the periods ended:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
($ in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Ranch operations revenues | $ | 1,200 |  |  | $ | 1,083 |  |  | $ | 2,817 |  |  | $ | 2,387 |  |  |  |  |
Operating expenses | 1,129 |  |  | 1,067 |  |  | 2,101 |  |  | 2,074 |  |  |  |  |
Selling, general and administrative expenses | 75 |  |  | 171 |  |  | 228 |  |  | 342 |  |  |  |  |
Depreciation and amortization | 89 |  |  | 97 |  |  | 177 |  |  | 192 |  |  |  |  |
Ranch operations expenses | 1,293 |  |  | 1,335 |  |  | 2,506 |  |  | 2,608 |  |  |  |  |
Operating income (loss) from ranch operations | $ | (93) |  |  | $ | (252) |  |  | $ | 311 |  |  | $ | (221) |  |  |  |  |
Information pertaining to identifiable assets of the Company’s reporting segments is as follows for the periods ended:
Identifiable Assets ($ in thousands) | June 30, 2026 |  | December 31, 2025
Real estate - commercial/industrial | $ | 72,433 |  |  | $ | 64,681 |
Multifamily | 63,705 |  |  | 63,695 |
Real estate - resort/residential | 346,649 |  |  | 341,433 |
Mineral resources | 66,236 |  |  | 62,236 |
Farming | 61,968 |  |  | 58,545 |
Ranch operations | 2,695 |  |  | 2,172 |
Corporate | 25,852 |  |  | 37,707 |
Total | $ | 639,538 |  |  | $ | 630,469 |
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 Amortization | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
($ in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Real estate - commercial/industrial | $ | 97 |  |  | $ | 105 |  |  | $ | 200 |  |  | $ | 212 |  |  |  |  |
Multifamily | 516 |  |  | 140 |  |  | 1,033 |  |  | 140 |  |  |  |  |
Real estate - resort/residential | 6 |  |  | 9 |  |  | 13 |  |  | 20 |  |  |  |  |
Mineral resources | 344 |  |  | 344 |  |  | 688 |  |  | 687 |  |  |  |  |
Farming | 257 |  |  | 312 |  |  | 586 |  |  | 680 |  |  |  |  |
Ranch operations | 89 |  |  | 97 |  |  | 177 |  |  | 192 |  |  |  |  |
Corporate | 82 |  |  | 88 |  |  | 167 |  |  | 179 |  |  |  |  |
Total | $ | 1,391 |  |  | $ | 1,095 |  |  | $ | 2,864 |  |  | $ | 2,110 |  |  |  |  |
Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:
Capital Expenditures | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
($ in thousands) | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |
Real estate - commercial/industrial | $ | 3,554 |  |  | $ | 3,706 |  |  | $ | 3,736 |  |  | $ | 5,663 |  |  |  |  |
Multifamily | 9 |  |  | 11,264 |  |  | 32 |  |  | 22,850 |  |  |  |  |
Real estate - resort/residential | 3,453 |  |  | 2,741 |  |  | 5,350 |  |  | 4,405 |  |  |  |  |
Mineral resources | — |  |  | 1 |  |  | — |  |  | 56 |  |  |  |  |
Farming | 1,426 |  |  | 1,722 |  |  | 3,166 |  |  | 3,752 |  |  |  |  |
Ranch operations | 22 |  |  | 112 |  |  | 154 |  |  | 156 |  |  |  |  |
Corporate | — |  |  | 56 |  |  | — |  |  | 264 |  |  |  |  |
Total | $ | 8,464 |  |  | $ | 19,602 |  |  | $ | 12,438 |  |  | $ | 37,146 |  |  |  |  |

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