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v3.26.1

LONG-TERM WATER ASSETS (Tables) | 6 Months Ended
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Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract] |
Schedule of Water Revenues and Cost of Sales | Water revenues and cost of sales were as follows for the six months ended ($ in thousands):
| June 30, 2026 |  | June 30, 2025
Acre-Feet Sold | 2,310 |  |  | 1,100 |
Revenues | $ | 2,291 |  |  | $ | 1,468 |
Cost of sales | 1,741 |  |  | 1,183 |
Profit | $ | 550 |  |  | $ | 285 |
Schedule of Tangible Water Assets | Costs assigned to water assets held for future use were as follows ($ in thousands):
| June 30, 2026 |  | December 31, 2025
Banked water and water for future delivery | $ | 42,622 |  |  | $ | 44,681 |
Transferable water | 7,205 |  |  | 266 |
Total water held for future use at cost | $ | 49,827 |  |  | $ | 44,947 |
Intangible Asset, Finite-Lived | The Company’s carrying amounts of its purchased water contracts were as follows ($ in thousands):
| June 30, 2026 |  | December 31, 2025
| Costs |  | Accumulated Depreciation |  | Costs |  | Accumulated Depreciation
Dudley-Ridge water purchase contract * | $ | 11,581 |  |  | $ | (7,479) |  |  | $ | 11,581 |  |  | $ | (7,237) |
Nickel water purchase contract * | 18,740 |  |  | (8,139) |  |  | 18,740 |  |  | (7,817) |
Tulare Lake Basin water purchase contract * | 6,479 |  |  | (4,219) |  |  | 6,479 |  |  | (4,100) |
| $ | 36,800 |  |  | $ | (19,837) |  |  | $ | 36,800 |  |  | $ | (19,154) |
Net cost of purchased water contracts | 16,963 |  |  |  |  | 17,646 |  |  |
Total cost of water held for future use | 49,827 |  |  |  |  | 44,947 |  |  |
Net investments in water assets | $ | 66,790 |  |  |  |  | $ | 62,593 |  |  |
*All water purchase contracts were acquired from third parties.
Schedule of Components of Water Assets | Total water resources, including both recurring and one-time usage are:
(in acre-feet, unaudited) | June 30, 2026 |  | December 31, 2025
Water held for future use |  |  |
TCWD - Banked water owned by the Company | 61,341 |  |  | 65,199 |
Company water bank | 54,728 |  |  | 54,728 |
Transferable water | 7,262 |  |  | 265 |
Recharged water | 6,797 |  |  | 6,797 |
Total water held for future use | 130,128 |  |  | 126,989 |
Purchased water contracts |  |  |
Water Contracts (Dudley-Ridge, Nickel and Tulare) | 10,137 |  |  | 10,137 |
WRMWSD - Contracts with the Company | 15,547 |  |  | 15,547 |
TCWD - Contracts with the Company | 5,749 |  |  | 5,749 |
Total purchased water contracts | 31,433 |  |  | 31,433 |
Total water held for future use and purchased water contracts | 161,561 |  |  | 158,422 |

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