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v3.26.1

REPORTING SEGMENTS AND RELATED INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss) | 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) |  |  |  |  |
Schedule of Segment Information | 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 |  |  |  |  |
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) |  |  |  |  |
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) |
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 |  |  |  |  |
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 |
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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