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Equity in Investments
 9 Months Ended
Jul. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity in Investments Equity in Investments
Equity in investments consist of the following (in thousands):
 July 31, 2025October 31, 2024
Limoneira Lewis Community Builders, LLC$58,758 $67,962 
LLCB II, LLC11,699 9,566 
Limco Del Mar, Ltd.2,553 2,198 
Rosales811 1,319 
Romney Property Partnership504 501 
 $74,325 $81,546 
6. Equity in Investments (continued)
Unconsolidated Significant Subsidiary
In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies to interim reports on Form 10-Q, the Company must determine if its equity method investees are considered “significant subsidiaries.” In evaluating its investments, there are two tests utilized to determine if equity method investees are considered significant subsidiaries: the income test and the investment test. Summarized income statement information of an equity method investee is required in an interim report if either of the two tests exceed 20% in the interim periods presented. During the year-to-date interim period for the nine months ended July 31, 2025, this threshold was not met for any equity investments. The threshold was met for LLCB during the year-to-date interim period for the nine months ended July 31, 2024, and thus summarized income statement information for LLCB is presented in this Quarterly Report on Form 10-Q. The full audited financial statements of LLCB for the years ended October 31, 2024, 2023 and 2022 were provided as exhibits to the Annual Report on Form 10-K for the fiscal year ended October 31, 2024.
The following is unaudited summarized financial information for LLCB (in thousands):
 Nine Months Ended
July 31,
 20252024
Revenues$965 $91,402 
Cost of land sold(877)(50,246)
Operating income (expenses)1,214 (276)
Net income$1,302 $40,880 
Net income attributable to Limoneira Company$831 $19,765 
Limco Del Mar, Ltd.
As of July 31, 2025, the Company had a 1.3% interest in Limco Del Mar, Ltd. (“Del Mar”) as a general partner and a 27.5% interest as a limited partner. Based on the terms of the partnership agreement, the Company may be removed as general partner without cause from the partnership upon the vote of the limited partners owning an aggregate of 50% or more interest in the partnership. Since the Company had significant influence, but less than a controlling interest, the Company’s investment in Del Mar was accounted for using the equity method of accounting.
To enable the Company to determine the strategy for Del Mar to enhance long term financial returns and to provide liquidity for limited partners, on March 21, 2025, the Company made an offer to purchase up to 224,859 limited partnership units of Del Mar from the limited partners (the “Offer”). On August 4, 2025, the Company closed the Offer and purchased 80,608 limited partnership units from 78 limited partners at a price of $70.00 per unit for approximately $5,600,000 (the “Purchase”). The Purchase increased the Company’s ownership from 28.8% to 54.5%.