v3.26.1
REPORTING SEGMENTS AND RELATED INFORMATION
 12 Months Ended
Dec. 31, 2025
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 fourth 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.
The financial results of these segments are reviewed by the chief operating decision maker (“CODM”), who is the Company’s President and Chief Executive Officer, for purposes of evaluating segment performance and allocating resources. The CODM evaluates segment performance primarily based on GAAP operating income (loss) for each segment. Segment operating income (loss) represents revenues less direct segment operating expenses, and excludes investment income, other income (loss), corporate expenses, and income taxes. This measure is used in the Company’s annual budgeting and forecasting process and in monthly reviews of budget-to-actual variances when making decisions regarding the allocation of capital and personnel among segments. 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.
Information pertaining to operating results of the Company's reporting segments are as follows for each of the years ended December 31:
($ in thousands)202520242023
Revenues
Real estate—commercial/industrial$15,006 $12,552 $11,758 
Multifamily732 — — 
Mineral resources9,636 10,214 14,524 
Farming18,738 13,925 13,950 
Ranch operations5,479 5,195 4,507 
Segment revenues$49,591 $41,886 $44,739 
Segment Operating Results
Real estate—commercial/industrial$15,366 $15,523 $10,573 
Multifamily(1,547)— — 
Real estate—resort/residential(2,277)(2,615)(1,528)
Mineral resources2,829 3,162 5,839 
Farming(112)(3,626)(1,307)
Ranch operations218 331 (536)
Segment operating results 1
14,477 12,775 13,041 
Reconciling items:
Investment income914 2,273 2,557 
Other loss(164)(292)(138)
Corporate expenses(14,068)(11,092)(9,872)
Income from operations before income taxes$1,159 $3,664 $5,588 
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.
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.
In 2025, the Company sold 2.8 acres of commercial land located at TRCC East to a third party for $1,727,000 and recognized previously deferred gross margin associated with the 2022 Nestlé land sale.
In 2024 and 2023, the Company did not have any land sales.

The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:
($ in thousands)202520242023
Commercial/industrial revenues$15,006 $12,552 $11,758 
Equity in earnings of unconsolidated joint ventures8,362 10,881 6,868 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures$23,368 $23,433 $18,626 
Cost of sales of land1,862 $— $(176)
Operating expenses2,451 3,206 4,074 
Selling, general and administrative expenses3,189 4,280 3,687 
Depreciation and amortization500 424 468 
Commercial/industrial expenses$8,002 $7,910 $8,053 
Operating results from commercial/industrial and unconsolidated joint ventures$15,366 $15,523 $10,573 
Multifamily
The multifamily segment generates rents from the tenants living in the Terra Vista community. Construction of the Terra Vista development occurred in phases during 2024 and 2025, and leasing operations commenced as individual buildings were completed and placed into service. The final building was delivered in October 2025. The property is currently in the initial lease-up phase. Operating losses for 2025 primarily reflect start-up costs and depreciation and amortization associated with the newly completed development and are expected to moderate as occupancy increases.
The following table summarizes revenues, expenses and operating results from this segment for the years ended December 31:
($ in thousands)2025
Multifamily revenues1
732
Operating expenses815 
Selling, general and administrative expenses504 
Depreciation and amortization960 
Multifamily expenses$2,279 
Operating loss from multifamily$(1,547)
1Multifamily segment had no operating activities in 2024 and 2023.
Real Estate - Resort/Residential
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 expenses and operating results from this segment for each of the years ended December 31:
($ in thousands)202520242023
Resort/residential
Operating expenses1,632 1,742 754 
Selling, general and administrative expenses609 831 731 
Depreciation and amortization36 42 43 
Total resort/residential expenses$2,277 $2,615 $1,528 
Operating loss from resort/residential$2,277 $2,615 $1,528 

Mineral Resources
The mineral resources segment receives oil and mineral royalties from the exploration and development companies that extract or mine the natural resources from the Company's land along with revenue from water sales. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:
($ in thousands)202520242023
Mineral resources revenues$9,636 $10,214 $14,524 
Cost of sales of water3,431 3,555 5,220 
Operating expenses1,307 1,225 1,338 
Selling, general and administrative expenses694 897 753 
Depreciation and amortization1,375 1,375 1,374 
Mineral resources expenses$6,807 $7,052 $8,685 
Operating results from mineral resources$2,829 $3,162 $5,839 
Farming
The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:
($ in thousands)202520242023
Farming revenues$18,738 $13,925 $13,950 
Cost of sales13,532 11,832 12,125 
Fixed water obligations2,796 2,912 695 
Selling, general and administrative expenses109 488 340 
Depreciation and amortization2,413 2,319 2,097 
Farming expenses$18,850 $17,551 $15,257 
Operating results from farming$(112)$(3,626)$(1,307)
The improvement in 2025 operating results compared to 2024 was primarily driven by higher crop revenues and lower fixed water obligations.

Ranch Operations
Ranch operations consists of game management revenues and ancillary land uses, such as grazing leases and filming. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:
($ in thousands)202520242023
Ranch operations revenues$5,479 $5,195 $4,507 
Operating expenses4,322 3,833 4,095 
Selling, general and administrative expenses563 649 558 
Other expenses1
376 382 390 
Ranch operations expenses$5,261 $4,864 $5,043 
Operating results from ranch operations$218 $331 $(536)
1 The main components of the other expenses included amortization and depreciation.
Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31: 
($ in thousands)Identifiable
Assets		Depreciation and AmortizationCapital
Expenditures
2025
Real estate - commercial/industrial$64,681 $500 $12,487 
Multifamily63,695 960 34,073 
Real estate - resort/residential341,433 36 10,107 
Mineral resources62,236 1,375 57 
Farming58,545 2,413 6,202 
Ranch operations2,172 376 192 
Corporate37,707 354 92 
Total$630,469 $6,014 $63,210 
2024
Real estate - commercial/industrial$68,944 $424 $16,361 
Multifamily29,241 — 26,657 
Real estate - resort/residential330,513 40 8,394 
Mineral resources54,658 1,375 46 
Farming54,478 2,319 4,891 
Ranch operations2,658 382 739 
Corporate67,506 345 146 
Total$607,998 $4,885 $57,234 
2023
Real estate - commercial/industrial$70,521 $468 $5,231 
Multifamily2,584 — 2,584 
Real estate - resort/residential321,216 42 7,888 
Mineral resources52,068 1,374 — 
Farming52,094 2,097 4,870 
Ranch operations2,072 390 464 
Corporate76,968 435 291 
Total$577,523 $4,806 $21,328 
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.