v3.26.1
REPORTING SEGMENTS AND RELATED INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Reconciliation of Revenues, Segment Profits (Losses) and Net Income (Loss)
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 $5,588 
1 Segment operating results are comprised of revenues and equity in earnings of unconsolidated  joint ventures, less segment expenses, excluding investment income, other income (loss), corporate expenses, and income taxes.
Schedule of Segment Information
The following table summarizes revenues, expenses and operating income from this segment for each of the years ended December 31:
($ 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 $10,573 
The following table summarizes revenues, expenses and operating results from this segment for the years ended December 31:
($ 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.
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 $1,528 
The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:
($ 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 $5,839 
The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:
($ 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 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