v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 49,591 $ 41,886 $ 44,739
Costs and expenses:      
Total expenses 57,544 51,084 48,438
Operating loss (7,953) (9,198) (3,699)
Other income:      
Investment income 914 2,273 2,557
Other loss, net (164) (292) (138)
Total other income, net 750 1,981 2,419
Loss from operations before equity in earnings of unconsolidated joint ventures and income tax expense (7,203) (7,217) (1,280)
Equity in earnings of unconsolidated joint ventures, net 8,362 10,881 6,868
Income before income taxes 1,159 3,664 5,588
Income tax expense 1,088 976 2,323
Net income 71 2,688 3,265
Net loss attributable to non-controlling interest (4) (2) 0
Net income attributable to common stockholders $ 75 $ 2,690 $ 3,265
Net income per share attributable to common stockholders, basic (in dollars per share) $ 0 $ 0.10 $ 0.12
Net income per share attributable to common stockholders, diluted (in dollars per share) $ 0 $ 0.10 $ 0.12
Operating Segments      
Revenues:      
Total revenues $ 49,591 $ 41,886 $ 44,739
Operating Segments | Real estate - commercial/industrial      
Revenues:      
Total revenues 15,006 12,552 11,758
Costs and expenses:      
Total expenses 8,002 7,910 8,053
Other income:      
Equity in earnings of unconsolidated joint ventures, net 8,362 10,881 6,868
Operating Segments | Multifamily      
Revenues:      
Total revenues 732 0 0
Costs and expenses:      
Total expenses 2,279 0 0
Operating Segments | Real estate - resort/residential      
Costs and expenses:      
Total expenses 2,277 2,615 1,528
Operating loss 2,277 2,615 1,528
Operating Segments | Mineral resources      
Revenues:      
Total revenues 9,636 10,214 14,524
Costs and expenses:      
Total expenses 6,807 7,052 8,685
Operating loss 2,829 3,162 5,839
Operating Segments | Farming      
Revenues:      
Total revenues 18,738 13,925 13,950
Costs and expenses:      
Total expenses 18,850 17,551 15,257
Operating loss (112) (3,626) (1,307)
Operating Segments | Ranch operations      
Revenues:      
Total revenues 5,479 5,195 4,507
Costs and expenses:      
Total expenses 5,261 4,864 5,043
Operating loss 218 331 (536)
Corporate expenses      
Costs and expenses:      
Total expenses $ 14,068 $ 11,092 $ 9,872