As of March 31, 2026 and December 31, 2025, property, plant and equipment, net of accumulated depreciation and depletion consisted of the following:


	March 31,			December 31,
	2026			2025
Oil and natural gas properties
Proved	$	36,179		$	36,179
Unproved		2,932			2,932
Total oil and natural gas properties		39,111			39,111
Land and land improvements		1,032,268			1,031,128
Water wells, pipelines, facilities, ponds and related equipment		30,273			29,981
Buildings, vehicles, equipment, furniture and other		7,780			7,778
Construction in progress		390			107
Total property, plant and equipment		1,109,822			1,108,105
Less: accumulated depreciation and depletion		(25,236	)		(23,655	)
Total property, plant and equipment, net	$	1,084,586		$	1,084,450

Depreciation expense and depletion expense for the three months ended March 31, 2026 and 2025 are shown in the following table:


	Three Months Ended March 31,
	2026		2025
Depreciation expense	$	1,065	$	764
Depletion expense		601		697
Total depreciation and depletion expense	$	1,666	$	1,461