LONG-TERM WATER ASSETS (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Water Revenues and Cost of Sales |
Water revenues and cost of sales were as follows for the three months ended ($ in thousands): | | | | | | | | | | | | | March 31, 2026 | | March 31, 2025 | | Acre-Feet Sold | 2,050 | | | 1,100 | | | | | | | Revenues | $ | 2,096 | | | $ | 1,468 | | | Cost of sales | 1,624 | | | 1,207 | | | Profit | $ | 472 | | | $ | 261 | |
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| Schedule of Tangible Water Assets |
Costs assigned to water assets held for future use were as follows ($ in thousands): | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Banked water and water for future delivery | $ | 44,988 | | | $ | 44,681 | | | Transferable water | 7,205 | | | 266 | | | Total water held for future use at cost | $ | 52,193 | | | $ | 44,947 | |
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| Schedule of Finite-Lived Intangible Assets |
The Company’s carrying amounts of its purchased water contracts were as follows ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Costs | | Accumulated Depreciation | | Costs | | Accumulated Depreciation | Dudley-Ridge water purchase contract * | $ | 11,581 | | | $ | (7,358) | | | $ | 11,581 | | | $ | (7,237) | | Nickel water purchase contract * | 18,740 | | | (7,978) | | | 18,740 | | | (7,817) | | Tulare Lake Basin water purchase contract * | 6,479 | | | (4,159) | | | 6,479 | | | (4,100) | | | $ | 36,800 | | | $ | (19,495) | | | $ | 36,800 | | | $ | (19,154) | | | Net cost of purchased water contracts | 17,305 | | | | | 17,646 | | | | | Total cost of water held for future use | 52,193 | | | | | 44,947 | | | | | Net investments in water assets | $ | 69,498 | | | | | $ | 62,593 | | | | *All water purchase contracts were acquired from third parties. | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Components of Water Assets |
Total water resources, including both recurring and one-time usage are: | | | | | | | | | | | | | (in acre-feet, unaudited) | March 31, 2026 | | December 31, 2025 | | Water held for future use | | | | | TCWD - Banked water owned by the Company | 64,341 | | | 65,199 | | | Company water bank | 54,728 | | | 54,728 | | | Transferable water | 6,771 | | | 265 | | | Recharged water | 6,797 | | | 6,797 | | | Total water held for future use | 132,637 | | | 126,989 | | | Purchased water contracts | | | | | Water Contracts (Dudley-Ridge, Nickel and Tulare) | 10,137 | | | 10,137 | | | WRMWSD - Contracts with the Company | 15,547 | | | 15,547 | | | TCWD - Contracts with the Company | 5,749 | | | 5,749 | | | Total purchased water contracts | 31,433 | | | 31,433 | | | Total water held for future use and purchased water contracts | 164,070 | | | 158,422 | | |
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