v3.26.1
REPORTING SEGMENTS AND RELATED INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
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 period end:
Three Months Ended March 31,
($ in thousands)20262025
Revenues
Real estate - commercial/industrial$2,762 $2,754 
Multifamily696 — 
Mineral resources3,533 2,595 
Farming895 1,556 
Ranch operations1,617 1,304 
Segment revenues9,503 8,209 
Segment Operating Results
Real estate - commercial/industrial2,374 2,257 
Multifamily(328)(192)
Real estate - resort/residential(356)(386)
Mineral resources1,045 510 
Farming(1,094)(992)
Ranch operations404 31 
Segment operating results 1
2,045 1,228 
Reconciling items:
Investment income142 346 
Other loss, net(92)(76)
Corporate expenses(1,886)(4,236)
Income (loss) before income taxes$209 $(2,738)
1 Segment operating results are comprised of revenues and equity in earnings of unconsolidated  joint ventures, less segment expenses, excluding investment income, other income (loss), corporate expenses, and income taxes.
Schedule of Segment Information The following table summarizes revenues, expenses and operating income from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Commercial/industrial revenues$2,762 $2,754 
Equity in earnings of unconsolidated joint ventures1,290 1,158 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures4,052 3,912 
Operating expenses644 558 
Selling, general and administrative expenses931 990 
Depreciation and amortization103 107 
Commercial/industrial expenses1,678 1,655 
Operating results from commercial/industrial and unconsolidated joint ventures $2,374 $2,257 
The following table summarizes revenues, expenses and operating loss from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Multifamily revenues$696 $— 
Operating expenses332 64 
Selling, general and administrative expenses175 128 
Depreciation and amortization517 — 
Multifamily expenses$1,024 $192 
Operating loss from multifamily$(328)$(192)
The following table summarizes revenues, expenses and operating loss from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Resort/residential
Operating expenses171 157 
Selling, general and administrative expenses178 218 
Depreciation and amortization7 11 
Total resort/residential expenses$356 $386 
Operating loss from resort/residential$(356)$(386)
The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Mineral resources revenues$3,533 $2,595 
Cost of sales of water1,624 1,207 
Operating expenses304 293 
Selling, general and administrative expenses216 241 
Depreciation and amortization344 344 
Mineral resources expenses2,488 2,085 
Operating results from mineral resources $1,045 $510 
The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Farming revenues$895 $1,556 
Cost of sales619 1,300 
Fixed water obligations1,006 844 
Selling, general and administrative expenses35 36 
Depreciation and amortization329 368 
Farming expenses1,989 2,548 
Operating results from farming$(1,094)$(992)

Ranch Operations
The Ranch Operations segment consists of game management revenues and ancillary land uses, such as grazing leases and on-location filming. The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended March 31,
($ in thousands)20262025
Ranch operations revenues$1,617 $1,304 
Operating expenses972 1,006 
Selling, general and administrative expenses153 172 
Depreciation and amortization88 95 
Ranch operations expenses1,213 1,273 
Operating results from ranch operations$404 $31 
Information pertaining to identifiable assets of the Company’s reporting segments is as follows for the periods ended:
Identifiable Assets
($ in thousands)
March 31, 2026December 31, 2025
Real estate - commercial/industrial$65,319 $64,681 
Multifamily63,622 63,695 
Real estate - resort/residential343,399 341,433 
Mineral resources68,777 62,236 
Farming58,941 58,545 
Ranch operations2,322 2,172 
Corporate31,779 37,707 
Total$634,159 $630,469 
Information pertaining to depreciation and amortization of the Company’s reporting segments is as follows for the periods ended:
Depreciation and AmortizationThree Months Ended March 31,
($ in thousands)20262025
Real estate - commercial/industrial$103 $107 
Multifamily517 — 
Real estate - resort/residential7 11 
Mineral resources344 344 
Farming329 368 
Ranch operations88 95 
Corporate85 90 
Total$1,473 $1,015 
Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:
Capital ExpendituresThree Months Ended March 31,
($ in thousands)20262025
Real estate - commercial/industrial$182 $1,957 
Multifamily22 11,586 
Real estate - resort/residential1,897 1,664 
Mineral resources— 55 
Farming1,740 2,030 
Ranch operations132 44 
Corporate— 208 
Total$3,973 $17,544