INVESTMENTS IN WATER ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Real Estate [Abstract]

Schedule of Water Asset Investments

The following table sets forth the components of our investments in water assets as of June 30, 2026, and December 31, 2025 (dollars in thousands; see the description that follows for certain defined terms and additional information on each component):

	As of June 30, 2026			As of December 31, 2025
	Acre-feet	Cost Basis		Acre-feet	Cost Basis
SWSD banked water	48,309	$	35,537	48,309	$	35,537
WWD groundwater credits – 50/50 Program	2,660	746		2,660	746
WWD groundwater credits – Other agreements	4,604	892		4,563	884
BWSD banked water	76	18		—	—
Long-term water assets	55,649	37,193		55,532	37,167
Deferred water assets(1)	(1)	4,520		(1)	4,382
Investments in water assets(2)	55,649	$	41,713	55,532	$	41,549

(1)The amount of water credits to be granted under these agreements is not yet known; see “—Deferred Water Assets” below for additional information.

(2)As shown on the accompanying Condensed Consolidated Balance Sheets.

The following table summarizes the total acre-feet of banked water obtained through the exercise of these contracts (dollars in thousands):

Period Acquired	Acre-feet of Banked Water Available to Purchase per Contract	Acre-feet of Banked Water Purchased(1)	Value Attributed to Contract(2)		Cost to Exercise Contract		Total Carrying Value of Banked Water Purchased
Fourth quarter of 2023	1,003	1,003	$	401	$	62	$	463
First quarter of 2024	2,306	2,306	923		141		1,064
Total	3,309	3,309	$	1,324	$	203	$	1,527

(1)All contracts to purchase additional banked water were exercised in the same quarter in which the respective contract was conveyed to us.

(2)Represents non-cash income received during the respective periods. The straight-line impact of these receipts is included within Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.