BUSINESS SEGMENT DATA

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

BUSINESS SEGMENT DATA

NOTE 21. BUSINESS SEGMENT DATA

The Company operates in three primary business segments: income properties, management services, and commercial loans and investments. The management services segment consists of the revenue generated from managing PINE, the Portfolio Management Agreement and a subsurface management agreement, as described further in Note 5, “Management Services Business.”

Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 81.7% and 87.2% of our identifiable assets as of June 30, 2026 and December 31, 2025, respectively. Our income property operations accounted for 86.7% and 88.6% of our consolidated revenues for the six months ended June 30, 2026 and 2025, respectively. Our management fee income consists of the management fees earned for the management of PINE, the Portfolio Management Agreement and a subsurface management agreement during the six months ended June 30, 2026 and 2025. As of June 30, 2026, our commercial loan and investment portfolio consisted of four commercial loan investments and three preferred equity investments which are classified as commercial loan investments.

Information about the Company’s operations in different segments for the three months ended June 30, 2026 is as follows (in thousands):

	Income Properties		Management Services		Commercial Loans and Investments		Total
Revenues:
Income Properties	$	37,136	$	—	$	—	$	37,136
Management Fee Income		—		1,466		—		1,466
Interest Income From Commercial Loans and Investments		—		—		5,229		5,229
Total Revenues for Reportable Segments	$	37,136	$	1,466	$	5,229	$	43,831
Operating Expenses:
Income Properties	$	(11,126)	$	—	$	—	$	(11,126)
Total Revenues Less Direct Costs of Revenues	$	26,010	$	1,466	$	5,229	$	32,705
Provision for Impairment and Adjustment to CECL Reserve		—		—		(1,084)		(1,084)
Depreciation and Amortization - Real Estate		(15,831)		—		—		(15,831)
Total Revenues Less Operating Expenses for Reportable Segments	$	10,179	$	1,466	$	4,145	$	15,790
Gain on Disposition of Assets		2,107		—		—		2,107
Net Income From Operations for Reportable Segments	$	12,286	$	1,466	$	4,145	$	17,897
Reconciliation to Consolidated Net Income
General and Administrative Expenses								(4,630)
Investment and Other Income								10,765
Interest Expense								(7,783)
Depreciation and Amortization - Other								(16)
Net Income Before Income Tax Expense							$	16,233
Income Tax Expense								(1,121)
Net Income Attributable to the Company							$	15,112

Information about the Company’s operations in different segments for the three months ended June 30, 2025 is as follows (in thousands):

	Income Properties		Management Services		Commercial Loans and Investments		Total
Revenues:
Income Properties	$	33,375	$	—	$	—	$	33,375
Management Fee Income		—		1,247		—		1,247
Interest Income From Commercial Loans and Investments		—		—		3,016		3,016
Total Revenues for Reportable Segments	$	33,375	$	1,247	$	3,016	$	37,638
Operating Expenses:
Income Properties	$	(10,178)	$	—	$	—	$	(10,178)
Total Revenues Less Direct Costs of Revenues	$	23,197	$	1,247	$	3,016	$	27,460
Depreciation and Amortization - Real Estate		(15,277)		—		—		(15,277)
Total Revenues Less Operating Expenses for Reportable Segments	$	7,920	$	1,247	$	3,016	$	12,183
Net Income From Operations for Reportable Segments	$	7,920	$	1,247	$	3,016	$	12,183
Reconciliation to Consolidated Net Loss
General and Administrative Expenses								(4,448)
Investment and Other Loss								(3,687)
Interest Expense								(6,859)
Loss on Extinguishment of Debt								(20,396)
Depreciation and Amortization - Other								(17)
Net Loss Before Income Tax Expense							$	(23,224)
Income Tax Expense								(194)
Net Loss Attributable to the Company							$	(23,418)

Information about the Company’s operations in different segments for the six months ended June 30, 2026 is as follows (in thousands):

	Income Properties		Management Services		Commercial Loans and Investments		Total
Revenues:
Income Properties	$	73,716	$	—	$	—	$	73,716
Management Fee Income		—		2,815		—		2,815
Interest Income From Commercial Loans and Investments		—		—		8,473		8,473
Total Revenues for Reportable Segments	$	73,716	$	2,815	$	8,473	$	85,004
Operating Expenses:
Income Properties	$	(21,294)	$	—	$	—	$	(21,294)
Total Revenues Less Direct Costs of Revenues	$	52,422	$	2,815	$	8,473	$	63,710
Provision for Impairment and Adjustment to CECL Reserve		—		—		(763)		(763)
Depreciation and Amortization - Real Estate		(31,769)		—		—		(31,769)
Total Revenues Less Operating Expenses for Reportable Segments	$	20,653	$	2,815	$	7,710	$	31,178
Gain on Disposition of Assets		2,107		—		—		2,107
Net Income From Operations for Reportable Segments	$	22,760	$	2,815	$	7,710	$	33,285
Reconciliation to Consolidated Net Income
General and Administrative Expenses								(9,707)
Investment and Other Income								14,008
Interest Expense								(15,054)
Depreciation and Amortization - Other								(34)
Net Income Before Income Tax Expense							$	22,498
Income Tax Expense								(1,181)
Net Income Attributable to the Company							$	21,317

Information about the Company’s operations in different segments for the six months ended June 30, 2025 is as follows (in thousands):

	Income Properties		Management Services		Commercial Loans and Investments		Total
Revenues:
Income Properties	$	65,047	$	—	$	—	$	65,047
Management Fee Income		—		2,425		—		2,425
Interest Income From Commercial Loans and Investments		—		—		5,977		5,977
Total Revenues for Reportable Segments	$	65,047	$	2,425	$	5,977	$	73,449
Operating Expenses:
Income Properties	$	(19,069)	$	—	$	—	$	(19,069)
Total Revenues Less Direct Costs of Revenues	$	45,978	$	2,425	$	5,977	$	54,380
Depreciation and Amortization - Real Estate		(29,623)		—		—		(29,623)
Total Revenues Less Operating Expenses for Reportable Segments	$	16,355	$	2,425	$	5,977	$	24,757
Net Income From Operations for Reportable Segments	$	16,355	$	2,425	$	5,977	$	24,757
Reconciliation to Consolidated Net Loss
General and Administrative Expenses								(9,131)
Investment and Other Loss								(3,112)
Interest Expense								(12,995)
Loss on Extinguishment of Debt								(20,396)
Depreciation and Amortization - Other								(35)
Net Loss Before Income Tax Expense							$	(20,912)
Income Tax Expense								(245)
Net Loss Attributable to the Company							$	(21,157)

Capital expenditures of each segment for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Capital Expenditures:
Income Properties	$	65,486	$	195	$	150,854	$	81,059
Commercial Loans and Investments		107,287		4,974		112,579		6,405
Corporate and Other		11		13		11		25
Total Capital Expenditures	$	172,784	$	5,182	$	263,444	$	87,489

Identifiable assets of each segment as of June 30, 2026 and December 31, 2025 are as follows (in thousands):

	As of
	June 30, 2026		December 31, 2025
Identifiable Assets:
Income Properties	$	1,149,144	$	1,102,631
Management Services		1,860		2,465
Commercial Loans and Investments		209,424		118,129
Corporate and Other		45,301		40,677
Total Assets	$	1,405,729	$	1,263,902

Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Corporate and other assets consist primarily of cash and restricted cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations.