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REPORTING SEGMENTS AND RELATED INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Revenues
Real estate - commercial/industrial$5,107 $2,550 $7,861 $5,495 
Mineral resources1,510 2,032 4,105 4,521 
Farming607 142 2,163 1,007 
Ranch operations1,083 965 2,387 2,072 
Segment revenues8,307 5,689 16,516 13,095 
Segment Operating Results
Real estate - commercial/industrial4,126 3,329 6,191 5,860 
Real estate - resort/residential(304)(427)(690)(1,988)
Mineral resources720 917 1,230 1,290 
Farming(890)(945)(1,882)(2,147)
Ranch operations(252)(296)(221)(416)
Segment operating results 1
3,400 2,578 4,628 2,599 
Reconciling items:
Investment income226 630 572 1,315 
Other loss, net(4)(71)(80)(141)
Corporate expenses(4,900)(3,357)(9,136)(5,849)
Loss before income taxes$(1,278)$(220)$(4,016)$(2,076)
1 Segment operating results are comprised of revenues and equity in earnings of unconsolidated  joint ventures, less segment expenses, excluding investment income, other income (loss), corporate expenses, and income taxes.
Schedule of Segment Information
The following table summarizes revenues, expenses and operating income from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Commercial/industrial revenues$5,107 $2,550 $7,861 $5,495 
Equity in earnings of unconsolidated joint ventures2,555 2,769 3,713 4,282 
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures7,662 5,319 11,574 9,777 
Cost of sales of land1,778 — 1,778 — 
Operating expenses719 729 1,456 1,558 
General and administrative expenses 1
686 1,052 1,554 1,922 
Other expenses 2
353 209 595 437 
Commercial/industrial expenses3,536 1,990 5,383 3,917 
Operating results from commercial/industrial and unconsolidated joint ventures $4,126 $3,329 $6,191 $5,860 
1 General and administrative expenses included compensation expense and overhead.
2 The main components of the other expenses included tenant recoverable expenses and depreciation expenses.
The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Mineral resources revenues$1,510 $2,032 $4,105 $4,521 
Cost of sales of water(24)255 1,183 1,415 
Other expenses1
814 860 1,692 1,816 
Mineral resources expenses790 1,115 2,875 3,231 
Operating results from mineral resources $720 $917 $1,230 $1,290 
1 The main components of the other expenses included general and administrative expenses and depreciation expenses.
The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Farming revenues$607 $142 $2,163 $1,007 
Cost of sales443 36 1,743 1,088 
Water holding costs672 797 1,516 1,553 
Other expenses1
382 254 786 513 
Farming expenses1,497 1,087 4,045 3,154 
Operating results from farming$(890)$(945)$(1,882)$(2,147)
1 The main components of the other expenses included general and administrative expenses and depreciation expenses.
The following table summarizes revenues, expenses and operating results from this segment for the periods ended:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Ranch operations revenues$1,083 $965 $2,387 $2,072 
Operating expenses709 587 1,350 1,222 
Compensation expense407 395 789 762 
Other expenses1
219 279 469 504 
Ranch operations expenses1,335 1,261 2,608 2,488 
Operating results from ranch operations$(252)$(296)$(221)$(416)
1 The main components of the other expenses included amortization and depreciation expenses.
Information pertaining to identifiable assets of the Company’s reporting segments is as follows for the periods ended:
Identifiable Assets
($ in thousands)
June 30, 2025December 31, 2024
Real estate - commercial/industrial$123,957 $98,185 
Real estate - resort/residential335,196 330,513 
Mineral resources64,869 54,658 
Farming56,124 54,478 
Ranch operations2,574 2,658 
Corporate35,821 67,506 
Total$618,541 $607,998 
Information pertaining to depreciation and amortization of the Company’s reporting segments is as follows for the periods ended:
Depreciation and AmortizationThree Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Real estate - commercial/industrial$245 $109 $352 $214 
Real estate - resort/residential9 10 20 19 
Mineral resources344 344 688 688 
Farming311 273 679 641 
Ranch operations97 94 192 187 
Corporate89 85 179 172 
Total$1,095 $915 $2,110 $1,921 
Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:
Capital ExpendituresThree Months Ended June 30,Six Months Ended June 30,
($ in thousands)2025202420252024
Real estate - commercial/industrial$14,970 $10,085 $28,513 $14,228 
Real estate - resort/residential2,741 2,154 4,405 4,100 
Mineral resources1 — 56 — 
Farming1,722 1,471 3,752 3,317 
Ranch operations112 136 156 313 
Corporate56 119 264 119 
Total$19,602 $13,965 $37,146 $22,077