REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

3 Months Ended

Mar. 31, 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 March 31,
($ in thousands)	2025		2024
Revenues
Real estate - commercial/industrial	$	2,754	$	2,945
Mineral resources	2,595		2,489
Farming	1,556		865
Ranch operations	1,304		1,107
Segment revenues	8,209		7,406
Segment Operating Results
Real estate - commercial/industrial	2,065		2,531
Real estate - resort/residential	(386)		(1,561)
Mineral resources	510		373
Farming	(992)		(1,202)
Ranch operations	31		(120)
Segment operating results 1	1,228		21
Reconciling items:
Investment income	346		685
Other loss, net	(76)		(70)
Corporate expenses	(4,236)		(2,492)
Loss from operations before income taxes	$	(2,738)	$	(1,856)
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)	2025		2024
Commercial/industrial revenues	$	2,754	$	2,945
Equity in earnings of unconsolidated joint ventures	1,158		1,513
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	3,912		4,458
Operating expenses	737		829
General and administrative expenses 1	868		870
Other expenses 2	242		228
Commercial/industrial expenses	1,847		1,927
Operating results from commercial/industrial and unconsolidated joint ventures	$	2,065	$	2,531
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 March 31,
($ in thousands)	2025		2024
Mineral resources revenues	$	2,595	$	2,489
Cost of sales of water	1,207		1,160
Other expenses1	878		956
Mineral resources expenses	2,085		2,116
Operating results from mineral resources	$	510	$	373
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 March 31,
($ in thousands)	2025		2024
Farming revenues	$	1,556	$	865
Cost of sales	1,300		949
Water holding costs	844		756
Other expenses1	404		362
Farming expenses	2,548		2,067
Operating results from farming	$	(992)	$	(1,202)
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 March 31,
($ in thousands)	2025		2024
Ranch operations revenues	$	1,304	$	1,107
Operating expenses	641		635
Compensation expenses	382		367
Other expenses1	250		225
Ranch operations expenses	1,273		1,227
Operating results from ranch operations	$	31	$	(120)
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)	March 31, 2025		December 31, 2024
Real estate - commercial/industrial	$	109,504	$	98,185
Real estate - resort/residential	332,417		330,513
Mineral resources	64,303		54,658
Farming	54,258		54,478
Ranch operations	2,594		2,658
Corporate	51,479		67,506
Total	$	614,555	$	607,998

Information pertaining to depreciation and amortization of the Company’s reporting segments is as follows for the periods ended:

Depreciation and Amortization	Three Months Ended March 31,
($ in thousands)	2025		2024
Real estate - commercial/industrial	$	107	$	106
Real estate - resort/residential	11		8
Mineral resources	344		344
Farming	368		368
Ranch operations	95		93
Corporate	90		87
Total	$	1,015	$	1,006

Information pertaining to capital expenditures of the Company’s reporting segments is as follows for the periods ended:

Capital Expenditures	Three Months Ended March 31,
($ in thousands)	2025		2024
Real estate - commercial/industrial	$	13,543	$	4,143
Real estate - resort/residential	1,664		1,946
Mineral resources	55		—
Farming	2,030		1,846
Ranch operations	44		177
Corporate	208		—
Total	$	17,544	$	8,112