REPORTING SEGMENTS AND RELATED INFORMATION (Tables)

12 Months Ended

Dec. 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 years ended December 31:

($ in thousands)	2025		2024		2023
Revenues
Real estate—commercial/industrial	$	15,006	$	12,552	$	11,758
Multifamily	732		—		—
Mineral resources	9,636		10,214		14,524
Farming	18,738		13,925		13,950
Ranch operations	5,479		5,195		4,507
Segment revenues	$	49,591	$	41,886	$	44,739
Segment Operating Results
Real estate—commercial/industrial	$	15,366	$	15,523	$	10,573
Multifamily	(1,547)		—		—
Real estate—resort/residential	(2,277)		(2,615)		(1,528)
Mineral resources	2,829		3,162		5,839
Farming	(112)		(3,626)		(1,307)
Ranch operations	218		331		(536)
Segment operating results 1	14,477		12,775		13,041
Reconciling items:
Investment income	914		2,273		2,557
Other loss	(164)		(292)		(138)
Corporate expenses	(14,068)		(11,092)		(9,872)
Income from operations before income taxes	$	1,159	$	3,664	$	5,588
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 each of the years ended December 31:

($ in thousands)	2025		2024		2023
Commercial/industrial revenues	$	15,006	$	12,552	$	11,758
Equity in earnings of unconsolidated joint ventures	8,362		10,881		6,868
Commercial/industrial revenues and equity in earnings of unconsolidated joint ventures	$	23,368	$	23,433	$	18,626
Cost of sales of land	1,862		$	—	$	(176)
Operating expenses	2,451		3,206		4,074
Selling, general and administrative expenses	3,189		4,280		3,687
Depreciation and amortization	500		424		468
Commercial/industrial expenses	$	8,002	$	7,910	$	8,053
Operating results from commercial/industrial and unconsolidated joint ventures	$	15,366	$	15,523	$	10,573

The following table summarizes revenues, expenses and operating results from this segment for the years ended December 31:

($ in thousands)	2025
Multifamily revenues1	732
Operating expenses	815
Selling, general and administrative expenses	504
Depreciation and amortization	960
Multifamily expenses	$	2,279
Operating loss from multifamily	$	(1,547)
1Multifamily segment had no operating activities in 2024 and 2023.

The following table summarizes expenses and operating results from this segment for each of the years ended December 31:

($ in thousands)	2025		2024		2023
Resort/residential
Operating expenses	1,632		1,742		754
Selling, general and administrative expenses	609		831		731
Depreciation and amortization	36		42		43
Total resort/residential expenses	$	2,277	$	2,615	$	1,528
Operating loss from resort/residential	$	2,277	$	2,615	$	1,528

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:

($ in thousands)	2025		2024		2023
Mineral resources revenues	$	9,636	$	10,214	$	14,524
Cost of sales of water	3,431		3,555		5,220
Operating expenses	1,307		1,225		1,338
Selling, general and administrative expenses	694		897		753
Depreciation and amortization	1,375		1,375		1,374
Mineral resources expenses	$	6,807	$	7,052	$	8,685
Operating results from mineral resources	$	2,829	$	3,162	$	5,839

The farming segment produces revenues from the sale of wine grapes, almonds, pistachios and hay. The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:

($ in thousands)	2025		2024		2023
Farming revenues	$	18,738	$	13,925	$	13,950
Cost of sales	13,532		11,832		12,125
Fixed water obligations	2,796		2,912		695
Selling, general and administrative expenses	109		488		340
Depreciation and amortization	2,413		2,319		2,097
Farming expenses	$	18,850	$	17,551	$	15,257
Operating results from farming	$	(112)	$	(3,626)	$	(1,307)

The following table summarizes revenues, expenses and operating results from this segment for each of the years ended December 31:

($ in thousands)	2025		2024		2023
Ranch operations revenues	$	5,479	$	5,195	$	4,507
Operating expenses	4,322		3,833		4,095
Selling, general and administrative expenses	563		649		558
Other expenses1	376		382		390
Ranch operations expenses	$	5,261	$	4,864	$	5,043
Operating results from ranch operations	$	218	$	331	$	(536)
1 The main components of the other expenses included amortization and depreciation.

Information pertaining to assets of the Company’s reporting segments is as follows for each of the years ended December 31: 

($ in thousands)	Identifiable Assets		Depreciation and Amortization		Capital Expenditures
2025
Real estate - commercial/industrial	$	64,681	$	500	$	12,487
Multifamily	63,695		960		34,073
Real estate - resort/residential	341,433		36		10,107
Mineral resources	62,236		1,375		57
Farming	58,545		2,413		6,202
Ranch operations	2,172		376		192
Corporate	37,707		354		92
Total	$	630,469	$	6,014	$	63,210
2024
Real estate - commercial/industrial	$	68,944	$	424	$	16,361
Multifamily	29,241		—		26,657
Real estate - resort/residential	330,513		40		8,394
Mineral resources	54,658		1,375		46
Farming	54,478		2,319		4,891
Ranch operations	2,658		382		739
Corporate	67,506		345		146
Total	$	607,998	$	4,885	$	57,234
2023
Real estate - commercial/industrial	$	70,521	$	468	$	5,231
Multifamily	2,584		—		2,584
Real estate - resort/residential	321,216		42		7,888
Mineral resources	52,068		1,374		—
Farming	52,094		2,097		4,870
Ranch operations	2,072		390		464
Corporate	76,968		435		291
Total	$	577,523	$	4,806	$	21,328