CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net income		$ 71	$ 2,688	$ 3,265
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,014	4,885	4,806
Amortization of discount on marketable securities		(169)	(471)	(691)
Equity in earnings of unconsolidated joint ventures, net		(8,362)	(10,881)	(6,868)
Non-cash retirement plan expense		424	364	462
(Gain) loss on sale of real estate/assets		0	(8)	6
Profit from water sale	[1]	0	0	(490)
Profit from land sales		(1,304)	0	0
Deferred income taxes		782	784	1,121
Stock compensation expense		1,711	4,182	3,252
Excess tax benefit of stock-based compensation		36	(1)	(723)
Abandonment expense		0	0	189
Inventory write down		0	0	423
Distribution of earnings from unconsolidated joint ventures		9,731	9,563	13,511
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net		2,271	261	(4,476)
Current liabilities, net		(5,073)	2,948	(132)
Net cash provided by operating activities		6,132	14,314	13,655
Investing Activities
Maturities and sales of marketable securities		31,637	92,605	134,083
Purchase of marketable securities		(32,387)	(73,995)	(132,317)
Real estate development expenditures	[2]	(10,107)	(8,394)	(7,888)
Real estate expenditures - to be held for lease	[2]	(46,560)	(43,018)	(7,815)
Property and equipment expenditures	[2]	(6,543)	(5,822)	(5,625)
Reimbursement proceeds from Community Facilities District		9,409	15,745	0
Proceeds from sale of real estate/assets		58	15	77
Proceeds from sale of land		1,698	0	0
Investment in unconsolidated joint ventures		(2,278)	(346)	(4,500)
Distribution of equity from unconsolidated joint ventures		780	6,336	10,978
Investments in long-term water assets		(8,013)	(8,874)	(6,034)
Proceeds from water sales	[1]	0	0	1,324
Interest rate swap settlement	[3]	0	0	3,715
Net cash used in investing activities		(62,306)	(25,748)	(14,002)
Financing Activities
Borrowings on line of credit		27,000	19,000	47,942
Repayments of long-term debt		0	0	(50,357)
Deferred financing costs		0	0	(1,097)
Taxes on vested stock grants		(569)	(206)	(3,353)
Net cash provided by (used in) financing activities		26,431	18,794	(6,865)
(Decrease) increase in cash, cash equivalents, and restricted cash		(29,743)	7,360	(7,212)
Cash, cash equivalents, and restricted cash at beginning of year		39,767	32,407	39,619
Cash, cash equivalents, and restricted cash at end of year		10,024	39,767	32,407
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents		9,524	39,267	31,907
Restricted cash (recorded in other assets)		500	500	500
Total cash, cash equivalents, and restricted cash		10,024	39,767	32,407
Non-cash investing activities
Accrued capital and water expenditures included in current liabilities		$ 1,867	$ 5,290	$ 2,091

[1] In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by ASC 230-10-45-22, which provides that “Certain cash receipts and payments have aspects of more than one class of cash flows…. If so, the appropriate classification shall depend on the activity that is likely to be the predominant source of cash flows for the item.” Also, at the 2006 American Institution of Certified Public Accountants Conference on Current SEC and PCAOB Developments, the SEC staff discussed that an entity should be consistent in how it classifies cash outflows and inflows related to an asset’s purchase and sale and noted that when cash flow classification is unclear, registrants must use judgment and analysis that considers the nature of the activity and the predominant source of cash flow for these items. Given the nature of our water assets and the aforementioned authoritative guidance, the Company estimates the appropriate classification of water assets purchased based on the timing of the sale of the water. Water purchased in prior periods that was classified as investing was sold for $1.32 million in 2023. The profit of $0.5 million in 2023 related to the water purchased in prior periods is being deducted from operating activities for the respective period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern.

[2] Prior year amounts have been reclassified to conform to the current year presentation. Amounts previously presented as “Real estate and equipment expenditures” are now presented separately as “Real estate development expenditures,” “Real estate expenditures – to be held for lease,” and “Property and equipment expenditures.” These reclassifications had no impact on total net cash used in investing activities or the net change in cash and cash equivalents.

[3] The Company had an interest rate swap agreement with Bank of America, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to SOFR under the term note. The hedging relationship qualified as an effective cash flow hedge and was recorded at fair value. On October 23, 2023, the Company terminated the interest rate swap, and received a $3,715,000 cash termination fee from Bank of America, N.A.