Annual report [Section 13 and 15(d), not S-K Item 405]

CROP INVENTORY AND CROP SALES

v3.25.4
CROP INVENTORY AND CROP SALES
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
CROP INVENTORY AND CROP SALES CROP INVENTORY AND CROP SALES
Crop Inventory
Through certain of our wholly-owned subsidiaries and under a management agreement with a third-party operator, we currently manage a 2,409-acre property (encompassing two farms) located in Kern County, California, which includes 2,293 acres of bearing almond and pistachio orchards. Through December 31, 2025, we accumulated approximately $9.6 million in growing costs related to the crops harvested in 2025, primarily related to irrigation, pest management, fertilization, harvest, and labor. Such costs were initially capitalized and then charged to cost of sales as the related crops were harvested and sold (see “—Crop Sales” below).
In addition, as of December 31, 2025, we had incurred approximately $1.7 million in growing costs related to crops that will be harvested in 2026. We had not incurred any deferred growing costs as of December 31, 2024.
Crop Sales
Revenue from the sale of crops harvested and sold during the year ended December 31, 2025 and the cumulative growing costs incurred for such crops are shown in the following table (dollars in thousands):
Crop sales revenues(1)
$ 12,164 
Cost of sales(1)
9,588 
(1)Reflected as a line item on our accompanying Consolidated Statements of Operations and Comprehensive Income.
We did not record any revenue or expense related to growing or selling crops during either of the years ended December 31, 2024 or 2023.