UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Operating Activities
Net loss		$ (347)	$ 10,173	$ 1,697	$ 13,825
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization				3,003	3,342
Amortization of (discount) premium of marketable securities				(442)	116
Equity in earnings of unconsolidated joint ventures, net		(1,161)	(1,991)	(4,616)	(4,867)
Non-cash retirement plan expense				200	81
Profit from water sales	[1]			(490)	(1,889)
Profit from land sales	[2]			0	(18,372)
Loss (gain) on sale of property plant and equipment				59	(1,140)
Deferred income taxes				0	(315)
Stock compensation expense				2,369	2,088
Excess tax (benefit) loss from stock-based compensation				(105)	3
Loan fee write-off				0	85
Distribution of earnings from unconsolidated joint ventures				13,176	7,336
Changes in operating assets and liabilities:
Receivables, inventories, prepaids and other assets, net				(5,231)	851
Current liabilities				5,130	724
Net cash provided by operating activities				14,750	1,868
Investing Activities
Maturities and sales of marketable securities				91,831	27,961
Funds invested in marketable securities				(87,272)	(48,614)
Real estate and equipment expenditures				(13,513)	(17,687)
Investment in unconsolidated joint ventures				(3,750)	(175)
Distribution of equity from unconsolidated joint ventures				10,645	3,968
Proceeds from water sales	[1]			1,324	5,202
Investments in water assets				(6,070)	(988)
Net proceeds from land sales	[2]			0	24,950
Net cash used in investing activities				(6,805)	(5,383)
Financing Activities
Borrowings of long-term debt				0	49,080
Repayments of long-term debt				(1,321)	(51,272)
Deferred financing costs				0	(181)
Interest rate swap settlement	[3]			0	1,123
Taxes on vested stock grants				(2,594)	(1,122)
Net cash used in financing activities				(3,915)	(2,372)
Increase (decrease) in cash and cash equivalents				4,030	(5,887)
Cash, cash equivalents, and restricted cash at beginning of period				39,619	37,398	$ 37,398
Cash, cash equivalents, and restricted cash at end of period		43,649	31,511	43,649	31,511	39,619
Reconciliation to amounts on consolidated balance sheets:
Cash and cash equivalents		43,149	30,308	43,149	30,308	39,119
Restricted cash (Shown in Other Assets)		500	1,203	500	1,203
Total cash, cash equivalents, and restricted cash		$ 43,649	$ 31,511	43,649	31,511	$ 39,619
Non-cash investing activities
Accrued capital expenditures included in current liabilities				742	841
Accrued long-term water assets included in current liabilities				$ 1,248	$ 374

[1] In determining the classification of cash inflows and outflows related to water asset activity, the Company’s practices are supported by Accounting Standards Codification (“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 Securities and Exchange Commission, or 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 $1.3 million in 2023, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $0.5 million related to the water purchased in prior periods is appropriately being deducted from operating activities for the current period. The Company has and will continue to apply this methodology to water asset transactions that meet this fact pattern.

[2] In determining the classification of cash inflows and outflows related to land development costs, the Company’s practices are supported by Accounting Standards Codification (“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 Securities and Exchange Commission, or 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 land development costs and the aforementioned authoritative guidance, the Company estimates the appropriate classification of land development costs based on the timing of the sale of land. Land development costs incurred during prior periods that were classified as investing were sold for $26.7 million in gross proceeds in 2022, this cash inflow is appropriately classified in the Company’s investing activities. The profit of $18.4 million related to land development costs incurred in prior periods is appropriately being deducted from operating activities for the first quarter of 2022. The Company has and will continue to apply this methodology to land sale transactions that meet this fact pattern.

[3] The Company had an interest rate swap agreement with Wells Fargo Bank, N.A. to reduce its exposure to fluctuations in the floating interest rate tied to the London Inter-Bank Offered Rate, or LIBOR, under a term note with Wells Fargo. The hedging relationship qualified as an effective cash flow hedge at the initial assessment, based upon a regression analysis, and is recorded at fair value. On June 27, 2022, the Company terminated the interest rate swap agreement with Wells Fargo and received a $1,123,200 cash termination fee from Wells Fargo. See Interest rate swap liability (Note 10) for further discussion.