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Segment Revenue

• Land Development and Sales: Revenue increased to $4.2 million for the nine months ended September 30, 2025, compared to $0.2 million for the same period in 2024.
• Leasing: Revenue increased to $9.9 million for the nine months ended September 30, 2025, compared to $7.1 million for the same period in 2024.
• Resort Amenities and Other: Revenue was $0.8 million for the nine months ended September 30, 2025, compared to $0.8 million for the same period in 2024.

Operational Metrics

• Operating Profit/Loss: Improved by 48.4%, with a loss of - $2.8 million compared to - $5.5 million for the nine months ended September 30, 2025, versus the same period in 2024.
• Operating Revenues: Increased by 83.1%, totaling $14.9 million compared to $8.2 million for the nine months ended September 30, 2025, versus the same period in 2024.
• Operating Costs and Expenses: Increased by 30.1%, totaling $17.8 million compared to $13.7 million for the nine months ended September 30, 2025, versus the same period in 2024.
• Adjusted EBITDA: Increased by $1.7 million, totaling $1.6 million for the nine months ended September 30, 2025, compared to - $0.1 million for the same period in 2024.
• Net Loss: Increased by $3.9 million, totaling - $9.4 million for the nine months ended September 30, 2025, compared to - $5.5 million for the same period in 2024.

Cash Flow

• Cash and Investments Convertible to Cash: Totaled $5.0 million on September 30, 2025, a decrease of $4.5 million compared to $9.5 million at December 31, 2024.

Unique Metrics

• Pension Termination Expense: The company incurred a $6.9 million expense related to the termination of a qualified pension plan.

Outlook / Guidance

• The company anticipates continued increases in recurring net operating income as occupancy stabilizes and origination costs related to new leases subsides.
• The company expects a decrease in share-based compensation expenses in future periods due to a reduced use of options.
• The company plans to terminate the Supplemental Employees Retirement Plan in the fourth quarter of 2026 at an estimated cost of $1.6 million.