The Board of Directors approved a plan of complete liquidation and dissolution, subject to stockholder approval, with an estimated range of potential liquidating distributions of $29.73 to $37.69 per share. Net income attributable to common stockholders increased to $12.0 million ($1.47 per diluted share) in 2025, up from $2.0 million ($0.24 per diluted share) in 2024. Total revenues decreased to $29.9 million in 2025 from $54.2 million in 2024, primarily due to lower property sales in the Real Estate Operations segment. Significant pre-tax gains on asset sales in 2025 included $27.5 million from Lantana Place – Retail ($57.5 million sale) and $5.0 million from West Killeen Market ($13.3 million sale). Consolidated cash and cash equivalents stood at $74.3 million as of December 31, 2025, with $17.1 million available under the revolving credit facility (increased to $24.7 million by March 20, 2026). Total outstanding debt was $143.0 million as of December 31, 2025, down from $163.7 million in 2024. The Holden Hills Phase 1 construction loan maturity was extended short-term to June 8, 2026, while a longer-term extension is negotiated. The Saint George multi-family property was completed in Q2 2025 and was 73% leased as of March 20, 2026. The company continues to face challenges related to the ETJ Law, with a lawsuit challenging its validity and a recent letter from the City of Austin challenging property removal from the ETJ.