12 – Subsequent Events

The Company has evaluated subsequent events through the date the financial statements are scheduled to be filed and have the following notes and comments.

The Company received Little Egg Harbor Preliminary Approvals for 80 market rate townhomes and 16 affordable condominiums on November 7, 2025. The sale of improved building pads to a national builder should begin in late 2026 / early 2027 and if so, will accrete to 2027 earnings.

On October 3, 2025, the Company sold 8 improved building pads in the Lacey Pines development to a national builder. 4 were market rate and 4 were affordable homes.

On October 3, 2025, the Company sold 10 improved building pads in the Berkeley Terrace development to a national builder.

In October of 2025, the Company signed a Memorandum of Understanding with a private company to acquire the assets necessary for the manufacture of steel panels and building systems. The integration of this manufacturing process is intended to be a complement to the Company’s existing operations and offer additional opportunities to expand the existing businesses.

Assuming the due diligence process is satisfactory, the Company intends to close on this purchase in early 2026.