Other Assets |
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| Other Assets. | 7. Other Assets Other assets consist of the following:
Accounts Receivable, Net The Company’s accounts receivable, net primarily include leasing receivables, membership fees, hospitality receivables and other receivables. Accounts receivable, net had opening balances of $14.6 million and $20.3 million, as of January 1, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, accounts receivable, net includes $6.1 million and $7.5 million, respectively, of club membership initiation fee installments receivable. At each reporting period, accounts receivable in the scope of Financial Instruments—Credit Losses (Topic 326) are pooled by type and judgements are made based on historical losses and expected credit losses based on economic trends to determine the allowance for credit losses primarily using the aging method. Actual losses could differ from those estimates. Write-offs are recorded when the Company concludes that all or a portion of the receivable is no longer collectible. As of both June 30, 2025 and December 31, 2024, accounts receivable, net were presented net of allowance for credit losses and net of allowance for lease related receivables of $0.3 million. During the six months ended June 30, 2025 and 2024, allowance for credit losses and allowance for leases related to accounts receivable, net increased less than $0.1 million and $0.2 million, respectively. Homesite Sales Receivable Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. The following table presents the changes in homesite sales receivable:
Prepaid Expenses Prepaid expenses as of June 30, 2025 and December 31, 2024, include commercial leasing related prepaid expenses of $4.3 million and $4.7 million, respectively, and prepaid insurance of $7.5 million and $4.7 million, respectively, as well as other prepaid items. Restricted Cash Restricted cash as of June 30, 2025 and December 31, 2024, includes cash and escrow deposits primarily related to requirements for financing, development for certain of the Company’s projects or long-term mitigation bank management. Other Assets Other assets as of June 30, 2025 and December 31, 2024, include $1.7 million and $2.6 million, respectively, for the fair value of derivative assets. See Note 5. Financial Instruments and Fair Value Measurements for additional information. |
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