| Schedule of financial information of unconsolidated joint ventures |
| | | | | | | | | June 30, | | December 31, | | | 2025 | | 2024 | Investment in unconsolidated joint ventures | | | | | | | Latitude Margaritaville Watersound JV | | $ | 62,068 | | $ | 53,399 | Watersound Fountains Independent Living JV | | | 3,992 | | | 3,857 | Pier Park TPS JV (a) | | | — | | | — | Pier Park RI JV | | | 3,949 | | | 5,211 | Busy Bee JV | | | 2,508 | | | 2,642 | Electric Cart Watersound JV | | | 776 | | | 781 | Watersound Management JV | | | 561 | | | 564 | Total investment in unconsolidated joint ventures | | $ | 73,854 | | $ | 66,454 | | | | | | | | Outstanding debt principal of unconsolidated JVs | | | | | | | Latitude Margaritaville Watersound JV (b) | | $ | — | | $ | 41,246 | Watersound Fountains Independent Living JV (b) | | | 41,821 | | | 41,683 | Pier Park TPS JV (b) | | | 12,980 | | | 13,161 | Pier Park RI JV | | | 24,948 | | | 24,948 | Busy Bee JV | | | 5,195 | | | 5,365 | Electric Cart Watersound JV (b) | | | 4,700 | | | 4,838 | Total outstanding debt principal of unconsolidated JVs | | $ | 89,644 | | $ | 131,241 |
| (a) | As of June 30, 2025 and December 31, 2024, the Company’s investment in the unconsolidated joint venture was below zero due to cash distributions and depreciation and amortization expense. As of June 30, 2025 and December 31, 2024, the Company’s investment in the unconsolidated joint venture is included within accounts payable and other liabilities on the condensed consolidated balance sheets. |
| (b) | See Note 17. Commitments and Contingencies for additional information related to outstanding debt. |
The following table presents details of the Company’s equity in income (loss) from unconsolidated JVs: | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Equity in income (loss) from unconsolidated joint ventures | | | | | | | | | | | | | Latitude Margaritaville Watersound JV (a) | | $ | 8,435 | | $ | 6,544 | | $ | 21,135 | | $ | 14,823 | Watersound Fountains Independent Living JV (b) | | | (953) | | | (1,144) | | | (1,978) | | | (1,871) | Pier Park TPS JV | | | 146 | | | 72 | | | (127) | | | (141) | Pier Park RI JV (c) | | | (162) | | | (164) | | | (1,262) | | | (164) | Busy Bee JV (d) | | | 39 | | | 30 | | | (135) | | | 52 | Electric Cart Watersound JV (e) | | | — | | | 37 | | | (5) | | | 13 | Watersound Management JV | | | 42 | | | 36 | | | 77 | | | 59 | Total equity in income from unconsolidated joint ventures | | $ | 7,547 | | $ | 5,411 | | $ | 17,705 | | $ | 12,771 |
| (a) | During the three months ended June 30, 2025 and 2024, the Latitude Margaritaville Watersound JV completed 137 and 163 home sale transactions, respectively. During the six months ended June 30, 2025 and 2024, the Latitude Margaritaville Watersound JV completed 329 and 340 home sale transactions, respectively. |
| (b) | The community opened in March 2024 and is currently under lease-up. |
| (c) | The hotel opened in April 2024. The six months ended June 30, 2025, primarily includes start-up, depreciation and interest expenses for the project. |
| (d) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. |
| (e) | An additional sales showroom located in the Watersound Town Center opened in June 2024. |
Summarized balance sheets for the Company’s unconsolidated JVs are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Latitude Margaritaville Watersound JV | | Watersound Fountains Independent Living JV | | Pier Park TPS JV | | Pier Park RI JV | | Busy Bee JV | | Electric Cart Watersound JV | | Watersound Management JV | | Total | ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | Investment in real estate, net | | $ | 102,429 | (a) | $ | 49,338 | | $ | 11,676 | | $ | 32,109 | | $ | 7,911 | | $ | 5,029 | | $ | — | | $ | 208,492 | Cash and cash equivalents | | | 39,029 | | | 457 | | | 734 | | | 884 | | | 878 | | | 746 | | | 98 | | | 42,826 | Other assets | | | 1,735 | | | 687 | | | 205 | | | 128 | | | 2,148 | | | 750 | | | 35 | | | 5,688 | Total assets | | $ | 143,193 | | $ | 50,482 | | $ | 12,615 | | $ | 33,121 | | $ | 10,937 | | $ | 6,525 | | $ | 133 | | $ | 257,006 | | | | | | | | | | | | | | | | | | | | | | | | | | LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | Debt, net | | $ | — | | $ | 41,642 | | $ | 12,921 | | $ | 24,712 | | $ | 5,195 | | $ | 4,641 | | $ | — | | $ | 89,111 | Accounts payable and other liabilities | | | 35,606 | | | 1,013 | | | 344 | | | 512 | | | 722 | | | 362 | | | — | | | 38,559 | Equity (deficit) | | | 107,587 | | | 7,827 | | | (650) | | | 7,897 | | | 5,020 | | | 1,522 | | | 133 | | | 129,336 | Total liabilities and equity | | $ | 143,193 | | $ | 50,482 | | $ | 12,615 | | $ | 33,121 | | $ | 10,937 | | $ | 6,525 | | $ | 133 | | $ | 257,006 |
| (a) | Investment in real estate, net includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Latitude Margaritaville Watersound JV | | Watersound Fountains Independent Living JV | | Pier Park TPS JV | | Pier Park RI JV | | Busy Bee JV | | Electric Cart Watersound JV | | Watersound Management JV | | Total | ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | Investment in real estate, net | | $ | 157,336 | (a) | $ | 50,822 | | $ | 12,231 | | $ | 34,576 | | $ | 8,144 | | $ | 5,154 | | $ | — | | $ | 268,263 | Cash and cash equivalents | | | 27,706 | | | 405 | | | 279 | | | 529 | | | 915 | | | 656 | | | 104 | | | 30,594 | Other assets | | | 2,092 | | | 382 | | | 428 | | | 235 | | | 1,921 | | | 824 | | | 33 | | | 5,915 | Total assets | | $ | 187,134 | | $ | 51,609 | | $ | 12,938 | | $ | 35,340 | | $ | 10,980 | | $ | 6,634 | | $ | 137 | | $ | 304,772 | | | | | | | | | | | | | | | | | | | | | | | | | | LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | Debt, net | | $ | 41,054 | | $ | 41,482 | | $ | 13,102 | | $ | 24,608 | | $ | 5,365 | | $ | 4,775 | | $ | — | | $ | 130,386 | Accounts payable and other liabilities | | | 59,832 | | | 2,794 | | | 128 | | | 310 | | | 382 | | | 328 | | | — | | | 63,774 | Equity (deficit) | | | 86,248 | | | 7,333 | | | (292) | | | 10,422 | | | 5,233 | | | 1,531 | | | 137 | | | 110,612 | Total liabilities and equity | | $ | 187,134 | | $ | 51,609 | | $ | 12,938 | | $ | 35,340 | | $ | 10,980 | | $ | 6,634 | | $ | 137 | | $ | 304,772 |
| (a) | Investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. |
Summarized statements of operations for the Company’s unconsolidated JVs are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | Latitude Margaritaville Watersound JV (a) | | Watersound Fountains Independent Living JV (b) | | Pier Park TPS JV | | Pier Park RI JV (c) | | Busy Bee JV | | Electric Cart Watersound JV (e) | | Watersound Management JV | | | Total | Total revenue | | $ | 79,878 | | $ | 801 | | $ | 1,566 | | $ | 1,750 | | $ | 4,206 | | $ | 1,103 | | $ | 617 | | $ | 89,921 | Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Cost of revenue | | | 58,543 | | | 1,108 | | | 905 | | | 931 | | | 3,907 | | | 973 | | | 534 | | | 66,901 | Other operating expenses | | | 4,333 | | | — | | | — | | | — | | | — | | | — | | | — | | | 4,333 | Depreciation and amortization | | | 155 | | | 753 | | | 196 | | | 691 | | | 139 | | | 63 | | | — | | | 1,997 | Total expenses | | | 63,031 | | | 1,861 | | | 1,101 | | | 1,622 | | | 4,046 | | | 1,036 | | | 534 | | | 73,231 | Operating income (loss) | | | 16,847 | | | (1,060) | | | 465 | | | 128 | | | 160 | | | 67 | | | 83 | | | 16,690 | Other (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense | | | — | | | (696) | | | (175) | | | (450) | | | (35) | | | (74) | | | — | | | (1,430) | Other income (expense), net | | | 22 | | | 15 | | | 2 | | | (1) | | | (60) | (d) | | 7 | | | — | | | (15) | Total other income (expense), net | | | 22 | | | (681) | | | (173) | | | (451) | | | (95) | | | (67) | | | — | | | (1,445) | Net income (loss) | | $ | 16,869 | | $ | (1,741) | | $ | 292 | | $ | (323) | | $ | 65 | | $ | — | | $ | 83 | | $ | 15,245 |
| (a) | The Latitude Margaritaville Watersound JV completed 137 home sale transactions during the three months ended June 30, 2025. |
| (b) | The community opened in March 2024 and is currently under lease-up. |
| (c) | The hotel opened in April 2024. |
| (d) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. |
| (e) | An additional sales showroom located in the Watersound Town Center opened in June 2024. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | | Latitude Margaritaville Watersound JV (a) | | Watersound Fountains Independent Living JV (b) | | Pier Park TPS JV | | Pier Park RI JV (c) | | Busy Bee JV | | Electric Cart Watersound JV (e) | | Watersound Management JV | | Total | Total revenue | | $ | 84,571 | | $ | 326 | | $ | 1,541 | | $ | 1,274 | | $ | 4,455 | | $ | 1,361 | | $ | 568 | | $ | 94,096 | Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Cost of revenue | | | 65,861 | | | 1,234 | | | 851 | | | 739 | | | 4,130 | | | 1,143 | | | 497 | | | 74,455 | Other operating expenses | | | 5,541 | | | — | | | — | | | — | | | — | | | — | | | — | | | 5,541 | Depreciation and amortization | | | 132 | | | 420 | | | 360 | | | 533 | | | 136 | | | 61 | | | — | | | 1,642 | Total expenses | | | 71,534 | | | 1,654 | | | 1,211 | | | 1,272 | | | 4,266 | | | 1,204 | | | 497 | | | 81,638 | Operating income (loss) | | | 13,037 | | | (1,328) | | | 330 | | | 2 | | | 189 | | | 157 | | | 71 | | | 12,458 | Other (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense | | | — | | | (786) | | | (190) | | | (331) | | | (41) | | | (83) | | | — | | | (1,431) | Other income, net | | | 51 | | | 21 | | | 4 | | | — | | | 1 | (d) | | — | | | — | | | 77 | Total other income (expense), net | | | 51 | | | (765) | | | (186) | | | (331) | | | (40) | | | (83) | | | — | | | (1,354) | Net income (loss) | | $ | 13,088 | | $ | (2,093) | | $ | 144 | | $ | (329) | | $ | 149 | | $ | 74 | | $ | 71 | | $ | 11,104 |
| (a) | The Latitude Margaritaville Watersound JV completed 163 home sale transactions during the three months ended June 30, 2024. |
| (b) | The community opened in March 2024. Activity includes lease-up expenses for the project. |
| (c) | The hotel opened in April 2024. |
| (d) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. |
| (e) | An additional sales showroom located in the Watersound Town Center opened in June 2024. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | Latitude Margaritaville Watersound JV (a) | | Watersound Fountains Independent Living JV (b) | | Pier Park TPS JV | | Pier Park RI JV (c) | | Busy Bee JV | | Electric Cart Watersound JV (e) | | Watersound Management JV | | | Total | Total revenue | | $ | 196,280 | | $ | 1,542 | | $ | 2,213 | | $ | 2,534 | | $ | 7,128 | | $ | 2,176 | | $ | 1,280 | | $ | 213,153 | Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Cost of revenue | | | 144,745 | | | 2,323 | | | 1,569 | | | 1,634 | | | 6,826 | | | 1,926 | | | 1,125 | | | 160,148 | Other operating expenses | | | 9,044 | | | — | | | — | | | — | | | — | | | — | | | — | | | 9,044 | Depreciation and amortization | | | 287 | | | 1,505 | | | 556 | | | 1,858 | | | 273 | | | 125 | | | — | | | 4,604 | Total expenses | | | 154,076 | | | 3,828 | | | 2,125 | | | 3,492 | | | 7,099 | | | 2,051 | | | 1,125 | | | 173,796 | Operating income (loss) | | | 42,204 | | | (2,286) | | | 88 | | | (958) | | | 29 | | | 125 | | | 155 | | | 39,357 | Other (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense | | | — | | | (1,383) | | | (344) | | | (861) | | | (69) | | | (147) | | | — | | | (2,804) | Other income (expense), net | | | 65 | | | 20 | | | 2 | | | (705) | | | (172) | (d) | | 13 | | | — | | | (777) | Total other income (expense), net | | | 65 | | | (1,363) | | | (342) | | | (1,566) | | | (241) | | | (134) | | | — | | | (3,581) | Net income (loss) | | $ | 42,269 | | $ | (3,649) | | $ | (254) | | $ | (2,524) | | $ | (212) | | $ | (9) | | $ | 155 | | $ | 35,776 |
| (a) | The Latitude Margaritaville Watersound JV completed 329 home sale transactions during the six months ended June 30, 2025. |
| (b) | The community opened in March 2024 and is currently under lease-up. |
| (c) | The hotel opened in April 2024. Activity primarily includes start-up, depreciation and interest expenses for the project. |
| (d) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. |
| (e) | An additional sales showroom located in the Watersound Town Center opened in June 2024. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | Latitude Margaritaville Watersound JV (a) | | Watersound Fountains Independent Living JV (b) | | Pier Park TPS JV | | Pier Park RI JV (c) | | Busy Bee JV | | Electric Cart Watersound JV (e) | | Watersound Management JV | | Total | Total revenue | | $ | 174,780 | | $ | 422 | | $ | 2,309 | | $ | 1,274 | | $ | 7,606 | | $ | 2,286 | | $ | 1,180 | | $ | 189,857 | Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Cost of revenue | | | 134,825 | | | 1,971 | | | 1,500 | | | 739 | | | 7,204 | | | 1,970 | | | 1,062 | | | 149,271 | Other operating expenses | | | 10,127 | | | — | | | — | | | — | | | — | | | — | | | — | | | 10,127 | Depreciation and amortization | | | 265 | | | 638 | | | 720 | | | 533 | | | 269 | | | 123 | | | — | | | 2,548 | Total expenses | | | 145,217 | | | 2,609 | | | 2,220 | | | 1,272 | | | 7,473 | | | 2,093 | | | 1,062 | | | 161,946 | Operating income (loss) | | | 29,563 | | | (2,187) | | | 89 | | | 2 | | | 133 | | | 193 | | | 118 | | | 27,911 | Other (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense | | | — | | | (1,286) | | | (379) | | | (331) | | | (83) | | | (167) | | | — | | | (2,246) | Other income, net | | | 83 | | | 30 | | | 8 | | | — | | | 90 | (d) | | — | | | — | | | 211 | Total other income (expense), net | | | 83 | | | (1,256) | | | (371) | | | (331) | | | 7 | | | (167) | | | — | | | (2,035) | Net income (loss) | | $ | 29,646 | | $ | (3,443) | | $ | (282) | | $ | (329) | | $ | 140 | | $ | 26 | | $ | 118 | | $ | 25,876 |
| (a) | The Latitude Margaritaville Watersound JV completed 340 home sale transactions during the six months ended June 30, 2024. |
| (b) | The community opened in March 2024. Activity includes pre-opening and lease-up expenses for the project. |
| (c) | The hotel opened in April 2024. |
| (d) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. |
| (e) | An additional sales showroom located in the Watersound Town Center opened in June 2024. |
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