v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 24,964 $ 69,162
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (40,885) (88,584)
Deferred income taxes 5,246 9,107
Depreciation and amortization 3,659 3,275
Share-based compensation 3,872 2,934
Changes in operating assets and liabilities:    
Inventories (80,050) (100,602)
Related party assets 2,334 18,197
Other assets (1,597) (583)
Accounts payable and other liabilities 2,236 54
Related party liabilities (11,070) 1,215
Net cash used in operating activities (54,652) (14,902)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Contributions to unconsolidated entities (4,093) 0
Purchase of properties and equipment (176) (98)
Net cash provided by investing activities 32,225 42,443
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of financing costs (400) 0
Related party reimbursement obligation (42,167) 0
Reacquisition of share-based compensation awards for tax-withholding purposes (6,541) (1,776)
Repurchases of Class A common shares (3,091) 0
Payment under tax receivable agreement (724) 0
Distributions to redeemable noncontrolling interests (1,814) 0
Net cash used in financing activities (54,737) (1,776)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (77,164) 25,765
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period 426,538 431,867
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period 349,374 457,632
Great Park    
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (38,614) (87,546)
Return on investment 34,366 70,854
CASH FLOWS FROM INVESTING ACTIVITIES:    
Return of investment 0 41,998
Gateway Commercial Venture    
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (700) (600)
Return on investment 661 0
CASH FLOWS FROM INVESTING ACTIVITIES:    
Return of investment 32,792 0
Other Equity Method Investments    
Adjustments to reconcile net income to net cash used in operating activities:    
Return on investment 1,612 69
CASH FLOWS FROM INVESTING ACTIVITIES:    
Return of investment $ 3,702 $ 543