7. Other Assets

Other assets consist of the following:

​

​

Accounts Receivable, Net

Accounts receivable, net primarily include membership fees, hospitality receivables, real estate receivables, leasing receivables and other receivables. Accounts receivable, net had opening balances of $11.0 million and $14.6 million, as of January 1, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, accounts receivable, net includes $2.2 million and $3.6 million, respectively, of club membership initiation fee installments receivable. As of both June 30, 2026 and December 31, 2025, accounts receivable, net includes receivables from unconsolidated JVs of $1.0 million. See Note 18. Related Party Transactions for additional information.

At each reporting period, accounts receivable in the scope of Accounting Standards Codification (“ASC”) Topic 326, 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 June 30, 2026 and December 31, 2025, accounts receivable, net were presented net of allowance for credit losses and net of allowance for lease related receivables of $0.7 million and $0.5 million, respectively. During the six months ended June 30, 2026 and 2025, allowance for credit losses and allowance for leases related to accounts receivable, net increased $0.1 million and less than $0.1 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. Estimated homesite residuals and certain estimated fees recognized as revenue may vary significantly from period to period due to the mix and number of homesites sold in specific communities during each period. 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, 2026 and December 31, 2025, include commercial leasing related prepaid expenses of $3.4 million and $4.0 million, respectively, and prepaid insurance of $6.8 million and $4.1 million, respectively, as well as other prepaid items.

Restricted Cash

Restricted cash as of June 30, 2026 and December 31, 2025, 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, 2026 and December 31, 2025, include $0.9 million and $1.1 million, respectively, for the fair value of derivative assets. See Note 5. Financial Instruments and Fair Value Measurements for additional information.