| Segment Information |
16. Segment Information The Company conducts primarily all of its business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial. The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units. The accounting policies of the segments are set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The Company uses total segment revenue, gross profit and income before income taxes and non-controlling interest and other qualitative measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures. The Company’s President, Chief Executive Officer and Chairman of the Board is the Chief Operating Decision maker (the “CODM”). For the residential, hospitality and commercial segments, the CODM uses segment revenue, gross profit and income before income taxes and non-controlling interest to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for the profit measures when making decisions about allocating capital and personnel to the segments. The CODM also uses segment revenue and gross profit for evaluating product pricing and segment income before income taxes and non-controlling interest to assess the performance for each segment by comparing the results and return on assets of each segment with one another and in the compensation of certain employees. The Company does not allocate income taxes or certain unusual items to segments. In addition, the hospitality and commercial segments have significant non-cash depreciation and amortization in reported profit or loss. The caption entitled “Other” consists of Business Services revenue and cost of revenue; mitigation bank credit sales revenue and cost of revenue; corporate operating expenses; corporate depreciation and amortization and corporate other income and expense items. Information by business segment is as follows: | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Revenue: | | | | | | | | | | | | | Residential | | $ | 52,837 | | $ | 38,097 | | $ | 81,168 | | $ | 71,081 | Hospitality (a) | | | 78,930 | | | 71,157 | | | 127,984 | | | 111,708 | Commercial (b) | | | 21,648 | | | 18,508 | | | 39,069 | | | 38,005 | Other (c) | | | 5,414 | | | 1,320 | | | 9,652 | | | 2,485 | Consolidated revenue | | $ | 158,829 | | $ | 129,082 | | $ | 257,873 | | $ | 223,279 | | | | | | | | | | | | | | Cost of revenue: | | | | | | | | | | | | | Cost of residential revenue (d) | | $ | 27,518 | | $ | 21,138 | | $ | 43,221 | | $ | 39,104 | Cost of hospitality revenue (a) (d) | | | 45,755 | | | 43,812 | | | 81,325 | | | 76,701 | Cost of commercial revenue (b) (d) | | | 7,470 | | | 7,838 | | | 13,534 | | | 14,872 | Cost of other revenue (c) (d) | | | 4,664 | | | 906 | | | 8,430 | | | 1,610 | Consolidated cost of revenue (d) | | $ | 85,407 | | $ | 73,694 | | $ | 146,510 | | $ | 132,287 | | | | | | | | | | | | | | Gross profit: | | | | | | | | | | | | | Residential | | $ | 25,319 | | $ | 16,959 | | $ | 37,947 | | $ | 31,977 | Hospitality (a) | | | 33,175 | | | 27,345 | | | 46,659 | | | 35,007 | Commercial (b) | | | 14,178 | | | 10,670 | | | 25,535 | | | 23,133 | Other (c) | | | 750 | | | 414 | | | 1,222 | | | 875 | Consolidated gross profit | | $ | 73,422 | | $ | 55,388 | | $ | 111,363 | | $ | 90,992 | | | | | | | | | | | | | | Corporate and other operating expenses: | | | | | | | | | | | | | Residential (d) | | $ | 1,498 | | $ | 1,151 | | $ | 2,843 | | $ | 2,355 | Hospitality (d) | | | 517 | | | 413 | | | 1,052 | | | 849 | Commercial (d) | | | 1,199 | | | 1,153 | | | 2,460 | | | 2,272 | Other (c) (d) | | | 4,047 | | | 3,725 | | | 9,280 | | | 7,546 | Consolidated corporate and other operating expenses (d) | | $ | 7,261 | | $ | 6,442 | | $ | 15,635 | | $ | 13,022 | | | | | | | | | | | | | | Depreciation, depletion and amortization: | | | | | | | | | | | | | Residential | | $ | 25 | | $ | 58 | | $ | 50 | | $ | 117 | Hospitality | | | 7,008 | | | 7,190 | | | 14,025 | | | 14,352 | Commercial (b) | | | 4,233 | | | 4,640 | | | 8,477 | | | 9,452 | Other | | | 121 | | | 98 | | | 225 | | | 196 | Consolidated depreciation, depletion and amortization | | $ | 11,387 | | $ | 11,986 | | $ | 22,777 | | $ | 24,117 | | | | | | | | | | | | | | Investment income, net: | | | | | | | | | | | | | Residential | | $ | 264 | | $ | 357 | | $ | 515 | | $ | 891 | Hospitality | | | 111 | | | 31 | | | 185 | | | 62 | Commercial | | | 4 | | | 12 | | | 7 | | | 77 | Other (e) | | | 2,883 | | | 2,802 | | | 5,825 | | | 5,600 | Consolidated investment income, net | | $ | 3,262 | | $ | 3,202 | | $ | 6,532 | | $ | 6,630 | | | | | | | | | | | | | | Interest expense: | | | | | | | | | | | | | Residential | | $ | 89 | | $ | 90 | | $ | 178 | | $ | 181 | Hospitality | | | 2,171 | | | 2,650 | | | 4,453 | | | 5,310 | Commercial (b) | | | 2,392 | | | 2,797 | | | 4,888 | | | 5,600 | Other (f) | | | 2,228 | | | 2,223 | | | 4,455 | | | 4,444 | Consolidated interest expense | | $ | 6,880 | | $ | 7,760 | | $ | 13,974 | | $ | 15,535 | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | Equity in income (loss) from unconsolidated joint ventures: | | | | | | | | | | | | | Residential (g) | | $ | 4,986 | | $ | 8,435 | | $ | 10,039 | | $ | 21,135 | Commercial (h) | | | (512) | | | (888) | | | (2,040) | | | (3,430) | Consolidated equity in income from unconsolidated joint ventures | | $ | 4,474 | | $ | 7,547 | | $ | 7,999 | | $ | 17,705 | | | | | | | | | | | | | | Other income (expense), net: | | | | | | | | | | | | | Residential | | $ | 123 | | $ | 75 | | $ | 247 | | $ | 181 | Hospitality | | | (34) | | | (63) | | | (53) | | | (154) | Commercial | | | (723) | | | (229) | | | (868) | | | (500) | Other | | | 102 | | | (9) | | | 61 | | | 19 | Other expense, net | | $ | (532) | | $ | (226) | | $ | (613) | | $ | (454) | | | | | | | | | | | | | | Income (loss) before income taxes: | | | | | | | | | | | | | Residential (g) | | $ | 29,080 | | $ | 24,525 | | $ | 45,677 | | $ | 51,532 | Hospitality (a) | | | 23,556 | | | 17,060 | | | 27,261 | | | 14,404 | Commercial (b) (h) | | | 5,123 | | | 976 | | | 6,809 | | | 1,957 | Other (c) (e) (f) | | | (2,661) | | | (2,838) | | | (6,852) | | | (5,694) | Consolidated income before income taxes | | $ | 55,098 | | $ | 39,723 | | $ | 72,895 | | $ | 62,199 | | | | | | | | | | | | | | Capital expenditures: | | | | | | | | | | | | | Residential | | $ | 14,779 | | $ | 26,274 | | $ | 26,115 | | $ | 51,407 | Hospitality | | | 986 | | | 4,402 | | | 3,713 | | | 7,176 | Commercial | | | 7,070 | | | 5,554 | | | 12,978 | | | 10,104 | Other | | | 1,161 | | | 253 | | | 1,845 | | | 543 | Total capital expenditures | | $ | 23,996 | | $ | 36,483 | | $ | 44,651 | | $ | 69,230 |
| (a) | The three and six months ended June 30, 2026, include $3.6 million and $7.1 million, respectively, of revenue and $1.3 million and $2.6 million, respectively, of cost of revenue, resulting in gross profit of $2.3 million and $4.5 million, respectively, related to the sale of vacation rental properties. The three and six months ended June 30, 2025, include $1.4 million of revenue and $0.8 million of cost of revenue, resulting in gross profit of $0.6 million, related to the sale of a hospitality property. |
| (b) | In September 2025, the Watercrest JV sold its senior living community property and ceased operating activities. See Note 4. Joint Ventures for additional information. |
| (c) | The three and six months ended June 30, 2026 and 2025, include activity for the Company’s real estate brokerage business, which began operations in the second quarter of 2025. |
| (d) | Excluding depreciation, depletion and amortization, shown separately above. |
| (e) | Includes interest income from investments in SPE of $2.0 million in each of the three months ended June 30, 2026 and 2025 and $4.0 million in each of the six months ended June 30, 2026 and 2025. |
| (f) | Includes interest expense from investments in SPE of $2.2 million in each of the three months ended June 30, 2026 and 2025 and $4.5 million and $4.4 million in the six months ended June 30, 2026 and 2025, respectively. |
| (g) | Equity in income from unconsolidated joint ventures includes $5.0 million and $8.4 million for the three months ended June 30, 2026 and 2025, respectively, and $10.0 million and $21.1 million for the six months ended June 30, 2026 and 2025, respectively, related to the Latitude Margaritaville Watersound JV. During the three months ended June 30, 2026 and 2025, the Latitude Margaritaville Watersound JV completed 86 and 137 home sale transactions, respectively, and 169 and 329 home sale transactions during the six months ended June 30, 2026 and 2025, respectively. See Note 4. Joint Ventures and Note 15. Other Income (Expense), Net for additional information. |
| (h) | The six months ended June 30, 2026 and 2025, include $0.4 million and $1.3 million, respectively, of equity in loss from unconsolidated joint ventures related to the Pier Park RI JV. The six months ended June 30, 2025, include start-up, depreciation and interest expenses for the project. The three months ended June 30, 2026 and 2025, include $0.9 million and $1.0 million, respectively, and the six months ended June 30, 2026 and 2025 include $1.8 million and $2.0 million, respectively, of equity in loss from unconsolidated joint ventures related to the Watersound Fountains Independent Living JV. The community is under lease-up. See Note 4. Joint Ventures and Note 15. Other Income (Expense), Net for additional information. |
| | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | Investment in unconsolidated joint ventures: | | | | | | | Residential | | $ | 56,068 | | $ | 51,648 | Commercial | | | 14,206 | | | 14,404 | Total investment in unconsolidated joint ventures | | $ | 70,274 | | $ | 66,052 | | | | | | | | Total assets: | | | | | | | Residential | | $ | 256,566 | | $ | 238,506 | Hospitality | | | 441,248 | | | 450,534 | Commercial | | | 496,271 | | | 505,490 | Other | | | 314,262 | | | 323,896 | Total assets | | $ | 1,508,347 | | $ | 1,518,426 |
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