| Schedule of financial information of unconsolidated joint ventures |
| | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | Investment in unconsolidated joint ventures | | | | | | | Latitude Margaritaville Watersound JV (a) | | $ | 56,068 | | $ | 51,648 | Watersound Fountains Independent Living JV | | | 2,836 | | | 3,159 | Pier Park TPS JV (b) | | | 635 | | | — | Pier Park RI JV | | | 7,160 | | | 7,494 | Busy Bee JV | | | 2,292 | | | 2,502 | Electric Cart Watersound JV | | | 723 | | | 694 | Watersound Management JV | | | 560 | | | 555 | Total investment in unconsolidated joint ventures | | $ | 70,274 | | $ | 66,052 | | | | | | | | Outstanding debt principal of unconsolidated JVs | | | | | | | Latitude Margaritaville Watersound JV (c) | | $ | — | | $ | — | Watersound Fountains Independent Living JV (c) | | | 41,027 | | | 41,195 | Pier Park TPS JV (c) | | | 10,749 | | | 12,802 | Pier Park RI JV | | | 16,189 | | | 16,189 | Busy Bee JV | | | 4,849 | | | 5,025 | Electric Cart Watersound JV (c) | | | 4,424 | | | 4,485 | Total outstanding debt principal of unconsolidated JVs | | $ | 77,238 | | $ | 79,696 |
| (a) | As of both June 30, 2026 and December 31, 2025, the Company’s investment in unconsolidated joint ventures includes intra-entity profit elimination of $0.5 million related to the sale of additional land to the JV, a pro-rata portion of which will be recognized as each home on the land is sold by the JV. |
| (b) | As of December 31, 2025, the Company’s investment in the unconsolidated joint venture was below zero due to cash distributions and non-cash depreciation and amortization expense. As of December 31, 2025, the Company’s investment in the unconsolidated joint venture is included within accounts payable and other liabilities on the condensed consolidated balance sheets. During the six months ended June 30, 2026, the Company and JV partner each made capital contributions of $1.1 million related to financing and operations of the JV. |
| (c) | 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, | | | 2026 | | 2025 | | 2026 | | 2025 | Equity in income (loss) from unconsolidated joint ventures | | | | | | | | | | | | | Latitude Margaritaville Watersound JV (a) | | $ | 4,986 | | $ | 8,435 | | $ | 10,039 | | $ | 21,135 | Watersound Fountains Independent Living JV (b) | | | (870) | | | (953) | | | (1,778) | | | (1,978) | Pier Park TPS JV | | | 235 | | | 146 | | | 82 | | | (127) | Pier Park RI JV (c) | | | (46) | | | (162) | | | (434) | | | (1,262) | Busy Bee JV (d) | | | 81 | | | 39 | | | (10) | | | (135) | Electric Cart Watersound JV | | | 47 | | | — | | | 29 | | | (5) | Watersound Management JV | | | 41 | | | 42 | | | 71 | | | 77 | Total equity in income from unconsolidated joint ventures | | $ | 4,474 | | $ | 7,547 | | $ | 7,999 | | $ | 17,705 |
| (a) | During the three months ended June 30, 2026 and 2025, the Latitude Margaritaville Watersound JV completed 86 and 137 home sale transactions, respectively. During the six months ended June 30, 2026 and 2025, the Latitude Margaritaville Watersound JV completed 169 and 329 home sale transactions, respectively. |
| (b) | The community is under lease-up. |
| (c) | The six months ended June 30, 2025, include 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. |
Summarized balance sheets for the Company’s unconsolidated JVs are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | 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 | | $ | 93,104 | (a) | $ | 46,483 | | $ | 11,256 | | $ | 29,434 | | $ | 7,394 | | $ | 4,779 | | $ | — | | $ | 192,450 | Cash and cash equivalents | | | 39,248 | | | 812 | | | 798 | | | 1,133 | | | 822 | | | 745 | | | 111 | | | 43,669 | Other assets | | | 1,749 | | | 416 | | | 250 | | | 161 | | | 1,895 | | | 381 | | | 20 | | | 4,872 | Total assets | | $ | 134,101 | | $ | 47,711 | | $ | 12,304 | | $ | 30,728 | | $ | 10,111 | | $ | 5,905 | | $ | 131 | | $ | 240,991 | | | | | | | | | | | | | | | | | | | | | | | | | | LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | Debt, net | | $ | — | | $ | 40,869 | | $ | 10,728 | | $ | 16,011 | | $ | 4,849 | | $ | 4,373 | | $ | — | | $ | 76,830 | Accounts payable and other liabilities | | | 33,037 | | | 925 | | | 305 | | | 397 | | | 690 | | | 115 | | | — | | | 35,469 | Equity | | | 101,064 | | | 5,917 | | | 1,271 | | | 14,320 | | | 4,572 | | | 1,417 | | | 131 | | | 128,692 | Total liabilities and equity | | $ | 134,101 | | $ | 47,711 | | $ | 12,304 | | $ | 30,728 | | $ | 10,111 | | $ | 5,905 | | $ | 131 | | $ | 240,991 |
| (a) | Investment in real estate, net includes the initial land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 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 | | $ | 108,617 | (a) | $ | 47,929 | | $ | 11,469 | | $ | 30,773 | | $ | 7,643 | | $ | 4,904 | | $ | — | | $ | 211,335 | Cash and cash equivalents | | | 11,121 | | | 301 | | | 253 | | | 250 | | | 1,005 | | | 712 | | | 149 | | | 13,791 | Other assets | | | 1,089 | | | 189 | | | 182 | | | 246 | | | 1,701 | | | 529 | | | 25 | | | 3,961 | Total assets | | $ | 120,827 | | $ | 48,419 | | $ | 11,904 | | $ | 31,269 | | $ | 10,349 | | $ | 6,145 | | $ | 174 | | $ | 229,087 | | | | | | | | | | | | | | | | | | | | | | | | | | LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | Debt, net | | $ | — | | $ | 41,037 | | $ | 12,802 | | $ | 15,965 | | $ | 5,025 | | $ | 4,430 | | $ | — | | $ | 79,259 | Accounts payable and other liabilities | | | 30,670 | | | 992 | | | 181 | | | 321 | | | 343 | | | 354 | | | 53 | | | 32,914 | Equity (deficit) | | | 90,157 | | | 6,390 | | | (1,079) | (b) | | 14,983 | | | 4,981 | | | 1,361 | | | 121 | | | 116,914 | Total liabilities and equity | | $ | 120,827 | | $ | 48,419 | | $ | 11,904 | | $ | 31,269 | | $ | 10,349 | | $ | 6,145 | | $ | 174 | | $ | 229,087 |
| (a) | Investment in real estate includes the initial land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements. |
| (b) | Deficit includes cash distributions and non-cash depreciation and amortization expense. As of December 31, 2025, the Company and JV partner each contributed assets valued at $3.1 million to the JV, which included land, cash and mitigation credits. As of December 31, 2025, cash of $2.9 million had been distributed to each the Company and JV partner over the past several years. |
Summarized statements of operations for the Company’s unconsolidated JVs are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | | Latitude Margaritaville Watersound JV (a) | | Watersound Fountains Independent Living JV (b) | | Pier Park TPS JV | | Pier Park RI JV | | Busy Bee JV | | Electric Cart Watersound JV | | Watersound Management JV | | | Total | Total revenue | | $ | 48,098 | | $ | 1,160 | | $ | 1,547 | | $ | 1,751 | | $ | 4,406 | | $ | 1,425 | | $ | 613 | | $ | 59,000 | Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Cost of revenue (c) | | | 33,913 | | | 1,406 | | | 813 | | | 904 | | | 4,100 | | | 1,215 | | | 532 | | | 42,883 | Other operating expenses (c) | | | 4,277 | | | — | | | — | | | — | | | — | | | 1 | | | — | | | 4,278 | Depreciation and amortization (d) | | | 172 | | | 764 | | | 112 | | | 672 | | | 137 | | | 62 | | | — | | | 1,919 | Total expenses | | | 38,362 | | | 2,170 | | | 925 | | | 1,576 | | | 4,237 | | | 1,278 | | | 532 | | | 49,080 | Operating income (loss) | | | 9,736 | | | (1,010) | | | 622 | | | 175 | | | 169 | | | 147 | | | 81 | | | 9,920 | Other (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense | | | — | | | (619) | | | (156) | | | (267) | | | (33) | | | (61) | | | — | | | (1,136) | Other income, net | | | 256 | | | 3 | | | 3 | | | — | | | 17 | (e) | | 6 | | | — | | | 285 | Total other income (expense), net | | | 256 | | | (616) | | | (153) | | | (267) | | | (16) | | | (55) | | | — | | | (851) | Net income (loss) | | $ | 9,992 | | $ | (1,626) | | $ | 469 | | $ | (92) | | $ | 153 | | $ | 92 | | $ | 81 | | $ | 9,069 |
| (a) | The Latitude Margaritaville Watersound JV completed 86 home sale transactions during the three months ended June 30, 2026. |
| (b) | The community is under lease-up. |
| (c) | Excluding depreciation and amortization, shown separately above. |
| (d) | Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life. |
| (e) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | Busy Bee JV | | Electric Cart Watersound JV | | Watersound Management JV | | Total | Total revenue | | $ | 79,878 | | $ | 801 | | $ | 1,566 | | $ | 1,750 | | $ | 4,206 | | $ | 1,103 | | $ | 617 | | $ | 89,921 | Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Cost of revenue (c) | | | 58,543 | | | 1,108 | | | 905 | | | 931 | | | 3,907 | | | 973 | | | 534 | | | 66,901 | Other operating expenses (c) | | | 4,333 | | | — | | | — | | | — | | | — | | | — | | | — | | | 4,333 | Depreciation and amortization (d) | | | 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) | (e) | | 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 is under lease-up. |
| (c) | Excluding depreciation and amortization, shown separately above. |
| (d) | Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life. |
| (e) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | | Latitude Margaritaville Watersound JV (a) | | Watersound Fountains Independent Living JV (b) | | Pier Park TPS JV | | Pier Park RI JV | | Busy Bee JV | | Electric Cart Watersound JV | | Watersound Management JV | | | Total | Total revenue | | $ | 97,074 | | $ | 2,273 | | $ | 2,213 | | $ | 2,608 | | $ | 7,232 | | $ | 2,435 | | $ | 1,312 | | $ | 115,147 | Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | Cost of revenue (c) | | | 68,530 | | | 2,852 | | | 1,415 | | | 1,633 | | | 6,917 | | | 2,142 | | | 1,169 | | | 84,658 | Other operating expenses (c) | | | 8,566 | | | — | | | — | | | — | | | — | | | 1 | | | — | | | 8,567 | Depreciation and amortization (d) | | | 360 | | | 1,521 | | | 223 | | | 1,341 | | | 272 | | | 125 | | | — | | | 3,842 | Total expenses | | | 77,456 | | | 4,373 | | | 1,638 | | | 2,974 | | | 7,189 | | | 2,268 | | | 1,169 | | | 97,067 | Operating income (loss) | | | 19,618 | | | (2,100) | | | 575 | | | (366) | | | 43 | | | 167 | | | 143 | | | 18,080 | Other (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | Interest expense | | | — | | | (1,237) | | | (416) | | | (497) | | | (65) | | | (122) | | | — | | | (2,337) | Other income, net | | | 499 | | | 10 | | | 4 | | | — | | | 14 | (e) | | 11 | | | — | | | 538 | Total other income (expense), net | | | 499 | | | (1,227) | | | (412) | | | (497) | | | (51) | | | (111) | | | — | | | (1,799) | Net income (loss) | | $ | 20,117 | | $ | (3,327) | | $ | 163 | | $ | (863) | | $ | (8) | | $ | 56 | | $ | 143 | | $ | 16,281 |
| (a) | The Latitude Margaritaville Watersound JV completed 169 home sale transactions during the six months ended June 30, 2026. |
| (b) | The community is under lease-up. |
| (c) | Excluding depreciation and amortization, shown separately above. |
| (d) | Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life. |
| (e) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | 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 (d) | | | 144,745 | | | 2,323 | | | 1,569 | | | 1,634 | | | 6,826 | | | 1,926 | | | 1,125 | | | 160,148 | Other operating expenses (d) | | | 9,044 | | | — | | | — | | | — | | | — | | | — | | | — | | | 9,044 | Depreciation and amortization (e) | | | 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) | (f) | | 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 is under lease-up. |
| (c) | Activity includes start-up, depreciation and interest expenses for the project. |
| (d) | Excluding depreciation and amortization, shown separately above. |
| (e) | Depreciation is a non-cash, GAAP expense, which is amortized over an asset’s useful life. |
| (f) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV. |
|