| Schedule of information by business segment |
| | | | | | | | | | | | | | | 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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