
	June 30, 2026		December 31, 2025
Receivables, net:
Rent receivables	$	29,591	$	31,772
Homebuilding receivables and contract assets	25,888		—
Construction and development loan receivables	29,317		6,032
Other receivables	14,489		28,407
Total receivables, net	99,285		66,211
Held for sale assets(1)	103,335		58,563
Investments in equity and other securities	64,758		63,122
Prepaid expenses	58,991		56,278
Corporate fixed assets, net	57,867		56,613
Investments in debt securities, net	55,147		54,972
ROU lease assets — operating and finance, net	55,068		45,949
Intangible assets other than goodwill	54,318		19,428
Derivative instruments (Note 8)	37,276		14,354
Land and construction in progress	28,512		23,839
Amounts deposited and held by others	17,860		39,419
Other	37,764		39,287
Total	$	670,181	$	538,035

We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Rental revenues and other property income and the corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual write-offs, credit reserves, and uncollectible amounts) for all periods presented.

Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the three months ended June 30, 2026 and 2025, rental revenues and other property income includes $46,102 and $40,841 of variable lease payments, respectively. For the six months ended June 30, 2026 and 2025, rental revenues and other property income includes $90,085 and $84,521 of variable lease payments, respectively.

Homebuilding revenues and the corresponding receivables relate to performance obligations associated with the construction of residential properties for third‑party fee-build customers. These fee‑build contracts are generally structured as either fixed‑price arrangements, which include the contract fee, or cost‑plus‑fee arrangements, with fees determined as a percentage of costs incurred. Performance obligations are satisfied over time, and revenue is recognized as progress is made toward completion of the underlying contractual obligations. The determination of total expected costs requires the application of professional judgment and estimates, including labor, materials, and other direct and indirect costs necessary to satisfy the related performance obligations. We believe this revenue recognition approach appropriately reflects the transfer of control to the customer.

Construction in progress is included as a component of homebuilding receivables and contract assets and represents capitalized direct construction costs incurred on a project that have not yet been billed. As of June 30, 2026, construction in progress totaled $5,991, and there were no construction in progress as of December 31, 2025.

In fulfilling our performance obligations, we engage subcontractors and incur other direct costs on behalf of our customers. These costs are reimbursable and, in accordance with GAAP, are included in both homebuilding revenues and homebuilding cost of sales on the condensed consolidated statements of operations. For the three and six months ended June 30, 2026, we recognized total homebuilding revenues of $49,460 and $93,205, respectively.

Homebuilding receivables represent amounts billed to customers that have not yet been collected and reflect our unconditional right to cash. Customer payments are typically received within 30 to 45 days of billing. As of June 30, 2026, homebuilding receivables totaled $16,292, and there were no homebuilding receivables as of December 31, 2025.

Revenue recognition may not align with billing or cash collections due to contractual billing terms, including advance billings and billings based on the completion of work, and may result in contract assets or contract liabilities. Contract assets primarily arise when revenue is recognized in advance of billings, in accordance with contract terms, and are reclassified to accounts receivable when our right to consideration becomes unconditional. As of June 30, 2026, contract assets totaled $3,605, and there were no contract assets as of December 31, 2025.

Contract liabilities primarily arise from advance billings, as permitted under contract terms, or payments received prior to the satisfaction of the related performance obligations and are recognized as revenue as we fulfill our performance obligations. These amounts are included in other liabilities on the condensed consolidated balance sheets. As of June 30, 2026, contract liabilities totaled $94, and there were no contract liabilities as of December 31, 2025.

Remaining performance obligations represent contracted revenue not yet recognized, including unearned revenue and unbilled amounts to be recognized in future periods. As of June 30, 2026, we allocated $250,376 of transaction price to unsatisfied or partially satisfied performance obligations. Approximately 56% is expected to be recognized within the next twelve months, with the remaining amount recognized over the next two to three years.

Construction and development loan receivables represent loans provided by us to third‑party customers to finance construction projects for the development of single-family residential properties. These loans are generally advanced throughout the life of the construction project and are secured by the underlying construction projects, including the related real estate assets under construction. The loan receivables are recorded at their outstanding principal balance, which includes funded loan advances and accrued interest, as applicable. The carrying amount of the loan receivables is net of deferred loan origination fees and costs, which are amortized over the life of the loan using the effective interest method. As of June 30, 2026, we have funded $31,521 on six loans with remaining commitments totaling $247,918. As of December 31, 2025, we had funded $6,638 on two loans with remaining commitments totaling $67,461.

Other receivables consist primarily of receivables for property and asset management services provided to portfolio owners of single-family homes for lease, including investments in our unconsolidated joint ventures (see Note 5), and other miscellaneous receivables. Our property and asset management services include resident support, maintenance, marketing, and administrative functions. As of June 30, 2026 and 2025, we provided property and asset management services for 23,708 and 24,483 homes, respectively, of which 8,069 and 7,698 homes, respectively, were owned by our unconsolidated joint ventures. For the three months ended June 30, 2026 and 2025, we earned management fees totaling $19,738 and $22,294, respectively. For the six months ended June 30, 2026 and 2025, we earned management fees totaling $39,590 and $43,702, respectively. These revenues are included in management fee revenues on the condensed consolidated statements of operations.

We hold investments in equity and other securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer. As of June 30, 2026 and December 31, 2025, the values of our investments in equity and other securities are as follows:

Gains (losses) on investments in equity and other securities, net, are included in other, net on the condensed consolidated statements of operations. Net unrealized losses on investments still held at the reporting date with a readily determinable fair value were $127 and $90 for the three months ended June 30, 2026 and 2025, respectively, and $339 and $311 for the six months ended June 30, 2026 and 2025, respectively. We did not recognize any gains or losses on investments sold during the three and six months ended June 30, 2026 and 2025.

The following table presents the gross carrying amount and accumulated amortization, calculated using the straight‑line method over the estimated useful lives, in total and by major class of intangible assets, as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets		Amortization Period
Customer relationships(1)	$	32,000	$	(3,307)	$	28,693	4 — 5 years
Trade name(1)	8,000		(465)		7,535		8 years
Property and asset management contracts	24,244		(6,154)		18,090		5 — 10 years
Total	$	64,244	$	(9,926)	$	54,318

Amortization expense totaled $2,697 and $669 for the three months ended June 30, 2026 and 2025, respectively, and $5,110 and $1,338 for the six months ended June 30, 2026 and 2025, respectively. The expected future amortization expense for intangible assets as of June 30, 2026 are as follows:

In connection with our Secured Debt (as defined in Note 7), we have retained and purchased certificates totaling $55,147, net of unamortized discounts of $352 as of June 30, 2026. These investments in debt securities are classified as held to maturity investments. As of June 30, 2026, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature in one year.


	June 30, 2026				December 31, 2025
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Other assets	$	36,213	$	18,855	$	32,133	$	13,816
Other liabilities (Note 14)	40,567		18,442		35,494		13,512
Weighted average remaining lease term	8.8 years		3.1 years		9.1 years		3.1 years
Weighted average discount rate	5.7%		5.8%		5.7%		5.9%

We hold investments in land held for potential future construction and have incurred costs for construction in progress for single‑family homes that we intend to own and lease upon completion of development activities.

Other is primarily comprised of net deferred financing costs and other deferred costs, including those that will be capitalized as corporate fixed assets upon deployment of internally developed software. In connection with the Revolving Facility (as defined in Note 7), we incurred $25,626 of financing costs, which have been deferred as other assets, net on our condensed consolidated balance sheets. We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date, as appropriate. As of June 30, 2026 and December 31, 2025, the unamortized balances of these deferred financing costs are $14,025 and $17,230, respectively.