v3.26.1
Basis of Presentation and Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Summary of Development Loan Receivables

Development loan receivables as of June 30, 2026 and December 31, 2025 were as follows:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2026

 

 

2025

 

Development loan principal receivables

 

$

 

49,293

 

 

$

 

323,308

 

Interest receivable paid-in-kind for development loans

 

 

617

 

 

 

6,696

 

Allowance for credit losses

 

 

 

(98

)

 

 

 

(1,005

)

Total development loan receivables, net

 

$

 

49,812

 

 

$

 

328,999

 

Schedule Of Development Loan Receivables And The Associated Allowance For Credit Losses

The following table summarizes the activity in the Company's development loan receivables, net and the associated allowance for credit losses, which represents the Company's valuation account for these financial assets, for the six months ended June 30, 2026:

 

 

Six months
ended June 30,

 

(in thousands)

 

2026

 

Development Loan Receivables (Gross)

 

 

 

Balance at December 31, 2025

 

$

 

330,004

 

Investments in development loans

 

 

 

19,566

 

Paydowns of development loans (1)

 

 

 

(310,742

)

Interest income on development loans

 

 

 

11,082

 

Ending gross balance at June 30, 2026

 

$

 

49,910

 

Allowance for Credit Losses

 

 

 

 

Balance at December 31, 2025

 

$

 

1,005

 

Adjustment: Provision for (benefit from) credit loss expense (2)

 

 

 

(907

)

Ending allowance for credit losses at June 30, 2026

 

 

 

98

 

Development loan receivables, net at June 30, 2026

 

$

 

49,812

 

(1)
Includes payoff of $284.2 million on April 1, 2026 related to a development loan with an unaffiliated third party.
(2)
Includes $0.9 million reduction to the Company’s allowance for credit losses related to the payoff of a development loan with an unaffiliated third party.
Summary of Roll Forward of Builder Deposit Liability

The following roll forward summarizes the change in builder deposits for the six months ended June 30, 2026:

 

 

 

Six months
ended June 30,

 

(in thousands)

 

2026

 

Beginning balance as of December 31, 2025

 

$

 

927,004

 

Builder deposits, additions

 

 

 

146,231

 

Homesite takedowns, options exercised

 

 

 

(73,474

)

Total builder deposits

 

$

 

999,761