| Summary of segment operating results |
Segment operating results are as follows: | | | | | | | | | | | | | thousands | Operating Assets Segment | MPC Segment | Strategic Developments Segment | Three Months Ended June 30, 2026 | | | | | Total revenues | $ | 119,960 | | $ | 181,740 | | $ | 707,432 | | | Condominium rights and unit cost of sales | — | | — | | (575,389) | | | Master Planned Communities cost of sales | — | | (59,057) | | — | | | Operating costs | (36,104) | | (11,333) | | (7,092) | | | Rental property real estate taxes | (14,293) | | — | | (505) | | | (Provision for) recovery of doubtful accounts | (123) | | — | | — | | | Segment operating income (loss) | 69,440 | | 111,350 | | 124,446 | | | Depreciation and amortization | (52,028) | | (110) | | (2,068) | | | Interest income (expense), net | (37,873) | | 24,012 | | 4,097 | | | Other income (loss), net | (527) | | — | | — | | | Equity in earnings (losses) from unconsolidated ventures | 794 | | (569) | | 76 | | | Gain (loss) on sale or disposal of real estate and other assets, net | 51,800 | | — | | — | | | | | | | | | | | Gain (loss) on extinguishment of debt | (413) | | — | | — | | | | | | | Segment EBT | $ | 31,193 | | $ | 134,683 | | $ | 126,551 | | | | | | Three Months Ended June 30, 2025 | | | | | Total revenues | $ | 116,446 | | $ | 143,701 | | $ | 714 | | | Condominium rights and unit cost of sales | — | | — | | (811) | | | Master Planned Communities cost of sales | — | | (45,178) | | — | | | Operating costs | (34,175) | | (12,516) | | (3,760) | | | Rental property real estate taxes | (14,750) | | — | | (615) | | | (Provision for) recovery of doubtful accounts | (542) | | — | | — | | | Segment operating income (loss) | 66,979 | | 86,007 | | (4,472) | | | Depreciation and amortization | (42,305) | | (88) | | (1,076) | | | Interest income (expense), net | (34,173) | | 18,107 | | 4,633 | | | Other income (loss), net | 634 | | 35 | | 132 | | | Equity in earnings (losses) from unconsolidated ventures | (325) | | (1,649) | | 87 | | | Gain (loss) on sale or disposal of real estate and other assets, net | (1) | | — | | 1,657 | | | | | | | Gain (loss) on extinguishment of debt | (307) | | — | | — | | | | | | | Segment EBT | $ | (9,498) | | $ | 102,412 | | $ | 961 | | | | | | Six Months Ended June 30, 2026 | | | | | Total revenues | $ | 239,162 | | $ | 294,021 | | $ | 711,839 | | | Condominium rights and unit cost of sales | — | | — | | (578,523) | | | Master Planned Communities cost of sales | — | | (93,799) | | — | | | Operating costs | (71,381) | | (24,468) | | (11,526) | | | Rental property real estate taxes | (30,000) | | — | | (1,026) | | | (Provision for) recovery of doubtful accounts | (64) | | — | | — | | | Segment operating income (loss) | 137,717 | | 175,754 | | 120,764 | | | Depreciation and amortization | (97,606) | | (175) | | (4,125) | | | Interest income (expense), net | (71,380) | | 45,724 | | 9,071 | | | Other income (loss), net | (508) | | 1,860 | | (889) | | | Equity in earnings (losses) from unconsolidated ventures | 6,671 | | (4,104) | | (4,906) | | | Gain (loss) on sale or disposal of real estate and other assets, net | 51,800 | | — | | — | | | | | | | | | | | Gain (loss) on extinguishment of debt | (413) | | — | | — | | | | | | | Segment EBT | $ | 26,281 | | $ | 219,059 | | $ | 119,915 | | | | | |
| | | | | | | | | | | | | thousands | Operating Assets Segment | MPC Segment | Strategic Developments Segment | Six Months Ended June 30, 2025 | | | | | Total revenues | $ | 230,448 | | $ | 228,155 | | $ | 1,568 | | | Condominium rights and unit cost of sales | — | | — | | (1,053) | | | Master Planned Communities cost of sales | — | | (70,392) | | — | | | Operating costs | (68,397) | | (25,507) | | (7,336) | | | Rental property real estate taxes | (29,501) | | — | | (1,163) | | | (Provision for) recovery of doubtful accounts | (386) | | — | | — | | | Segment operating income (loss) | 132,164 | | 132,256 | | (7,984) | | | Depreciation and amortization | (85,428) | | (199) | | (2,234) | | | Interest income (expense), net | (68,391) | | 34,893 | | 9,279 | | | Other income (loss), net | 438 | | 35 | | (1,130) | | | Equity in earnings (losses) from unconsolidated ventures | 4,318 | | (5,059) | | 174 | | | Gain (loss) on sale or disposal of real estate and other assets, net | 9,978 | | 3,750 | | 1,657 | | | | | | | | | | | Gain (loss) on extinguishment of debt | (307) | | — | | — | | | | | | | Segment EBT | $ | (7,228) | | $ | 165,676 | | $ | (238) | |
The following represents capital expenditures by segment: | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | thousands | | | | | 2026 | | 2025 | | Operating Assets segment | | | | | $ | 19,368 | | | $ | 19,272 | | | MPC segment | | | | | 203 | | | 75 | | | Strategic Developments segment | | | | | 42,457 | | | 112,670 | |
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| Summary of reconciliation of operating income (loss) from segments to consolidated statements of operations |
The following represents the reconciliation of segment EBT to Income (loss) before income taxes in the Condensed Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | thousands | 2026 | | 2025 | | 2026 | | 2025 | | Operating Assets EBT | $ | 31,193 | | | $ | (9,498) | | | $ | 26,281 | | | $ | (7,228) | | | MPC EBT | 134,683 | | | 102,412 | | | 219,059 | | | 165,676 | | | Strategic Developments EBT | 126,551 | | | 961 | | | 119,915 | | | (238) | | | General and administrative expense | (36,136) | | | (34,552) | | | (61,894) | | | (56,988) | | | Gain (loss) on sale of MUD receivables | (555) | | | (48,197) | | | (555) | | | (48,197) | | | Corporate interest expense, net | (22,245) | | | (21,930) | | | (42,551) | | | (44,120) | | | Vantage income (loss) before income taxes | (20,765) | | | — | | | (20,765) | | | — | | | Corporate income, expenses, and other items | (5,812) | | | (5,093) | | | (21,893) | | | (10,528) | | | Income (loss) before income taxes | $ | 206,914 | | | $ | (15,897) | | | $ | 217,597 | | | $ | (1,623) | |
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| Summary of reconciliation of revenue from segments to consolidated statements of operations |
The following represents the reconciliation of segment revenues to Total revenue in the Condensed Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | thousands | 2026 | | 2025 | | 2026 | | 2025 | | Operating Assets segment | $ | 119,960 | | | $ | 116,446 | | | $ | 239,162 | | | $ | 230,448 | | | MPC segment | 181,740 | | | 143,701 | | | 294,021 | | | 228,155 | | | Strategic Developments segment | 707,432 | | | 714 | | | 711,839 | | | 1,568 | | | Vantage | 113,141 | | | — | | | 113,141 | | | — | | | Corporate | 54 | | | 19 | | | 81 | | | 37 | | | Total revenues | $ | 1,122,327 | | | $ | 260,880 | | | $ | 1,358,244 | | | $ | 460,208 | |
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| Summary of assets by segment and the reconciliation of total segment assets to the total assets in the Condensed Consolidated Balance Sheets |
The following represents the reconciliation of segment assets to Total assets on the Condensed Consolidated Balance Sheets are summarized as follows: | | | | | | | | | | | | | thousands | June 30, 2026 | | December 31, 2025 | | Operating Assets segment | $ | 3,578,739 | | | $ | 3,606,214 | | | MPC segment | 3,628,992 | | | 3,487,301 | | | Strategic Developments segment | 1,993,045 | | | 2,378,762 | | | Vantage | 6,298,578 | | | — | | | Corporate | 410,689 | | | 1,167,184 | | | Total assets | $ | 15,910,043 | | | $ | 10,639,461 | |
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