v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 165,022 $ (1,238)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 94,281 79,765
Amortization 31,299 9,820
Amortization and accretion of investment securities (157) 0
Amortization of deferred financing costs 6,415 6,205
Straight-line rent amortization (4,828) (3,856)
Deferred income taxes 39,197 (1,502)
Restricted stock and stock option amortization 8,426 11,752
Net gain on sale of properties (51,800) (15,385)
Investment (gain) loss, net 38,278 0
(Gain) loss on foreign exchange 73 0
Loss on sale of MUD receivables 555 48,197
Proceeds from sale of MUD receivables 17,540 180,043
(Gain) loss on extinguishment of debt 10,639 307
Equity in (earnings) losses from unconsolidated ventures, net of distributions 8,912 6,399
Provision for (recovery of) doubtful accounts 2,462 1,875
Master Planned Communities development expenditures (274,296) (184,047)
Master Planned Communities cost of sales, net of SID bonds transfers to buyers 85,264 67,887
Condominium development expenditures (277,972) (285,702)
Condominium rights and units cost of sales, net of closing commissions 560,092 1,053
Net Changes:    
Accounts receivable, net (23,236) (29,747)
Reinsurance recoverable on paid and unpaid losses (2,546) 0
Other assets, net (22,623) 15,302
Condominium deposits, net (96,339) 30,133
Deferred expenses, net (33,017) (8,857)
Reserves for claims and claim expenses 25,206 0
Unearned premiums 22,334 0
Other liabilities, net (52,050) 23,945
Cash provided by (used in) operating activities 277,131 (47,651)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (5,457) (480)
Operating property improvements (23,057) (21,060)
Property development and redevelopment (45,501) (96,546)
Sales of fixed maturity securities 2,335,763 0
Maturities, calls, and paydowns of fixed maturities securities 23,231 0
Purchases of short-term investments (201) 0
Sales of short-term investments 4,606 0
Maturities, calls, and paydowns of short-term investments 600 0
Purchases of equity securities (1,113,489) 0
Acquisition of business, net of cash acquired (1,639,220) 0
Acquisition of assets 0 (16,356)
Proceeds from sales of properties, net 125,972 6,675
Reimbursements under tax increment financings and grants 2,879 5,179
Distributions from unconsolidated ventures 15,536 1,147
Investments in unconsolidated ventures, net (39,682) 0
Other 566 (1,230)
Cash provided by (used in) investing activities (357,454) (122,671)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes, and loans payable 1,559,283 382,510
Principal payments on mortgages, notes, and loans payable (1,195,061) (288,258)
Proceeds from issuance of common stock, net 0 862,911
Proceeds from issuance of Series A Preferred Stock, net 997,353 0
Proceeds from issuance of warrants 10,000 0
Debt extinguishment costs (6,900) (204)
Special Improvement District bond funds released from (held in) escrow 8,620 17,887
Deferred financing costs and bond issuance costs (20,243) (1,683)
Taxes paid on stock options exercised and restricted stock vested (5,821) (2,581)
Stock options exercised 1,026 0
Contributions from Teravalis noncontrolling interest owner 262 66
Cash provided by (used in) financing activities 1,348,519 970,648
Net change in cash, cash equivalents, and restricted cash 1,268,196 800,326
Cash, cash equivalents, and restricted cash at beginning of period 2,097,158 998,503
Cash, cash equivalents, and restricted cash at end of period 3,365,354 1,798,829
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH    
Cash and cash equivalents 2,647,959 1,441,026
Restricted cash 717,395 357,803
Cash, cash equivalents, and restricted cash at end of period 3,365,354 1,798,829
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid, net 143,975 139,383
Interest capitalized 75,815 70,840
Income taxes paid (refunded), net 8,790 7,997
NON-CASH TRANSACTIONS    
Consideration from sale of properties 0 12,225
Special Improvement District bonds transfers to buyers 8,535 2,505
Capitalized stock compensation 1,873 1,475
Accrued property improvements, developments, and redevelopments (7,023) (2,020)
Promissory note for special land use $ 500 $ 0