Note 12 – Other income, net:

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Infrastructure reimbursement – As disclosed in Note 7 to our 2025 Annual Report, under an OPA entered into by LandWell with the Redevelopment Agency of the City of Henderson, Nevada, as LandWell develops certain real property for commercial and residential purposes in its master planned community in Henderson, Nevada, the cost of certain public infrastructure may be reimbursed to LandWell through tax increment. LandWell received approval for additional tax reimbursement of $16.7 million in the first six months of 2026 ($5.4 million in the first quarter and $11.3 million in the second quarter) and $17.2 million in the first six months of 2025 (all in the second quarter), which were recognized as other income and are evidenced by a promissory note issued to LandWell by the City of Henderson. The maximum infrastructure reimbursement of $170 million available under the OPA has now been approved.

LandWell has agreements with certain utility providers servicing the Cadence master planned community under which certain costs incurred for the development of power infrastructure may be reimbursed to LandWell. LandWell received $.1 million and $.3 million in reimbursement during the first six months of 2026 and 2025, respectively, for past costs incurred.

Gain on the sale of office building – In June 2026, LandWell completed the sale of the office building used in its operations for cash proceeds of approximately $6.8 million and recognized a gain on sale of approximately $5.8 million.