Note 5—Land and Development

The Company’s land and development assets were comprised of the following ($ in thousands):

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Dispositions— During the three and six months ended June 30, 2026, the Company recognized land development revenue of $1.2 million and $1.5 million, respectively, as variable consideration received in connection with a prior sale from its land and development portfolio. The variable consideration is based on the current owner’s sale activity from the land parcel and is recognized in revenue as earned upon actual sales occurring due to uncertainty around the extent and timing of such sales. During the three months ended June 30, 2025, the Company sold land parcels and residential lots and units and recognized land development revenue of $26.6 million and land development cost of sales of $18.5 million from its land and development portfolio. During the six months ended June 30, 2026 and 2025, the Company sold land parcels and residential lots and units and recognized land development revenue of $10.7 million and $31.8 million, respectively, and land development cost of sales of $9.3 million and $25.3 million, respectively, from its land and development portfolio.

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In December 2023, the Company transferred the ownership interests in a subsidiary land owner to a third-party venture (the “Venture”) for the development and construction of a multifamily project in Asbury Park, NJ (the “Project”). In connection with this transfer, the Company (i) provided the Venture with a $10.6 million mezzanine loan that was fully funded at closing and was secured by the ownership interests in the subsidiary land owner (until the mezzanine loan was repaid in full in March 2026); and (ii) provided a completion and carry guaranty on the Venture’s $80.0 million senior construction mortgage loan (refer to Note 9) with a third-party lender in return for a fee. The third-party members provided $21.0 million in cash capital contributions to the Venture, exclusive of a $3.0 million deferred profits interest, which combined represented the total equity capitalization and was included in noncontrolling interests in the Company’s consolidated balance sheet prior to the Venture’s deconsolidation in March 2026. The Venture began operations in September 2025. The Company was a non-member manager of the Venture and was entitled to certain fees, but otherwise

had no expected member-related economics. The Company controlled all decision-making of the Venture until March 2026 when the mezzanine loan was repaid.

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At closing, the Company determined that the Venture (and its consolidated subsidiaries developing the Project) was a VIE for which the Company was the primary beneficiary and thus consolidated it under ASC 810. As a result, for accounting purposes, the Project was recorded on the Company’s consolidated financial statements and the mezzanine loan eliminated in consolidation prior to the mezzanine loan being repaid. The Company deconsolidated the Venture in March 2026 when the mezzanine loan was repaid in full and the Company’s senior loan guaranties were released by the lender. The Company recorded $10.6 million of land development revenue, excluding $2.4 million of related accrued interest, and $9.2 million of land development cost of sales in its consolidated statement of operations when the mezzanine loan was repaid in full in March 2026, which represented the Company’s sale of land to the Venture. The Company recorded a $0.4 million loss on deconsolidation which is recorded in “Other expense” in the Company’s consolidated statement of operations.