v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
As discussed in the CD&A above, our Compensation Committee has implemented an executive compensation program designed to link a substantial portion of our NEOs’ realized compensation to the achievement of the Company’s financial, operational, and strategic objectives, and to align our executive pay with changes in the value of our stockholders’ investments. The table below shows compensation actually paid (as defined by the SEC in Item 402(v) of Regulation S-K) for our executives and our financial performance for the years shown in the table. For purposes of this discussion, our CEO is also referred to as our principal executive officer or “PEO” and our other Named Executive Officers are referred to as our “Non-PEO NEOs”:
​
Fiscal
Year
​ ​
Summary
Compensation
Table
Total for PEO
($)(1)(2)
​ ​
Compensation
Actually Paid
to PEO
($)(1)(4)
​ ​
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs
($)(1)(2)
​ ​
Average
Compensation
Actually Paid
to Non-PEO
NEOs
($)(1)(4)
​ ​
Value of an initial
$100 Investment:
​ ​
Net Income
(Loss)
(thousand)
($)(7)
​ ​
Total
Segment
EBT
(thousand)
($)(8)
​
​
Total
Shareholder
Return
($)(5)
​ ​
Peer Group
Total
Shareholder
Return
($)(6)
​
​
2025
​ ​ ​ ​ 7,826,778 ​ ​ ​ ​ ​ 6,366,790 ​ ​ ​ ​ ​ 3,216,874 ​ ​ ​ ​ ​ 2,740,948 ​ ​ ​ ​ ​ 106.07 ​ ​ ​ ​ ​ 131.72 ​ ​ ​ ​ ​ 123,843 ​ ​ ​ ​ ​ 434,773 ​ ​
​
2024
​ ​ ​ ​ 5,724,877 ​ ​ ​ ​ ​ 7,704,385 ​ ​ ​ ​ ​ 2,577,649 ​ ​ ​ ​ ​ 2,669,830 ​ ​ ​ ​ ​ 102.28 ​ ​ ​ ​ ​ 127.69 ​ ​ ​ ​ ​ 196,992 ​ ​ ​ ​ ​ 603,484 ​ ​
​
2023
​ ​ ​ ​ 4,966,996 ​ ​ ​ ​ ​ 5,175,557 ​ ​ ​ ​ ​ 2,941,041 ​ ​ ​ ​ ​ 3,106,919 ​ ​ ​ ​ ​ 108.39 ​ ​ ​ ​ ​ 121.34 ​ ​ ​ ​ ​ (551,530) ​ ​ ​ ​ ​ (523,434) ​ ​
​
2022
​ ​ ​ ​ 2,565,250 ​ ​ ​ ​ ​ 452,100 ​ ​ ​ ​ ​ 2,434,454 ​ ​ ​ ​ ​ 1,425,508 ​ ​ ​ ​ ​ 96.82 ​ ​ ​ ​ ​ 108.00 ​ ​ ​ ​ ​ 184,636 ​ ​ ​ ​ ​ 430,070 ​ ​
​
2021
​ ​ ​ ​ 3,851,162 ​ ​ ​ ​ ​ 4,835,249 ​ ​ ​ ​ ​ 2,073,652 ​ ​ ​ ​ ​ 2,616,212 ​ ​ ​ ​ ​ 128.95 ​ ​ ​ ​ ​ 146.19 ​ ​ ​ ​ ​ 48,924 ​ ​ ​ ​ ​ 296,657 ​ ​
(1)
NEOs included in these columns reflect the following individuals:
​
​
Year
​ ​
PEO
​ ​
Non-PEO NEOs
​
​ 2025 ​ ​ David O’Reilly ​ ​ L. Jay Cross, Carlos A. Olea, Joseph Valane, Douglas Johnstone, Andrew Davis ​
​ 2024 ​ ​ David O’Reilly ​ ​ L. Jay Cross; Carlos A. Olea; Joseph Valane; Douglas Johnstone; A. Nikodemus ​
​ 2023 ​ ​ David O’Reilly ​ ​ A. Nikodemus, Kristi L. Smith, Carlos A. Olea, Peter F. Riley, L. Jay Cross ​
​ 2022 ​ ​ David O’Reilly ​ ​ L. Jay Cross, Carlos A. Olea, Peter F. Riley, Saul Scherl, Correne Loeffler ​
​ 2021 ​ ​ David O’Reilly ​ ​ L. Jay Cross, Peter F. Riley, Saul Scherl, Correne Loeffler ​
​
(2)
Amounts reflect Summary Compensation Table Total Pay for our NEOs for each corresponding year.
​
(3)
Compensation Actually Paid (CAP) has been calculated based on the requirements and methodology set forth in the
​
applicable SEC rules (Item 402(v) of Regulation S-K). The CAP calculation includes the end-of-year value of awards granted within the fiscal year, the change in fair value from prior year end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of whether, when, or at which intrinsic value they will actually vest. To calculate CAP for 2025 the following amounts were deducted from and added to the total compensation number shown in the Summary Compensation Table (SCT):
​
Reconciliation of Summary Compensation Table Total to Compensation Actually Paid
​ ​
Fiscal Year
2025
(For PEO)
​ ​
Fiscal Year
2025
(Average For
Non-PEO NEOs)
​
​ Summary Compensation Table Total ​ ​ ​ $ 7,826,778 ​ ​ ​ ​ $ 3,216,874 ​ ​
​
(Minus): Grant Date Fair Value of Option and Stock Awards Granted in Fiscal Year
​ ​ ​ $ (4,677,785) ​ ​ ​ ​ $ (1,195,455) ​ ​
​
Plus: Fair Value at Fiscal Year-End of Outstanding and Unvested Option and Stock Awards Granted in Fiscal Year
​ ​ ​ $ 2,364,383 ​ ​ ​ ​ $ 362,539 ​ ​
​
Plus/(Minus): Change in Fair Value of Outstanding and Unvested Option and Stock
Awards Granted in Prior Fiscal Years
​ ​ ​ $ 126,891 ​ ​ ​ ​ $ 35,467 ​ ​
​
Plus: Fair Value at Vesting of Option and Stock Awards Granted in Fiscal Year That
Vested During Fiscal Year
​ ​ ​ $ 0 ​ ​ ​ ​ $ 204,525 ​ ​
​
Plus/(Minus): Change in Fair Value as of Vesting Date of Option and Stock Awards
Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were
Satisfied During Fiscal Year
​ ​ ​ $ 726,523 ​ ​ ​ ​ $ 116,999 ​ ​
​
(Minus): Fair Value as of Prior Fiscal Year-End of Option and Stock Awards Granted
in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal
Year
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​
Plus/(Minus): Value of Dividends or Other Earnings Paid on Option and Stock Awards Not Otherwise Reflected in Total Compensation
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​ Compensation Actually Paid ​ ​ ​ $ 6,366,790 ​ ​ ​ ​ $ 2,740,948 ​ ​
For purposes of the above adjustments, the fair value of equity awards on the applicable date was determined in accordance with FASB’s ASC Topic 718, using valuation methodologies that are generally consistent with those used to determine the grant-date fair value for accounting purposes.
The table below contains ranges of assumptions used in the valuation of outstanding equity awards for fiscal year 2025. For more information, please see the notes to our financial statements in our Annual Report on Form 10-K and the footnotes to the Summary Compensation Table of this proxy statement.
​ ​ ​ ​
Fiscal Year 2025
​
​ Restricted Stock Units ​ ​ ​ ​
​
Stock Price
​ ​
$67.50 – $89.53
​
​ Stock Options ​ ​ ​ ​
​
Expected Term (years)
​ ​
1.80 – 4.42
​
​
Strike Price
​ ​
$27.44 – $66.25
​
​
Volatility
​ ​
30.15% – 44.18%
​
​
Dividend Yield
​ ​
0%
​
​
Risk-Free Interest Rate
​ ​
3.44% – 3.69%
​
​
(4)
Total Shareholder Return (TSR) represents the cumulative return on a fixed investment of $100 in the Company’s common stock, for the period beginning on the last trading day of fiscal year 2020 through the end of the applicable fiscal year, assuming reinvestment of dividends.
​
(5)
Peer Group TSR represents the cumulative return on a fixed investment of $100 in the S&P 500 Real Estate Index for the period beginning on the last trading day of fiscal year 2020 through the end of the applicable fiscal year, assuming reinvestment of dividends. The S&P 500 Real Estate Index is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K in the Company’s annual report on Form 10-K for the year ended December 31, 2025.
​
(6)
The dollar amounts reported represent the net income reflected in the Company’s audited financial statements for the applicable year.
​
(7)
See Annex A for additional information regarding Total Segment EBT.
​
        
Company Selected Measure Name Total Segment EBT        
Named Executive Officers, Footnote
(1)
NEOs included in these columns reflect the following individuals:
​
​
Year
​ ​
PEO
​ ​
Non-PEO NEOs
​
​ 2025 ​ ​ David O’Reilly ​ ​ L. Jay Cross, Carlos A. Olea, Joseph Valane, Douglas Johnstone, Andrew Davis ​
​ 2024 ​ ​ David O’Reilly ​ ​ L. Jay Cross; Carlos A. Olea; Joseph Valane; Douglas Johnstone; A. Nikodemus ​
​ 2023 ​ ​ David O’Reilly ​ ​ A. Nikodemus, Kristi L. Smith, Carlos A. Olea, Peter F. Riley, L. Jay Cross ​
​ 2022 ​ ​ David O’Reilly ​ ​ L. Jay Cross, Carlos A. Olea, Peter F. Riley, Saul Scherl, Correne Loeffler ​
​ 2021 ​ ​ David O’Reilly ​ ​ L. Jay Cross, Peter F. Riley, Saul Scherl, Correne Loeffler ​
       
Peer Group Issuers, Footnote
(5)
Peer Group TSR represents the cumulative return on a fixed investment of $100 in the S&P 500 Real Estate Index for the period beginning on the last trading day of fiscal year 2020 through the end of the applicable fiscal year, assuming reinvestment of dividends. The S&P 500 Real Estate Index is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K in the Company’s annual report on Form 10-K for the year ended December 31, 2025.
       
PEO Total Compensation Amount $ 7,826,778 $ 5,724,877 $ 4,966,996 $ 2,565,250 $ 3,851,162
PEO Actually Paid Compensation Amount $ 6,366,790 7,704,385 5,175,557 452,100 4,835,249
Adjustment To PEO Compensation, Footnote
(3)
Compensation Actually Paid (CAP) has been calculated based on the requirements and methodology set forth in the
​
applicable SEC rules (Item 402(v) of Regulation S-K). The CAP calculation includes the end-of-year value of awards granted within the fiscal year, the change in fair value from prior year end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of whether, when, or at which intrinsic value they will actually vest. To calculate CAP for 2025 the following amounts were deducted from and added to the total compensation number shown in the Summary Compensation Table (SCT):
​
Reconciliation of Summary Compensation Table Total to Compensation Actually Paid
​ ​
Fiscal Year
2025
(For PEO)
​ ​
Fiscal Year
2025
(Average For
Non-PEO NEOs)
​
​ Summary Compensation Table Total ​ ​ ​ $ 7,826,778 ​ ​ ​ ​ $ 3,216,874 ​ ​
​
(Minus): Grant Date Fair Value of Option and Stock Awards Granted in Fiscal Year
​ ​ ​ $ (4,677,785) ​ ​ ​ ​ $ (1,195,455) ​ ​
​
Plus: Fair Value at Fiscal Year-End of Outstanding and Unvested Option and Stock Awards Granted in Fiscal Year
​ ​ ​ $ 2,364,383 ​ ​ ​ ​ $ 362,539 ​ ​
​
Plus/(Minus): Change in Fair Value of Outstanding and Unvested Option and Stock
Awards Granted in Prior Fiscal Years
​ ​ ​ $ 126,891 ​ ​ ​ ​ $ 35,467 ​ ​
​
Plus: Fair Value at Vesting of Option and Stock Awards Granted in Fiscal Year That
Vested During Fiscal Year
​ ​ ​ $ 0 ​ ​ ​ ​ $ 204,525 ​ ​
​
Plus/(Minus): Change in Fair Value as of Vesting Date of Option and Stock Awards
Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were
Satisfied During Fiscal Year
​ ​ ​ $ 726,523 ​ ​ ​ ​ $ 116,999 ​ ​
​
(Minus): Fair Value as of Prior Fiscal Year-End of Option and Stock Awards Granted
in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal
Year
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​
Plus/(Minus): Value of Dividends or Other Earnings Paid on Option and Stock Awards Not Otherwise Reflected in Total Compensation
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​ Compensation Actually Paid ​ ​ ​ $ 6,366,790 ​ ​ ​ ​ $ 2,740,948 ​ ​
       
Non-PEO NEO Average Total Compensation Amount $ 3,216,874 2,577,649 2,941,041 2,434,454 2,073,652
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,740,948 2,669,830 3,106,919 1,425,508 2,616,212
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Compensation Actually Paid (CAP) has been calculated based on the requirements and methodology set forth in the
​
applicable SEC rules (Item 402(v) of Regulation S-K). The CAP calculation includes the end-of-year value of awards granted within the fiscal year, the change in fair value from prior year end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of whether, when, or at which intrinsic value they will actually vest. To calculate CAP for 2025 the following amounts were deducted from and added to the total compensation number shown in the Summary Compensation Table (SCT):
​
Reconciliation of Summary Compensation Table Total to Compensation Actually Paid
​ ​
Fiscal Year
2025
(For PEO)
​ ​
Fiscal Year
2025
(Average For
Non-PEO NEOs)
​
​ Summary Compensation Table Total ​ ​ ​ $ 7,826,778 ​ ​ ​ ​ $ 3,216,874 ​ ​
​
(Minus): Grant Date Fair Value of Option and Stock Awards Granted in Fiscal Year
​ ​ ​ $ (4,677,785) ​ ​ ​ ​ $ (1,195,455) ​ ​
​
Plus: Fair Value at Fiscal Year-End of Outstanding and Unvested Option and Stock Awards Granted in Fiscal Year
​ ​ ​ $ 2,364,383 ​ ​ ​ ​ $ 362,539 ​ ​
​
Plus/(Minus): Change in Fair Value of Outstanding and Unvested Option and Stock
Awards Granted in Prior Fiscal Years
​ ​ ​ $ 126,891 ​ ​ ​ ​ $ 35,467 ​ ​
​
Plus: Fair Value at Vesting of Option and Stock Awards Granted in Fiscal Year That
Vested During Fiscal Year
​ ​ ​ $ 0 ​ ​ ​ ​ $ 204,525 ​ ​
​
Plus/(Minus): Change in Fair Value as of Vesting Date of Option and Stock Awards
Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were
Satisfied During Fiscal Year
​ ​ ​ $ 726,523 ​ ​ ​ ​ $ 116,999 ​ ​
​
(Minus): Fair Value as of Prior Fiscal Year-End of Option and Stock Awards Granted
in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal
Year
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​
Plus/(Minus): Value of Dividends or Other Earnings Paid on Option and Stock Awards Not Otherwise Reflected in Total Compensation
​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​
​ Compensation Actually Paid ​ ​ ​ $ 6,366,790 ​ ​ ​ ​ $ 2,740,948 ​ ​
       
Compensation Actually Paid vs. Total Shareholder Return
Relationship between CAP vs. Cumulative TSR of Company and the Peer Group
[MISSING IMAGE: lc_totalsharertn-4c.jpg]
       
Compensation Actually Paid vs. Net Income
Relationship between CAP vs. Net Income
[MISSING IMAGE: lc_netincome-4c.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
Relationship between CAP vs. Total Segment EBT
[MISSING IMAGE: lc_totalsegment-4c.jpg]
       
Total Shareholder Return Vs Peer Group
Relationship between CAP vs. Cumulative TSR of Company and the Peer Group
[MISSING IMAGE: lc_totalsharertn-4c.jpg]
       
Tabular List, Table
​
Financial Performance Measures
​
​
Total Segment EBT
​
​
Operating Assets NOI
​
​
Corporate Cash G&A
​
​
MPC EBT
​
​
Total Stockholder Return
​
       
Total Shareholder Return Amount $ 106.07 102.28 108.39 96.82 128.95
Peer Group Total Shareholder Return Amount 131.72 127.69 121.34 108 146.19
Net Income (Loss) $ 123,843,000 $ 196,992,000 $ (551,530,000) $ 184,636,000 $ 48,924,000
Company Selected Measure Amount 434,773,000 603,484,000 (523,434,000) 430,070,000 296,657,000
PEO Name David O’Reilly        
Share Based Payment Arrangement Restricted Stock Unit [Member]          
Pay vs Performance Disclosure          
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price, Minimum $ 67.5        
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price, Maximum $ 89.53        
Share Based Payment Arrangement Stock Options Member          
Pay vs Performance Disclosure          
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Expected Term, Minimum 1 year 9 months 18 days        
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Expected Term, Maximum 4 years 5 months 1 day        
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Strike Price, Minimum $ 27.44        
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Strike Price, Maximum $ 66.25        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum 30.15%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum 44.18%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate 0.00%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum 3.44%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum 3.69%        
Measure:: 1          
Pay vs Performance Disclosure          
Name Total Segment EBT        
Non-GAAP Measure Description
(7)
See Annex A for additional information regarding Total Segment EBT.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Operating Assets NOI        
Measure:: 3          
Pay vs Performance Disclosure          
Name Corporate Cash G&A        
Measure:: 4          
Pay vs Performance Disclosure          
Name MPC EBT        
Measure:: 5          
Pay vs Performance Disclosure          
Name Total Stockholder Return        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (4,677,785)        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,364,383        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 126,891        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 726,523        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,195,455)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 362,539        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 35,467        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 204,525        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 116,999        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0