v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Master Planned Communities assets $ 2,948,512 $ 2,635,077
Buildings and equipment 4,071,990 4,028,862
Less: accumulated depreciation (1,147,577) (1,082,124)
Land 323,754 307,625
Developments 1,158,230 1,477,615
Net investment in real estate 7,354,909 7,367,055
Investments in fixed maturity securities 11,036 0
Investments in equity securities 1,263,521 0
Short-term investments 27,761 0
Investments in unconsolidated ventures 121,022 170,122
Cash and cash equivalents 2,868,758 1,468,507
Restricted cash 873,032 628,651
Accounts receivable, net 883,267 134,122
Municipal district receivables, net 444,017 459,729
Reinsurance recoverable on paid and unpaid losses 630,049 0
Deferred expenses, net 217,467 160,966
Intangibles, net 512,475 34,658
Goodwill 282,218 2,336
Other assets, net 829,514 213,315
Total assets 16,319,046 10,639,461
LIABILITIES    
Mortgages, notes, and loans payable, net 5,703,949 5,109,828
Reserves for claims and claim expenses 2,262,306 0
Unearned premiums 1,358,785 0
Deferred tax liabilities, net 225,783 164,472
Other liabilities, net 1,694,218 1,522,915
Total liabilities 11,245,041 6,797,215
Commitments and Contingencies (see Note 12)
MEZZANINE EQUITY    
Series A non-voting exchangeable perpetual preferred stock: $0.01 par value; 140,000 shares issued and outstanding as of September 30, 2026, and none issued or outstanding as of December 31, 2025 995,653 0
EQUITY    
Preferred stock: $0.01 par value; 50,000,000 shares authorized; 140,000 shares designated as Series A Preferred Stock; no other shares issued or outstanding 0 0
Common stock: $0.01 par value; 150,000,000 shares authorized, 66,314,259 issued, and 59,717,775 outstanding as of September 30, 2026, and 65,910,640 shares issued, and 59,370,353 outstanding as of December 31, 2025 663 659
Additional paid-in capital 4,483,276 4,458,838
Retained earnings (accumulated deficit) 103,408 (62,096)
Accumulated other comprehensive income (loss) 10,057 (1,827)
Treasury stock, at cost, 6,596,484 shares as of September 30, 2026, and 6,540,287 shares as of December 31, 2025 (624,592) (620,118)
Total stockholders' equity 3,972,812 3,775,456
Noncontrolling interests 105,540 66,790
Total equity 4,078,352 3,842,246
Total liabilities, mezzanine equity, and equity $ 16,319,046 $ 10,639,461