Presentation of Financial Statements and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2026

The following table details the effect of reinsurance on premiums written and earned during the post-acquisition period.


thousands	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
Premiums written
Direct	$	284,705	$	388,041
Assumed	101,276		153,999
Ceded	(113,013)		(161,864)
Net written insurance premiums	$	272,968	$	380,176

Premiums earned
Direct	$	263,820	$	349,380
Assumed	170,067		218,232
Ceded	(118,038)		(154,516)
Net earned insurance premiums	$	315,849	$	413,096

Schedule of ceded credit risk

The following table includes the brokers that individually contributed more than 10% of total gross written insurance premiums during the post-acquisition period:


	% of Gross Written Insurance Premiums
Aon	13.1	%
Marsh	12.5	%

Summary of accounts receivable, net

The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets:


thousands	September 30, 2026		December 31, 2025
Insurance premiums receivable	$	760,995	$	—
Straight-line rent receivables	104,307		96,975
Tenant receivables	9,957		5,512
Related-party receivables	19		18,640
Other receivables	7,989		12,995
Accounts receivable, net (a)	$	883,267	$	134,122

(a)As of September 30, 2026, the total reserve balance for amounts considered uncollectible was $6.4 million, comprised of $6.3 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivables. As of December 31, 2025, the total reserve balance was $7.2 million, comprised of $7.0 million attributable to lease-related receivables and $0.2 million attributable to the allowance for credit losses related to other accounts receivables.

Summary of impacts of the ASC 842 and ASC 450 reserves in the accompanying condensed consolidated statement of operations

The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations:


thousands	Three Months Ended September 30,				Nine Months Ended September 30,
Statements of Operations Location	2026		2025		2026		2025
Rental revenue	$	(2,324)	$	494	$	68	$	1,983
Provision for (recovery of) doubtful accounts	206		(345)		270		41
Total (income) expense impact	$	(2,118)	$	149	$	338	$	2,024

Schedule of transfer of financial assets accounted for as sales

The following table summarizes the initial impacts of the MUD sale transactions:


thousands	September 2024		May 2025		April 2026		July 2026		September 2026
Allocation of MUD receivables transferred (a):
Existing MUD receivables	$	186,004	$	146,974	$	1,485	$	73,310	$	171,792
Accrued interest	9,295		14,065		36		6,592		8,746
Future MUD receivables	39,996		95,905		26,095		14,600		35,762


Allocation of cash consideration received (a):
Existing MUD receivables	146,648		112,842		966		49,517		99,348
Future MUD receivables	30,032		67,201		16,574		9,048		19,680


Gain (loss) on sale of MUD receivables (a)	(48,651)		(48,197)		(555)		(30,385)		(81,190)

(a)This table includes the initial amounts recognized for each transaction and does not include the impacts of any changes in estimates in future periods. Refer to the below for discussion of the impact of any changes in estimates.

Schedule of variable interest entities

The Company’s Condensed Consolidated Balance Sheets included the following amounts related to its consolidated real estate VIEs. The assets of these consolidated VIEs may only be used to settle obligations of the respective VIE and are not available to satisfy the obligations of the Company or its other subsidiaries. The liabilities of these consolidated VIEs are non-recourse to the Company and are payable solely from the assets of the respective VIE, with the exception of the Floreo debt obligation which is subject to the guaranty described below.


thousands	September 30, 2026		December 31, 2025
Master Planned Communities assets	$	825,299	$	543,912
Buildings and equipment	8,151		7,161
Less: accumulated depreciation	(3,167)		(1,354)

Developments	24,965		14,684
Net investment in real estate	855,248		564,403
Investments in unconsolidated ventures	934		—
Cash and cash equivalents	50,236		22,191
Restricted cash	166,238		136,418
Accounts receivable, net	683		65
Municipal district receivables, net	77,395		—
Deferred expenses, net	17,893		13,571
Intangibles, net	3,016		1,953
Other assets, net	27,604		565
Total assets	$	1,199,247	$	739,166

Mortgages, notes, and loans payable, net	$	270,461	$	—


Other liabilities, net	204,007		153,969
Total liabilities	$	474,468	$	153,969

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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