v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
REVENUES        
Rental revenue $ 115,852 $ 111,377 $ 343,599 $ 330,882
Net earned insurance premiums 315,849 0 413,096 0
Net insurance investment income 22,678 0 33,666 0
Total revenues 636,296 390,235 1,994,540 850,443
EXPENSES        
Operating costs 56,000 45,940 163,756 147,247
Rental property real estate taxes 13,649 15,630 44,675 46,294
Insurance claims and claim expenses 200,551 0 255,761 0
Insurance underwriting expenses 120,973 0 158,354 0
Provision for (recovery of) doubtful accounts 206 (345) 270 41
General and administrative 28,802 28,281 90,696 85,269
Depreciation and amortization 51,550 46,381 156,799 135,845
Other expenses 12,061 3,332 22,126 12,402
Total expenses 535,448 217,558 1,616,415 576,882
OTHER        
Gain (loss) on sale or disposal of real estate and other assets, net 6,582 14,449 58,382 29,834
Investment gain (loss), net 50,915 0 12,637 0
Other income (loss), net (1,375) 2,445 (1,908) 1,963
Total other 56,122 16,894 69,111 31,797
Operating income (loss) 156,970 189,571 447,236 305,358
Interest income 7,593 15,287 36,059 31,736
Interest expense (50,111) (43,856) (137,713) (128,644)
Gain (loss) on extinguishment of debt (429) (173) (11,068) (480)
Gain (loss) on sale of Municipal Utility District (MUD) receivables (105,362) 0 (105,917) (48,197)
Equity in earnings (losses) from unconsolidated ventures (7,529) (2,529) (9,868) (3,096)
Income (loss) before income taxes 1,132 158,300 218,729 156,677
Income tax expense (benefit) 1,503 38,898 54,078 38,513
Net income (loss) (371) 119,402 164,651 118,164
Net (income) loss attributable to noncontrolling interests (716) 106 853 (267)
Net income (loss) attributable to common stockholders $ (1,087) $ 119,508 $ 165,504 $ 117,897
Net income (loss) per common share        
Basic income (loss) per share (in dollars per share) $ (0.02) $ 2.03 $ 2.81 $ 2.16
Diluted income (loss) per share (in dollars per share) $ (0.39) $ 2.02 $ 2.53 $ 2.15
Condominium rights and unit sales        
REVENUES        
Revenues from contracts with customers $ 6,189 $ 142 $ 715,634 $ 677
EXPENSES        
Cost of sales 5,414 59 583,937 1,112
Master Planned Communities land sales        
REVENUES        
Revenues from contracts with customers 133,657 248,467 404,166 445,150
EXPENSES        
Cost of sales 46,242 78,280 140,041 148,672
Builder price participation        
REVENUES        
Revenues from contracts with customers 11,366 16,012 26,916 39,437
Other revenues        
REVENUES        
Revenues from contracts with customers $ 30,705 $ 14,237 $ 57,463 $ 34,297