| Summary of segment operating results |
Segment operating results are as follows: | | | | | | | | | | | | | thousands | Operating Assets Segment | MPC Segment | Strategic Developments Segment | Three Months Ended September 30, 2026 | | | | | Total revenues | $ | 121,611 | | $ | 149,825 | | $ | 7,244 | | | Condominium rights and unit cost of sales | — | | — | | (5,414) | | | Master Planned Communities cost of sales | — | | (46,242) | | — | | | Operating costs | (35,479) | | (16,197) | | (3,890) | | | Rental property real estate taxes | (12,839) | | — | | (810) | | | (Provision for) recovery of doubtful accounts | (206) | | — | | — | | | Segment operating income (loss) | 73,087 | | 87,386 | | (2,870) | | | Depreciation and amortization | (43,503) | | (266) | | (2,380) | | | Interest income (expense), net | (39,284) | | 24,366 | | 4,558 | | | Other income (loss), net | 72 | | — | | (1,591) | | | Equity in earnings (losses) from unconsolidated ventures | 531 | | (22,010) | | 13,950 | | | Gain (loss) on sale or disposal of real estate and other assets, net | 429 | | — | | 6,153 | | | | | | | | | | | Gain (loss) on extinguishment of debt | (429) | | — | | — | | | | | | | Segment EBT | $ | (9,097) | | $ | 89,476 | | $ | 17,820 | | | | | | Three Months Ended September 30, 2025 | | | | | Total revenues | $ | 117,182 | | $ | 271,575 | | $ | 1,460 | | | Condominium rights and unit cost of sales | — | | — | | (59) | | | Master Planned Communities cost of sales | — | | (78,280) | | — | | | Operating costs | (37,052) | | (4,892) | | (3,944) | | | Rental property real estate taxes | (15,006) | | — | | (624) | | | (Provision for) recovery of doubtful accounts | 345 | | — | | — | | | Segment operating income (loss) | 65,469 | | 188,403 | | (3,167) | | | Depreciation and amortization | (43,411) | | (110) | | (1,988) | | | Interest income (expense), net | (34,006) | | 19,414 | | 4,311 | | | Other income (loss), net | 363 | | 19 | | 2,066 | | | Equity in earnings (losses) from unconsolidated ventures | 135 | | (2,721) | | 57 | | | Gain (loss) on sale or disposal of real estate and other assets, net | 4,385 | | — | | 10,064 | | | | | | | Gain (loss) on extinguishment of debt | (173) | | — | | — | | | | | | | Segment EBT | $ | (7,238) | | $ | 205,005 | | $ | 11,343 | | | | | | Nine Months Ended September 30, 2026 | | | | | Total revenues | $ | 360,773 | | $ | 443,846 | | $ | 719,083 | | | Condominium rights and unit cost of sales | — | | — | | (583,937) | | | Master Planned Communities cost of sales | — | | (140,041) | | — | | | Operating costs | (106,860) | | (40,665) | | (15,416) | | | Rental property real estate taxes | (42,839) | | — | | (1,836) | | | (Provision for) recovery of doubtful accounts | (270) | | — | | — | | | Segment operating income (loss) | 210,804 | | 263,140 | | 117,894 | | | Depreciation and amortization | (141,109) | | (441) | | (6,505) | | | Interest income (expense), net | (110,664) | | 70,090 | | 13,629 | | | Other income (loss), net | (436) | | 1,860 | | (2,480) | | | Equity in earnings (losses) from unconsolidated ventures | 7,202 | | (26,114) | | 9,044 | | | Gain (loss) on sale or disposal of real estate and other assets, net | 52,229 | | — | | 6,153 | | | | | | | | | | | Gain (loss) on extinguishment of debt | (842) | | — | | — | | | | | | | Segment EBT | $ | 17,184 | | $ | 308,535 | | $ | 137,735 | | | | | |
| | | | | | | | | | | | | thousands | Operating Assets Segment | MPC Segment | Strategic Developments Segment | Nine Months Ended September 30, 2025 | | | | | Total revenues | $ | 347,630 | | $ | 499,730 | | $ | 3,028 | | | Condominium rights and unit cost of sales | — | | — | | (1,112) | | | Master Planned Communities cost of sales | — | | (148,672) | | — | | | Operating costs | (105,449) | | (30,399) | | (11,280) | | | Rental property real estate taxes | (44,507) | | — | | (1,787) | | | (Provision for) recovery of doubtful accounts | (41) | | — | | — | | | Segment operating income (loss) | 197,633 | | 320,659 | | (11,151) | | | Depreciation and amortization | (128,839) | | (309) | | (4,222) | | | Interest income (expense), net | (102,397) | | 54,307 | | 13,590 | | | Other income (loss), net | 801 | | 54 | | 936 | | | Equity in earnings (losses) from unconsolidated ventures | 4,453 | | (7,780) | | 231 | | | Gain (loss) on sale or disposal of real estate and other assets, net | 14,363 | | 3,750 | | 11,721 | | | | | | | | | | | Gain (loss) on extinguishment of debt | (480) | | — | | — | | | | | | | Segment EBT | $ | (14,466) | | $ | 370,681 | | $ | 11,105 | |
The following represents capital expenditures by segment: | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | thousands | | | | | 2026 | | 2025 | | Operating Assets segment | | | | | $ | 31,902 | | | $ | 30,036 | | | MPC segment | | | | | 203 | | | 118 | | | Strategic Developments segment | | | | | 57,938 | | | 153,794 | |
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| Summary of reconciliation of operating income (loss) from segments to consolidated statements of operations |
The following represents the reconciliation of segment EBT to Income (loss) before income taxes in the Condensed Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | thousands | 2026 | | 2025 | | 2026 | | 2025 | | Operating Assets EBT | $ | (9,097) | | | $ | (7,238) | | | $ | 17,184 | | | $ | (14,466) | | | MPC EBT | 89,476 | | | 205,005 | | | 308,535 | | | 370,681 | | | Strategic Developments EBT | 17,820 | | | 11,343 | | | 137,735 | | | 11,105 | | | General and administrative expense | (28,802) | | | (28,281) | | | (90,696) | | | (85,269) | | | Gain (loss) on sale of MUD receivables | (105,362) | | | — | | | (105,917) | | | (48,197) | | | Corporate interest expense, net | (32,158) | | | (18,288) | | | (74,709) | | | (62,408) | | | Vantage income (loss) before income taxes | 76,564 | | | — | | | 55,799 | | | — | | | Corporate income, expenses, and other items | (7,309) | | | (4,241) | | | (29,202) | | | (14,769) | | | Income (loss) before income taxes | $ | 1,132 | | | $ | 158,300 | | | $ | 218,729 | | | $ | 156,677 | |
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