v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 164,651 $ 118,164
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 136,737 121,419
Amortization 109,398 14,662
Amortization and accretion of investment securities (210) 0
Amortization of deferred financing costs 10,007 9,330
Straight-line rent amortization (7,602) (5,058)
Deferred income taxes 39,157 29,513
Restricted stock and stock option amortization 13,415 15,998
Net gain on sale of properties (58,382) (29,834)
Investment (gain) loss, net (12,637) 0
(Gain) loss on foreign exchange 169 0
Loss on sale of MUD receivables 105,917 48,197
Proceeds from sale of MUD receivables 195,133 180,043
(Gain) loss on extinguishment of debt 11,068 480
Equity in (earnings) losses from unconsolidated ventures, net of distributions 30,954 8,928
Provision for (recovery of) doubtful accounts 391 2,087
Master Planned Communities development expenditures (394,947) (325,854)
Master Planned Communities cost of sales, net of SID bonds transfers to buyers 125,419 146,087
Condominium development expenditures (384,846) (397,767)
Condominium rights and units cost of sales, net of closing commissions 565,270 1,112
Net Changes:    
Accounts receivable, net 11,339 (33,056)
Reinsurance recoverable on paid and unpaid losses (30,993) 0
Other assets, net 20,418 (1,911)
Condominium deposits, net (76,426) 201,543
Deferred expenses, net (78,756) (33,433)
Reserves for claims and claim expenses 172,096 0
Unearned premiums (25,572) 0
Other liabilities, net (68,866) 31,457
Cash provided by (used in) operating activities 572,302 102,107
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (6,583) (1,156)
Operating property improvements (37,571) (33,086)
Property development and redevelopment (69,634) (128,465)
Sales of fixed maturity securities 2,552,485 0
Maturities, calls, and paydowns of fixed maturities securities 48,705 0
Purchases of short-term investments (201) 0
Sales of short-term investments 4,606 0
Purchases of equity securities (1,250,845) 0
Sales of equity securities 5,873 0
Cash from consolidation of joint venture 26,226 0
Acquisition of business, net of cash acquired (1,639,220) 0
Acquisition of assets 0 (16,356)
Proceeds from sales of properties, net 125,972 12,336
Reimbursements under tax increment financings and grants 2,879 6,583
Distributions from unconsolidated ventures 22,910 2,322
Investments in unconsolidated ventures, net (48,469) (3,017)
Other (15,797) (1,219)
Cash provided by (used in) investing activities (278,664) (162,058)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes, and loans payable 1,583,719 600,590
Principal payments on mortgages, notes, and loans payable (1,239,439) (442,362)
Proceeds from issuance of common stock, net 0 862,789
Proceeds from issuance of Series A Preferred Stock, net 997,242 0
Proceeds from issuance of warrants 10,000 0
Debt extinguishment costs (6,900) (204)
Special Improvement District bond funds released from (held in) escrow 26,636 23,900
Deferred financing costs and bond issuance costs (20,773) (6,263)
Taxes paid on stock options exercised and restricted stock vested (5,821) (3,437)
Stock options exercised 1,026 24
Contributions from noncontrolling interest owners 5,756 215
Distributions to noncontrolling interest owners 452 0
Cash provided by (used in) financing activities 1,350,994 1,035,252
Net change in cash, cash equivalents, and restricted cash 1,644,632 975,301
Cash, cash equivalents, and restricted cash at beginning of period 2,097,158 998,503
Cash, cash equivalents, and restricted cash at end of period 3,741,790 1,973,804
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH    
Cash and cash equivalents 2,868,758 1,456,934
Restricted cash 873,032 516,870
Cash, cash equivalents, and restricted cash at end of period 3,741,790 1,973,804
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid, net 251,164 236,950
Interest capitalized 112,476 109,881
Income taxes paid (refunded), net 17,801 10,233
NON-CASH TRANSACTIONS    
Consideration from sale of properties 0 41,125
Special Improvement District bonds transfers to buyers 14,622 2,586
Capitalized stock compensation 2,956 2,332
Accrued property improvements, developments, and redevelopments (17,451) 6,013
Promissory note for special land use $ 500 $ 0