Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Inventories
Land and land under development		$ 2,978,807,000
Finished homesites		2,486,483,000
Total inventories		5,465,290,000
Homesites under option contracts	$ 8,872,695,000
Development loan receivables, net	328,999,000
Cash	35,046,000	0
Other assets	21,367,000
Total assets	9,258,107,000	5,465,290,000
Liabilities and stockholders' equity
Accounts payable and accrued expenses		282,730,000
Builder deposits	927,004,000
Debt obligations, net	2,112,062,000	24,188,000
Development guarantee holdback liability	100,000,000
Deferred tax liabilities	77,333,000
Other liabilities	185,446,000
Total liabilities	3,401,845,000	306,918,000
Commitments and contingencies (See Note 9)
Stockholders' equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 0 shares issued at December 31, 2025
Predecessor equity		5,158,372,000
Additional paid-in capital	5,873,087,000
Distribution in excess of net income	(18,485,000)
Total stockholders' equity	5,856,262,000	5,158,372,000
Total liabilities and stockholders' equity	9,258,107,000	5,465,290,000
Class A Common Stock
Stockholders' equity
Common stock value	1,542,000
Class B Common Stock
Stockholders' equity
Common stock value	$ 118,000