Earnings Per Share

12 Months Ended

Dec. 31, 2025

Note 13. Earnings Per Share

The Company calculates earnings per share in accordance with ASC 260 Earnings Per Share. The Company has elected to use the number of shares outstanding as of the day of the Spin-Off, as the denominator number of shares for the period prior to the Spin-Off; an acceptable approach under ASC 260 that spun-off entities may use when the spin-off occurs within the financial reporting period. Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted number of commons shares outstanding for the period. The outstanding shares at Spin-Off were unchanged as of December 31, 2025. Diluted earnings per share reflects the potential dilution that could occur if the RSUs granted to each member of the Board vested and resulted in the issuance of common stock. For the year ended December 31, 2025, basic and diluted earnings per share is calculated by dividing net income attributed to common stockholders after the Spin-Off by the basic and diluted weighted shares outstanding for the period. The diluted earnings per share for the RSUs is calculated using the two grant dates of April 3, 2025 and December 10, 2025. The pre-spin net loss of $25.0 million for the period from January 1, 2025 through February 7, 2025 is added back to net income for purposes of earnings per share. For the years ended December 31, 2024 and 2023, Lennar was the sole stockholder.

Basic and diluted earnings per share were calculated as follows:


	Years ended December 31,
	2025		2024		2023
Numerator:
Net Income (loss)	$	379,864	$	—	$	—
Adjustment for expenses from pre-spin periods		24,960		—		—
Numerator for basic and diluted earnings per share	$	404,824	$	—	$	—
Denominator:
Weighted average common shares outstanding - basic (1)		166,003,497		—		—
Basic earnings per share	$	2.44	$	—	$	—
Weighted average common shares outstanding - diluted (2)		166,026,608		—		—
Diluted earnings per share	$	2.44	$	—	$	—

(1)

Basic weighted average common shares for the year ended December 31, 2025 represent the common shares issued at the Spin-Off, which are the common shares outstanding as of December 31, 2025. No publicly-listed shares were outstanding as of December 31, 2024.

(2)

Diluted weighted shares for the year ended December 31, 2025 include 28,300 RSUs granted in the aggregate to each member of the Board under the 2024 Incentive Plan on April 3, 2025 and an additional 32,255 RSUs granted in the aggregate to each member of the Board on December 10, 2025. The RSUs were unvested as of December 31, 2025.