XML 46 R27.htm IDEA: XBRL DOCUMENT v3.25.4
Basis of Presentation and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Development Loans Secured by Residential Properties The following are the Company's development loans that are secured by residential properties as of December 31, 2025:

 

Description

 

Interest Rates

Maturity Date

Periodic Payment Terms (1)

 

Prior Liens

 

Face Amount

 

 

Carrying Amount

 

Principal Amount of Delinquent Loans

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower A - Secured development loan; residential development projects located across multiple U.S. markets

 

12%

 

1/31/2026 (2)

 

P/I

 

$

 

—

 

 

$

 

287,748

 

 

$

 

287,748

 

 

$

 

—

 

Borrower B - Secured development loan; residential development projects located across multiple U.S. markets

 

12%

 

9/30/2029

 

P/I

 

$

 

—

 

 

$

 

35,560

 

 

$

 

35,560

 

 

$

 

—

 

 

(1)
P/I = principal and interest.
(2)
On January 29, 2026, the maturity date was extended between the Company and its counterparty to July 31, 2026.
Summary of Development Loan Receivables Net

Development loan receivables, net as of December 31, 2025 were as follows:

 

 

 

At December 31,

 

(in thousands)

 

2025

 

Development loan principal receivables

 

$

 

323,308

 

Interest receivable paid-in-kind for development loans

 

 

6,696

 

Allowance for credit losses

 

 

 

(1,005

)

Total development loan receivables, net

 

$

 

328,999

 
Schedule Of Development Loan Receivables And The Associated Allowance For Credit Losses

The following table summarizes the activity in the Company's development loan receivables, net and the associated allowance for credit losses, which represents the Company's valuation account for these financial assets, for the year ended December 31, 2025:

 

 

Year ended
December 31,

 

(in thousands)

 

2025

 

Development Loan Receivables (Gross)

 

 

Balance at Spin-Off (February 7, 2025)

 

$

 

—

 

Investments in development loans

 

 

 

353,806

 

Paydowns of development loans

 

 

 

(53,306

)

Interest income on development loans

 

 

 

29,504

 

Ending gross balance at December 31, 2025

 

$

 

330,004

 

 

 

 

 

Allowance for Credit Losses

 

 

 

 

Balance at Spin-Off (February 7, 2025)

 

$

 

—

 

Additions: Provision for credit loss expense

 

 

 

1,005

 

Deductions: Write-offs/Charge-offs

 

 

 

—

 

Ending allowance for credit losses at December 31, 2025

 

$

 

1,005

 

 

 

 

 

 

Development loan receivables, net at December 31, 2025

 

$

 

328,999

 
Summary of Contractual Principal Maturities of Development Loan Receivables

The following table summarizes the scheduled contractual principal maturities of the Company's development loan receivables, net as of December 31, 2025. All development loans were originated in 2025 following the Spin-Off.

 

(in thousands)

 

Schedule of Principal Payments

 

2026

 

$

 

287,748

 

2027

 

 

 

—

 

2028

 

 

—

 

2029

 

 

35,560

 

2030

 

 

 

—

 

Thereafter

 

 

 

—

 

Total development loan principal receivables

 

$

 

323,308

 
Summary of Roll Forward of Builder Deposit Liability

The following roll forward summarizes the change in builder deposits from the Spin-Off through December 31, 2025:

 

 

 

Year ended
December 31,

 

(in thousands)

 

2025

 

Beginning balance as of February 7, 2025 Spin-Off date

 

$

 

—

 

Builder deposits, Spin-Off

 

 

 

584,848

 

Builder deposits, Rausch land acquisition

 

 

 

90,264

 

Builder deposits, additions

 

 

 

416,994

 

Homesite takedowns, options exercised

 

 

 

(165,102

)

Total builder deposits

 

$

 

927,004