Homesites under Option Contracts (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Change in Homesite Under Option Contracts from Spin-off

The change in homesites under option contracts from the Spin-Off date through December 31, 2025 is as follows:

	Year ended December 31,
(in thousands)	2025
Beginning balance as of February 7, 2025 Spin-Off date	$	—
Homesites under option contracts contributed by Lennar in Spin-Off (1)		5,496,126
Land acquired from Rausch (2)		1,158,303
Investments in homesites under option contracts (3)		5,599,376
Takedowns of homesites under option contracts		(3,381,110	)
Total homesites under option contracts	$	8,872,695

(1)Includes land contributed of $5.556 billion, less deferred tax asset adjustment of $59.8 million.

(2)Includes land acquired of $1.049 billion plus deferred tax liability adjustment of $116.7 million, less earnest deposits of $7.6 million.

(3)Includes land acquired of $3.914 billion and development costs of $1.686 billion. Land acquired includes $522.8 million of land assets acquired in the New Home transaction and $33 million of land acquired under purchase money mortgages. See Note 8. Debt Obligations for a description of the purchase money mortgage obligations.

Summary of Expected Undiscounted Option Fee Cash Flows Under Option Contracts with Counterparties

Expected undiscounted option fee cash flows do not include new homesites that are acquired or development costs that are incurred after December 31, 2025.

(in thousands)	Amount
2026	$	791,993
2027		726,124
2028		524,686
2029		331,822
2030		224,414
Thereafter		516,525