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Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Class A Common Stock
Preferred Stock
Class B Common Stock
Additional Paid In Capital
Distribution in Excess of Net Income
Pre-Spin Predecessors Equity
Beginning balance at Dec. 31, 2022 $ 3,774,853         $ 3,774,853
Net loss (209,792)         (209,792)
Stock based compensation 10,093         10,093
Contribution from pre-spin periods 883,807         883,807
Ending balance at Dec. 31, 2023 4,458,961         4,458,961
Net loss (246,221)         (246,221)
Stock based compensation 14,937         14,937
Contribution from pre-spin periods $ 930,695         930,695
Ending balance, Shares at Dec. 31, 2024 0          
Ending balance at Dec. 31, 2024 $ 5,158,372         5,158,372
Net loss 379,864       $ 404,824 (24,960)
Adjustments from pre-spin periods 24,960         24,960
Common stock issued, Spin-Off, Shares   120,983,633 11,819,811      
Common stock issued, Spin-Off   $ 1,210 $ 118 $ (1,328)    
Common stock retained by Lennar, Spin-Off, Shares   33,200,053        
Common stock retained by Lennar, Spin-Off   $ 332   (332)    
Contributions from Lennar, Spin-Off 5,874,166     5,874,166    
Reversal of pre-spin equity (5,158,372)         $ (5,158,372)
Stock based compensation 677     677    
Dividend equivalent rights (96)     (96)    
Dividends declared, $2.55 per share (423,309)       (423,309)  
Ending balance, Shares at Dec. 31, 2025   154,183,686 11,819,811      
Ending balance at Dec. 31, 2025 $ 5,856,262 $ 1,542 $ 118 $ 5,873,087 $ (18,485)