Other Assets

3 Months Ended

Mar. 31, 2025

Other Assets

Other Assets

7. Other Assets

Other assets consist of the following:

	March 31,		December 31,
	2025		2024
Accounts receivable, net	$	14,076	$	14,590
Homesite sales receivable		25,245		25,788
Inventory		4,594		4,036
Prepaid expenses		11,024		12,556
Straight-line rent		3,055		2,996
Operating lease right-of-use assets		3,944		4,417
Restricted cash		7,119		7,560
Other assets		4,674		5,437
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	74,666	$	80,318

Accounts Receivable, Net

The Company’s accounts receivable, net primarily include leasing receivables, membership fees, hospitality receivables and other receivables. Accounts receivable, net had opening balances of $14.6 million and $20.3 million, as of January 1, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024, accounts receivable, net includes $7.1 million and $7.5 million, respectively, of club membership initiation fee installments receivable.

At each reporting period, accounts receivable in the scope of Financial Instruments—Credit Losses (Topic 326) are pooled by type and judgements are made based on historical losses and expected credit losses based on economic trends to determine the allowance for credit losses primarily using the aging method. Actual losses could differ from those estimates. Write-offs are recorded when the Company concludes that all or a portion of the receivable is no longer collectible. As of both March 31, 2025 and December 31, 2024, accounts receivable, net were presented net of allowance for credit losses and net of allowance for lease related receivables of $0.3 million. During the three months ended March 31, 2025 and 2024, allowance for credit losses and allowance for leases related to accounts receivable, net decreased $0.1 million and increased $0.1 million, respectively.

Homesite Sales Receivable

Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years.

The following table presents the changes in homesite sales receivable:

	March 31,		March 31,
	2025		2024
Balance at beginning of period	$	25,788	$	29,862
Increases due to revenue recognized for homesites sold		1,646		2,834
Decreases due to amounts received		(2,189)		(2,277)
Balance at end of period	$	25,245	$	30,419

Prepaid Expenses

Prepaid expenses as of March 31, 2025 and December 31, 2024, include commercial leasing related prepaid expenses of $4.5 million and $4.7 million, respectively, and prepaid insurance of $2.4 million and $4.7 million, respectively, as well as other prepaid items.

Restricted Cash

Restricted cash as of March 31, 2025 and December 31, 2024, includes cash and escrow deposits primarily related to requirements for financing, development for certain of the Company’s projects or long-term mitigation bank management.

Other Assets

Other assets as of March 31, 2025 and December 31, 2024, include $2.0 million and $2.6 million, respectively, for the fair value of derivative assets. See Note 5. Financial Instruments and Fair Value Measurements for additional information.