Segment Information

3 Months Ended

Mar. 31, 2025

Segment Information

Segment Information

16. Segment Information

The Company conducts primarily all of its business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial. The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units.

The accounting policies of the segments are set forth in Note 2 to the Company’s consolidated financial statements contained in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Total revenue represents sales to unaffiliated customers, as reported in the Company’s condensed consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The Company uses total segment revenue, gross profit and income before income taxes and non-controlling interest and other qualitative measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures.

The Company’s President, Chief Executive Officer and Chairman of the Board is the Chief Operating Decision maker (the “CODM”). For the residential, hospitality and commercial segments, the CODM uses segment revenue, gross profit and income before income taxes and non-controlling interest to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for the profit measures when making decisions about

allocating capital and personnel to the segments. The CODM also uses segment revenue and gross profit for evaluating product pricing and segment income before income taxes and non-controlling interest to assess the performance for each segment by comparing the results and return on assets of each segment with one another and in the compensation of certain employees.

The Company does not allocate income taxes or certain unusual items to segments. In addition, the hospitality and commercial segments have significant noncash depreciation and amortization in reported profit or loss.

The captions entitled “Other” consists of mitigation credit, title and insurance business revenue and cost of revenue; corporate operating expenses; corporate depreciation and amortization and corporate other income and expense items.

Information by business segment is as follows:

	Three Months Ended
	March 31,
	2025		2024
Operating revenue:
Residential	$	32,985	$	30,814
Hospitality		40,550		40,033
Commercial		19,497		16,109
Other		1,165		831
Consolidated operating revenue	$	94,197	$	87,787
Cost of revenue:
Cost of residential revenue	$	17,965	$	15,026
Cost of hospitality revenue		32,889		30,946
Cost of commercial revenue		7,034		6,999
Cost of other revenue		705		580
Consolidated cost of revenue	$	58,593	$	53,551
Gross profit:
Residential	$	15,020	$	15,788
Hospitality		7,661		9,087
Commercial		12,463		9,110
Other		460		251
Consolidated gross profit	$	35,604	$	34,236
Corporate and other operating expenses:
Residential	$	1,204	$	1,089
Hospitality		436		421
Commercial		1,119		1,183
Other		3,821		4,409
Consolidated corporate and other operating expenses	$	6,580	$	7,102
Depreciation, depletion and amortization:
Residential	$	58	$	62
Hospitality		7,161		6,587
Commercial		4,813		4,431
Other		98		102
Consolidated depreciation, depletion and amortization	$	12,130	$	11,182

	Three Months Ended
	March 31,
	2025		2024
Investment income, net:
Residential	$	534	$	420
Hospitality		30		40
Commercial		65		13
Other (a)		2,799		2,968
Consolidated investment income, net	$	3,428	$	3,441
Interest expense:
Residential	$	90	$	100
Hospitality		2,660		3,018
Commercial		2,803		3,219
Other (b)		2,222		2,216
Consolidated interest expense	$	7,775	$	8,553
Gain on contributions to unconsolidated joint ventures:
Residential	$	—	$	14
Consolidated gain on contributions to unconsolidated joint ventures	$	—	$	14
Equity in income (loss) from unconsolidated joint ventures:
Residential (c)	$	12,700	$	8,279
Commercial (d)		(2,541)		(919)
Consolidated equity in income from unconsolidated joint ventures	$	10,159	$	7,360
Other income (expense), net:
Residential	$	105	$	71
Hospitality		(91)		(380)
Commercial		(271)		(207)
Other		27		53
Other expense, net	$	(230)	$	(463)
Income (loss) before income taxes:
Residential (c)	$	27,007	$	23,321
Hospitality		(2,657)		(1,279)
Commercial (d)		981		(836)
Other (a) (b)		(2,855)		(3,455)
Consolidated income before income taxes	$	22,476	$	17,751
Capital expenditures:
Residential	$	25,133	$	15,297
Hospitality		2,774		8,451
Commercial		4,550		7,298
Other		290		408
Total capital expenditures	$	32,747	$	31,454

(a) Includes interest income from investments in SPE of $2.0 million in each the three months ended March 31, 2025 and 2024.

(b) Includes interest expense from investments in SPE of $2.2 million in each the three months ended March 31, 2025 and 2024.

(c) The three months ended March 31, 2025 and 2024, include $12.7 million and $8.3 million, respectively, of equity in income from unconsolidated joint ventures related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures and Note 15. Other Income, Net for additional information.

(d) The three months ended March 31, 2025, include $1.1 million of equity in loss from unconsolidated joint ventures related to the Pier Park RI JV. The hotel opened in April 2024 and activity in the current period primarily includes start-up, depreciation and

interest expenses for the project. The three months ended March 31, 2025 and 2024, include $1.0 million and $0.7 million, respectively, of equity in loss from unconsolidated joint ventures related to the Watersound Fountains Independent Living JV. The community opened in March 2024 and is currently under lease-up. See Note 4. Joint Ventures and Note 15. Other Income, Net for additional information.

	March 31,		December 31,
	2025		2024
Investment in unconsolidated joint ventures:
Residential	$	59,623	$	53,399
Commercial		12,221		13,055
Total investment in unconsolidated joint ventures	$	71,844	$	66,454
Total assets:
Residential	$	255,090	$	241,435
Hospitality		457,033		460,604
Commercial		514,730		515,955
Other		320,534		320,580
Total assets	$	1,547,387	$	1,538,574