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v3.25.4

Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended
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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 |

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