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Homesites under Option Contracts (Tables) | 12 Months Ended
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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 |

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