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Other Income, Net | 3 Months Ended
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Mar. 31, 2024
Other Income, Net |
Other Income, Net | 16. Other Income, Net Other income, net consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ |  | 2024 |  | 2023 |
Investment income, net |  | ​ |  |  | ​ |  |
Interest, dividend and accretion income | ​ | $ | 840 | ​ | $ | 461 | ​
Interest income from investments in SPEs | ​ |  | 2,003 | ​ |  | 2,003 | ​
Interest earned on notes receivable and other interest | ​ |  | 598 | ​ |  | 457 | ​
Total investment income, net | ​ |  | 3,441 | ​ |  | 2,921 | ​
Interest expense | ​ |  |  | ​ |  |  | ​
Interest incurred for project financing and other interest expense | ​ |  | (6,337) | ​ |  | (3,997) | ​
Interest expense and amortization of discount and issuance costs for Senior Notes issued by SPE | ​ |  | (2,216) | ​ |  | (2,212) | ​
Total interest expense | ​ |  | (8,553) | ​ |  | (6,209) | ​
Gain on contributions to unconsolidated joint ventures | ​ |  | 14 | ​ |  | 530 | ​
Equity in income from unconsolidated joint ventures | ​ | ​ | 7,360 | ​ | ​ | 3,663 | ​
Other income (expense), net | ​ |  |  | ​ |  |  | ​
Accretion income from retained interest investments | ​ |  | — | ​ |  | 394 | ​
Miscellaneous (expense) income, net | ​ |  | (463) | ​ |  | 319 | ​
Other (expense) income, net | ​ |  | (463) | ​ |  | 713 | ​
Total other income, net | ​ | $ | 1,799 | ​ | $ | 1,618 | ​
​ Investment Income, Net Interest, dividend and accretion income includes interest income accrued or received on the Company’s cash, cash equivalents and investments and amortization of the premium or accretion of discount related to the Company’s available-for-sale securities, which is amortized based on an effective interest rate method over the term of the available-for-sale securities. Interest income from investments in SPEs primarily includes interest earned on the investments held by Panama City Timber Finance Company, LLC, which is used to pay the interest expense for Senior Notes held by Northwest Florida Timber Finance, LLC. See Note 6. Financial Instruments and Fair Value Measurements for additional information. Interest earned on the Company’s notes receivable and other interest includes interest earned on notes receivable and on the Company’s unimproved land contribution to the unconsolidated Latitude Margaritaville Watersound JV as home sales are transacted in the community. See Note 4. Joint Ventures for additional information. Interest Expense Interest expense includes interest incurred related to the Company’s project financing, Senior Notes issued by Northwest Florida Timber Finance, LLC, CDD debt and finance leases. Interest expense also includes amortization of debt discount and premium and debt issuance costs. Discount and issuance costs for the Senior Notes issued by Northwest Florida Timber Finance, LLC, are amortized based on the effective interest method at an effective rate of 4.9%. See Note 6. Financial Instruments and Fair Value Measurements for additional information. During the three months ended March 31, 2024, the Company did not capitalize interest related to projects under development or construction. During the three months ended March 31, 2023, the Company capitalized $1.3 million in interest related to projects under development or construction. These amounts are included within investment in real estate, net on the Company’s condensed consolidated balance sheets. Gain on Contributions to Unconsolidated Joint Ventures Gain on contributions to unconsolidated joint ventures for the three months ended March 31, 2024 and 2023, include a gain of less than $0.1 million and $0.5 million, respectively, on additional infrastructure improvements contributed to the Company’s unconsolidated Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures for additional information. Equity in Income from Unconsolidated Joint Ventures Equity in income from unconsolidated joint ventures includes the Company’s proportionate share of earnings or losses of unconsolidated JVs accounted for by the equity method. Equity in income from unconsolidated joint ventures includes $8.3 million and $3.9 million of income related to the Latitude Margaritaville Watersound JV during the three months ended March 31, 2024 and 2023, respectively. See Note 4. Joint Ventures for additional information. Other (Expense) Income, Net Other (expense) income, net primarily includes income from the Company’s retained interest investments and other income and expense items. The Company had a beneficial interest in a bankruptcy-remote qualified SPE used in the installment sale monetization of certain sales of forestry real estate in 2008. Prior to optional prepayment, in full, of the installment notes in August 2023, the Company recorded the accretion of investment income from its retained interest investment over the life of the retained interest using the effective yield method. Miscellaneous (expense) income, net during the three months ended March 31, 2024, includes $0.5 million net loss on disposal of assets. Miscellaneous (expense) income, net during the three months ended March 31, 2023, includes a $0.5 million gain on retained interest investment.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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