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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 177,634 $ 113,716 $ (34,774)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Equity in earnings from unconsolidated entities (132,617) (76,595) (21,513)
Deferred income taxes 24,363 (4,439) (1,492)
Depreciation and amortization 19,363 19,934 16,946
Share-based compensation 4,299 3,665 6,230
Changes in operating assets and liabilities:      
Inventories (80,666) 27,541 (140,416)
Related party assets (19,980) 10,771 2,402
Other assets (11,548) 3,774 2,733
Accounts payable and other liabilities 20,695 (11,714) (22,484)
Related party liabilities (14,777) (10,730) 3,714
Net cash provided by (used in) operating activities 115,986 154,123 (188,302)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of properties and equipment (808) (23) (75)
Net cash provided by investing activities 70,064 77,111 63,990
CASH FLOWS FROM FINANCING ACTIVITIES:      
Reacquisition of share-based compensation awards for tax-withholding purposes (823) (202) (2,736)
Payment of financing costs (474) (687) 0
Related party reimbursement obligation 0 (4,282) (6,546)
Tax distributions to noncontrolling interests (7,679) (4,033) (435)
Repayments of notes payable (100,000) 0 0
Borrowings under revolving credit facility 0 0 15,000
Repayments under revolving credit facility 0 0 (15,000)
Net cash used in financing activities (108,976) (9,204) (9,717)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH 77,074 222,030 (134,029)
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period 354,793 132,763 266,792
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH—End of period 431,867 354,793 132,763
Great Park      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Equity in earnings from unconsolidated entities (119,787) (78,947) (20,444)
Return on investment from Gateway Commercial Venture 119,787 78,200 0
CASH FLOWS FROM INVESTING ACTIVITIES:      
Return of investment 62,140 75,986 52,692
Gateway Commercial Venture LLCA      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Equity in earnings from unconsolidated entities (12,347) 2,914 127
Return on investment from Gateway Commercial Venture 9,433 0 352
CASH FLOWS FROM INVESTING ACTIVITIES:      
Return of investment 7,752 0 8,273
Valencia Landbank Venture      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Equity in earnings from unconsolidated entities (500) (600) (1,200)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Return of investment 980 1,148 3,305
Contribution to Valencia Landbank Venture $ 0 $ 0 $ (205)