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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 124,876 $ 56,645
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (158,721) (45,071)
Deferred income taxes 16,166 7,350
Depreciation and amortization 5,261 16,088
Share-based compensation 5,505 2,809
Loss on debt extinguishment 1,824 0
Changes in operating assets and liabilities:    
Inventories (147,423) (123,540)
Related party assets 34,129 (39,717)
Other assets 896 (579)
Accounts payable and other liabilities (11,187) 18,641
Related party liabilities 1,885 (5,456)
Net cash provided by (used in) operating activities 25,522 (67,612)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Contributions to unconsolidated entities (4,874) 0
Acquisition of Hearthstone Venture, net of cash on hand (55,145) 0
Purchase of properties and equipment (98) (681)
Net cash (used in) provided by investing activities (15,889) 41,208
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from senior notes offering 450,000 0
Payment of financing costs (5,964) (454)
Reacquisition of share-based compensation awards for tax-withholding purposes (1,776) (823)
Repayments of notes payable (528,475) (100,000)
Tax distributions to noncontrolling interests (3,101) (1,599)
Distributions to redeemable noncontrolling interests (65) 0
Net cash used in financing activities (89,381) (102,876)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (79,748) (129,280)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period 431,867 354,793
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period 352,119 225,513
Great Park    
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in earnings from unconsolidated entities (157,094) (45,218)
Return on investment 151,994 45,218
CASH FLOWS FROM INVESTING ACTIVITIES:    
Return of investment 41,998 40,999
Other Equity Method Investments    
Adjustments to reconcile net income to net cash used in operating activities:    
Return on investment 317 0
CASH FLOWS FROM INVESTING ACTIVITIES:    
Return of investment $ 2,230 $ 890