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Land and Development

9 Months Ended

Sep. 30, 2023

Note 5—Land and Development

The Company’s land and development assets were comprised of the following ($ in thousands):


	As of
	September 30,		December 31,
	2023		2022
Land and land development, at cost	$	210,266	$	243,727
Less: accumulated depreciation		(11,977)		(11,713)
Total land and development, net	$	198,289	$	232,014

Dispositions—During the three months ended September 30, 2023 and 2022, the Company sold land parcels and residential lots and units and recognized land development revenue of $24.8 million and $15.1 million, respectively, and land development cost of sales of $17.8 million and $16.8 million, respectively, from its land and development portfolio. During the nine months ended September 30, 2023 and 2022, the Company sold land parcels and residential lots and units and recognized land development revenue of $46.2 million and $54.4 million, respectively, and land development cost of sales of $40.1 million and $55.4 million, respectively, from its land and development portfolio.

In September 2023, the Company sold a land parcel to a third-party and provided the buyer with a loan to finance the acquisition. If the buyer prepays the loan in full on or before a specified date, it will receive a discounted purchase price. The Company recorded the loan based on the discounted purchase price at origination since collection of the discounted portion of the sale is undetermined. The loan to the buyer is included in “Loans receivable and other lending investments, net” on the Company’s combined and consolidated balance sheet.