0001628280-26-053324 | 10-Q | XBRL Viewer | Howard Hughes Holdings INC

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Vantage Acquisition - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 04, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Business Combination [Line Items]
General and administrative		$ 36,136	$ 34,552	$ 61,894	$ 56,988
Vantage Group Holdings Ltd.
Business Combination [Line Items]
Acquisition interest	100.00%
Total consideration	$ 2,100,000
General and administrative		$ 15,400		$ 19,000
Broker relationships - insurance \| Vantage Group Holdings Ltd.
Business Combination [Line Items]
Finite-lived intangible asset, useful life	17 years
Broker relationships - reinsurance \| Vantage Group Holdings Ltd.
Business Combination [Line Items]
Finite-lived intangible asset, useful life	15 years
Internally developed and used technology \| Vantage Group Holdings Ltd.
Business Combination [Line Items]
Finite-lived intangible asset, useful life	7 years
Private Placement \| Vantage Group Holdings Ltd. \| Series A Preferred Stock
Business Combination [Line Items]
Sale of stock, consideration received on transaction	$ 1,000,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Master Planned Communities assets	$ 2,646,774	$ 2,635,077
Buildings and equipment	4,031,804	4,028,862
Less: accumulated depreciation	(1,117,166)	(1,082,124)
Land	335,872	307,625
Developments	1,072,034	1,477,615
Net investment in real estate	6,969,318	7,367,055
Investments in fixed maturity securities	246,583	0
Investments in equity securities	1,077,535	0
Short-term investments	27,822	0
Investments in unconsolidated ventures	186,153	170,122
Cash and cash equivalents	2,647,959	1,468,507
Restricted cash	717,395	628,651
Accounts receivable, net	940,400	134,122
Municipal Utility District (MUD) receivables, net	579,160	459,729
Reinsurance recoverable on paid and unpaid losses	601,602	0
Deferred expenses, net	175,243	160,966
Intangibles, net	586,439	34,658
Goodwill	282,218	2,336
Other assets, net	872,216	213,315
Total assets	15,910,043	10,639,461
LIABILITIES
Mortgages, notes, and loans payable, net	5,456,403	5,109,828
Reserves for claims and claim expenses	2,115,416	0
Unearned premiums	1,406,691	0
Deferred tax liabilities, net	223,113	164,472
Other liabilities, net	1,678,683	1,522,915
Total liabilities	10,880,306	6,797,215
Commitments and Contingencies (see Note 12)
MEZZANINE EQUITY
Series A non-voting exchangeable perpetual preferred stock: $0.01 par value; 140,000 issued and outstanding as of June 30, 2026, and none issued or outstanding as of December 31, 2025	995,764	0
EQUITY
Preferred stock: $0.01 par value; 50,000,000 shares authorized; 140,000 shares designated as Series A Preferred Stock; no other shares issued or outstanding	0	0
Common stock: $0.01 par value; 150,000,000 shares authorized, 66,253,546 issued, and 59,657,062 outstanding as of June 30, 2026, and 65,910,640 shares issued, and 59,370,353 outstanding as of December 31, 2025	663	659
Additional paid-in capital	4,478,286	4,458,838
Retained earnings (accumulated deficit)	104,495	(62,096)
Accumulated other comprehensive income (loss)	1,544	(1,827)
Treasury stock, at cost, 6,596,484 shares as of June 30, 2026, and 6,540,287 shares as of December 31, 2025	(624,592)	(620,118)
Total stockholders' equity	3,960,396	3,775,456
Noncontrolling interests	73,577	66,790
Total equity	4,033,973	3,842,246
Total liabilities, mezzanine equity, and equity	$ 15,910,043	$ 10,639,461

Investments in Unconsolidated Ventures - West End Alexandria (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) a	Jun. 30, 2025 USD ($)	Dec. 31, 2021 a
Schedule of Investments [Line Items]
Net gain on sale of properties \| $	$ 51,800	$ 15,385
Central Plaza \| Development Plans
Schedule of Investments [Line Items]
Area of real estate property (in sqft) \| a			4,000,000
Area of land \| a	4
Net gain on sale of properties \| $	$ (4,900)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 64: http://www.xbrl.org/2003/role/disclosureRef
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Reference 65: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Mortgages, Notes, and Loans Payable, Net

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Mortgages, Notes, and Loans Payable, Net


6. Mortgages, Notes, and Loans Payable, Net

Mortgages, Notes, and Loans Payable, Net All mortgages, notes, and loans payable of HHH are held by HHC and its subsidiaries.


thousands	June 30, 2026		December 31, 2025
Fixed-rate debt
Senior unsecured notes	$	2,300,000	$	2,050,000
Secured mortgages payable	1,732,234		1,793,561
Special Improvement District bonds	70,790		80,294
Variable-rate debt (a)
Secured Bridgeland Notes	85,000		85,000

Secured mortgages payable	1,312,377		1,135,359

Unamortized deferred financing costs (b)	(43,998)		(34,386)
Mortgages, notes, and loans payable, net	$	5,456,403	$	5,109,828

(a)The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 7 - Derivative Instruments and Hedging Activities for additional information.

(b)Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).

As of June 30, 2026, land, buildings and equipment, developments, and other collateral with a net book value of $4.7 billion have been pledged as collateral for the Company’s mortgages, notes, and loans payable.

Senior Unsecured Notes In February 2026, HHC, the Company’s wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034 (collectively, the February 2026 Senior Notes). These notes will pay interest semi-annually beginning in September 2026. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028 and used the remaining proceeds for general corporate purposes.

The February 2026 Senior Notes were offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers. These notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The following table summarizes the Company’s senior unsecured notes by issuance date. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity.


$ in thousands	Principal		Maturity Date	Interest Rate
February 2021	$	650,000	February 2029	4.125%
February 2021	650,000		February 2031	4.375%
February 2026	500,000		February 2032	5.875%
February 2026	500,000		February 2034	6.125%
Senior unsecured notes	$	2,300,000

Secured Mortgages Payable The Company’s outstanding mortgages are collateralized by certain of the Company’s real estate assets. Certain of the Company’s loans contain provisions that grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. Construction loans related to the Company’s development properties are generally variable-rate, interest-only, and have maturities of five years or less. Debt obligations related to the Company’s operating properties generally require monthly installments of principal and interest. The Company’s secured mortgages mature over various terms through September 2052.

The following table summarizes the Company’s secured mortgages payable:


	June 30, 2026						December 31, 2025
$ in thousands	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity
Fixed rate (a)	$	1,732,234	3.13% - 8.67%	5.00	%	4.6	$	1,793,561	3.13% - 8.67%	4.91	%	5.1
Variable rate (b)	1,312,377		5.34% - 8.86%	6.77	%	2.3	1,135,359		5.77% - 8.87%	7.34	%	1.3
Secured mortgages payable	$	3,044,611	3.13% - 8.86%	5.76	%	3.6	$	2,928,920	3.13% - 8.87%	5.85	%	3.6

(a)Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations.

(b)Interest rates presented are based on the applicable reference interest rates as of June 30, 2026, and December 31, 2025, excluding the effects of interest rate derivatives.

The Company has entered into derivative instruments to manage its variable interest rate exposure. The weighted-average interest rate of the Company’s variable-rate mortgages payable, inclusive of interest rate derivatives, was 6.68% as of June 30, 2026, and 7.15% as of December 31, 2025. See Note 7 - Derivative Instruments and Hedging Activities for additional information.

During 2026, the Company’s mortgage activity included new borrowings of $370.1 million, draws on existing mortgages of $154.7 million, refinancings of $35.0 million, and repayments of $445.1 million. As of June 30, 2026, the Company’s secured mortgage loans had $970.3 million of undrawn lender commitment available to be drawn for property development, subject to certain restrictions.

Special Improvement District Bonds The Summerlin MPC uses SID bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities, and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi‑annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. These bonds bear interest at fixed rates ranging from 4.13% to 6.05% with maturities ranging from 2030 to 2055 as of June 30, 2026, and fixed rates ranging from 4.13% to 6.50% with maturities ranging from 2030 to 2055 as of December 31, 2025. During the six months ended June 30, 2026, obligations of $8.5 million were assumed by buyers and no SID bonds were issued.

Secured Bridgeland Notes The Company has $600.0 million of borrowing capacity under these secured notes, which mature in 2029 and are secured by MUD receivables and land in Bridgeland. The loan requires a 10% fully refundable deposit on the outstanding balance and has an interest rate of 5.93%. As of June 30, 2026, outstanding borrowings were $85.0 million, and undrawn capacity was $515.0 million.

Vantage Revolving Credit Facility Vantage has a $75.0 million revolving credit facility (RCF) with the option to increase the aggregate amount by $50.0 million at the lender’s discretion. The RCF will mature in January 2028 and has a variable interest rate based on Vantage’s A.M. Best financial strength rating. As of June 30, 2026, there were no outstanding borrowings under the RCF.

Debt Compliance On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option.

As of June 30, 2026, the Company was not in compliance with certain property-level debt covenants. As a result, the excess net cash flow after debt service from the underlying properties became restricted. While the restricted cash can not be used for general corporate purposes, it can be used to fund operations of the underlying assets and did not have a material impact on the Company’s liquidity or its ability to operate these assets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments - Narrative (Details)	6 Months Ended
Segments - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Investments in Unconsolidated Ventures - Summary of Equity Investments in Real Estate and Other Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Schedule of Investments [Line Items]
Investments in unconsolidated ventures	$ 186,153		$ 186,153		$ 170,122
Share of Earnings/Dividends	301	$ (1,887)	(2,339)	$ (567)
Equity Method Investments
Schedule of Investments [Line Items]
Equity Method Investments	182,386		182,386		166,343
Share of Earnings/Dividends	312	(1,887)	(7,646)	(6,172)
Equity securities
Schedule of Investments [Line Items]
Other equity investments	3,767		3,767		3,779
Share of Earnings/Dividends	(11)	0	5,307	5,605
Operating equity investments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilities
Schedule of Investments [Line Items]
Investment deficit position	24,600		24,600		23,800
Operating Assets Segment \| Operating equity investments \| Equity Method Investments
Schedule of Investments [Line Items]
Equity Method Investments	14,233		14,233		$ 10,649
Share of Earnings/Dividends	$ 794	(325)	$ 1,353	(1,287)
MPC Segment \| The Summit \| Equity Method Investments
Schedule of Investments [Line Items]
Ownership Interest	50.00%		50.00%		50.00%
Equity Method Investments	$ 32,726		$ 32,726		$ 35,815
Share of Earnings/Dividends	$ 1,376	(87)	$ 891	(4,970)
MPC Segment \| Floreo \| Equity Method Investments
Schedule of Investments [Line Items]
Ownership Interest	50.00%		50.00%		50.00%
Equity Method Investments	$ 70,970		$ 70,970		$ 59,008
Share of Earnings/Dividends	(1,229)	(1,562)	(4,279)	(89)
MPC Segment \| Other \| Equity Method Investments
Schedule of Investments [Line Items]
Ownership Interest					50.00%
Equity Method Investments	1,174		1,174		$ 0
Share of Earnings/Dividends	$ (716)	0	$ (716)	0
Strategic Developments Segment \| Other \| Equity Method Investments
Schedule of Investments [Line Items]
Ownership Interest	50.00%		50.00%		50.00%
Equity Method Investments	$ 0		$ 0		$ 41
Share of Earnings/Dividends	$ (2)	0	$ (30)	0
Strategic Developments Segment \| West End Alexandria \| Equity Method Investments
Schedule of Investments [Line Items]
Ownership Interest	58.00%		58.00%		58.00%
Equity Method Investments	$ 49,672		$ 49,672		$ 60,830
Share of Earnings/Dividends	$ 89	87	$ (4,865)	174
Strategic Developments Segment \| Aspect \| Equity Method Investments
Schedule of Investments [Line Items]
Ownership Interest	85.00%		85.00%		0.00%
Equity Method Investments	$ 13,611		$ 13,611		$ 0
Share of Earnings/Dividends	$ 0	$ 0	$ 0	$ 0

Segments - Capital Expenditures by Segment (Details) - Operating segments - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Assets segment
Segments reporting
Capital expenditures	$ 19,368	$ 19,272
MPC segment
Segments reporting
Capital expenditures	203	75
Strategic Developments segment
Segments reporting
Capital expenditures	$ 42,457	$ 112,670

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Segments - Assets by Segment and Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Segments reporting
Total Assets	$ 15,910,043	$ 10,639,461
Vantage
Segments reporting
Total Assets	6,298,578	0
Operating Segments \| Operating Assets Segment
Segments reporting
Total Assets	3,578,739	3,606,214
Operating Segments \| MPC Segment
Segments reporting
Total Assets	3,628,992	3,487,301
Operating Segments \| Strategic Developments Segment
Segments reporting
Total Assets	1,993,045	2,378,762
Corporate
Segments reporting
Total Assets	$ 410,689	$ 1,167,184

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Vantage Acquisition - Future Net Amortization Expense For Acquired Finite-Lived Intangible Assets (Details) - Vantage Group Holdings Ltd. $ in Thousands	Jun. 30, 2026 USD ($)
Business Combination [Line Items]
Remaining in 2026	$ 146,216
2027	147,794
2028	29,928
2029	17,866
2030	16,584
2031	16,584
Location, Statement of Income, Balance [Axis]: us-gaap:DepreciationDepletionAndAmortization
Business Combination [Line Items]
Remaining in 2026	8,292
2027	16,584
2028	16,584
2029	16,583
2030	16,584
2031	16,584
Location, Statement of Income, Balance [Axis]: hhh:InsuranceUnderwritingExpenses
Business Combination [Line Items]
Remaining in 2026	137,924
2027	131,210
2028	13,344
2029	1,283
2030	0
2031	$ 0

Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

OTHER ASSETS AND LIABILITIES [Abstract]

Summary of the significant components of other assets

The following table summarizes the significant components of Other assets, net:


thousands	June 30, 2026		December 31, 2025
Prepaid reinsurance premiums	$	435,203	$	—
Special Improvement District receivable, net	83,501		90,417
Security, escrow, and other deposits	82,932		54,608
Fee income receivable	65,910		—
Other	60,253		11,356
Reinsured funds held by third parties	55,552		—
Prepaid expenses	34,798		19,669
Other investments	14,685		—
Condominium inventory	10,504		3,937
Operating lease right-of-use assets	7,761		5,231
Derivative assets	6,480		3,113
Tenant incentives and other receivables, net	4,983		15,259
Notes receivable, net	3,578		2,932
TIF receivable, net	3,216		4,012
Net investment in lease receivable	2,860		2,781





Other assets, net	$	872,216	$	213,315

Summary of the significant components of other liabilities, net

The following table summarizes the significant components of Other liabilities, net:


thousands	June 30, 2026		December 31, 2025
Condominium deposit liabilities	$	652,456	$	748,795
Reinsurance balances payable	277,900		—
Construction payables	206,872		263,845
Deferred income	153,234		166,121
Tenant and other deposits	77,636		59,736
MUD sale liability	71,095		64,364
Accounts payable and accrued expenses	58,460		69,023
Accrued payroll and other employee liabilities	57,561		31,452
Accrued interest	56,604		50,800
Other	30,548		27,911
Accrued real estate taxes	28,768		35,311
Operating lease obligations	7,539		4,868
Derivative liabilities	10		689







Other liabilities, net	$	1,678,683	$	1,522,915

Mortgages, Notes, and Loans Payable, Net - Schedule of Senior Unsecured Note (Details) - Senior unsecured notes - USD ($) $ in Thousands	Jun. 30, 2026	Feb. 28, 2026
Debt Instrument [Line Items]
Principal	$ 2,300,000
Unsecured Senior Notes Due 2029
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.125%
Unsecured Senior Notes Due 2031
Debt Instrument [Line Items]
Principal	$ 650,000
Interest Rate	4.375%
Senior Unsecured Notes Due 2032
Debt Instrument [Line Items]
Principal	$ 500,000	$ 500,000
Interest Rate	5.875%	5.875%
Senior Unsecured Notes Due 2034
Debt Instrument [Line Items]
Principal	$ 500,000	$ 500,000
Interest Rate	6.125%	6.125%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Derivative Instruments and Hedging Activities - Impact of Financial Instruments on Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseNonoperating
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations	$ 338	$ 782	$ 692	$ 1,481
Interest rate derivatives
Effect of the Company's derivative financial instruments on the income statement
Amount of Gain (Loss) Recognized in AOCI on Derivatives	$ 3,380	$ (91)	$ 3,180	$ (1,211)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Presentation of Financial Statements and Significant Accounting Policies - Impacts of the ASC 842 and ASC 450 Reserves (Details) - Collectibility of Receivables - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]
Rental revenue	$ 1,034	$ 718	$ 2,392	$ 1,489
Provision for (recovery of) doubtful accounts	123	542	64	386
Total (income) expense impact	$ 1,157	$ 1,260	$ 2,456	$ 1,875

- Definition

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+ Details

Presentation of Financial Statements and Significant Accounting Policies - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Business Combination [Line Items]
Buildings and equipment	$ 4,031,804	$ 4,028,862
Less: accumulated depreciation	(1,117,166)	(1,082,124)
Developments	1,072,034	1,477,615
Net investment in real estate	6,969,318	7,367,055
Cash and cash equivalents	2,647,959	1,468,507	$ 1,441,026
Restricted cash	717,395	628,651
Accounts receivable, net	940,400	134,122
Deferred expenses, net	175,243	160,966
Other assets, net	872,216	213,315
Total assets	15,910,043	10,639,461
Other liabilities, net	1,678,683	1,522,915
Total liabilities	10,880,306	6,797,215
Variable Interest Entity, Primary Beneficiary \| Ilima Acquisition
Business Combination [Line Items]
Buildings and equipment	7,184	7,161
Less: accumulated depreciation	(2,553)	(1,354)
Developments	15,002	14,684
Net investment in real estate	19,633	20,491
Cash and cash equivalents	20,113	21,690
Restricted cash	162,974	136,418
Accounts receivable, net	57	65
Deferred expenses, net	17,478	13,571
Other assets, net	67	565
Total assets	220,322	192,800
Other liabilities, net	181,194	153,430
Total liabilities	$ 181,194	$ 153,430

Presentation of Financial Statements and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of Howard Hughes Holdings Inc. and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation. The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests. Certain prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no effect on previously reported total assets, total liabilities, stockholders' equity, net income, or cash flows.
Basis of Presentation	Principles of Consolidation and Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of Howard Hughes Holdings Inc. and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation. The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests. Certain prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no effect on previously reported total assets, total liabilities, stockholders' equity, net income, or cash flows.
Investments	Investments in Fixed Maturity Securities Investments in fixed maturity securities are classified as available-for-sale (AFS) on the acquisition date and classification is reevaluated at each balance sheet date. AFS securities are reported at fair value, net of valuation allowance for expected credit losses, with unrealized changes in fair value recorded as a separate component of accumulated other comprehensive income (AOCI) in the Condensed Consolidated Statements of Equity. Realized investment gains and losses on AFS fixed maturity securities are determined using cost calculated on a specific identification basis and recognized upon the sale of such securities in Investment gain (loss), net in the Condensed Consolidated Statements of Operations. For AFS fixed maturity securities in an unrealized loss position, the Company recognizes a loss in earnings when it intends to sell a security or it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis. If a portion of the unrealized loss is determined to be related to credit factors, the Company records an allowance for credit losses, limited to the amount by which amortized cost exceeds fair value, with a corresponding charge to Investment gain (loss), net in the Condensed Consolidated Statements of Operations. Any portion of the unrealized loss that is not attributable to credit-related factors is recognized in accumulated other comprehensive income (loss). Interest and dividend income on fixed maturity securities is recognized in Net insurance investment income, net of investment management and custody fees, in the Condensed Consolidated Statements of Operations. Premiums and discounts on fixed maturity securities are amortized or accreted into net insurance investment income using the effective yield method. For mortgage-backed securities, and any other holdings for which there is prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized prospectively. Prepayment fees or call premiums that are only payable when a security is called prior to its maturity are earned when received and reflected in Net insurance investment income. Investments in Equity Securities Investments in equity securities are carried at fair value and changes in fair value are recorded in Investment gain (loss), net in the Condensed Consolidated Statements of Operations. Realized investment gains and losses on equity securities are determined using cost calculated on a specific identification basis and recognized upon the sale of such securities in Investment gain (loss), net. Dividend income is recognized in Net insurance investment income. Short-Term Investments The Company's short-term investments consist of U.S. Treasury bills with original maturities greater than 3 months and less than 12 months. These investments are recorded at fair value, which typically approximates cost. Interest income on short-term investments is recognized in Net insurance investment income in the Condensed Consolidated Statements of Operations. Other Investments Held-to-maturity (HTM) fixed maturity securities are investments for which the Company has the ability and positive intent to hold to maturity and are reported at amortized cost, net of valuation allowance for expected credit losses. The Company evaluates the need for an allowance for expected credit losses based on probability of default and loss given various default assumptions. HTM securities are presented in Other assets, net on the Condensed Consolidated Balance Sheets. Refer to Note 8 - Fair Value for additional information. The Company has an investment in a limited partnership which is carried at fair value. As a practical expedient, the fair value is estimated using the net asset value reported by the external fund manager. The Company does not have control or significant influence over the partnership. This investment is valued at $5.6 million as of June 30, 2026, and is presented in Other assets, net on the Condensed Consolidated Balance Sheets. Changes in fair value are recorded in Investment gain (loss), net in the Condensed Consolidated Statements of Operations.
Insurance Premiums	Insurance Premiums Insurance premiums written are recorded in accordance with the terms of the underlying policies at the policy inception and are primarily earned on a pro rata basis over the term of the policies, which generally do not exceed one year. Unearned premiums represent the portion of premiums written that relate to the unexpired terms of the policies in force. Reinsurance Premiums Reinsurance premiums written for excess of loss reinsurance contracts are recorded based on the terms of the underlying policies. Reinsurance premiums written for pro rata reinsurance contracts are recorded based on amounts reported by brokers and ceding companies, supplemented by the Company’s own estimates of premiums where reports have not been received. The determination of estimates is based on the Company’s experience with the ceding companies, familiarity with the market, timing of reported information, analysis and understanding of the characteristics of each line of business, and judgment of the impact of various factors, including premium or loss trends on the volume of business written and ceded to the Company. On an ongoing basis, the Company’s underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account management’s historical experience with the brokers or ceding companies. In addition, reinsurance contracts under which the Company assumes business generally contain specific provisions which allow the Company to perform audits of the ceding company to ensure compliance with the terms and conditions of the contract, including accurate and timely reporting of information. Premium estimates are updated when new information is received and differences between such estimates and actual amounts are recorded in the period in which estimates are changed, or the actual amounts are determined. For multi-year reinsurance contracts which are payable in annual installments, only the initial annual installment is included as premiums written at policy inception, due to the ability of the reinsured to commute or cancel coverage under certain conditions during the term of the policy. The remaining annual installments are included as premiums written at each successive anniversary date within the multi-year term. Reinsurance premiums written, irrespective of the class of business, are generally earned on a pro rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a losses occurring basis cover claims that may occur during the term of the contract or policy, which is typically 12 months. Accordingly, the related reinsurance premium is earned evenly over the term. Contracts which are written on a risks attaching basis cover claims which attach to the underlying insurance policies written during the terms of these contracts. Premiums earned on risks attaching contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of reinsurance premiums earned over a 24-month period. Reinstatement Premiums Reinstatement premiums for the Company’s reinsurance operations are recognized at the time a loss event occurs, where coverage limits for the remaining life of the contract are reinstated under pre-defined contract or policy terms. Reinsurance reinstatement premiums are fully earned when recognized. The accrual of reinstatement premiums is based on an estimate of claims and claim expenses, which reflects the Company’s judgment. Insurance Policy Deferred Acquisition Costs (DAC) and Valuation of Businesses Acquired Insurance policy acquisition costs are incurred upon the issuance of insurance and reinsurance contracts and consist principally of commissions, brokerage, and premium taxes. Costs directly related to the successful acquisition of new and renewal contracts are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are presented net of deferred ceding commissions, which are amortized over the same period as the related ceded premiums are earned. Certain reinsurance contracts include adjustable commission or profit-sharing provisions, which are estimated and included in deferred acquisition costs based on expected claims and claim expenses on those contracts, and are shown net of commissions and profit commissions earned on ceded reinsurance. Deferred acquisition costs are included in Deferred expenses, net on the Condensed Consolidated Balance Sheets and the related amortization of these costs is included in Insurance underwriting expenses on the Condensed Consolidated Statements of Operations. As part of acquisition accounting, Vantage’s historical deferred acquisition costs were eliminated as of the acquisition date. Accordingly, the deferred acquisition cost balance reflected in the Condensed Consolidated Balance Sheets represents only insurance policy acquisition costs incurred subsequent to the Vantage Acquisition date. The Company considers anticipated investment income in determining whether a premium deficiency exists for short-duration contracts. Deferred acquisition costs are reviewed for recoverability and are limited to amounts expected to be recovered from future earned premiums. The recoverability of deferred acquisition costs is evaluated based on the estimated profitability of the related unearned premiums, taking into consideration anticipated claims and claim expenses, investment income, and historical and current underwriting experience.
Reserves for Claims and Claim Expenses	Reserves for Claims and Claim Expenses The reserves for claims and claim expenses include estimates for unpaid losses on reported claims as well as an estimate of losses incurred but not reported (IBNR). The reserve is based on individual claims, case reserves, and other reserve estimates reported by insureds and ceding companies, as well as management estimates of ultimate losses. Ultimate losses are estimated using various generally accepted actuarial methods. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Accordingly, claims and claim expenses ultimately paid may differ materially from the amounts recorded in the Condensed Consolidated Financial Statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the Condensed Consolidated Statements of Operations in the period in which they become known and are accounted for as changes in estimates.
Reinsurance	Reinsurance The Company purchases reinsurance to increase capacity and to limit the impact of individual losses and events on its underwriting results by reinsuring certain levels of risk with other insurance enterprises or reinsurers. The Company uses pro rata, excess of loss, and facultative reinsurance contracts. The premiums paid to reinsurers or ceded premiums written are recognized over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded which relate to the unexpired term of the contracts in force. Ceded reinsurance contracts do not relieve the Company of its primary obligation to its (re)insureds. Reinsurance recoverable on unpaid losses is estimated in a manner consistent with the associated claim liability. Reinsurance recoverable related to IBNR is generally developed as part of the Company’s loss reserving process, therefore, its estimation is subject to similar risks and uncertainties as the estimation of IBNR. In certain instances, the Company obtains collateral, including letters of credit and trust accounts to reduce the credit exposure on its reinsurance recoverable. The Company reports its reinsurance recoverable on paid and unpaid losses net of an allowance for expected credit loss, if necessary. The allowance is based upon the Company’s ongoing review of amounts outstanding, the financial condition of its reinsurers, amounts and form of collateral obtained and other relevant factors.
Fee Income	Fee Income Fee income receivable primarily includes amounts from third parties relating to potential variable fees. Revenue is recognized when the variable fee is probable of being realized and the amount of the variable fee can be reliably estimated. The probability of the variable fee being realized is assessed based on an evaluation of the terms and conditions of the reinsurance contracts, historical experience, and any other relevant factors. The estimation of the amount of the variable fee to recognize takes into consideration the anticipated profitability of the underlying reinsurance contracts, as well as any limitations or contingencies specified in the contracts. Variable consideration is recognized in revenue only to the extent that it is probable that a significant reversal will not occur when the related uncertainty is resolved. Management reassesses estimates of variable consideration at each reporting date throughout the contract period.
Foreign Currency	Foreign Currency The U.S. dollar is the functional currency of the Company and its subsidiaries. Vantage occasionally transacts business in foreign currencies. Monetary assets and liabilities denominated in foreign currencies are revalued at the prevailing exchange rate at the balance sheet date, and revenues and expenses denominated in foreign currencies are translated at the prevailing exchange rate on the transaction date, with the resulting foreign exchange gains or losses included in Other income (loss), net in the Condensed Consolidated Statements of Operations. Non-monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate on the transaction date and are not subsequently revalued or remeasured.
Insurance-Related Statutory Capital and Dividend Restrictions	Insurance-Related Statutory Capital and Dividend Restrictions The Company’s insurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate and have regulatory capital and solvency requirements and restrictions on the ability of such subsidiaries to pay dividends to the parent company. The ability of the insurance and reinsurance subsidiaries to pay dividends to the parent company is also influenced by the maintenance of financial strength ratings assigned by independent rating agencies. Additionally, as a condition to the approval by the Delaware Department of Insurance (the Department) of the Vantage Acquisition, the Company has agreed that, until June 4, 2028, any dividends (whether ordinary or otherwise) by the Company’s Delaware insurance subsidiaries will require the Department’s prior approval. As of June 30, 2026, all insurance subsidiaries exceeded minimum regulatory capital requirements.
Restricted Cash	Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net includes insurance premiums receivable, straight-line rent receivables, tenant receivables, related-party receivables, and other receivables. Insurance premiums receivable includes amounts due from agents, brokers, and insureds that are both currently due and amounts not yet due on insurance policies and reinsurance contracts, and are reported net of an allowance for expected credit losses, if necessary. On a quarterly basis, management reviews these receivables for collectability. This analysis is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In certain instances, credit risk may be reduced by the Company’s right to offset loss obligations and/or unearned premiums against premiums receivable. The Company recognizes reserves for estimated losses in earnings if the estimated loss amount is probable and can be reasonably estimated. Straight-line rent receivables arise from the recognition of rental income on a straight-line basis over the term of the lease when lease agreements contain scheduled rent increases or rent concessions. Tenant receivables represent amounts billed and currently due from tenants for contractual base rent, reimbursements of property operating expenses, and other lease-related charges. On a quarterly basis, management reviews the lease-related receivables for collectability. This analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease-related receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses if the estimated loss amount is probable and can be reasonably estimated. Related-party receivables are primarily due from the Floreo joint venture. This balance includes reimbursable overhead costs incurred by the Company on behalf of Floreo and an outstanding balance of $6.0 million related to guaranty fees associated with Floreo’s bond financing. See Note 5 - Investments in Unconsolidated Ventures for additional information on the Floreo joint venture and Note 12 - Commitments and Contingencies for additional information on the guaranty fee. Other receivables are primarily related to other short-term trade receivables. The Company is exposed to credit losses through the sale of goods and services to customers and assesses its exposure to credit loss related to these receivables on a quarterly basis based on historical collection experience and future expectations by portfolio. The Company records an allowance for credit losses if the estimated loss amount is probable.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, certain financial instruments, debt, and options granted. Master Planned Communities (MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Reserves for claims and claim expenses are subject to considerable estimation error due to the inherent uncertainty in projecting ultimate claim cost. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Evaluations of goodwill and indefinite-lived intangible assets for impairment also require considerable judgment. These estimates are affected by expectations about future market or economic conditions, and as such, actual results could differ from these and other estimates.
Impairment Analysis, Long-Lived Asset	Impairment Analysis Long-Lived Assets The Company reviews its long-lived assets for potential impairment indicators when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment or disposal of long‑lived assets in accordance with ASC 360, Property, Plant, and Equipment, requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return. No impairment charges were recorded for long-lived assets during the three and six months ended June 30, 2026, or 2025. The Company periodically evaluates strategic alternatives with respect to each property and may revise the strategy from time to time, including the intent to hold the asset on a long-term basis or the timing of potential asset dispositions. For example, the Company may decide to sell property that is held for use, and the sale price may be less than the carrying amount. As a result, changes in strategy could result in impairment charges in future periods.
Impairment Analysis, Investments in Unconsolidated Ventures	Impairment Analysis Investments in Unconsolidated Ventures The Company evaluates each investment in an unconsolidated venture discussed in Note 5 - Investments in Unconsolidated Ventures periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded for investments in unconsolidated ventures during the three and six months ended June 30, 2026, or 2025.
Goodwill and Other Intangibles	Goodwill and Other Intangibles Goodwill represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired in a business combination. Goodwill is not amortized and is subject to periodic impairment testing. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized. Goodwill and other indefinite-life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Finite-lived intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. The goodwill impairment test first assesses qualitative factors to determine whether goodwill is likely impaired. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill, the Company will then perform a quantitative goodwill impairment test. If goodwill or other intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense reflected in the Company’s Condensed Consolidated Statements of Operations.
Noncontrolling Interests	Noncontrolling Interests As of June 30, 2026, and December 31, 2025, noncontrolling interests were primarily related to the 12.0% noncontrolling interest in Teravalis. As of June 30, 2026, noncontrolling interest also includes the noncontrolling interest in AV0002.
Financing Receivable Credit Losses	Financing Receivable Credit Losses The Company is exposed to credit losses on financing receivables, which include MUD receivables, Special Improvement District (SID) bonds, Tax Increment Financing (TIF) receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss on a quarterly basis using historical collection experience and future expectations by portfolio segment.
Fair Value	AFS Fixed Maturity Securities The Company values Level 2 securities using observable market inputs obtained from independent pricing services which use proprietary valuation models and techniques, including matrix pricing, to estimate fair value using observable market inputs. The extent to which each observable market input is used depends on the type of security and market conditions at the balance sheet date. The Company uses the following observable market inputs, listed in the approximate order of priority, in the pricing evaluation of Level 2 securities: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research data. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary. The following describes the significant inputs generally used to determine the fair value of the Company’s fixed maturity securities by asset class: –U.S. government and government agency securities—U.S. government and government agencies and authorities’ securities are priced utilizing standard inputs. –Asset-backed securities—generally valued using pricing models which use spreads to determine the appropriate average life of the securities. These spreads are generally obtained from the new issue market, secondary trading, and broker-dealers who trade in the relevant security market. –Mortgage-backed securities—generally valued using observable inputs such as daily institutional trade observations, broker quotes, and dealer runs to capture shifts in market sentiment and liquidity. The fair values use projected future cash flows by factoring in expected prepayment speeds and interest rates. –U.S. corporate securities—generally valued using spreads above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading, and broker-dealers who trade in the relevant security market. –Foreign government securities—generally valued using international indices or valuation models that incorporate daily observed yield curves, cross-currency basis index spreads, and country credit spreads. Equity Securities The Company values Level 1 securities using quoted prices in active markets for identical securities. Short-Term Investments The Company's short-term investments consist of U.S. Treasury bills with original maturities greater than 3 months and less than 12 months. These investments are generally valued using spreads above the risk-free yield curve using pricing information obtained from independent pricing services. Derivative Assets and Liabilities The fair values of interest rate derivatives (Level 2) are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves.

Revenues (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Summary of revenue disaggregated by revenue source

The following presents the Company’s revenues disaggregated by revenue source:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Revenues from contracts with customers
Condominium rights and unit sales	$	706,311	$	193	$	709,445	$	535
Master Planned Communities land sales	170,936		125,041		270,509		196,683
Builder price participation	6,868		14,138		15,550		23,425
Other revenues	15,779		10,416		26,758		20,060

Rental and lease-related revenues
Rental revenue	114,198		111,092		227,747		219,505

Insurance-related revenues
Net earned insurance premiums	97,247		—		97,247		—
Net insurance investment income	10,988		—		10,988		—

Total revenues	$	1,122,327	$	260,880	$	1,358,244	$	460,208

Summary of contract with customer, assets and liabilities

The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:


thousands
Balance at December 31, 2025	$	896,896
Consideration earned during the period	(761,543)
Consideration received during the period	653,737
Balance at June 30, 2026	$	789,090

Balance at December 31, 2024	$	584,536
Consideration earned during the period	(33,726)
Consideration received during the period	92,582
Balance at June 30, 2025	$	643,392

Summary of remaining performance obligation, expected timing of satisfaction

The Company expects to recognize this amount as revenue over the following periods:


thousands	Less than 1 year			1-2 years		3 years and thereafter
Total remaining unsatisfied performance obligations		$	664,885	$	67,475		$	3,083,287

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Summary of leased assets and liabilities

The Company’s leased assets and liabilities are as follows:


thousands	June 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	7,761	$	5,231
Operating lease obligations	7,539		4,868

Summary of future minimum lease payments

Future minimum lease payments as of June 30, 2026, are as follows:


thousands	Operating Leases
Remainder of 2026	$	1,524
2027	1,729
2028	911
2029	871
2030	637
Thereafter	5,810
Total lease payments	11,482
Less: imputed interest	(3,943)
Present value of lease liabilities	$	7,539

Summary of components of lease expense and other information

Other information related to the Company’s lessee agreements is as follows:


Supplemental Condensed Consolidated Statements of Cash Flows Information	Six Months Ended June 30,
thousands	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	527	$	333


Other Information	June 30, 2026		June 30, 2025
Weighted-average remaining lease term (years)
Operating leases	12.0		16.3
Weighted-average discount rate
Operating leases	5.7	%	7.1	%

Summary of minimum rentals

Minimum rent revenues related to operating leases are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Total minimum rent payments	$	63,543	$	61,596	$	125,004	$	122,006

Total future minimum rents associated with operating leases are as follows as of June 30, 2026:


thousands	Total Minimum Rent
Remainder of 2026	$	129,610
2027	262,746
2028	244,082
2029	224,358
2030	199,100
Thereafter	681,945
Total	$	1,741,841

Other Assets and Liabilities - Other Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
OTHER ASSETS AND LIABILITIES
Prepaid reinsurance premiums	$ 435,203	$ 0
Special Improvement District receivable, net	83,501	90,417
Security, escrow, and other deposits	82,932	54,608
Fee income receivable	65,910	0
Other	60,253	11,356
Reinsured funds held by third parties	55,552	0
Prepaid expenses	34,798	19,669
Other investments	14,685	0
Condominium inventory	10,504	3,937
Operating lease right-of-use assets	7,761	5,231
Derivative assets	6,480	3,113
Tenant incentives and other receivables, net	4,983	15,259
Notes receivable, net	3,578	2,932
TIF receivable, net	3,216	4,012
Net investment in lease receivable	2,860	2,781
Other assets, net	$ 872,216	$ 213,315

Acquisitions and Dispositions of Real Estate Assets - Dispositions Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Millions	1 Months Ended
	Jun. 30, 2026 USD ($) unit	Sep. 30, 2025 USD ($) ft² landParcel	Jul. 31, 2025 USD ($)	Jan. 31, 2025 USD ($) ft² landParcel
The Woodlands
Disposal Group, Including Discontinued Operations [Line Items]
Gain on disposal			$ 10.1
Creekside Park
Disposal Group, Including Discontinued Operations [Line Items]
Gain on disposal	$ 25.2
Number of units \| unit	292
Consideration received	$ 55.5
Creekside Park The Grove
Disposal Group, Including Discontinued Operations [Line Items]
Gain on disposal	$ 26.5
Number of units \| unit	360
Consideration received	$ 71.8
Ward Village Land Parcels
Disposal Group, Including Discontinued Operations [Line Items]
Gain on disposal		$ 4.4		$ 10.0
Consideration received		$ 6.0		$ 12.2
Land parcels sold \| landParcel		2		2
Area of real estate property (in sqft) \| ft²		6,890		13,870

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Remainder of 2026	$ 1,524
2027	1,729
2028	911
2029	871
2030	637
Thereafter	5,810
Total lease payments	11,482
Less: imputed interest	(3,943)
Present value of lease liabilities	$ 7,539	$ 4,868

Vantage Acquisition - Post-Acquisition Financial Results (Details) - Vantage Group Holdings Ltd. $ in Thousands	1 Months Ended
	Jun. 30, 2026 USD ($)
Business Combination [Line Items]
Total revenues	$ 113,141
Net income (loss) attributable to common stockholders	$ (15,730)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Pershing Square

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Pershing Square


3. Pershing Square

Pershing Square is considered a related party due to its ownership interest in the Company and its representation on the Company’s Board of Directors. The following disclosures summarize the material transactions and arrangements between the Company and Pershing Square during the periods presented.

Series A Non-voting Exchangeable Perpetual Preferred Stock Issuance to Pershing Square

On June 4, 2026, in connection with the Vantage Acquisition, the Company entered into a Subscription Agreement, pursuant to which it issued and sold 140,000 shares of Series A Non-voting Exchangeable Perpetual Preferred Stock (Series A Preferred Stock) with a par value of $0.01 per share to an affiliate of Pershing Square for $1.0 billion in a private placement. Net proceeds from the issuance were used to fund a portion of the Vantage Acquisition consideration and to provide additional capital to Vantage for working capital and general corporate purposes.

Preferred Stock Authorized The Company's charter authorizes 50,000,000 shares of preferred stock issuable in one or more series. The Series A Preferred Stock was issued out of this authorized amount in 14 economically identical tranches of 10,000 shares each. The remaining authorized preferred shares are undesignated and unissued.

Ranking and Voting Rights The Series A Preferred Stock is non-voting, other than customary protective provisions, and ranks pari passu with the Company's common stock with respect to payment rights and liquidation.

Dividends The Series A Preferred Stock is entitled to dividends only if declared by the majority of disinterested directors of the Board, and if declared, such dividends will be paid out of the assets of the Company legally available for the payment of dividends. Such declared dividends may not exceed the pro rata cash dividends or distributions actually received by the Company from Vantage. As such, the dividends are discretionary and noncumulative.

Exchange Right Within 60 days following (i) the end of the seventh fiscal year following the original issue date of the Series A Preferred Stock, which is December 31, 2032, and (ii) the end of each subsequent fiscal year, a holder of Series A Preferred Stock may exchange, in full-tranche increments, a number of shares of Series A Preferred Stock that exceeds 10% of its shares of Series A Preferred Stock, without the payment of additional consideration, into a number of common equity interests of Vantage (Vantage Units) as determined by an exchange ratio outlined in the governing agreements. The holders of the Series A Preferred Shares may not acquire, in the aggregate, more than 49% of Vantage Units without approval of a majority of the disinterested directors. To the extent an exchange is blocked by this ownership cap, the Company must instead repurchase the excess shares on Call Option terms as described below.

Call Option During the period between 60 and 90 days following the end of each of the first seven fiscal years following the original issue date, beginning with the fiscal year ending December 31, 2026, or as may be mutually agreed by the Company and holders representing the majority of the Series A Preferred Stock then-outstanding, the Company shall have the right, but not the obligation, to repurchase the Series A Preferred Stock in one or more full tranches (Call Option), including up to all outstanding Series A Preferred Stock. The repurchase price for each share of Series A Preferred Stock shall be equal to the greater of (i) the original issue price of the Series A Preferred Stock of $7,142.86, plus interest, compounded daily, at 4% per annum from the issuance date through the repurchase date and (ii) 1.5 times the book value of Vantage, excluding noncontrolling interest and acquisition-related goodwill and intangible assets, multiplied by the corresponding ownership percentage of Vantage represented by such share of Series A Preferred Stock, on an as-exchanged basis.

Contingent Repurchase Offer The Company is required to offer to repurchase all outstanding shares of Series A Preferred Stock upon the occurrence of certain specified events outside of the Company’s control, including (i) certain reorganization or change-of-control transactions, (ii) sale of all or substantially all of the assets or business of the Company, or (iii) specified uncured material breaches of the governing agreements. The repurchase price for each share of Series A Preferred Stock shall be cash consideration in an amount equal to the greater of (i) the amount that such holder of Series A Preferred Stock would have been entitled to receive under the Call Option and (ii) if the event triggering the repurchase offer is a direct or indirect transfer of equity in Vantage, the amount that such holder would have received in such transaction if it had exchanged its Series A Preferred Stock into Vantage units.

Defaulted Repurchase Dividend If all shares of Series A Preferred Stock are not repurchased in full when required (Repurchase Date), then beginning on the Repurchase Date and continuing until such shares are fully repurchased and the aggregate repurchase price is paid in full, the non-repurchased shares of Series A Preferred Stock shall remain outstanding and continue to have the same rights, preferences and privileges specified in the governing agreements and shall bear a dividend of 10% of the original issue price per annum (Defaulted Repurchase Dividend), to the extent permitted under applicable law. During such time, the Company is not permitted to declare or pay any distributions, dividends, redemptions or otherwise make funds available in respect of securities that rank pari passu or junior to the Series A Preferred Stock, and is required to use commercially reasonable efforts to generate sufficient funds to repurchase the remaining shares of Series A Preferred Stock in full, to the extent permitted under applicable law.

Protective Provisions and Registration Rights Agreement The governing documents also include customary protective provisions, including certain preemptive rights with respect to future issuances of equity interests of Vantage and approval rights over specified actions that could materially adversely affect the holders of the Series A Preferred Stock. In addition, the parties entered into a Registration Rights Agreement providing customary registration rights with respect to securities issuable upon exchange of the Series A Preferred Stock.

Financial Statement Impacts As the Series A Preferred Stock is redeemable for cash upon the occurrence of specified contingent redemption events mentioned above that are outside of the Company’s control, the Series A Preferred Stock is classified as mezzanine equity in the Condensed Consolidated Balance Sheets. As of the issuance date, the Series A Preferred Stock was recorded at $995.8 million, which represents the issuance-date fair value (gross proceeds) of $1.0 billion, less $4.2 million of direct issuance costs. The direct issuance costs relate to reasonable and documented expenses incurred by Pershing Square in connection with the issuance that HHH agreed to reimburse.

As of June 30, 2026, no specified redemption events have occurred and the Series A Preferred Stock is not redeemable as of this date. As the specified redemption events are outside of the Company’s control and are not considered probable until consummated, the Series A Preferred Stock does not require subsequent remeasurement to its redeemable value. The Company will continue to assess, at each reporting date, whether the Preferred Stock has become currently redeemable or probable of becoming redeemable.

The Company also assessed the above features to determine whether any features are required to be bifurcated and separately accounted for as an embedded feature. The Company concluded that the Defaulted Repurchase Dividend feature meets all the requirements to be separately accounted for as a bifurcated derivative. As a result, the Company bifurcated the Series A Preferred Stock between (i) the host contract which is accounted for within mezzanine equity as described above, and (ii) the bifurcated derivative related to the Defaulted Repurchase Dividend feature. As the Company believes the initial probability of triggering this feature is de minimis, the embedded feature has no value upon issuance or as of June 30, 2026.

Common Share Issuance to Pershing Square On May 5, 2025, the Company entered into a Share Purchase Agreement (Purchase Agreement), by and between the Company and Pershing Square Holdco, L.P. (PS Holdco), pursuant to which the Company sold to PS Holdco 9,000,000 newly issued shares of the Company’s common stock at a purchase price of $100 per share, for an aggregate purchase price of $900 million (the Pershing Square Issuance). In connection with the Purchase Agreement, the Company also entered into several other agreements, dated May 5, 2025, with PS Holdco and Pershing Square Capital Management, L.P. (together, Pershing Square), including a Services Agreement. The Company used the proceeds from the Pershing Square Issuance, along with additional sources, to complete the acquisition of Vantage in the second quarter of 2026.

As of June 30, 2026, Pershing Square beneficially owned approximately 46.7% of the Company’s outstanding shares of common stock.

Services Agreement Pursuant to the terms of the Services Agreement, dated May 5, 2025, Pershing Square supports the Company’s diversified holding company strategy by providing services to the Company, such as (i) investment advisory services, (ii) making recommendations with respect to hedging, balance sheet optimization and capital allocation, (iii) executing transactions, (iv) assisting the Company with business and corporate development functions, (v) making voting recommendations for the Company’s investments, (vi) assisting with and advising on fundraising, (vii) monitoring operations of the Company and its investments, subject to the day-to-day authority and responsibility of management of the Company, (viii) providing recommendations for persons to serve as designees or deputies of the Chief Investment Officer, (ix) engaging and supervising third-party service providers, (x) making dividend payment recommendations, and (xi) providing other services as may be agreed upon. The Services Agreement has an initial ten-year term and will have successive renewal terms of ten years.

On a quarterly basis, the Company pays Pershing Square a base advisory fee and a variable advisory fee equal to a percentage of the excess value of the quarter-end stock price of the Company’s common stock minus a reference price, multiplied by the existing share count as of the transaction date, which will not increase with the issuance of new shares of common stock. The base fee and the reference share price are subject to annual adjustment based on the Core Personal Consumption Expenditures (PCE) Price Index. The total advisory fees recognized in General and administrative expenses in the Condensed Consolidated Statements of Operations were $3.9 million for the three months ended June 30, 2026, and $7.6 million for the six months ended June 30, 2026, compared to $2.9 million for the three and six months ended June 30, 2025. As of June 30, 2026, the Company had immaterial payable amounts due to Pershing Square.

Upon consummation of the Vantage Acquisition, certain acquired subsidiaries entered into investment management agreements with Pershing Square, dated June 4, 2026, pursuant to which Pershing Square will act as investment manager of Vantage’s general account and other investment portfolios. As long as the Services Agreement remains in effect, none of the acquired subsidiaries will pay any additional investment management or advisory fees under the separate investment management agreements.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenues - Schedule of Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Contract Liabilities
Beginning balance	$ 896,896	$ 584,536
Consideration earned during the period	(761,543)	(33,726)
Consideration received during the period	653,737	92,582
Ending balance	$ 789,090	$ 643,392

Presentation of Financial Statements and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 04, 2026	Apr. 30, 2026	May 31, 2025	Sep. 30, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Jul. 31, 2026
Accounts, Notes, Loans and Financing Receivable [Line Items]
Settlement amount		$ 1,500	$ 147,000	$ 186,000
Related accrued interest			14,100	9,300
Future MUD receivables		26,100	95,900	40,000
Total cash consideration		17,500	180,000	176,700
Cash consideration allocated to sale of existing MUD receivables		900	112,800	146,700
Cash consideration allocated to future receivables		16,600	67,200	$ 30,000
Loss on sale of MUD receivables		$ 600	$ 48,200							$ 48,700
Remaining liability					$ 71,100		$ 71,100		$ 64,400
Total unamortized discount					14,400		14,400		12,800
Amortization and accretion of investment securities					3,200	$ 6,700	7,900	$ 9,200
Long-lived asset, held and used, impairment loss					0	0	0	0
Equity method investment, impairment					0	0	0	0
Total assets					15,910,043		15,910,043		10,639,461
Noncontrolling interests					73,577		73,577		66,790
Cash and cash equivalents					2,647,959	1,441,026	2,647,959	1,441,026	1,468,507
Net earned insurance premiums					97,247	$ 0	97,247	$ 0
Amortized cost basis of financing receivables					672,700		672,700		560,300
Accrued interest on financing receivables					$ 56,200		$ 56,200		48,200
Financing receivable threshold period past due					30 days		30 days
Fair Value Measured at Net Asset Value Per Share
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other equity investments					$ 5,600		$ 5,600
Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total cash consideration											$ 58,600
Floreo Joint Venture
Accounts, Notes, Loans and Financing Receivable [Line Items]
Related party receivables					6,000
Vantage Group Holdings Ltd.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Acquisition interest	100.00%
Total consideration	$ 2,100,000
Value of business acquired (VOBA)	$ 304,000
Expected amortization, percentage, year one	90.00%
Expected amortization, percentage, year two	9.00%
Expected amortization, percentage, year three	1.00%
Total assets					6,298,578		$ 6,298,578		$ 0
Vantage Group Holdings Ltd. \| Private Placement \| Series A Preferred Stock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale of stock, consideration received on transaction	$ 1,000,000
Teravalis Acquisition
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership interest							88.00%		88.00%
Percentage of minimum required capital contribution							12.00%		12.00%
Total assets					545,400		$ 545,400		$ 543,900
Noncontrolling interests					$ 65,400		$ 65,400		$ 65,200
Ilima Acquisition
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable interest entity predevelopment activity percentage							1
Variable interest entity contribution amount							$ 5,000
Ilima Acquisition \| Ilima
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable interest entity ownership percentage							100.00%		100.00%
AdVantage Reinsurance Bermuda Ltd
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reinsurance, premium, percentage assumed to net					2.20%		2.20%
Net earned insurance premiums					$ 1,000		$ 1,000
Fee and other income (losses)					4,900		$ 4,900
AdVantage Reinsurance Bermuda Ltd \| AV0002
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable interest entity ownership percentage							50.00%
Cash and cash equivalents					$ 24,100		$ 24,100

Vantage Acquisition

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Vantage Acquisition


2. Vantage Acquisition

On June 4, 2026, Howard Hughes Insurance Holdings, LLC, a wholly owned subsidiary of the Company, completed the acquisition of 100% of the outstanding shares of capital stock of Vantage Group Holdings, Ltd., a privately held specialty insurance and reinsurance company, for cash consideration of approximately $2.1 billion. References to "Vantage" herein refer to Howard Hughes Insurance Holdings, LLC and its consolidated insurance and reinsurance subsidiaries acquired in the Vantage Acquisition, unless the context otherwise requires. Also on June 4, 2026, to support the funding of the Vantage Acquisition, the Company issued $1.0 billion of its Series A Preferred Stock to Pershing Square Holdings, Ltd. See Note 1 - Presentation of Financial Statements and Significant Accounting Policies and Note 3 - Pershing Square for additional information. The transaction costs associated with the acquisition were $15.4 million for the three months ended June 30, 2026, and $19.0 million for the six months ended June 30, 2026, and are included in General and administrative expenses in the Condensed Consolidated Statements of Operations.

Preliminary Fair Value of Net Assets Acquired and Liabilities Assumed

The acquisition constitutes a business combination and was accounted for using the acquisition method of accounting. As such, the Company recorded the assets acquired and liabilities assumed at their estimated acquisition-date fair values, as summarized in the table below. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, the final underlying tax bases of assets acquired and liabilities assumed. The Company will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.


thousands	June 4, 2026
Fair value of assets acquired:
Buildings and equipment	$	118
Investments in fixed maturity securities	2,608,294
Short-term investments	32,845
Cash and cash equivalents	376,321
Restricted cash	84,450
Accounts receivable, net	788,692
Reinsurance recoverable on paid and unpaid losses	599,056
Intangibles, net	571,000
Other assets, net	626,363
Total estimated fair value of assets acquired	5,687,139

Fair value of liabilities assumed:
Reserves for claims and claim expenses	2,090,210
Unearned premiums	1,384,357
Deferred tax liabilities, net	18,437
Other liabilities, net	366,271
Total estimated fair value of liabilities assumed	3,859,275
Noncontrolling interests	7,753

Fair value of net assets acquired	1,820,111
Goodwill (a)	279,881
Total consideration	$	2,099,992

(a)The excess of the purchase price over the preliminary estimated fair value of the net tangible and identifiable intangible assets acquired, net of the fair value of the liabilities assumed totaled $279.9 million in Goodwill. Goodwill represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, and is attributable primarily to the assembled workforce of Vantage’s underwriting, actuarial, claims and executive teams, the established specialty insurance and reinsurance platform, and financial strength ratings that could not be replicated on a comparable timeline through internal development. The Company estimated that approximately $68.5 million of the goodwill related to the acquisition of Vantage will be deductible for U.S. tax purposes. The Company has not yet completed the allocation of goodwill to its reporting units or segments, and such allocation will be finalized during the 12-month period following the acquisition date.

Identifiable indefinite-lived and finite-lived intangibles consisted of the following and are included in Intangibles, net on the Company’s Condensed Consolidated Balance Sheets:


thousands	June 4, 2026		Economic Useful Life
Broker relationships - insurance	$	183,000	17 years
Broker relationships - reinsurance	44,000		15 years
Trade name	16,000		10 years
Internally developed and used technology	9,000		7 years
VOBA (a)	304,000		1 year
Insurance licenses	15,000		Indefinite
Total	$	571,000

(a)The majority of VOBA amortization is expected to be recognized within the first 12 months following the acquisition, with 90% recognized in year one, 9% in year two, and 1% in year three.

The Company engaged independent valuation specialists to assist management in determining the fair values of certain acquired assets and assumed liabilities. The determination of fair value required significant judgment and estimates and was based on information available as of the acquisition date.

The fair value of investments in fixed maturity securities was based primarily on Level 2 observable market inputs obtained from independent pricing services which use proprietary valuation models and techniques, including matrix pricing, to estimate fair value using observable market inputs.

Broker relationships represent the fair value of Vantage's existing relationships with independent insurance and reinsurance brokers, which serve as the primary distribution network for the Company's specialty insurance and reinsurance operations. The fair values were estimated using the multi-period excess earnings method under the income approach and are classified as Level 3 fair value measurements. The valuation incorporates significant unobservable inputs, including projected net premiums written, retention rates based on historical experience, normalized growth assumptions, contributory asset charges, and a discount rate. The analysis also reflects management’s assumptions regarding long-term tax rates and investment yields used to estimate attributable investment income. The Company assigned estimated useful lives of 17 years for insurance broker relationships and 15 years for reinsurance broker relationships. These useful lives were determined based on an analysis of historical broker-level attrition data, which was fitted to exponential survivor curves. The selected useful lives represent the periods over which the substantial majority of the present value of economic benefits from the existing broker relationships is expected to be realized. The shorter useful life assigned to reinsurance broker relationships reflects the more concentrated nature of the reinsurance broker market. The Company considered all applicable factors, including legal, regulatory, contractual, competitive, and economic factors, and concluded that no such factors impose a useful life shorter than those selected. All broker relationship intangible assets are amortized on a straight-line basis, as the Company determined that no other method more reliably reflects the pattern in which the economic benefits of the assets are consumed.

The trade name represents the "Vantage" brand identity used in the specialty insurance and reinsurance markets. The fair value was estimated using the relief-from-royalty method under the income approach and is classified as a Level 3 fair value measurement. The valuation incorporated a royalty rate derived from market data and qualitative factors, projected net premiums written with near- and long-term growth assumptions, and a discount rate. The 10-year estimated useful life reflects the expected period over which the trade name will generate incremental economic benefit distinct from the Company's own brand identity, considering the Company's anticipated brand strategy.

Internally developed and used technology consists of custom underwriting workbenches used in Vantage's insurance and reinsurance operations. The fair value was estimated using the replacement cost method under the cost approach and is classified as a Level 3 fair value measurement. The valuation incorporated estimates of labor costs, development timing, developer’s profit, entrepreneurial incentive, and obsolescence. The 7-year estimated useful life reflects the expected period over which the existing technology platforms will continue to serve the business before requiring significant re-engineering or replacement, considering the pace of technological change.

VOBA was valued using a discounted cash flow model applied to the run-off of unearned premium reserves, net of reinsurance, and is classified as a Level 3 fair value measurement. The valuation incorporated assumptions for loss and expense ratios, payment patterns, capital requirements, risk margin, and a discount rate based on the U.S. Treasury yield curve as of the acquisition date. VOBA is amortized in proportion to the pattern in which the underlying unearned premiums are earned, which reflects the period over which the acquired in-force contracts will generate premium revenue. The short amortization period reflects the fact that the unearned premium revenue represents premiums on policies already written but not yet earned as of the acquisition date, substantially all of which are expected to be earned within the 12 months following the closing date based on Vantage's historical earning patterns. As such, the majority of VOBA amortization is expected to be recognized within the first 12 months following the acquisition, with 90% recognized in year one, 9% in year two, and 1% in year three.

Insurance licenses represent the certificates of authority and surplus lines eligibility held by various Vantage subsidiaries in the United States and abroad. The fair values were valued using the comparable transaction method under the market approach and are classified as Level 2 fair value measurements. The valuation incorporated observable arm’s-length transaction prices from publicly reported acquisitions of shell insurance companies with operating licenses, with values selected based on transaction price statistics by license type. The Company determined that the insurance licenses have indefinite useful lives as no legal, regulatory, contractual, competitive, economic, or other factors limit their useful lives. State-issued certificates of authority are not subject to competitive re-bidding and remain in force continuously so long as the licensed entity maintains compliance with applicable regulatory requirements. Renewal involves routine filing obligations and negligible incremental cost. The Company will reassess the indefinite useful life classification each reporting period and will test these assets for impairment at least annually.

Reserves for claims and claim expenses, net of reinsurance recoverable on unpaid losses, were measured using a discounted cash flow model applied to the actuarial run-off of recorded reserves and are classified as Level 3 fair value measurements. The valuation incorporated adjustments for the time value of money and risk margin based on the U.S. Treasury yield curve, actuarial payment patterns, capital requirements, cost of capital, and reserve payout assumptions. The fair value adjustment will be amortized over the estimated payout period of the underlying claims as a reduction to prior accident year net claims and claim expenses.

The following table summarizes acquired finite-lived intangible assets which are amortized over their estimated useful lives:


	As of June 30, 2026
thousands	Gross Asset		Accumulated Amortization		Net Carrying Amount
Broker relationships - insurance	$	183,000	$	(798)	$	182,202
Broker relationships - reinsurance	44,000		(218)		43,782
Trade name	16,000		(119)		15,881
Internally developed and used technology	9,000		(95)		8,905
VOBA	304,000		(20,239)		283,761

Future net amortization expense for acquired finite-lived intangible assets is estimated as shown below:


thousands	Statements of Operations Location	Remaining in 2026		2027		2028		2029		2030		2031
VOBA	Insurance underwriting expenses	$	137,924	$	131,210	$	13,344	$	1,283	$	—	$	—
Other finite-lived intangibles	Depreciation and amortization	8,292		16,584		16,584		16,583		16,584		16,584
Net amortization expense		$	146,216	$	147,794	$	29,928	$	17,866	$	16,584	$	16,584

Post-Acquisition Financial Results

The following table summarizes the revenue and net income (loss) attributable to Vantage from the acquisition date, June 4, 2026, through June 30, 2026, as included in the Company’s Condensed Consolidated Statements of Operations. This is provided for informational purposes only and may not be indicative of future results.


thousands	Three and Six Months Ended June 30, 2026
Total revenues	$	113,141
Net income (loss) attributable to common stockholders	(15,730)

Supplemental Pro Forma Information

The following summarized pro forma consolidated income statement information assumes that the acquisition of Vantage occurred as of January 1, 2025. The pro forma amounts are for comparative purposes only, may not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period, and may not be indicative of future results.


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Total revenues	$	1,369,326	$	529,797	$	1,940,580	$	979,343
Net income (loss) attributable to common stockholders	174,441		(13,436)		238,732		(34,469)

The pro forma results include amortization of the fair value adjustments related to VOBA, identifiable finite-lived intangible assets, and reserves for claims and claim expenses, net of the related tax impacts. The pro forma adjustments include estimates and assumptions based on currently available information, which management believes are reasonable.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Investments in Unconsolidated Ventures

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures


5. Investments in Unconsolidated Ventures

In the ordinary course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of June 30, 2026, the Company does not consolidate the investments below as it does not have a controlling financial interest in these investments. As such, the Company primarily reports its interests in accordance with the equity method.

Investments in unconsolidated ventures consist of the following:


	Ownership Interest (a)				Carrying Value				Share of Earnings/Dividends
	June 30,		December 31,		June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
thousands except percentages	2026		2025		2026		2025		2026		2025		2026		2025
Equity Method Investments
Operating Assets:
Operating equity investments (b)	Various		Various		$	14,233	$	10,649	$	794	$	(325)	$	1,353	$	(1,287)
Master Planned Communities:
The Summit (c)	50	%	50	%	32,726		35,815		1,376		(87)		891		(4,970)
Floreo (d)	50	%	50	%	70,970		59,008		(1,229)		(1,562)		(4,279)		(89)
Other	Various		50	%	1,174		—		(716)		—		(716)		—
Strategic Developments:
West End Alexandria (c)	58	%	58	%	49,672		60,830		89		87		(4,865)		174
Aspect (c)(d)	85	%	—	%	13,611		—		—		—		—		—
Other	50	%	50	%	—		41		(2)		—		(30)		—
					182,386		166,343		312		(1,887)		(7,646)		(6,172)
Other investments (e)					3,767		3,779		(11)		—		5,307		5,605
Investments in unconsolidated ventures					$	186,153	$	170,122	$	301	$	(1,887)	$	(2,339)	$	(567)

(a)Ownership interests presented reflect the Company’s stated ownership interest or if applicable, the Company’s final profit-sharing interest after receipt of any preferred returns based on the venture’s distribution priorities.

(b)Two of the operating equity investments were in a combined deficit position of $24.6 million at June 30, 2026, and $23.8 million at December 31, 2025, and presented in Other liabilities, net on the Condensed Consolidated Balance Sheets.

(c)For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company’s economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture’s distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest.

(d)Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information.

(e)Other investments represent investments not accounted for under the equity method. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively.

The Summit In 2015, the Company formed DLV/HHPI Summerlin, LLC (The Summit) with Discovery to develop a custom home community in Summerlin. The Company contributed land for Phase I in 2015 and initially received distributions and recognized its share of income or loss based on the joint venture’s distribution priorities. The Company has now received all of its preferred return distributions, and recognizes its share of income or loss for Phase I based on its final profit-sharing interest.

In 2022, the Company contributed an additional 54 acres to The Summit (Phase II land). The Phase II land is adjacent to the existing Summit development and includes approximately 28 custom home sites. The first lot sales closed in the first quarter of 2023. The Company recognizes its share of income or loss for Phase II based on the joint venture’s distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of the Company’s preferred returns, distributions and recognition of income or loss will be allocated to the Company based on its final profit-sharing interest.

Floreo In 2021, simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo) and entered into an LLC Agreement with JDM Partners and El Dorado Holdings to develop Floreo, the first village within the Teravalis MPC, on 3,029 acres of land in the greater Phoenix, Arizona area. The first land sales closed in the first quarter of 2024.

In October 2022, Floreo closed on a bond financing. The current borrowing capacity is $365.0 million, and outstanding borrowings as of June 30, 2026, were $276.0 million. The Company provided a guaranty on this financing in the form of a collateral maintenance obligation and received guaranty fees of $11.0 million. As of June 30, 2026, Floreo is classified as a VIE; however, due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of June 30, 2026, the Company’s maximum exposure to loss on this investment is limited to (i) the $71.0 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE, and (ii) cash collateral that the Company may be obligated to post related to its collateral maintenance obligation. See Note 12 - Commitments and Contingencies for additional information related to the Company’s collateral maintenance obligation.

Subsequent to June 30, 2026, JDM Partners and El Dorado Holdings were deemed to be in default under the LLC Agreement, which resulted in a significant curtailment of their governance rights and constituted a reconsideration event. As a result, it was determined that, as of July 2026, the Company became the primary beneficiary of Floreo as it has the power to direct the activities that most significantly affect Floreo’s economic performance and has the obligation to absorb losses or the right to receive benefits that could potentially be significant. Accordingly, beginning in July 2026, the Company will consolidate Floreo and subsequently remeasure its previously held equity method investment to fair value, with the newly consolidated assets acquired, liabilities assumed, and noncontrolling interests recognized at fair value, and any resulting difference recorded as goodwill, if applicable. At this time, the Company is unable to reasonably estimate the impact of consolidating Floreo, but will provide further details in future disclosures.

Aspect In March 2026, the Company formed FP Aspect Holdings, LLC (Aspect) with Foulger-Pratt Development, LLC (Foulger-Pratt). Upon formation, HHH contributed $13.6 million in exchange for an 85% interest in Aspect and Foulger-Pratt contributed $2.4 million in exchange for a 15% interest. Per the LLC Agreement, Foulger-Pratt is the managing member. Aspect is classified as a VIE, however, despite HHH’s significant economic ownership, it does not have the ability to control the activities that most impact the economic performance of the venture, and as such is not the primary beneficiary. As of June 30, 2026, the Company’s maximum exposure to loss on this investment is limited to the $13.6 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE. Aspect was created to hold a 20% ownership interest in Aspect Alexandria QOZB, LLC (Aspect Lower Tier JV). In the first quarter of 2026, Aspect Lower Tier JV purchased four acres of land from West End Alexandria, as discussed below, and will utilize the land to develop a multifamily property within the West End Alexandria area. Aspect Lower Tier JV commenced construction on the multifamily property in March 2026.

West End Alexandria In 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a site previously known as Landmark Mall. Other equity owners include Foulger-Pratt and Seritage SRC Finance. In exchange for equity interests in West End Alexandria, the Company conveyed its Landmark Mall property, Seritage conveyed additional land, and Foulger-Pratt contributed cash consideration. The Company does not have the ability to control the activities that most impact the economic performance of the venture as Foulger-Pratt is the managing member and manages all development activities. As such, the Company accounts for its ownership interest in accordance with the equity method.

Development plans include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza, a network of parks, and public transportation. Foulger-Pratt manages construction of the development. Demolition was completed in 2023, with completion of infrastructure work expected in 2026. During the first quarter of 2026, West End Alexandria completed the sale of four acres of land to Aspect Lower Tier JV, which as mentioned above, will utilize the land to develop a multifamily property within the West End Alexandria area. The Company recognized a loss of $4.9 million during the six months ended June 30, 2026, primarily related to its share of the loss on sale of this property.

Vantage Acquisition - Finite-Lived Intangible Assets (Details) - Vantage Group Holdings Ltd. $ in Thousands	Jun. 30, 2026 USD ($)
Broker relationships - insurance
Business Combination [Line Items]
Gross Asset	$ 183,000
Accumulated Amortization	(798)
Net Carrying Amount	182,202
Broker relationships - reinsurance
Business Combination [Line Items]
Gross Asset	44,000
Accumulated Amortization	(218)
Net Carrying Amount	43,782
Trade name
Business Combination [Line Items]
Gross Asset	16,000
Accumulated Amortization	(119)
Net Carrying Amount	15,881
Internally developed and used technology
Business Combination [Line Items]
Gross Asset	9,000
Accumulated Amortization	(95)
Net Carrying Amount	8,905
VOBA
Business Combination [Line Items]
Gross Asset	304,000
Accumulated Amortization	(20,239)
Net Carrying Amount	$ 283,761

Pershing Square (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 04, 2026 USD ($) tranche $ / shares shares	May 05, 2025 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares
Pershing Square Transaction (Table) [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.01		$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares) \| shares			50,000,000		50,000,000		50,000,000
Preferred stock, issuance date fair value \| $	$ 995,800		$ 995,764		$ 995,764		$ 0
Purchase agreement term					10 years
Purchase agreement, renewal term					10 years
General and administrative costs incurred \| $			$ 3,900	$ 2,900	$ 7,600	$ 2,900
Share Purchase Agreement
Pershing Square Transaction (Table) [Line Items]
Stock price (in dollars per share) \| $ / shares		$ 100
Sale of stock, consideration received on transaction \| $		$ 900,000
Common stock voting rights percentage			46.70%		46.70%
Private Placement
Pershing Square Transaction (Table) [Line Items]
Documented expenses \| $	$ 4,200
Share Purchase Agreement
Pershing Square Transaction (Table) [Line Items]
Number of shares issued (in shares) \| shares		9,000,000
Series A Preferred Stock
Pershing Square Transaction (Table) [Line Items]
Number of shares issued (in shares) \| shares	140,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01
Preferred stock, issued \| $	$ 1,000,000
Preferred stock, shares authorized (in shares) \| shares	50,000,000
Preferred stock, number of tranches \| tranche	14
Preferred stock, shares issued per tranche (in shares) \| shares	10,000
Preferred stock exchange threshold percentage	10.00%
Preferred stock exchange ownership percentage limit	49.00%
Series A Preferred Stock \| Call Option
Pershing Square Transaction (Table) [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 7,142.86
Preferred stock call option interest rate per annum	4.00%

Investments in Fixed Maturity and Equity Securities - Narratives (Details) - USD ($) $ in Thousands	Jun. 04, 2026	Jun. 30, 2026	Dec. 31, 2025
Net Investment Income [Line Items]
Restricted cash		$ 717,395	$ 628,651
Vantage Group Holdings Ltd.
Net Investment Income [Line Items]
Total consideration	$ 2,100,000
Vantage Group Holdings Ltd. \| Fixed maturity securities AFS
Net Investment Income [Line Items]
Total consideration	$ 2,600,000
Asset Pledged as Collateral
Net Investment Income [Line Items]
Restricted cash		84,500
Fixed maturity investments		$ 223,200

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Other Assets and Liabilities - Other Liabilities, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
OTHER ASSETS AND LIABILITIES
Condominium deposit liabilities	$ 652,456	$ 748,795
Reinsurance balances payable	277,900	0
Construction payables	206,872	263,845
Deferred income	153,234	166,121
Tenant and other deposits	77,636	59,736
MUD sale liability	71,095	64,364
Accounts payable and accrued expenses	58,460	69,023
Accrued payroll and other employee liabilities	57,561	31,452
Accrued interest	56,604	50,800
Other	30,548	27,911
Accrued real estate taxes	28,768	35,311
Operating lease obligations	7,539	4,868
Derivative liabilities	10	689
Other liabilities, net	$ 1,678,683	$ 1,522,915

Investments in Fixed Maturity and Equity Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of available-for-sale fixed maturity securities

The following table summarizes the Company’s AFS fixed maturity securities as of June 30, 2026:


thousands	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government	$	93,277	$	6	$	(16)	$	93,267
Asset-backed	7,111		1		—		7,112
U.S. Agencies	16,447		—		(6)		16,441
Mortgage-backed	86,439		44		(5)		86,478
U.S. Corporate	42,604		39		(6)		42,637
Foreign Governments	660		—		(12)		648

Total	$	246,538	$	90	$	(45)	$	246,583

Summary of estimated fair values of AFS fixed maturity securities

Actual maturities may differ from contractual maturities as issuers and borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.


thousands	Amortized Cost		Fair Value
Due in one year or less	$	31,731	$	31,712
Due after one year through five years	97,936		97,925
Due after five years through ten years	7,153		7,153
Due after ten years	16,168		16,203
Total	152,988		152,993
Asset-backed	7,111		7,112
Mortgage-backed securities	86,439		86,478
Total	$	246,538	$	246,583

Summary of proceeds and gross realized gains and losses

The following table summarizes the proceeds and gross realized gains and losses from sales of AFS fixed maturity securities:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Proceeds from sales	$	2,335,763	$	—	$	2,335,763	$	—
Gross realized gains from sales	2,609		—		2,609		—
Gross realized losses from sales	(4,756)		—		(4,756)		—

Summary of equity securities and net income investment

The following table summarizes the Company’s equity securities as of June 30, 2026:


thousands	Cost Basis		Net Unrealized Gains (Losses)		Fair Value
Communications	$	528,589	$	(14,383)	$	514,206
Consumer products	249,980		(7,367)		242,613
Financial	209,922		(2,232)		207,690
Technology	124,998		(11,972)		113,026


Total	$	1,113,489	$	(35,954)	$	1,077,535

Summary of net investment income

The components of net investment income are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Fixed maturity securities AFS	$	8,563	$	—	$	8,563	$	—

Equity securities	1,396		—		1,396		—
Short-term investments, cash, and other	1,301		—		1,301		—
Gross investment income	11,260		—		11,260		—
Investment expenses	(272)		—		(272)		—
Net investment income	$	10,988	$	—	$	10,988	$	—

Revenues - Schedule of Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, cancellation period	30 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3,800,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 664,885
Remaining performance obligation, expected timing of satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 67,475
Remaining performance obligation, expected timing of satisfaction period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3,083,287
Remaining performance obligation, expected timing of satisfaction period

Investments in Unconsolidated Ventures (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Summary of equity of investments in real estate and other affiliates

Investments in unconsolidated ventures consist of the following:


	Ownership Interest (a)				Carrying Value				Share of Earnings/Dividends
	June 30,		December 31,		June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
thousands except percentages	2026		2025		2026		2025		2026		2025		2026		2025
Equity Method Investments
Operating Assets:
Operating equity investments (b)	Various		Various		$	14,233	$	10,649	$	794	$	(325)	$	1,353	$	(1,287)
Master Planned Communities:
The Summit (c)	50	%	50	%	32,726		35,815		1,376		(87)		891		(4,970)
Floreo (d)	50	%	50	%	70,970		59,008		(1,229)		(1,562)		(4,279)		(89)
Other	Various		50	%	1,174		—		(716)		—		(716)		—
Strategic Developments:
West End Alexandria (c)	58	%	58	%	49,672		60,830		89		87		(4,865)		174
Aspect (c)(d)	85	%	—	%	13,611		—		—		—		—		—
Other	50	%	50	%	—		41		(2)		—		(30)		—
					182,386		166,343		312		(1,887)		(7,646)		(6,172)
Other investments (e)					3,767		3,779		(11)		—		5,307		5,605
Investments in unconsolidated ventures					$	186,153	$	170,122	$	301	$	(1,887)	$	(2,339)	$	(567)

(d)Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information.

Investments in Fixed Maturity and Equity Securities - Estimated Fair Values of AFS Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Amortized Cost
Due in one year or less	$ 31,731
Due after one year through five years	97,936
Due after five years through ten years	7,153
Due after ten years	16,168
Total	152,988
Fair Value
Due in one year or less	31,712
Due after one year through five years	97,925
Due after five years through ten years	7,153
Due after ten years	16,203
Total	152,993
Amortized Cost	246,538
Investments in fixed maturity securities	246,583	$ 0
Asset-backed
Fair Value
Amortized Cost	7,111
Investments in fixed maturity securities	7,112	0
Mortgage-backed securities
Fair Value
Amortized Cost	86,439
Investments in fixed maturity securities	$ 86,478	$ 0

Leases - Narrative (Details)	6 Months Ended
Leases - Narrative (Details)	Jun. 30, 2026
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	1 year
Lessor, average remaining lease term	5 years
One Lease
Lessee, Lease, Description [Line Items]
Lessee, remaining lease term	23 years

Investments in Fixed Maturity and Equity Securities - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net Investment Income [Line Items]
Gross investment income	$ 11,260	$ 0	$ 11,260	$ 0
Investment expenses	(272)	0	(272)	0
Net investment income	10,988	0	10,988	0
Fixed maturity securities AFS
Net Investment Income [Line Items]
Gross investment income	8,563	0	8,563	0
Equity securities
Net Investment Income [Line Items]
Gross investment income	1,396	0	1,396	0
Short-term investments, cash, and other
Net Investment Income [Line Items]
Gross investment income	$ 1,301	$ 0	$ 1,301	$ 0

Leases - Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Operating lease right-of-use assets	$ 7,761	$ 5,231
Operating lease obligations	$ 7,539	$ 4,868

Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	$ 45,812	$ 43,694	$ 87,602	$ 84,788
Income tax expense (benefit)	49,957	(3,821)	52,575	(385)
Total reclassifications of (income) loss	(156,957)	12,076	(165,022)	1,238
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
Total reclassifications of (income) loss	1,419	(782)	1,065	(1,481)
AFS Fixed Maturity Securities \| Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on AFS fixed maturity securities	2,324	0	2,324	0
Income tax expense (benefit)	(567)	0	(567)	0
Derivative Instruments \| Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income (loss)
(Gains) losses on cash flow hedges	(439)	(1,027)	(908)	(1,950)
Income tax expense (benefit)	$ 101	$ 245	$ 216	$ 469

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 165,022	$ (1,238)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	94,281	79,765
Amortization	31,299	9,820
Amortization and accretion of investment securities	(157)	0
Amortization of deferred financing costs	6,415	6,205
Straight-line rent amortization	(4,828)	(3,856)
Deferred income taxes	39,197	(1,502)
Restricted stock and stock option amortization	8,426	11,752
Net gain on sale of properties	(51,800)	(15,385)
Investment (gain) loss, net	38,278	0
(Gain) loss on foreign exchange	73	0
Loss on sale of MUD receivables	555	48,197
Proceeds from sale of MUD receivables	17,540	180,043
(Gain) loss on extinguishment of debt	10,639	307
Equity in (earnings) losses from unconsolidated ventures, net of distributions	8,912	6,399
Provision for (recovery of) doubtful accounts	2,462	1,875
Master Planned Communities development expenditures	(274,296)	(184,047)
Master Planned Communities cost of sales, net of SID bonds transfers to buyers	85,264	67,887
Condominium development expenditures	(277,972)	(285,702)
Condominium rights and units cost of sales, net of closing commissions	560,092	1,053
Net Changes:
Accounts receivable, net	(23,236)	(29,747)
Reinsurance recoverable on paid and unpaid losses	(2,546)	0
Other assets, net	(22,623)	15,302
Condominium deposits, net	(96,339)	30,133
Deferred expenses, net	(33,017)	(8,857)
Reserves for claims and claim expenses	25,206	0
Unearned premiums	22,334	0
Other liabilities, net	(52,050)	23,945
Cash provided by (used in) operating activities	277,131	(47,651)
CASH FLOWS FROM INVESTING ACTIVITIES
Property and equipment expenditures	(5,457)	(480)
Operating property improvements	(23,057)	(21,060)
Property development and redevelopment	(45,501)	(96,546)
Sales of fixed maturity securities	2,335,763	0
Maturities, calls, and paydowns of fixed maturities securities	23,231	0
Purchases of short-term investments	(201)	0
Sales of short-term investments	4,606	0
Maturities, calls, and paydowns of short-term investments	600	0
Purchases of equity securities	(1,113,489)	0
Acquisition of business, net of cash acquired	(1,639,220)	0
Acquisition of assets	0	(16,356)
Proceeds from sales of properties, net	125,972	6,675
Reimbursements under tax increment financings and grants	2,879	5,179
Distributions from unconsolidated ventures	15,536	1,147
Investments in unconsolidated ventures, net	(39,682)	0
Other	566	(1,230)
Cash provided by (used in) investing activities	(357,454)	(122,671)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages, notes, and loans payable	1,559,283	382,510
Principal payments on mortgages, notes, and loans payable	(1,195,061)	(288,258)
Proceeds from issuance of common stock, net	0	862,911
Proceeds from issuance of Series A Preferred Stock, net	997,353	0
Proceeds from issuance of warrants	10,000	0
Debt extinguishment costs	(6,900)	(204)
Special Improvement District bond funds released from (held in) escrow	8,620	17,887
Deferred financing costs and bond issuance costs	(20,243)	(1,683)
Taxes paid on stock options exercised and restricted stock vested	(5,821)	(2,581)
Stock options exercised	1,026	0
Contributions from Teravalis noncontrolling interest owner	262	66
Cash provided by (used in) financing activities	1,348,519	970,648
Net change in cash, cash equivalents, and restricted cash	1,268,196	800,326
Cash, cash equivalents, and restricted cash at beginning of period	2,097,158	998,503
Cash, cash equivalents, and restricted cash at end of period	3,365,354	1,798,829
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
Cash and cash equivalents	2,647,959	1,441,026
Restricted cash	717,395	357,803
Cash, cash equivalents, and restricted cash at end of period	3,365,354	1,798,829
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	143,975	139,383
Interest capitalized	75,815	70,840
Income taxes paid (refunded), net	8,790	7,997
NON-CASH TRANSACTIONS
Consideration from sale of properties	0	12,225
Special Improvement District bonds transfers to buyers	8,535	2,505
Capitalized stock compensation	1,873	1,475
Accrued property improvements, developments, and redevelopments	(7,023)	(2,020)
Promissory note for special land use	$ 500	$ 0

Leases - Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$ 527	$ 333
Weighted-average remaining lease term (years)
Operating leases	12 years	16 years 3 months 18 days
Weighted-average discount rate
Operating leases	5.70%	7.10%

Presentation of Financial Statements and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of effects of reinsurance

The following table details the effect of reinsurance on premiums written and earned during the post-acquisition period.


thousands	Three and Six Months Ended June 30, 2026
Premiums written
Direct	$	103,336
Assumed	52,723
Ceded	(48,851)
Net written insurance premiums	$	107,208

Premiums earned
Direct	$	85,560
Assumed	48,165
Ceded	(36,478)
Net earned insurance premiums	$	97,247

Schedule of ceded credit risk

The following table includes the brokers that individually contributed more than 10% of total gross premiums written during the post-acquisition period:


thousands	% of Gross Premiums Written
Willis Towers Watson	11.9	%
Howden	10.3	%

Summary of accounts receivable, net

The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets:


thousands	June 30, 2026		December 31, 2025
Insurance premiums receivable	$	805,296	$	—
Straight-line rent receivables	101,642		96,975
Tenant receivables	2,345		5,512
Related-party receivables	22,566		18,640
Other receivables	8,551		12,995
Accounts receivable, net (a)	$	940,400	$	134,122

(a)As of June 30, 2026, the total reserve balance for amounts considered uncollectible was $8.6 million, comprised of $8.5 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivables. As of December 31, 2025, the total reserve balance was $7.2 million, comprised of $7.0 million attributable to lease-related receivables and $0.2 million attributable to the allowance for credit losses related to other accounts receivables.

Summary of impacts of the ASC 842 and ASC 450 reserves in the accompanying condensed consolidated statement of operations

The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations:


thousands	Three Months Ended June 30,				Six Months Ended June 30,
Statements of Operations Location	2026		2025		2026		2025
Rental revenue	$	1,034	$	718	$	2,392	$	1,489
Provision for (recovery of) doubtful accounts	123		542		64		386
Total (income) expense impact	$	1,157	$	1,260	$	2,456	$	1,875

Summary of condensed consolidated balance sheets

The Company’s Condensed Consolidated Balance Sheets included the following amounts related to ‘Ilima.


thousands	June 30, 2026		December 31, 2025

Buildings and equipment	$	7,184	$	7,161
Less: accumulated depreciation	(2,553)		(1,354)

Developments	15,002		14,684
Net investment in real estate	19,633		20,491

Cash and cash equivalents	20,113		21,690
Restricted cash	162,974		136,418
Accounts receivable, net	57		65

Deferred expenses, net	17,478		13,571
Other assets, net	67		565
Total assets	$	220,322	$	192,800




Other liabilities, net	$	181,194	$	153,430
Total liabilities	$	181,194	$	153,430

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Mortgages, Notes, and Loans Payable, Net - Summary of Mortgages, Notes, and Loans Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ (43,998)	$ (34,386)
Mortgages, notes, and loans payable, net	5,456,403	5,109,828
Senior unsecured notes
Debt Instrument [Line Items]
Fixed-rate debt	2,300,000	2,050,000
Secured mortgages payable
Debt Instrument [Line Items]
Fixed-rate debt	1,732,234	1,793,561
Variable-rate debt	1,312,377	1,135,359
Special Improvement District bonds
Debt Instrument [Line Items]
Fixed-rate debt	70,790	80,294
Secured Bridgeland Notes
Debt Instrument [Line Items]
Variable-rate debt	$ 85,000	$ 85,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Vantage Acquisition - Supplemental Pro Forma Information (Details) - Vantage Group Holdings Ltd. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Business Combination [Line Items]
Total revenues	$ 1,369,326	$ 529,797	$ 1,940,580	$ 979,343
Net income (loss) attributable to common stockholders	$ 174,441	$ (13,436)	$ 238,732	$ (34,469)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Proceeds from issuance of warrants		$ 10,000	$ 0
Director \| Management Warrants
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)	1,131,273
Common stock, par value (in dollars per share)	$ 0.01
Exercise price (in dollars per share)	$ 100
Proceeds from issuance of warrants	$ 10,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 156,957	$ (12,076)	$ 165,022	$ (1,238)
Unrealized gains (losses):
Available-for-sale fixed maturity securities	45	0	45	0
Interest rate caps and swaps	3,042	(873)	2,488	(2,692)
Pension adjustment	838	0	838	0
Other comprehensive income (loss)	3,925	(873)	3,371	(2,692)
Comprehensive income (loss)	160,882	(12,949)	168,393	(3,930)
Comprehensive (income) loss attributable to noncontrolling interests	1,408	(68)	1,569	(373)
Comprehensive income (loss) attributable to common stockholders	$ 162,290	$ (13,017)	$ 169,962	$ (4,303)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 49,957	$ (3,821)	$ 52,575	$ (385)
Income (loss) before income taxes	$ 206,914	$ (15,897)	$ 217,597	$ (1,623)
Effective tax rate	24.10%	24.00%	24.20%	23.70%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share


16. Earnings Per Share

Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock-based compensation plans is computed using the treasury stock method.

Information related to the Company’s EPS calculations is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands except per share amounts	2026		2025		2026		2025
Net income (loss)
Net income (loss)	$	156,957	$	(12,076)	$	165,022	$	(1,238)
Net (income) loss attributable to noncontrolling interests	1,408		(68)		1,569		(373)


Net income (loss) attributable to common stockholders	$	158,365	$	(12,144)	$	166,591	$	(1,611)

Shares
Weighted-average common shares outstanding — basic	58,996		55,329		58,985		52,562
Restricted stock and stock options	158		—		174		—

Weighted-average common shares outstanding — diluted	59,154		55,329		59,159		52,562

Net income (loss) per common share
Basic income (loss) per share	$	2.68	$	(0.22)	$	2.82	$	(0.03)



Diluted income (loss) per share	$	2.68	$	(0.22)	$	2.82	$	(0.03)



Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options	428		612		391		612

Series A Preferred Stock Issuance On June 4, 2026, in connection with the Vantage Acquisition, the Company issued and sold 140,000 shares of Series A Preferred Stock. The Series A Preferred Stock does not meet the definition of a participating security as it does not participate in undistributed earnings with the Company’s common stock. Therefore, the Company is not required to apply the two-class method to its calculation of EPS. Additionally, as the dividends related to the Series A Preferred Stock are discretionary and noncumulative, only dividends actually declared in a period would impact EPS. As no dividends have been declared, there is no impact on basic EPS in the current period.

Following the end of the seventh fiscal year following the original issue date, the holder of the Series A Preferred Stock may exchange a number of shares of Series A Preferred Stock into a number of common equity interests of Vantage. Because the exchange is into equity interests of a consolidated subsidiary rather than the Company's common stock, the if-converted method is used to calculate diluted EPS. The application of the if-converted method adjusts income available to common stockholders for the Company's reduced share of Vantage's results, with no corresponding adjustment to weighted-average common shares outstanding. For the three and six months ended June 30, 2026, net income attributable to common stockholders includes a net loss related to the post-acquisition activity of Vantage. Therefore, the exchange feature is excluded from the calculation of diluted EPS as it would increase income available to common stock holders and have an anti-dilutive effect. In future periods in which Vantage generates net income, the exchange feature may have a dilutive effect.

See Note 3 - Pershing Square for additional information on the Series A Preferred Stock Issuance.

Common Stock Repurchases In March 2022, the Board authorized a share repurchase program pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open-market transactions. In 2022, the Company repurchased approximately $235.0 million of common stock. The date and time of any additional repurchases will depend upon market conditions and the program may be suspended or discontinued at any time.

Fair Value - Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	$ 246,583	$ 0
Investments in equity securities	1,077,535	0
Short-term investments	27,822	0
Derivative assets	6,480	3,113
Derivative liabilities	10	689
U.S. Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	93,267	0
Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	7,112	0
U.S. Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	16,441	0
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	86,478	0
U.S. Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	42,637	0
Foreign Governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	648	0
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	1,077,535	0
Short-term investments	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Foreign Governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Short-term investments	27,822	0
Derivative assets	6,272	3,113
Derivative liabilities	10	689
Significant Other Observable Inputs (Level 2) \| U.S. Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	93,267	0
Significant Other Observable Inputs (Level 2) \| Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	7,112	0
Significant Other Observable Inputs (Level 2) \| U.S. Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	16,441	0
Significant Other Observable Inputs (Level 2) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	86,478	0
Significant Other Observable Inputs (Level 2) \| U.S. Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	42,637	0
Significant Other Observable Inputs (Level 2) \| Foreign Governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	648	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0	0
Short-term investments	0	0
Derivative assets	208	0
Derivative liabilities	0	0
Significant Unobservable Inputs (Level 3) \| U.S. Government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Significant Unobservable Inputs (Level 3) \| Asset-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Significant Unobservable Inputs (Level 3) \| U.S. Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Significant Unobservable Inputs (Level 3) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Significant Unobservable Inputs (Level 3) \| U.S. Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	0	0
Significant Unobservable Inputs (Level 3) \| Foreign Governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in fixed maturity securities	$ 0	$ 0

Vantage Acquisition - Preliminary Fair Value of Net Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 04, 2026	Dec. 31, 2025
Fair value of liabilities assumed:
Goodwill	$ 282,218		$ 2,336
Vantage Group Holdings Ltd.
Fair value of assets acquired:
Buildings and equipment		$ 118
Investments in fixed maturity securities		2,608,294
Short-term investments		32,845
Cash and cash equivalents		376,321
Restricted cash		84,450
Accounts receivable, net		788,692
Reinsurance recoverable on paid and unpaid losses		599,056
Intangibles, net		571,000
Other assets, net		626,363
Total estimated fair value of assets acquired		5,687,139
Fair value of liabilities assumed:
Reserves for claims and claim expenses		2,090,210
Unearned premiums		1,384,357
Deferred tax liabilities, net		18,437
Other liabilities, net		366,271
Total estimated fair value of liabilities assumed		3,859,275
Noncontrolling interests		7,753
Fair value of net assets acquired		1,820,111
Goodwill		279,881
Total consideration		2,099,992
Goodwill, expected tax deductible, amount		$ 68,500

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Balance at the beginning of the period (in shares) at Dec. 31, 2024			56,610,009
Balance at the beginning of the period at Dec. 31, 2024	$ 2,841,774	$ 2,776,226	$ 566	$ 3,576,274	$ (185,993)	$ 1,968	$ (616,589)	$ 65,548
Balance at the beginning of the period (in shares) at Dec. 31, 2024							(6,493,859)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(1,238)	(1,611)			(1,611)			373
Other comprehensive income (loss)	(2,692)	(2,692)				(2,692)
Transactions with noncontrolling interests	1,045							1,045
Issuance of common shares (in shares)			9,000,000
Issuance of common shares	862,911	862,911	$ 90	862,821
Stock plan activity (in shares)			273,486				26,415
Stock plan activity	9,844	9,844	$ 3	11,759			$ (1,918)
Balance at the end of the period (in shares) at Jun. 30, 2025			65,883,495
Balance at the end of the period at Jun. 30, 2025	3,711,644	3,644,678	$ 659	4,450,854	(187,604)	(724)	$ (618,507)	66,966
Balance at the end of the period (in shares) at Jun. 30, 2025							(6,520,274)
Balance at the beginning of the period (in shares) at Mar. 31, 2025			56,904,963
Balance at the beginning of the period at Mar. 31, 2025	2,855,060	2,788,162	$ 569	3,580,558	(175,460)	149	$ (617,654)	66,898
Balance at the beginning of the period (in shares) at Mar. 31, 2025							(6,507,713)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(12,076)	(12,144)			(12,144)			68
Other comprehensive income (loss)	(873)	(873)				(873)
Issuance of common shares (in shares)			9,000,000
Issuance of common shares	862,911	862,911	$ 90	862,821
Stock plan activity (in shares)			21,468				12,561
Stock plan activity	6,622	6,622		7,475			$ (853)
Balance at the end of the period (in shares) at Jun. 30, 2025			65,883,495
Balance at the end of the period at Jun. 30, 2025	$ 3,711,644	3,644,678	$ 659	4,450,854	(187,604)	(724)	$ (618,507)	66,966
Balance at the end of the period (in shares) at Jun. 30, 2025							(6,520,274)
Balance at the beginning of the period (in shares) at Dec. 31, 2025	59,370,353		65,910,640
Balance at the beginning of the period at Dec. 31, 2025	$ 3,842,246	3,775,456	$ 659	4,458,838	(62,096)	(1,827)	$ (620,118)	66,790
Balance at the beginning of the period (in shares) at Dec. 31, 2025	(6,540,287)						(6,540,287)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 165,022	166,591			166,591			(1,569)
Other comprehensive income (loss)	3,371	3,371				3,371
Transactions with noncontrolling interests	8,356							8,356
Stock plan activity (in shares)			342,906				56,197
Stock plan activity	4,978	4,978	$ 4	9,448			$ (4,474)
Issuance of warrants	$ 10,000	10,000		10,000
Balance at the end of the period (in shares) at Jun. 30, 2026	59,657,062		66,253,546
Balance at the end of the period at Jun. 30, 2026	$ 4,033,973	3,960,396	$ 663	4,478,286	104,495	1,544	$ (624,592)	73,577
Balance at the end of the period (in shares) at Jun. 30, 2026	(6,596,484)						(6,596,484)
Balance at the beginning of the period (in shares) at Mar. 31, 2026			66,226,325
Balance at the beginning of the period at Mar. 31, 2026	$ 3,849,909	3,782,800	$ 662	4,462,910	(53,870)	(2,381)	$ (624,521)	67,109
Balance at the beginning of the period (in shares) at Mar. 31, 2026							(6,595,356)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	156,957	158,365			158,365			(1,408)
Other comprehensive income (loss)	3,925	3,925				3,925
Transactions with noncontrolling interests	7,876							7,876
Stock plan activity (in shares)			27,221				1,128
Stock plan activity	5,306	5,306	$ 1	5,376			$ (71)
Issuance of warrants	$ 10,000	10,000		10,000
Balance at the end of the period (in shares) at Jun. 30, 2026	59,657,062		66,253,546
Balance at the end of the period at Jun. 30, 2026	$ 4,033,973	$ 3,960,396	$ 663	$ 4,478,286	$ 104,495	$ 1,544	$ (624,592)	$ 73,577
Balance at the end of the period (in shares) at Jun. 30, 2026	(6,596,484)						(6,596,484)

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Derivative [Line Items]
Derivative liability fair value gross	$ 10	$ 689
Credit Risk Contract
Derivative [Line Items]
Derivative liability fair value gross	0
Derivative instruments designated as hedging instruments: \| Interest rate swap
Derivative [Line Items]
Gain on derivative expected amount to be reclassified	$ 3,200

Presentation of Financial Statements and Significant Accounting Policies - Effect of Reinsurance on Premiums and Earned (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Premiums written
Direct	$ 103,336		$ 103,336
Assumed	52,723		52,723
Ceded	(48,851)		(48,851)
Net written insurance premiums	107,208		107,208
Premiums earned
Direct	85,560		85,560
Assumed	48,165		48,165
Ceded	(36,478)		(36,478)
Net earned insurance premiums	$ 97,247	$ 0	$ 97,247	$ 0

Vantage Acquisition (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of business combination, recognized asset acquired and liability assumed

The Company will finalize the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.


thousands	June 4, 2026
Fair value of assets acquired:
Buildings and equipment	$	118
Investments in fixed maturity securities	2,608,294
Short-term investments	32,845
Cash and cash equivalents	376,321
Restricted cash	84,450
Accounts receivable, net	788,692
Reinsurance recoverable on paid and unpaid losses	599,056
Intangibles, net	571,000
Other assets, net	626,363
Total estimated fair value of assets acquired	5,687,139

Fair value of liabilities assumed:
Reserves for claims and claim expenses	2,090,210
Unearned premiums	1,384,357
Deferred tax liabilities, net	18,437
Other liabilities, net	366,271
Total estimated fair value of liabilities assumed	3,859,275
Noncontrolling interests	7,753

Fair value of net assets acquired	1,820,111
Goodwill (a)	279,881
Total consideration	$	2,099,992

Schedule of intangible asset, acquired, finite-lived and indefinite-lived

Identifiable indefinite-lived and finite-lived intangibles consisted of the following and are included in Intangibles, net on the Company’s Condensed Consolidated Balance Sheets:


thousands	June 4, 2026		Economic Useful Life
Broker relationships - insurance	$	183,000	17 years
Broker relationships - reinsurance	44,000		15 years
Trade name	16,000		10 years
Internally developed and used technology	9,000		7 years
VOBA (a)	304,000		1 year
Insurance licenses	15,000		Indefinite
Total	$	571,000

(a)The majority of VOBA amortization is expected to be recognized within the first 12 months following the acquisition, with 90% recognized in year one, 9% in year two, and 1% in year three.

Schedule of finite-lived intangibles acquired

The following table summarizes acquired finite-lived intangible assets which are amortized over their estimated useful lives:


	As of June 30, 2026
thousands	Gross Asset		Accumulated Amortization		Net Carrying Amount
Broker relationships - insurance	$	183,000	$	(798)	$	182,202
Broker relationships - reinsurance	44,000		(218)		43,782
Trade name	16,000		(119)		15,881
Internally developed and used technology	9,000		(95)		8,905
VOBA	304,000		(20,239)		283,761

Future net amortization expense for acquired finite-lived intangible assets is estimated as shown below:


thousands	Statements of Operations Location	Remaining in 2026		2027		2028		2029		2030		2031
VOBA	Insurance underwriting expenses	$	137,924	$	131,210	$	13,344	$	1,283	$	—	$	—
Other finite-lived intangibles	Depreciation and amortization	8,292		16,584		16,584		16,583		16,584		16,584
Net amortization expense		$	146,216	$	147,794	$	29,928	$	17,866	$	16,584	$	16,584

Schedule of supplemental pro forma information


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Total revenues	$	1,369,326	$	529,797	$	1,940,580	$	979,343
Net income (loss) attributable to common stockholders	174,441		(13,436)		238,732		(34,469)

Schedule of post-acquisition financial results


thousands	Three and Six Months Ended June 30, 2026
Total revenues	$	113,141
Net income (loss) attributable to common stockholders	(15,730)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Segments - Segment Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segments reporting
Revenues	$ 1,122,327	$ 260,880	$ 1,358,244	$ 460,208
Operating costs	(54,723)	(50,518)	(107,756)	(101,307)
Rental property real estate taxes	(14,798)	(15,365)	(31,026)	(30,664)
(Provision for) recovery of doubtful accounts	(123)	(542)	(64)	(386)
Depreciation and amortization	(56,609)	(44,325)	(105,249)	(89,464)
Other income (loss), net	(660)	885	(533)	(482)
Equity in earnings (losses) from unconsolidated ventures	301	(1,887)	(2,339)	(567)
Gain (loss) on sale or disposal of real estate and other assets, net	51,800	1,656	51,800	15,385
Gain (loss) on extinguishment of debt	(413)	(307)	(10,639)	(307)
Income (loss) before income taxes	206,914	(15,897)	217,597	(1,623)
Condominium rights and unit sales
Segments reporting
Cost of sales	(575,389)	(811)	(578,523)	(1,053)
Master Planned Communities land sales
Segments reporting
Cost of sales	(59,057)	(45,178)	(93,799)	(70,392)
Operating Assets Segment \| Operating Segments
Segments reporting
Revenues	119,960	116,446	239,162	230,448
Operating costs	(36,104)	(34,175)	(71,381)	(68,397)
Rental property real estate taxes	(14,293)	(14,750)	(30,000)	(29,501)
(Provision for) recovery of doubtful accounts	(123)	(542)	(64)	(386)
Segment operating income (loss)	69,440	66,979	137,717	132,164
Depreciation and amortization	(52,028)	(42,305)	(97,606)	(85,428)
Interest income (expense), net	(37,873)	(34,173)	(71,380)	(68,391)
Other income (loss), net	(527)	634	(508)	438
Equity in earnings (losses) from unconsolidated ventures	794	(325)	6,671	4,318
Gain (loss) on sale or disposal of real estate and other assets, net	51,800	(1)	51,800	9,978
Gain (loss) on extinguishment of debt	(413)	(307)	(413)	(307)
Income (loss) before income taxes	31,193	(9,498)	26,281	(7,228)
Operating Assets Segment \| Operating Segments \| Condominium rights and unit sales
Segments reporting
Cost of sales	0	0	0	0
Operating Assets Segment \| Operating Segments \| Master Planned Communities land sales
Segments reporting
Cost of sales	0	0	0	0
MPC Segment \| Operating Segments
Segments reporting
Revenues	181,740	143,701	294,021	228,155
Operating costs	(11,333)	(12,516)	(24,468)	(25,507)
Rental property real estate taxes	0	0	0	0
(Provision for) recovery of doubtful accounts	0	0	0	0
Segment operating income (loss)	111,350	86,007	175,754	132,256
Depreciation and amortization	(110)	(88)	(175)	(199)
Interest income (expense), net	24,012	18,107	45,724	34,893
Other income (loss), net	0	35	1,860	35
Equity in earnings (losses) from unconsolidated ventures	(569)	(1,649)	(4,104)	(5,059)
Gain (loss) on sale or disposal of real estate and other assets, net	0	0	0	3,750
Gain (loss) on extinguishment of debt	0	0	0	0
Income (loss) before income taxes	134,683	102,412	219,059	165,676
MPC Segment \| Operating Segments \| Condominium rights and unit sales
Segments reporting
Cost of sales	0	0	0	0
MPC Segment \| Operating Segments \| Master Planned Communities land sales
Segments reporting
Cost of sales	(59,057)	(45,178)	(93,799)	(70,392)
Strategic Developments Segment \| Operating Segments
Segments reporting
Revenues	707,432	714	711,839	1,568
Operating costs	(7,092)	(3,760)	(11,526)	(7,336)
Rental property real estate taxes	(505)	(615)	(1,026)	(1,163)
(Provision for) recovery of doubtful accounts	0	0	0	0
Segment operating income (loss)	124,446	(4,472)	120,764	(7,984)
Depreciation and amortization	(2,068)	(1,076)	(4,125)	(2,234)
Interest income (expense), net	4,097	4,633	9,071	9,279
Other income (loss), net	0	132	(889)	(1,130)
Equity in earnings (losses) from unconsolidated ventures	76	87	(4,906)	174
Gain (loss) on sale or disposal of real estate and other assets, net	0	1,657	0	1,657
Gain (loss) on extinguishment of debt	0	0	0	0
Income (loss) before income taxes	126,551	961	119,915	(238)
Strategic Developments Segment \| Operating Segments \| Condominium rights and unit sales
Segments reporting
Cost of sales	(575,389)	(811)	(578,523)	(1,053)
Strategic Developments Segment \| Operating Segments \| Master Planned Communities land sales
Segments reporting
Cost of sales	$ 0	$ 0	$ 0	$ 0

Investments in Fixed Maturity and Equity Securities - Investment in Equity Securities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	$ 1,113,489
Net Unrealized Gains (Losses)	(35,954)
Fair Value	1,077,535	$ 0
Communications
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	528,589
Net Unrealized Gains (Losses)	(14,383)
Fair Value	514,206
Consumer products
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	249,980
Net Unrealized Gains (Losses)	(7,367)
Fair Value	242,613
Financial
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	209,922
Net Unrealized Gains (Losses)	(2,232)
Fair Value	207,690
Technology
Debt and Equity Securities, FV-NI [Line Items]
Cost Basis	124,998
Net Unrealized Gains (Losses)	(11,972)
Fair Value	$ 113,026

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Assets and Liabilities

6 Months Ended

Jun. 30, 2026

OTHER ASSETS AND LIABILITIES [Abstract]

Other Assets and Liabilities


11. Other Assets and Liabilities

Other Assets, Net The following table summarizes the significant components of Other assets, net:


thousands	June 30, 2026		December 31, 2025
Prepaid reinsurance premiums	$	435,203	$	—
Special Improvement District receivable, net	83,501		90,417
Security, escrow, and other deposits	82,932		54,608
Fee income receivable	65,910		—
Other	60,253		11,356
Reinsured funds held by third parties	55,552		—
Prepaid expenses	34,798		19,669
Other investments	14,685		—
Condominium inventory	10,504		3,937
Operating lease right-of-use assets	7,761		5,231
Derivative assets	6,480		3,113
Tenant incentives and other receivables, net	4,983		15,259
Notes receivable, net	3,578		2,932
TIF receivable, net	3,216		4,012
Net investment in lease receivable	2,860		2,781





Other assets, net	$	872,216	$	213,315

Other Liabilities, Net The following table summarizes the significant components of Other liabilities, net:


thousands	June 30, 2026		December 31, 2025
Condominium deposit liabilities	$	652,456	$	748,795
Reinsurance balances payable	277,900		—
Construction payables	206,872		263,845
Deferred income	153,234		166,121
Tenant and other deposits	77,636		59,736
MUD sale liability	71,095		64,364
Accounts payable and accrued expenses	58,460		69,023
Accrued payroll and other employee liabilities	57,561		31,452
Accrued interest	56,604		50,800
Other	30,548		27,911
Accrued real estate taxes	28,768		35,311
Operating lease obligations	7,539		4,868
Derivative liabilities	10		689







Other liabilities, net	$	1,678,683	$	1,522,915

Leases - Minimum Rent Payments Received (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Total minimum rent payments	$ 63,543	$ 61,596	$ 125,004	$ 122,006
Remainder of 2026	129,610		129,610
2027	262,746		262,746
2028	244,082		244,082
2029	224,358		224,358
2030	199,100		199,100
Thereafter	681,945		681,945
Total	$ 1,741,841		$ 1,741,841

Fair Value

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value


8. Fair Value

ASC 820, Fair Value Measurement, emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

In order to determine if a market is active or inactive for a security, a number of factors are considered, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value for fixed maturity investments, and other factors that may be indicative of market activity.

Recurring Fair Value Measurements The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets and liabilities that are measured at fair value on a recurring basis.


	June 30, 2026											December 31, 2025
	Fair Value Measurements Using											Fair Value Measurements Using
thousands	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Investments in AFS fixed maturity securities:
U.S. Government	$	93,267		$	—		$	93,267		$	—	$	—		$	—		$	—		$	—
Asset-backed	7,112			—			7,112			—		—			—			—			—
U.S. Agencies	16,441			—			16,441			—		—			—			—			—
Mortgage-backed	86,478			—			86,478			—		—			—			—			—
U.S. Corporate	42,637			—			42,637			—		—			—			—			—
Foreign Governments	648			—			648			—		—			—			—			—

Investments in equity securities	1,077,535			1,077,535			—			—		—			—			—			—
Short-term investments	27,822			—			27,822			—		—			—			—			—
Derivative assets	6,480			—			6,272			208		3,113			—			3,113			—
Derivative liabilities	10			—			10			—		689			—			689			—

AFS Fixed Maturity Securities The Company values Level 2 securities using observable market inputs obtained from independent pricing services which use proprietary valuation models and techniques, including matrix pricing, to estimate fair value using observable market inputs. The extent to which each observable market input is used depends on the type of security and market conditions at the balance sheet date. The Company uses the following observable market inputs, listed in the approximate order of priority, in the pricing evaluation of Level 2 securities: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research data. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary.

The following describes the significant inputs generally used to determine the fair value of the Company’s fixed maturity securities by asset class:

–U.S. government and government agency securities—U.S. government and government agencies and authorities’ securities are priced utilizing standard inputs.

–Asset-backed securities—generally valued using pricing models which use spreads to determine the appropriate average life of the securities. These spreads are generally obtained from the new issue market, secondary trading, and broker-dealers who trade in the relevant security market.

–Mortgage-backed securities—generally valued using observable inputs such as daily institutional trade observations, broker quotes, and dealer runs to capture shifts in market sentiment and liquidity. The fair values use projected future cash flows by factoring in expected prepayment speeds and interest rates.

–U.S. corporate securities—generally valued using spreads above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading, and broker-dealers who trade in the relevant security market.

–Foreign government securities—generally valued using international indices or valuation models that incorporate daily observed yield curves, cross-currency basis index spreads, and country credit spreads.

Equity Securities The Company values Level 1 securities using quoted prices in active markets for identical securities.

Short-Term Investments The Company's short-term investments consist of U.S. Treasury bills with original maturities greater than 3 months and less than 12 months. These investments are generally valued using spreads above the risk-free yield curve using pricing information obtained from independent pricing services.

Derivative Assets and Liabilities The fair values of interest rate derivatives (Level 2) are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves.

Financial Instruments Not Carried at Fair Value The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows:


		June 30, 2026				December 31, 2025
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:

Cash, cash equivalents, and restricted cash (a)	Level 1	$	3,365,354	$	3,365,354	$	2,097,158	$	2,097,158
Accounts receivable, net (b)	Level 3	940,400		940,400		134,122		134,122
Accrued investment income (c)	Level 3	3,542		3,542		—		—
Other investments (d)	Level 3	9,045		9,045		—		—
Notes receivable, net (e)	Level 3	3,578		3,578		2,932		2,932

Liabilities:
Fixed-rate debt (f)	Level 2	4,103,024		3,935,225		3,923,855		3,794,729
Variable-rate debt (f)	Level 2	1,397,377		1,397,377		1,220,359		1,220,359

(a)Cash, cash equivalents, and restricted cash include demand deposits, money market mutual funds, and U.S. Treasury bills with original maturities of 90 days or less.

(b)Accounts receivable, net is shown net of an allowance of $8.6 million at June 30, 2026, and $7.2 million at December 31, 2025. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information on the allowance.

(c)Accrued investment income is included in Other assets, net on the Condensed Consolidated Balance Sheets.

(d)Other investments relate to held-to-maturity fixed maturity securities. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information.

(e)Notes receivable, net is shown net of an immaterial allowance at June 30, 2026, and December 31, 2025.

(f)Excludes related unamortized financing costs.

Cash and Receivables The carrying amounts of Cash, cash equivalents, and restricted cash; Accounts receivable, net; and Notes receivable, net approximate fair value because of the short‑term maturity of these instruments.

Debt The fair value of the Company’s senior unsecured notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the Secured Overnight Financing Rate (SOFR) or U.S. Treasury obligation interest rates as of June 30, 2026. Refer to Note 6 - Mortgages, Notes, and Loans Payable, Net for additional information. The discount rates reflect the Company’s judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity.

The carrying amounts for the Company’s variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Summary of EPS calculations

Information related to the Company’s EPS calculations is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands except per share amounts	2026		2025		2026		2025
Net income (loss)
Net income (loss)	$	156,957	$	(12,076)	$	165,022	$	(1,238)
Net (income) loss attributable to noncontrolling interests	1,408		(68)		1,569		(373)


Net income (loss) attributable to common stockholders	$	158,365	$	(12,144)	$	166,591	$	(1,611)

Shares
Weighted-average common shares outstanding — basic	58,996		55,329		58,985		52,562
Restricted stock and stock options	158		—		174		—

Weighted-average common shares outstanding — diluted	59,154		55,329		59,159		52,562

Net income (loss) per common share
Basic income (loss) per share	$	2.68	$	(0.22)	$	2.82	$	(0.03)



Diluted income (loss) per share	$	2.68	$	(0.22)	$	2.82	$	(0.03)



Anti-dilutive shares excluded from diluted EPS
Restricted stock and stock options	428		612		391		612

Acquisitions and Dispositions of Real Estate Assets - Acquisitions Narrative (Details) - 7 Waterway $ in Millions	1 Months Ended
	May 31, 2025 USD ($) ft²
Asset Acquisition [Line Items]
Payments to acquire real estate \| $	$ 16.3
Area of real estate property (in sqft) \| ft²	186,369

Segments - Income (Loss) by Segment and Reconciliation of Segment EBT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segments reporting
Income (loss) before income taxes	$ 206,914	$ (15,897)	$ 217,597	$ (1,623)
General and administrative expense	(36,136)	(34,552)	(61,894)	(56,988)
Gain (loss) on sale of MUD receivables	(555)	(48,197)	(555)	(48,197)
Corporate interest expense, net	(45,812)	(43,694)	(87,602)	(84,788)
Vantage
Segments reporting
General and administrative expense	(15,400)		(19,000)
Vantage income (loss) before income taxes	(20,765)	0	(20,765)	0
Operating segments \| Operating Assets Segment
Segments reporting
Income (loss) before income taxes	31,193	(9,498)	26,281	(7,228)
Operating segments \| MPC Segment
Segments reporting
Income (loss) before income taxes	134,683	102,412	219,059	165,676
Operating segments \| Strategic Developments Segment
Segments reporting
Income (loss) before income taxes	126,551	961	119,915	(238)
Corporate
Segments reporting
Corporate interest expense, net	(22,245)	(21,930)	(42,551)	(44,120)
Corporate income, expenses, and other items	$ (5,812)	$ (5,093)	$ (21,893)	$ (10,528)

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases


18. Leases

The Company has lease agreements with lease and non-lease components and has elected to aggregate these components into a single component for all classes of underlying assets. Certain of the Company’s lease agreements include non-lease components such as fixed common area maintenance charges.

Lessee Arrangements The Company determines whether an arrangement is a lease at inception. Operating leases are included in Other assets, net and Other liabilities, net on the Condensed Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases.

The Company’s lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company’s leases have remaining lease terms of less than 1 year to approximately 23 years, excluding extension options. The Company considers its strategic plan and the life of associated agreements in determining when options to extend or terminate lease terms are reasonably certain of being exercised. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain of the Company’s lease agreements include variable lease payments based on a percentage of income generated through subleases, changes in price indices and market rates, and other costs arising from operating, maintenance, and taxes. The Company’s lease agreements do not contain residual value guarantees or restrictive covenants. The Company leases certain buildings constructed on its ground leases to third parties.

The Company’s leased assets and liabilities are as follows:


thousands	June 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	7,761	$	5,231
Operating lease obligations	7,539		4,868

Future minimum lease payments as of June 30, 2026, are as follows:


thousands	Operating Leases
Remainder of 2026	$	1,524
2027	1,729
2028	911
2029	871
2030	637
Thereafter	5,810
Total lease payments	11,482
Less: imputed interest	(3,943)
Present value of lease liabilities	$	7,539

Other information related to the Company’s lessee agreements is as follows:


Supplemental Condensed Consolidated Statements of Cash Flows Information	Six Months Ended June 30,
thousands	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows on operating leases	$	527	$	333


Other Information	June 30, 2026		June 30, 2025
Weighted-average remaining lease term (years)
Operating leases	12.0		16.3
Weighted-average discount rate
Operating leases	5.7	%	7.1	%

Lessor Arrangements The Company receives rental income from the leasing of retail, office, multifamily, and other space under operating leases, as well as certain variable tenant recoveries. Operating leases for retail, office, and other properties are with a variety of tenants and have a remaining average term of approximately five years. Lease terms generally vary among tenants and may include early termination options, extension options, and fixed rental rate increases or rental rate increases based on an index. Multifamily leases generally have a term of 12 months or less. Minimum rent revenues related to operating leases are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Total minimum rent payments	$	63,543	$	61,596	$	125,004	$	122,006

Total future minimum rents associated with operating leases are as follows as of June 30, 2026:


thousands	Total Minimum Rent
Remainder of 2026	$	129,610
2027	262,746
2028	244,082
2029	224,358
2030	199,100
Thereafter	681,945
Total	$	1,741,841

Minimum rent revenues are recognized on a straight‑line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues reported in the Condensed Consolidated Statements of Operations also include amortization related to above-market and below‑market tenant leases on acquired properties.

Revenues

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenues


17. Revenues

Revenues from contracts with customers (excluding lease- and insurance-related revenues) are recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes, and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company’s condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life.

The following presents the Company’s revenues disaggregated by revenue source:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Revenues from contracts with customers
Condominium rights and unit sales	$	706,311	$	193	$	709,445	$	535
Master Planned Communities land sales	170,936		125,041		270,509		196,683
Builder price participation	6,868		14,138		15,550		23,425
Other revenues	15,779		10,416		26,758		20,060

Rental and lease-related revenues
Rental revenue	114,198		111,092		227,747		219,505

Insurance-related revenues
Net earned insurance premiums	97,247		—		97,247		—
Net insurance investment income	10,988		—		10,988		—

Total revenues	$	1,122,327	$	260,880	$	1,358,244	$	460,208

Contract Assets and Liabilities Contract assets are the Company’s right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration.

There were no contract assets for the periods presented. The contract liabilities primarily relate to escrowed condominium deposits, MPC land sales deposits, and deferred MPC land sales related to unsatisfied land improvements. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:


thousands
Balance at December 31, 2025	$	896,896
Consideration earned during the period	(761,543)
Consideration received during the period	653,737
Balance at June 30, 2026	$	789,090

Balance at December 31, 2024	$	584,536
Consideration earned during the period	(33,726)
Consideration received during the period	92,582
Balance at June 30, 2025	$	643,392

Remaining Unsatisfied Performance Obligations The Company’s remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These obligations are associated with contracts that generally are non-cancelable by the customer after 30 days for all Ward Village condominiums and after 6 days for The Ritz-Carlton Residences; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company’s remaining unsatisfied performance obligations as of June 30, 2026, was $3.8 billion. The Company expects to recognize this amount as revenue over the following periods:


thousands	Less than 1 year			1-2 years		3 years and thereafter
Total remaining unsatisfied performance obligations		$	664,885	$	67,475		$	3,083,287

The Company’s remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, and deferrals, as appropriate. These amounts exclude estimated amounts of variable consideration which are constrained, such as builder price participation.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Investments in Fixed Maturity and Equity Securities - Proceeds and Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales	$ 2,335,763	$ 0	$ 2,335,763	$ 0
Gross realized gains from sales	2,609	0	2,609	0
Gross realized losses from sales	$ (4,756)	$ 0	$ (4,756)	$ 0

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	$ 3,849,909	$ 2,855,060	$ 3,842,246	$ 2,841,774
Other comprehensive income (loss) before reclassifications	2,146	(119)	1,881	(1,608)
(Gain) loss reclassified to net income	1,885	(1,027)	1,416	(1,950)
Pension adjustment	838	0	838	0
Income tax (expense) benefit	(944)	273	(764)	866
Other comprehensive income (loss)	3,925	(873)	3,371	(2,692)
Balance at the end of the period	4,033,973	3,711,644	4,033,973	3,711,644
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(2,381)	149	(1,827)	1,968
Other comprehensive income (loss)	3,925	(873)	3,371	(2,692)
Balance at the end of the period	1,544	(724)	1,544	(724)
AFS Fixed Maturity Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	0	0	0	0
Other comprehensive income (loss) before reclassifications	(2,279)	0	(2,279)	0
(Gain) loss reclassified to net income	2,324	0	2,324	0
Pension adjustment	0		0
Income tax (expense) benefit	0	0	0	0
Other comprehensive income (loss)	45	0	45	0
Balance at the end of the period	45	0	45	0
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(1,543)	1,077	(989)	2,896
Other comprehensive income (loss) before reclassifications	4,425	(119)	4,160	(1,608)
(Gain) loss reclassified to net income	(439)	(1,027)	(908)	(1,950)
Pension adjustment	0		0
Income tax (expense) benefit	(944)	273	(764)	866
Other comprehensive income (loss)	3,042	(873)	2,488	(2,692)
Balance at the end of the period	1,499	204	1,499	204
Pension
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(838)	(928)	(838)	(928)
Other comprehensive income (loss) before reclassifications	0	0	0	0
(Gain) loss reclassified to net income	0	0	0	0
Pension adjustment	838		838
Income tax (expense) benefit	0	0	0	0
Other comprehensive income (loss)	838	0	838	0
Balance at the end of the period	$ 0	$ (928)	$ 0	$ (928)

Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of assets measured at fair value on a recurring basis

The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company’s assets and liabilities that are measured at fair value on a recurring basis.


	June 30, 2026											December 31, 2025
	Fair Value Measurements Using											Fair Value Measurements Using
thousands	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Investments in AFS fixed maturity securities:
U.S. Government	$	93,267		$	—		$	93,267		$	—	$	—		$	—		$	—		$	—
Asset-backed	7,112			—			7,112			—		—			—			—			—
U.S. Agencies	16,441			—			16,441			—		—			—			—			—
Mortgage-backed	86,478			—			86,478			—		—			—			—			—
U.S. Corporate	42,637			—			42,637			—		—			—			—			—
Foreign Governments	648			—			648			—		—			—			—			—

Investments in equity securities	1,077,535			1,077,535			—			—		—			—			—			—
Short-term investments	27,822			—			27,822			—		—			—			—			—
Derivative assets	6,480			—			6,272			208		3,113			—			3,113			—
Derivative liabilities	10			—			10			—		689			—			689			—

Summary of assets and liabilities not measured at fair value on a recurring basis

The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis are as follows:


		June 30, 2026				December 31, 2025
thousands	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:

Cash, cash equivalents, and restricted cash (a)	Level 1	$	3,365,354	$	3,365,354	$	2,097,158	$	2,097,158
Accounts receivable, net (b)	Level 3	940,400		940,400		134,122		134,122
Accrued investment income (c)	Level 3	3,542		3,542		—		—
Other investments (d)	Level 3	9,045		9,045		—		—
Notes receivable, net (e)	Level 3	3,578		3,578		2,932		2,932

Liabilities:
Fixed-rate debt (f)	Level 2	4,103,024		3,935,225		3,923,855		3,794,729
Variable-rate debt (f)	Level 2	1,397,377		1,397,377		1,220,359		1,220,359

(a)Cash, cash equivalents, and restricted cash include demand deposits, money market mutual funds, and U.S. Treasury bills with original maturities of 90 days or less.

(c)Accrued investment income is included in Other assets, net on the Condensed Consolidated Balance Sheets.

(d)Other investments relate to held-to-maturity fixed maturity securities. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies for additional information.

(e)Notes receivable, net is shown net of an immaterial allowance at June 30, 2026, and December 31, 2025.

(f)Excludes related unamortized financing costs.

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities


7. Derivative Instruments and Hedging Activities

The Company is exposed to interest rate risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. The Company uses interest rate swaps, collars, and caps to add stability to interest costs by reducing the Company’s exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company’s fixed‑rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above an established ceiling rate and payment of variable amounts to a counterparty if interest rates fall below an established floor rate, in exchange for an upfront premium. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the established ceiling and floor rates. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Certain of the Company’s interest rate caps are not currently designated as hedges, and therefore, any gains or losses are recognized in current-period earnings within Interest expense in the Condensed Consolidated Statements of Operations. These derivatives are recorded on a gross basis at fair value on the Condensed Consolidated Balance Sheets.

Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. Derivatives accounted for as cash flow hedges are classified in the same category in the Condensed Consolidated Statements of Cash Flows as the items being hedged. Gains and losses from derivative financial instruments are reported in Cash provided by (used in) operating activities within the Condensed Consolidated Statements of Cash Flows.

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of June 30, 2026, or December 31, 2025.

If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized in earnings over the period that the hedged transaction impacts earnings. The reduction in Interest expense related to the amortization of terminated swaps is immaterial.

Amounts reported in AOCI related to derivatives are reclassified to Interest expense as interest payments are made on the Company’s variable‑rate debt. Over the next 12 months, the Company estimates that $3.2 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps.

The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Other liabilities, net.


							Fair Value Asset (Liability)
thousands	Notional Amount		Fixed Interest Rate (a)		Effective Date	Maturity Date	June 30, 2026		December 31, 2025
Derivative instruments not designated as hedging instruments: (b)


Interest rate cap	$	250,000	4.50	%	6/17/2025	7/1/2026	$	—	$	1
Interest rate cap	133,053		6.00	%	6/20/2024	7/15/2026	—		—
Interest rate cap	16,565		6.00	%	6/20/2024	7/15/2026	—		—
Interest rate cap	197,296		5.25	%	12/2/2024	12/15/2026	3		1
Interest rate cap	92,917		5.50	%	2/26/2026	3/9/2028	179		—
Interest rate cap	16,397		5.50	%	2/26/2026	3/9/2028	32		—

Derivative instruments designated as hedging instruments:

Interest rate swap	79,198		3.97	%	5/1/2025	4/15/2026	—		(59)
Interest rate swap	32,400		3.98	%	7/10/2025	8/1/2026	(10)		(88)
Interest rate swap	175,000		3.69	%	1/3/2023	1/1/2027	113		(542)
Interest rate swap	127,000		3.50	%	11/7/2025	1/8/2027	264		145
Interest rate swap	40,800		1.68	%	3/1/2022	2/18/2027	553		792
Interest rate swap	74,657		3.73	%	4/15/2026	4/15/2027	75		—
Interest rate swap	32,400		3.96	%	8/3/2026	7/10/2027	4		—
Interest rate cap	58,693		4.15	%	12/21/2025	12/21/2028	412		183
Interest rate swap	300,000		3.68	%	3/30/2026	3/30/2031	2,227		—
Interest rate swap	33,636		4.89	%	11/1/2019	1/1/2032	2,410		1,991

Other:
Warrants (c)	n/a		n/a		Various	Various	208		—
Total fair value derivative assets							$	6,480	$	3,113
Total fair value derivative liabilities							(10)		(689)
Total fair value derivative asset (liability), net							$	6,470	$	2,424

(a)These rates represent the swap rate and cap strike rate on the Company’s interest rate swaps, caps, and collars.

(b)Interest related to these contracts was immaterial for all periods presented.

(c)The Company holds two outstanding warrants. One warrant represents approximately 98% of the aggregate fair value and has an effective date of February 2025 and a maturity date of February 2035. The remaining warrant is immaterial and has similar economic characteristics.

The tables below present the effect of the Company’s derivative financial instruments in the Condensed Consolidated Statements of Operations:


	Amount of Gain (Loss) Recognized in AOCI on Derivatives
Derivatives in Cash Flow Hedging Relationships	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Interest rate derivatives	$	3,380	$	(91)	$	3,180	$	(1,211)


Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Interest expense	$	338	$	782	$	692	$	1,481

Credit-risk-related Contingent Features The Company has agreements at the property level with certain derivative counterparties that contain a provision where if the Company defaults on the related property-level indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its related derivative obligations. The fair value of derivatives in a net liability position related to these agreements was immaterial as of June 30, 2026.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Mortgages, Notes, and Loans Payable, Net - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Feb. 28, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Other assets, net	$ 872,216,000			$ 213,315,000
Term of contract	5 years
Weighted-average Interest Rate	6.68%			7.15%
Repayments	$ 1,195,061,000	$ 288,258,000
Special Improvement District bonds transfers to buyers	8,535,000	$ 2,505,000
Secured Bridgeland Notes Due 2029
Debt Instrument [Line Items]
Outstanding borrowings	$ 85,000,000.0
Debt instrument, redemption price, percentage	10.00%
Interest rate of debt instruments	5.93%
Line of credit facility, remaining borrowing capacity	$ 515,000,000.0
Available borrowing amount	600,000,000.0
Senior unsecured notes
Debt Instrument [Line Items]
Face amount	2,300,000,000
Senior unsecured notes \| Senior Unsecured Notes Due 2032
Debt Instrument [Line Items]
Face amount	$ 500,000,000		$ 500,000,000.0
Interest rate	5.875%		5.875%
Senior unsecured notes \| Senior Unsecured Notes Due 2034
Debt Instrument [Line Items]
Face amount	$ 500,000,000		$ 500,000,000.0
Interest rate	6.125%		6.125%
Senior unsecured notes \| Senior Unsecured Notes Due 2028
Debt Instrument [Line Items]
Face amount			$ 750,000,000.0
Interest rate			5.375%
Secured mortgages payable
Debt Instrument [Line Items]
Weighted-average Interest Rate	5.76%			5.85%
Other borrowings	$ 370,100,000
Outstanding borrowings	154,700,000
Refinancing of mortgage	35,000,000.0
Repayments	445,100,000
Long term debt, undrawn lender commitment	$ 970,300,000
Secured mortgages payable \| Minimum
Debt Instrument [Line Items]
Range of interest rates	3.13%			3.13%
Secured mortgages payable \| Maximum
Debt Instrument [Line Items]
Range of interest rates	8.86%			8.87%
Special Improvement District bonds
Debt Instrument [Line Items]
Special Improvement District bonds transfers to buyers	$ 8,500,000
Special improvement district bond issued	$ 0
Special Improvement District bonds \| Minimum \| MPC Segment \| District Bonds With Maturities From 2030 To 2055
Debt Instrument [Line Items]
Range of interest rates	4.13%			4.13%
Special Improvement District bonds \| Maximum \| MPC Segment \| District Bonds With Maturities From 2030 To 2055
Debt Instrument [Line Items]
Range of interest rates	6.05%			6.50%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Available borrowing amount	$ 75,000,000.0
Line of credit facility increase in maximum borrowing capacity	50,000,000.0
Long-term line of credit	0
Asset Pledged as Collateral with Right
Debt Instrument [Line Items]
Other assets, net	$ 4,700,000,000

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes


13. Income Taxes


	Three Months Ended June 30,						Six Months Ended June 30,
thousands except percentages	2026			2025			2026			2025
Income tax expense (benefit)	$	49,957		$	(3,821)		$	52,575		$	(385)
Income (loss) before income taxes	206,914			(15,897)			217,597			(1,623)
Effective tax rate	24.1		%	24.0		%	24.2		%	23.7		%

The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. The Company’s effective tax rate is typically impacted by non-deductible executive compensation and other permanent differences as well as state income taxes, which cause the Company’s effective tax rate to deviate from the federal statutory rate.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Summary of segment operating results

Segment operating results are as follows:


thousands	Operating Assets Segment		MPC Segment		Strategic Developments Segment
Three Months Ended June 30, 2026
Total revenues	$	119,960	$	181,740	$	707,432
Condominium rights and unit cost of sales	—		—		(575,389)
Master Planned Communities cost of sales	—		(59,057)		—
Operating costs	(36,104)		(11,333)		(7,092)
Rental property real estate taxes	(14,293)		—		(505)
(Provision for) recovery of doubtful accounts	(123)		—		—
Segment operating income (loss)	69,440		111,350		124,446
Depreciation and amortization	(52,028)		(110)		(2,068)
Interest income (expense), net	(37,873)		24,012		4,097
Other income (loss), net	(527)		—		—
Equity in earnings (losses) from unconsolidated ventures	794		(569)		76
Gain (loss) on sale or disposal of real estate and other assets, net	51,800		—		—


Gain (loss) on extinguishment of debt	(413)		—		—

Segment EBT	$	31,193	$	134,683	$	126,551

Three Months Ended June 30, 2025
Total revenues	$	116,446	$	143,701	$	714
Condominium rights and unit cost of sales	—		—		(811)
Master Planned Communities cost of sales	—		(45,178)		—
Operating costs	(34,175)		(12,516)		(3,760)
Rental property real estate taxes	(14,750)		—		(615)
(Provision for) recovery of doubtful accounts	(542)		—		—
Segment operating income (loss)	66,979		86,007		(4,472)
Depreciation and amortization	(42,305)		(88)		(1,076)
Interest income (expense), net	(34,173)		18,107		4,633
Other income (loss), net	634		35		132
Equity in earnings (losses) from unconsolidated ventures	(325)		(1,649)		87
Gain (loss) on sale or disposal of real estate and other assets, net	(1)		—		1,657

Gain (loss) on extinguishment of debt	(307)		—		—

Segment EBT	$	(9,498)	$	102,412	$	961

Six Months Ended June 30, 2026
Total revenues	$	239,162	$	294,021	$	711,839
Condominium rights and unit cost of sales	—		—		(578,523)
Master Planned Communities cost of sales	—		(93,799)		—
Operating costs	(71,381)		(24,468)		(11,526)
Rental property real estate taxes	(30,000)		—		(1,026)
(Provision for) recovery of doubtful accounts	(64)		—		—
Segment operating income (loss)	137,717		175,754		120,764
Depreciation and amortization	(97,606)		(175)		(4,125)
Interest income (expense), net	(71,380)		45,724		9,071
Other income (loss), net	(508)		1,860		(889)
Equity in earnings (losses) from unconsolidated ventures	6,671		(4,104)		(4,906)
Gain (loss) on sale or disposal of real estate and other assets, net	51,800		—		—


Gain (loss) on extinguishment of debt	(413)		—		—

Segment EBT	$	26,281	$	219,059	$	119,915


thousands	Operating Assets Segment		MPC Segment		Strategic Developments Segment
Six Months Ended June 30, 2025
Total revenues	$	230,448	$	228,155	$	1,568
Condominium rights and unit cost of sales	—		—		(1,053)
Master Planned Communities cost of sales	—		(70,392)		—
Operating costs	(68,397)		(25,507)		(7,336)
Rental property real estate taxes	(29,501)		—		(1,163)
(Provision for) recovery of doubtful accounts	(386)		—		—
Segment operating income (loss)	132,164		132,256		(7,984)
Depreciation and amortization	(85,428)		(199)		(2,234)
Interest income (expense), net	(68,391)		34,893		9,279
Other income (loss), net	438		35		(1,130)
Equity in earnings (losses) from unconsolidated ventures	4,318		(5,059)		174
Gain (loss) on sale or disposal of real estate and other assets, net	9,978		3,750		1,657


Gain (loss) on extinguishment of debt	(307)		—		—

Segment EBT	$	(7,228)	$	165,676	$	(238)

The following represents capital expenditures by segment:


	Six Months Ended June 30,
thousands		2026		2025
Operating Assets segment		$	19,368	$	19,272
MPC segment		203		75
Strategic Developments segment		42,457		112,670

Summary of reconciliation of operating income (loss) from segments to consolidated statements of operations

The following represents the reconciliation of segment EBT to Income (loss) before income taxes in the Condensed Consolidated Statements of Operations:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Operating Assets EBT	$	31,193	$	(9,498)	$	26,281	$	(7,228)
MPC EBT	134,683		102,412		219,059		165,676
Strategic Developments EBT	126,551		961		119,915		(238)
General and administrative expense	(36,136)		(34,552)		(61,894)		(56,988)
Gain (loss) on sale of MUD receivables	(555)		(48,197)		(555)		(48,197)
Corporate interest expense, net	(22,245)		(21,930)		(42,551)		(44,120)
Vantage income (loss) before income taxes	(20,765)		—		(20,765)		—
Corporate income, expenses, and other items	(5,812)		(5,093)		(21,893)		(10,528)
Income (loss) before income taxes	$	206,914	$	(15,897)	$	217,597	$	(1,623)

Summary of reconciliation of revenue from segments to consolidated statements of operations

The following represents the reconciliation of segment revenues to Total revenue in the Condensed Consolidated Statements of Operations:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Operating Assets segment	$	119,960	$	116,446	$	239,162	$	230,448
MPC segment	181,740		143,701		294,021		228,155
Strategic Developments segment	707,432		714		711,839		1,568
Vantage	113,141		—		113,141		—
Corporate	54		19		81		37
Total revenues	$	1,122,327	$	260,880	$	1,358,244	$	460,208

Summary of assets by segment and the reconciliation of total segment assets to the total assets in the Condensed Consolidated Balance Sheets

The following represents the reconciliation of segment assets to Total assets on the Condensed Consolidated Balance Sheets are summarized as follows:


thousands	June 30, 2026		December 31, 2025
Operating Assets segment	$	3,578,739	$	3,606,214
MPC segment	3,628,992		3,487,301
Strategic Developments segment	1,993,045		2,378,762
Vantage	6,298,578		—
Corporate	410,689		1,167,184
Total assets	$	15,910,043	$	10,639,461

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Earnings Per Share - Information Related to EPS Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net income (loss)
Net income (loss)	$ 156,957	$ (12,076)	$ 165,022	$ (1,238)
Net (income) loss attributable to noncontrolling interests	1,408	(68)	1,569	(373)
Net income (loss) attributable to common stockholders	$ 158,365	$ (12,144)	$ 166,591	$ (1,611)
Shares
Weighted-average common shares outstanding — basic (in shares)	58,996,000	55,329,000	58,985,000	52,562,000
Restricted stock and stock options (in shares)	158,000	0	174,000	0
Weighted-average common shares outstanding — diluted (in shares)	59,154,000	55,329,000	59,159,000	52,562,000
Net income (loss) per common share
Basic income (loss) per share (in dollars per share)	$ 2.68	$ (0.22)	$ 2.82	$ (0.03)
Earnings Per Share, Diluted
Diluted income (loss) per share (in dollars per share)	$ 2.68	$ (0.22)	$ 2.82	$ (0.03)
Restricted stock and stock options
Anti-dilutive shares excluded from diluted EPS
Anti-dilutive shares excluded from diluted EPS (in shares)	428,000	612,000	391,000	612,000

Reserves for Claims and Claim Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Reserves for Claims and Claim Expenses [Abstract]

Schedule of liability for unpaid claims and claims adjustment expense

The following table presents a reconciliation of changes in the net reserves for claims and claim expenses:



thousands	June 30, 2026
Balance at beginning of the period:
Reserves for claims and claim expenses	$	—
Reinsurance recoverable on unpaid losses	—
Net reserve for claims and claim expenses	—

Acquired net reserve for claims and claim expenses (a)	1,535,414

Net Losses incurred during the period related to:
Current period	54,548
Prior period	662
Total net losses incurred	55,210

Net losses paid during the period related to:
Current period	(3,584)
Prior period	(35,438)
Total net losses paid	(39,022)

Foreign exchange (gains) losses	(50)

Balance at end of the period:
Net reserves for claims and claim expenses	1,551,552
Reinsurance recoverable on unpaid losses (b)	563,864
Reserves for claims and claim expenses	$	2,115,416

(a)Represents reserves for claims and claim expenses of $2.1 billion, net of reinsurance recoverable on unpaid losses of $554.8 million related to the Vantage Acquisition. This amount excludes reinsurance recoverable on paid losses of $44.3 million.

(b)Excludes reinsurance recoverable on paid losses of $37.7 million as of June 30, 2026.

Mortgages, Notes, and Loans Payable, Net - Schedule of Secured Mortgages Payable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Weighted-average Interest Rate	6.68%	7.15%
Secured mortgages payable
Debt Instrument [Line Items]
Fixed-rate debt	$ 1,732,234	$ 1,793,561
Variable rate	1,312,377	1,135,359
Secured mortgages payable	$ 3,044,611	$ 2,928,920
Fixed interest, weighted average interest rate	5.00%	4.91%
Variable interest, weighted average interest rate	6.77%	7.34%
Weighted-average Interest Rate	5.76%	5.85%
Fixed interest, weighted-average years to maturity	4 years 7 months 6 days	5 years 1 month 6 days
Variable interest, weighted-average years to maturity	2 years 3 months 18 days	1 year 3 months 18 days
Weighted-average Years to Maturity	3 years 7 months 6 days	3 years 7 months 6 days
Secured mortgages payable \| Minimum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	3.13%	3.13%
Variable weighted-average interest rate	5.34%	5.77%
Range of Interest Rates	3.13%	3.13%
Secured mortgages payable \| Maximum
Debt Instrument [Line Items]
Fixed weighted-average interest rate	8.67%	8.67%
Variable weighted-average interest rate	8.86%	8.87%
Range of Interest Rates	8.86%	8.87%

Presentation of Financial Statements and Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Presentation of Financial Statements and Significant Accounting Policies


1. Presentation of Financial Statements and Significant Accounting Policies

General Howard Hughes Holdings Inc. (HHH or the Company) is a holding company that owns subsidiaries engaged in various diverse business activities. These include a real estate development subsidiary that operates a large-scale, mixed-use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income-producing properties, and a specialty insurance and reinsurance subsidiary, which provides property, casualty, and specialty insurance and reinsurance.

Vantage operates in the United States (U.S.) and Bermuda. Vantage writes insurance business in the U.S. on both an admitted and excess and surplus basis, and writes specialty insurance and reinsurance business in Bermuda on a worldwide basis. Insurance product lines offered by its U.S. insurance subsidiaries include casualty, property, professional liability, financial lines, healthcare, construction, and political risk and credit. Insurance products offered by its Bermuda subsidiary include financial and professional lines and healthcare and excess casualty. Vantage’s reinsurance operations include specialty, property and casualty, financial lines, and property catastrophe. Vantage also earns net investment income and net fee income.

These unaudited Condensed Consolidated Financial Statements have been prepared by Howard Hughes Holdings Inc. in accordance with accounting principles generally accepted in the United States of America (GAAP). References to HHH, the Company, we, us, and our refer to Howard Hughes Holdings Inc. and its consolidated subsidiaries, unless otherwise specifically stated. References to The Howard Hughes Corporation (HHC) or Howard Hughes Communities refer to The Howard Hughes Corporation and its consolidated real estate development subsidiaries, unless otherwise specifically stated. References to Vantage refer to Howard Hughes Insurance Holdings, LLC and its recently acquired consolidated insurance and reinsurance subsidiaries, unless otherwise specifically stated.

In accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as issued by the Securities and Exchange Commission (the SEC), these Condensed Consolidated Financial Statements do not include all of the information and disclosures required by GAAP for complete financial statements. Readers of this quarterly report on Form 10-Q (Quarterly Report) should refer to the Howard Hughes Holdings Inc. audited Consolidated Financial Statements, which are included in its annual report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 19, 2026 (the Annual Report). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial position, results of operations, comprehensive income, cash flows, and equity for the interim periods have been included. The results for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, and future fiscal years.

Principles of Consolidation and Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of Howard Hughes Holdings Inc. and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) 810 Consolidation. The outside equity interests in certain entities controlled by the Company are reflected in the Condensed Consolidated Financial Statements as noncontrolling interests. Certain prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no effect on previously reported total assets, total liabilities, stockholders' equity, net income, or cash flows.

Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Condensed Consolidated Financial Statements up to the date and time this Quarterly Report was filed.

Insurance-Related Significant Accounting Policies

Investments in Fixed Maturity Securities Investments in fixed maturity securities are classified as available-for-sale (AFS) on the acquisition date and classification is reevaluated at each balance sheet date. AFS securities are reported at fair value, net of valuation allowance for expected credit losses, with unrealized changes in fair value recorded as a separate component of accumulated other comprehensive income (AOCI) in the Condensed Consolidated Statements of Equity. Realized investment gains and losses on AFS fixed maturity securities are determined using cost calculated on a specific identification basis and recognized upon the sale of such securities in Investment gain (loss), net in the Condensed Consolidated Statements of Operations. For AFS fixed maturity securities in an unrealized loss position, the Company recognizes a loss in earnings when it intends to sell a security or it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis. If a portion of the unrealized loss is determined to be related to credit factors, the Company records an allowance for credit losses, limited to the amount by which amortized cost exceeds fair value, with a corresponding charge to Investment gain (loss), net in the Condensed Consolidated Statements of Operations. Any portion of the unrealized loss that is not attributable to credit-related factors is recognized in accumulated other comprehensive income (loss).

Interest and dividend income on fixed maturity securities is recognized in Net insurance investment income, net of investment management and custody fees, in the Condensed Consolidated Statements of Operations. Premiums and discounts on fixed maturity securities are amortized or accreted into net insurance investment income using the effective yield method.

For mortgage-backed securities, and any other holdings for which there is prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized prospectively. Prepayment fees or call premiums that are only payable when a security is called prior to its maturity are earned when received and reflected in Net insurance investment income.

Investments in Equity Securities Investments in equity securities are carried at fair value and changes in fair value are recorded in Investment gain (loss), net in the Condensed Consolidated Statements of Operations. Realized investment gains and losses on equity securities are determined using cost calculated on a specific identification basis and recognized upon the sale of such securities in Investment gain (loss), net. Dividend income is recognized in Net insurance investment income.

Short-Term Investments The Company's short-term investments consist of U.S. Treasury bills with original maturities greater than 3 months and less than 12 months. These investments are recorded at fair value, which typically approximates cost. Interest income on short-term investments is recognized in Net insurance investment income in the Condensed Consolidated Statements of Operations.

Other Investments Held-to-maturity (HTM) fixed maturity securities are investments for which the Company has the ability and positive intent to hold to maturity and are reported at amortized cost, net of valuation allowance for expected credit losses. The Company evaluates the need for an allowance for expected credit losses based on probability of default and loss given various default assumptions. HTM securities are presented in Other assets, net on the Condensed Consolidated Balance Sheets. Refer to Note 8 - Fair Value for additional information.

The Company has an investment in a limited partnership which is carried at fair value. As a practical expedient, the fair value is estimated using the net asset value reported by the external fund manager. The Company does not have control or significant influence over the partnership. This investment is valued at $5.6 million as of June 30, 2026, and is presented in Other assets, net on the Condensed Consolidated Balance Sheets. Changes in fair value are recorded in Investment gain (loss), net in the Condensed Consolidated Statements of Operations.

Insurance Premiums Insurance premiums written are recorded in accordance with the terms of the underlying policies at the policy inception and are primarily earned on a pro rata basis over the term of the policies, which generally do not exceed one year. Unearned premiums represent the portion of premiums written that relate to the unexpired terms of the policies in force.

Reinsurance Premiums Reinsurance premiums written for excess of loss reinsurance contracts are recorded based on the terms of the underlying policies. Reinsurance premiums written for pro rata reinsurance contracts are recorded based on amounts reported by brokers and ceding companies, supplemented by the Company’s own estimates of premiums where reports have not been received. The determination of estimates is based on the Company’s experience with the ceding companies, familiarity with the market, timing of reported information, analysis and understanding of the characteristics of each line of business, and judgment of the impact of various factors, including premium or loss trends on the volume of business written and ceded to the Company. On an ongoing basis, the Company’s underwriters review the amounts reported by these third parties for reasonableness based on their experience and knowledge of the subject class of business, taking into account management’s historical experience with the brokers or ceding companies. In addition, reinsurance contracts under which the Company assumes business generally contain specific provisions which allow the Company to perform audits of the ceding company to ensure compliance with the terms and conditions of the contract, including accurate and timely reporting of information. Premium estimates are updated when new information is received and differences between such estimates and actual amounts are recorded in the period in which estimates are changed, or the actual amounts are determined.

For multi-year reinsurance contracts which are payable in annual installments, only the initial annual installment is included as premiums written at policy inception, due to the ability of the reinsured to commute or cancel coverage under certain conditions during the term of the policy. The remaining annual installments are included as premiums written at each successive anniversary date within the multi-year term.

Reinsurance premiums written, irrespective of the class of business, are generally earned on a pro rata basis over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a losses occurring basis cover claims that may occur during the term of the contract or policy, which is typically 12 months. Accordingly, the related reinsurance premium is earned evenly over the term. Contracts which are written on a risks attaching basis cover claims which attach to the underlying insurance policies written during the terms of these contracts. Premiums earned on risks attaching contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of reinsurance premiums earned over a 24-month period.

Reinstatement Premiums Reinstatement premiums for the Company’s reinsurance operations are recognized at the time a loss event occurs, where coverage limits for the remaining life of the contract are reinstated under pre-defined contract or policy terms. Reinsurance reinstatement premiums are fully earned when recognized. The accrual of reinstatement premiums is based on an estimate of claims and claim expenses, which reflects the Company’s judgment.

Insurance Policy Deferred Acquisition Costs (DAC) and Valuation of Businesses Acquired Insurance policy acquisition costs are incurred upon the issuance of insurance and reinsurance contracts and consist principally of commissions, brokerage, and premium taxes. Costs directly related to the successful acquisition of new and renewal contracts are deferred and amortized over the period in which the related premiums are earned. Deferred acquisition costs are presented net of deferred ceding commissions, which are amortized over the same period as the related ceded premiums are earned. Certain reinsurance contracts include adjustable commission or profit-sharing provisions, which are estimated and included in deferred acquisition costs based on expected claims and claim expenses on those contracts, and are shown net of commissions and profit commissions earned on ceded reinsurance. Deferred acquisition costs are included in Deferred expenses, net on the Condensed Consolidated Balance Sheets and the related amortization of these costs is included in Insurance underwriting expenses on the Condensed Consolidated Statements of Operations.

As part of acquisition accounting, Vantage’s historical deferred acquisition costs were eliminated as of the acquisition date. Accordingly, the deferred acquisition cost balance reflected in the Condensed Consolidated Balance Sheets represents only insurance policy acquisition costs incurred subsequent to the Vantage Acquisition date. The Company considers anticipated investment income in determining whether a premium deficiency exists for short-duration contracts. Deferred acquisition costs are reviewed for recoverability and are limited to amounts expected to be recovered from future earned premiums. The recoverability of deferred acquisition costs is evaluated based on the estimated profitability of the related unearned premiums, taking into consideration anticipated claims and claim expenses, investment income, and historical and current underwriting experience.

Value of business acquired (VOBA) represents the estimated fair value of future profits associated with acquired insurance and reinsurance contracts in force at the Vantage Acquisition date, net of servicing costs and an appropriate risk adjustment. VOBA of $304.0 million was recognized as part of the Vantage Acquisition. This balance will be amortized over the estimated lives of the related contracts in proportion to estimated premiums, gross profits, or expected earnings, depending on the characteristics of the underlying business. Amortization is expected to occur substantially within the first 12 months following the acquisition, with 90% recognized in year one, 9% in year two, and 1% in year three. Amortization expense is included within Insurance underwriting expenses in the Condensed Consolidated Statements of Operations.

Reserves for Claims and Claim Expenses The reserves for claims and claim expenses include estimates for unpaid losses on reported claims as well as an estimate of losses incurred but not reported (IBNR). The reserve is based on individual claims, case reserves, and other reserve estimates reported by insureds and ceding companies, as well as management estimates of ultimate losses. Ultimate losses are estimated using various generally accepted actuarial methods. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled.

Accordingly, claims and claim expenses ultimately paid may differ materially from the amounts recorded in the Condensed Consolidated Financial Statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the Condensed Consolidated Statements of Operations in the period in which they become known and are accounted for as changes in estimates.

Reinsurance The Company purchases reinsurance to increase capacity and to limit the impact of individual losses and events on its underwriting results by reinsuring certain levels of risk with other insurance enterprises or reinsurers. The Company uses pro rata, excess of loss, and facultative reinsurance contracts. The premiums paid to reinsurers or ceded premiums written are recognized over the coverage period. Prepaid reinsurance premiums represent the portion of premiums ceded which relate to the unexpired term of the contracts in force. Ceded reinsurance contracts do not relieve the Company of its primary obligation to its (re)insureds.

Reinsurance recoverable on unpaid losses is estimated in a manner consistent with the associated claim liability. Reinsurance recoverable related to IBNR is generally developed as part of the Company’s loss reserving process, therefore, its estimation is subject to similar risks and uncertainties as the estimation of IBNR. In certain instances, the Company obtains collateral, including letters of credit and trust accounts to reduce the credit exposure on its reinsurance recoverable. The Company reports its reinsurance recoverable on paid and unpaid losses net of an allowance for expected credit loss, if necessary. The allowance is based upon the Company’s ongoing review of amounts outstanding, the financial condition of its reinsurers, amounts and form of collateral obtained and other relevant factors.

The following table details the effect of reinsurance on premiums written and earned during the post-acquisition period.


thousands	Three and Six Months Ended June 30, 2026
Premiums written
Direct	$	103,336
Assumed	52,723
Ceded	(48,851)
Net written insurance premiums	$	107,208

Premiums earned
Direct	$	85,560
Assumed	48,165
Ceded	(36,478)
Net earned insurance premiums	$	97,247

The Company underwrites a significant amount of its reinsurance business through brokers. There is credit risk associated with payments of reinsurance balances to the Company in regard to these brokers' ability to fulfill their contractual obligations. In addition, in some jurisdictions, if the broker fails to make payments to the insured under the Company’s policy, the Company may remain liable to the insured for the deficiency. The brokerages used by the Company are large and well established, and there are no indications they are financially distressed. The following table includes the brokers that individually contributed more than 10% of total gross premiums written during the post-acquisition period:


thousands	% of Gross Premiums Written
Willis Towers Watson	11.9	%
Howden	10.3	%

Fee Income Fee income receivable primarily includes amounts from third parties relating to potential variable fees. Revenue is recognized when the variable fee is probable of being realized and the amount of the variable fee can be reliably estimated. The probability of the variable fee being realized is assessed based on an evaluation of the terms and conditions of the reinsurance contracts, historical experience, and any other relevant factors. The estimation of the amount of the variable fee to recognize takes into consideration the anticipated profitability of the underlying reinsurance contracts, as well as any limitations or contingencies specified in the contracts. Variable consideration is recognized in revenue only to the extent that it is probable that a significant reversal will not occur when the related uncertainty is resolved. Management reassesses estimates of variable consideration at each reporting date throughout the contract period.

Foreign Currency The U.S. dollar is the functional currency of the Company and its subsidiaries. Vantage occasionally transacts business in foreign currencies. Monetary assets and liabilities denominated in foreign currencies are revalued at the prevailing exchange rate at the balance sheet date, and revenues and expenses denominated in foreign currencies are translated at the prevailing exchange rate on the transaction date, with the resulting foreign exchange gains or losses included in Other income (loss), net in the Condensed Consolidated Statements of Operations. Non-monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate on the transaction date and are not subsequently revalued or remeasured.

Insurance-Related Statutory Capital and Dividend Restrictions The Company’s insurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate and have regulatory capital and solvency requirements and restrictions on the ability of such subsidiaries to pay dividends to the parent company. The ability of the insurance and reinsurance subsidiaries to pay dividends to the parent company is also influenced by the maintenance of financial strength ratings assigned by independent rating agencies. Additionally, as a condition to the approval by the Delaware Department of Insurance (the Department) of the Vantage Acquisition, the Company has agreed that, until June 4, 2028, any dividends (whether ordinary or otherwise) by the Company’s Delaware insurance subsidiaries will require the Department’s prior approval. As of June 30, 2026, all insurance subsidiaries exceeded minimum regulatory capital requirements.

Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits by buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs.

Accounts Receivable, net Accounts receivable, net includes insurance premiums receivable, straight-line rent receivables, tenant receivables, related-party receivables, and other receivables.

Insurance premiums receivable includes amounts due from agents, brokers, and insureds that are both currently due and amounts not yet due on insurance policies and reinsurance contracts, and are reported net of an allowance for expected credit losses, if necessary. On a quarterly basis, management reviews these receivables for collectability. This analysis is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. In certain instances, credit risk may be reduced by the Company’s right to offset loss obligations and/or unearned premiums against premiums receivable. The Company recognizes reserves for estimated losses in earnings if the estimated loss amount is probable and can be reasonably estimated.

Straight-line rent receivables arise from the recognition of rental income on a straight-line basis over the term of the lease when lease agreements contain scheduled rent increases or rent concessions. Tenant receivables represent amounts billed and currently due from tenants for contractual base rent, reimbursements of property operating expenses, and other lease-related charges. On a quarterly basis, management reviews the lease-related receivables for collectability. This analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease-related receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses if the estimated loss amount is probable and can be reasonably estimated.

Related-party receivables are primarily due from the Floreo joint venture. This balance includes reimbursable overhead costs incurred by the Company on behalf of Floreo and an outstanding balance of $6.0 million related to guaranty fees associated with Floreo’s bond financing. See Note 5 - Investments in Unconsolidated Ventures for additional information on the Floreo joint venture and Note 12 - Commitments and Contingencies for additional information on the guaranty fee.

Other receivables are primarily related to other short-term trade receivables. The Company is exposed to credit losses through the sale of goods and services to customers and assesses its exposure to credit loss related to these receivables on a quarterly basis based on historical collection experience and future expectations by portfolio. The Company records an allowance for credit losses if the estimated loss amount is probable.

The following table represents the components of Accounts receivable, net of amounts considered uncollectible, in the accompanying Condensed Consolidated Balance Sheets:


thousands	June 30, 2026		December 31, 2025
Insurance premiums receivable	$	805,296	$	—
Straight-line rent receivables	101,642		96,975
Tenant receivables	2,345		5,512
Related-party receivables	22,566		18,640
Other receivables	8,551		12,995
Accounts receivable, net (a)	$	940,400	$	134,122

The following table summarizes the impacts of the collectability reserves in the accompanying Condensed Consolidated Statements of Operations:


thousands	Three Months Ended June 30,				Six Months Ended June 30,
Statements of Operations Location	2026		2025		2026		2025
Rental revenue	$	1,034	$	718	$	2,392	$	1,489
Provision for (recovery of) doubtful accounts	123		542		64		386
Total (income) expense impact	$	1,157	$	1,260	$	2,456	$	1,875

Sale of MUD Receivables In September 2024, the Company entered into a sales transaction of MUD receivables, in which it transferred the reimbursement rights to $186.0 million of existing MUD receivables and $9.3 million of related accrued interest, as well as $40.0 million of anticipated future MUD receivables, for total cash consideration of $176.7 million. Using the relative fair value method, $146.7 million of the cash consideration was allocated to the sale of the existing MUD receivables and $30.0 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $48.7 million in the Condensed Consolidated Statements of Operations in 2024.

In May 2025, the Company entered into a transaction in which it transferred the reimbursement rights to $147.0 million of existing MUD receivables and $14.1 million of related accrued interest, as well as $95.9 million of anticipated future MUD receivables, for total cash consideration of $180.0 million. Using the relative fair value method, $112.8 million of the cash consideration was allocated to the sale of the existing MUD receivables and $67.2 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $48.2 million in the Condensed Consolidated Statements of Operations.

In April 2026, the Company entered into a third transaction in which it transferred the reimbursement rights to $1.5 million of existing MUD receivables and related accrued interest, as well as $26.1 million of anticipated future MUD receivables, for total cash consideration of $17.5 million. Using the relative fair value method, $0.9 million of the cash consideration was allocated to the sale of the existing MUD receivables and $16.6 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $0.6 million in the Condensed Consolidated Statements of Operations.

For these transactions, the Company is required to complete future development activities. As such, liabilities associated with the future development spend were recorded at amortized cost in Other liabilities, net on the Condensed Consolidated Balance Sheets. The associated discounts, which represent the differences between the total future development spend and the allocated cash proceeds, are being amortized into interest expense over the expected development period using the effective interest method. As of June 30, 2026, the total remaining liability was $71.1 million and the total unamortized discount was $14.4 million. As of December 31, 2025, the total remaining liability was $64.4 million and the total unamortized discount was $12.8 million. Interest expense related to the discount amortization was $3.2 million for the three months ended June 30, 2026, and $7.9 million for the six months ended June 30, 2026, compared to $6.7 million for the three months ended June 30, 2025, and $9.2 million for the six months ended June 30, 2025.

In July 2026, the Company entered into a fourth sales transaction of MUD receivables, in which it transferred the reimbursement rights for existing and anticipated future MUD receivables, for total cash consideration of $58.6 million. The financial impact of this transaction will be reflected in the next reporting period. At this time, the Company is unable to reasonably estimate the allocation of these amounts between the existing and anticipated future MUD receivables to estimate the loss associated with the sale but will provide further details in future disclosures.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also been made with respect to future revenues and costs, and the fair value of warrants, certain financial instruments, debt, and options granted. Master Planned Communities (MPC) cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Reserves for claims and claim expenses are subject to considerable estimation error due to the inherent uncertainty in projecting ultimate claim cost. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Evaluations of goodwill and indefinite-lived intangible assets for impairment also require considerable judgment. These estimates are affected by expectations about future market or economic conditions, and as such, actual results could differ from these and other estimates.

Impairment Analysis

Long-Lived Assets The Company reviews its long-lived assets for potential impairment indicators when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment or disposal of long‑lived assets in accordance with ASC 360, Property, Plant, and Equipment, requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return. No impairment charges were recorded for long-lived assets during the three and six months ended June 30, 2026, or 2025.

The Company periodically evaluates strategic alternatives with respect to each property and may revise the strategy from time to time, including the intent to hold the asset on a long-term basis or the timing of potential asset dispositions. For example, the Company may decide to sell property that is held for use, and the sale price may be less than the carrying amount. As a result, changes in strategy could result in impairment charges in future periods.

Investments in Unconsolidated Ventures The Company evaluates each investment in an unconsolidated venture discussed in Note 5 - Investments in Unconsolidated Ventures periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded for investments in unconsolidated ventures during the three and six months ended June 30, 2026, or 2025.

Goodwill and Other Intangibles Goodwill represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired in a business combination. Goodwill is not amortized and is subject to periodic impairment testing. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized.

Goodwill and other indefinite-life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Finite-lived intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate.

The goodwill impairment test first assesses qualitative factors to determine whether goodwill is likely impaired. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill, the Company will then perform a quantitative goodwill impairment test. If goodwill or other intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense reflected in the Company’s Condensed Consolidated Statements of Operations.

Variable Interest Entities

Teravalis At June 30, 2026, and December 31, 2025, the Company owned an 88.0% interest in Teravalis, the Company’s large-scale master planned community in the West Valley of Phoenix, Arizona, and a third party owned the remaining 12.0%. Teravalis was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and consolidates Teravalis.

Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of June 30, 2026, the Company’s Condensed Consolidated Balance Sheets included $545.4 million of MPC assets and $65.4 million of Noncontrolling interest related to Teravalis. As of December 31, 2025, the Company’s Condensed Consolidated Balance Sheets included $543.9 million of MPC assets and $65.2 million of Noncontrolling interest related to Teravalis.

‘Ilima The Company entered into a joint venture agreement with Discovery Land Company (Discovery) to form Block E Ward Village (‘Ilima) for the purpose of developing, constructing, and operating a residential condominium tower in Ward Village. ‘Ilima was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and consolidates ‘Ilima. Pre-sales for ‘Ilima commenced in June 2025. The Company currently funds 100% of the predevelopment activity.

Once pre-sales targets are met and construction financing is obtained, the Company will contribute land and Discovery will contribute up to $5.0 million. All other necessary capital contributions will be funded by the Company. After completion of the condominium tower and closing of condominium sales, cash distributions and the recognition of income-producing activities will be pro rata based on ownership interest. At June 30, 2026, and December 31, 2025, the Company owned 100% of this venture.

The Company’s Condensed Consolidated Balance Sheets included the following amounts related to ‘Ilima.


thousands	June 30, 2026		December 31, 2025

Buildings and equipment	$	7,184	$	7,161
Less: accumulated depreciation	(2,553)		(1,354)

Developments	15,002		14,684
Net investment in real estate	19,633		20,491

Cash and cash equivalents	20,113		21,690
Restricted cash	162,974		136,418
Accounts receivable, net	57		65

Deferred expenses, net	17,478		13,571
Other assets, net	67		565
Total assets	$	220,322	$	192,800




Other liabilities, net	$	181,194	$	153,430
Total liabilities	$	181,194	$	153,430

AdVantage Reinsurance Bermuda Ltd. The Company participates in a Bermuda-domiciled Collateralized Insurer and Segregated Accounts Company structure (AdVantage) utilized to access third-party investor capital and provide underwriting capacity for certain reinsurance business originated by the Company. AdVantage is an independent company that operates through segregated accounts that are legally separated from one another, such that the assets and liabilities of each segregated account are restricted to the benefit of the applicable investors and counterparties. The segregated accounts enter into quota share and excess-of-loss reinsurance agreements principally related to business sourced or managed by the Company. The Company’s involvement with AdVantage includes underwriting, risk sourcing, administrative services, quota share participation and, in certain instances, ownership interests in segregated accounts.

AV0002 As of June 30, 2026, the Company held a 50% participating, non-voting interest in the AV0002 segregated account. The Company has power over the activities that most significantly impact the economic performance of the account, and as such, the Company is the primary beneficiary and consolidates AV0002. As of June 30, 2026, the Company’s Condensed Consolidated Balance Sheets included $24.1 million of Cash and cash equivalents related to AV0002. The results of AV0002 are recorded a quarter in arrears due to the availability of financial information.

AV0004, AV0005, and AV0006 The Company also does business with AdVantage segregated accounts AV0004, AV0005, and AV0006 (together, the Segregated Accounts). The Segregated Accounts were formed prior to the Vantage Acquisition in connection with third-party investors. Pursuant to separate Reinsurance Services Agreements among the Segregated Accounts, AdVantage, and a Vantage subsidiary, the Company sources risk on behalf of each Segregated Account, to match the risk and return appetite of the applicable third-party investors. As of June 30, 2026, separate quota share arrangements between each Segregated Account and the Company represented a variable interest; however, as the Company does not have power over the activities that most significantly impact the economic performance of the Segregated Accounts, it is not the primary beneficiary and does not consolidate the Segregated Accounts.

The revenue components associated with the Segregated Accounts are as follows:

–The Segregated Accounts cede to the Company, and the Company assumes from them a 2.2% quota share of the Segregated Accounts’ liabilities and premiums under each reinsurance agreement entered into by the Segregated Accounts that is sourced by the Company, subject to a cap.

–The Company provides certain underwriting and related services to the Segregated Accounts and receives a fixed quarterly fee based on the capital deployed.

–The Segregated Accounts may also pay the Company a performance-based variable fee tied to the performance of such Segregated Accounts.

The quota share contracts are recorded as assumed premiums and recognized ratably over the term of the underlying reinsurance agreements. The quarterly fees for services provided to the Segregated Accounts are recognized over time in the period the relevant services are provided on a proportional basis that corresponds to the time elapsed on the applicable underlying reinsurance contract term. The variable fee was considered fully constrained and thus the transaction price at inception was zero. Management assessed this estimate at the reporting date and accrued for fees likely to be achievable.

For the three and six months ended June 30, 2026, Net earned insurance premiums includes $1.0 million related to the 2.2% quota share agreements and Other revenues includes $4.9 million related to fixed and variable fees.

AdVantage is an independent company, and as such, the assets of AdVantage can be used only to settle obligations of AdVantage and AdVantage is solely responsible for its own liabilities and commitments. The Company’s financial exposure to AdVantage is limited to its investment in AdVantage’s preference shares, its participation on a stop-loss reinsurance arrangement provided to AV0002, its quota share arrangements provided to the Segregated Accounts, and counterparty credit risk, mitigated by collateral, arising from certain reinsurance cessions from the Company to AV0002. The Company has not provided any financial or other support to AdVantage that it is not contractually required to provide.

Other Variable Interest Entities The Company owns interests in various other real estate related joint ventures that are classified as VIEs; however, the Company is not the primary beneficiary and accounts for these investments in accordance with the equity method. See Note 5 - Investments in Unconsolidated Ventures for additional information.

Noncontrolling Interests As of June 30, 2026, and December 31, 2025, noncontrolling interests were primarily related to the 12.0% noncontrolling interest in Teravalis. As of June 30, 2026, noncontrolling interest also includes the noncontrolling interest in AV0002.

Financing Receivable Credit Losses The Company is exposed to credit losses on financing receivables, which include MUD receivables, Special Improvement District (SID) bonds, Tax Increment Financing (TIF) receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss on a quarterly basis using historical collection experience and future expectations by portfolio segment.

The amortized cost basis of financing receivables, consisting primarily of MUD and SID receivables, totaled $672.7 million as of June 30, 2026, and $560.3 million as of December 31, 2025. The MUD receivable balance included accrued interest of $56.2 million as of June 30, 2026, and $48.2 million as of December 31, 2025. There was no material activity in the allowance for credit losses for financing receivables for the six months ended June 30, 2026 and 2025.

Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company does not have significant receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written off during the current period for financing receivables.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01
Temporary equity, shares issued (in shares)	140,000	0
Temporary equity, shares outstanding (in shares)	140,000	0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	140,000	0
Preferred stock, shares outstanding (in shares)	140,000	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	66,253,546	65,910,640
Common stock, shares outstanding (in shares)	59,657,062	59,370,353
Treasury stock, common, shares (in shares)	6,596,484	6,540,287

Investments in Fixed Maturity and Equity Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments in Fixed Maturity and Equity Securities


4. Investments in Fixed Maturity and Equity Securities

On June 4, 2026, the Company acquired $2.6 billion of fixed maturity investments in connection with the Vantage Acquisition. See Note 2 - Vantage Acquisition for additional information. Following the acquisition, the Company intends to reposition Vantage’s investment portfolio to include cash, short-term U.S. Treasury securities, and publicly traded equity securities. In June 2026, the Company began implementing this strategy by divesting a significant portion of its available-for-sale fixed maturity securities and initiating investments in equity securities.

Investments in Fixed Maturity Securities

Available-for-Sale Fixed Maturity Securities The following table summarizes the Company’s AFS fixed maturity securities as of June 30, 2026:


thousands	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government	$	93,277	$	6	$	(16)	$	93,267
Asset-backed	7,111		1		—		7,112
U.S. Agencies	16,447		—		(6)		16,441
Mortgage-backed	86,439		44		(5)		86,478
U.S. Corporate	42,604		39		(6)		42,637
Foreign Governments	660		—		(12)		648

Total	$	246,538	$	90	$	(45)	$	246,583

The amortized cost and estimated fair values of AFS fixed maturity securities as of June 30, 2026, are summarized below by remaining maturity. Actual maturities may differ from contractual maturities as issuers and borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.


thousands	Amortized Cost		Fair Value
Due in one year or less	$	31,731	$	31,712
Due after one year through five years	97,936		97,925
Due after five years through ten years	7,153		7,153
Due after ten years	16,168		16,203
Total	152,988		152,993
Asset-backed	7,111		7,112
Mortgage-backed securities	86,439		86,478
Total	$	246,538	$	246,583

The following table summarizes the proceeds and gross realized gains and losses from sales of AFS fixed maturity securities:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Proceeds from sales	$	2,335,763	$	—	$	2,335,763	$	—
Gross realized gains from sales	2,609		—		2,609		—
Gross realized losses from sales	(4,756)		—		(4,756)		—

Investments in Equity Securities The following table summarizes the Company’s equity securities as of June 30, 2026:


thousands	Cost Basis		Net Unrealized Gains (Losses)		Fair Value
Communications	$	528,589	$	(14,383)	$	514,206
Consumer products	249,980		(7,367)		242,613
Financial	209,922		(2,232)		207,690
Technology	124,998		(11,972)		113,026


Total	$	1,113,489	$	(35,954)	$	1,077,535

Net Investment Income The components of net investment income are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Fixed maturity securities AFS	$	8,563	$	—	$	8,563	$	—

Equity securities	1,396		—		1,396		—
Short-term investments, cash, and other	1,301		—		1,301		—
Gross investment income	11,260		—		11,260		—
Investment expenses	(272)		—		(272)		—
Net investment income	$	10,988	$	—	$	10,988	$	—

Pledged Investments As of June 30, 2026, Vantage had restricted assets comprised of restricted cash of $84.5 million and fixed maturity investments of $223.2 million that were pledged during the normal course of business.

Reserves for Claims and Claim Expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserves for claims and claim expenses, beginning balance	$ 0
Reinsurance recoverable on unpaid losses, beginning balance	0
Net reserve for claims and claim expenses, beginning balance	0
Acquired net reserve for claims and claim expenses	1,535,414
Net Losses incurred during the period related to:
Current period	54,548
Prior period	662
Total net losses incurred	55,210
Net losses paid during the period related to:
Current period	(3,584)
Prior period	(35,438)
Total net losses paid	(39,022)
Foreign exchange (gains) losses	(50)
Net reserve for claims and claim expenses, ending balance	1,551,552
Reinsurance recoverable on unpaid losses, ending balance	563,864
Reserves for claims and claim expenses, ending balance	2,115,416
Reinsurance recoverable on paid and unpaid losses	601,602	$ 0
Reinsurance recoverable for paid claims and claims adjustments	37,700
Vantage Group Holdings Ltd.
Net losses paid during the period related to:
Reinsurance recoverable on unpaid losses, ending balance	554,800
Reserves for claims and claim expenses, ending balance	2,100,000
Reinsurance recoverable on paid and unpaid losses	$ 44,300

Vantage Acquisition - Indefinite-Lived and Finite-Lived Intangible Assets (Details) - Vantage Group Holdings Ltd. $ in Thousands	Jun. 04, 2026 USD ($)
Business Combination [Line Items]
Total	$ 571,000
Expected amortization, percentage, year one	90.00%
Expected amortization, percentage, year two	9.00%
Expected amortization, percentage, year three	1.00%
Insurance Licenses
Business Combination [Line Items]
Intangible asset acquired	$ 15,000
Broker relationships - insurance
Business Combination [Line Items]
Intangible asset acquired	$ 183,000
Economic Useful Life	17 years
Broker relationships - reinsurance
Business Combination [Line Items]
Intangible asset acquired	$ 44,000
Economic Useful Life	15 years
Trade name
Business Combination [Line Items]
Intangible asset acquired	$ 16,000
Economic Useful Life	10 years
Internally developed and used technology
Business Combination [Line Items]
Intangible asset acquired	$ 9,000
Economic Useful Life	7 years
VOBA
Business Combination [Line Items]
Intangible asset acquired	$ 304,000
Economic Useful Life	1 year

Investments in Unconsolidated Ventures - Aspect (Details) - Aspect $ in Millions	1 Months Ended
	Mar. 31, 2026 USD ($)	Jun. 30, 2026 USD ($) a
Investments in and Advances to Affiliates, Activity [Line Items]
Payments to acquire interest in joint venture	$ 13.6
Variable interest entity ownership percentage	85.00%
Investment in real estate and other affiliates		$ 13.6
Aspect Alexandria QOZB, LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Area of land \| a		4
Aspect Alexandria QOZB, LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Ownership percentage		20.00%
Foulger Pratt Development, LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Joint venture formation, contribution by third party	$ 2.4
Joint venture formation, ownership by third party	15.00%

Reserves for Claims and Claim Expenses

6 Months Ended

Jun. 30, 2026

Reserves for Claims and Claim Expenses [Abstract]

Reserves for Claims and Claim Expenses


9. Reserves for Claims and Claim Expenses

Following the Vantage Acquisition in the second quarter of 2026, the Company recorded significant reserves for claims and claim expenses. See Note 1 - Presentation of Financial Statements and Significant Accounting Policies and Note 2 - Vantage Acquisition for additional information. As the acquisition occurred in the current period, prior-year balances as of December 31, 2025, are not included below as the Company did not own Vantage at that time and did not have material insurance operations.

The Company’s reserves for claims and claim expenses are a combination of case reserves related to reported claims that are expected to result in payment to an insured or ceding company and incurred but not reported losses (IBNR). The Company establishes reserves for claims and claim expenses using actuarial techniques and expert judgment to represent the anticipated cost of claims which have not been reported to the Company yet, or where the Company anticipates increased reporting. As these reserves are estimates, the Company’s actual losses incurred may be more or less than the Company’s previously developed estimates, which is referred to as either unfavorable or favorable development, respectively.

The following table presents a reconciliation of changes in the net reserves for claims and claim expenses:



thousands	June 30, 2026
Balance at beginning of the period:
Reserves for claims and claim expenses	$	—
Reinsurance recoverable on unpaid losses	—
Net reserve for claims and claim expenses	—

Acquired net reserve for claims and claim expenses (a)	1,535,414

Net Losses incurred during the period related to:
Current period	54,548
Prior period	662
Total net losses incurred	55,210

Net losses paid during the period related to:
Current period	(3,584)
Prior period	(35,438)
Total net losses paid	(39,022)

Foreign exchange (gains) losses	(50)

Balance at end of the period:
Net reserves for claims and claim expenses	1,551,552
Reinsurance recoverable on unpaid losses (b)	563,864
Reserves for claims and claim expenses	$	2,115,416

(b)Excludes reinsurance recoverable on paid losses of $37.7 million as of June 30, 2026.

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Summary of AOCI

The following tables summarize changes in AOCI:


thousands	AFS Fixed Maturity Securities		Derivative Instruments		Pension		Total
Balance at March 31, 2026	$	—	$	(1,543)	$	(838)	$	(2,381)
Other comprehensive income (loss) before reclassifications	(2,279)		4,425		—		2,146
(Gain) loss reclassified to net income	2,324		(439)		—		1,885
Pension adjustment	—		—		838		838
Income tax (expense) benefit	—		(944)		—		(944)
Net current-period other comprehensive income (loss)	45		3,042		838		3,925
Balance at June 30, 2026	$	45	$	1,499	$	—	$	1,544

Balance at March 31, 2025	$	—	$	1,077	$	(928)	$	149
Other comprehensive income (loss) before reclassifications	—		(119)		—		(119)
(Gain) loss reclassified to net income	—		(1,027)		—		(1,027)

Income tax (expense) benefit	—		273		—		273
Net current-period other comprehensive income (loss)	—		(873)		—		(873)
Balance at June 30, 2025	$	—	$	204	$	(928)	$	(724)

thousands
Balance at December 31, 2025	$	—	$	(989)	$	(838)	$	(1,827)
Other comprehensive income (loss) before reclassifications	(2,279)		4,160		—		1,881
(Gain) loss reclassified to net income	2,324		(908)		—		1,416
Pension adjustment	—		—		838		838
Income tax (expense) benefit	—		(764)		—		(764)
Net current-period other comprehensive income (loss)	45		2,488		838		3,371
Balance at June 30, 2026	$	45	$	1,499	$	—	$	1,544

Balance at December 31, 2024	$	—	$	2,896	$	(928)	$	1,968
Other comprehensive income (loss) before reclassifications	—		(1,608)		—		(1,608)
(Gain) loss reclassified to net income	—		(1,950)		—		(1,950)

Income tax (expense) benefit	—		866		—		866
Net current-period other comprehensive income (loss)	—		(2,692)		—		(2,692)
Balance at June 30, 2025	$	—	$	204	$	(928)	$	(724)

Summary of the amounts reclassified out of AOCI

The following table summarizes the amounts reclassified out of AOCI:


	Three Months Ended June 30,				Six Months Ended June 30,				Affected line items in the Statements of Operations
thousands	2026		2025		2026		2025
AFS fixed maturity securities:
(Gains) losses on AFS fixed maturity securities	$	2,324	$	—	$	2,324	$	—	Investment gain (loss), net
Income tax expense (benefit)	(567)		—		(567)		—		Income tax expense (benefit)
Derivative instruments:
(Gains) losses on cash flow hedges	(439)		(1,027)		(908)		(1,950)		Interest expense
Income tax expense (benefit)	101		245		216		469		Income tax expense (benefit)
Total reclassifications of (income) loss	$	1,419	$	(782)	$	1,065	$	(1,481)

Segments - Revenue by Segment and Reconciliation of Segment Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segments reporting
Revenues	$ 1,122,327	$ 260,880	$ 1,358,244	$ 460,208
Vantage
Segments reporting
Revenues	113,141	0	113,141	0
Operating segments \| Operating Assets Segment
Segments reporting
Revenues	119,960	116,446	239,162	230,448
Operating segments \| MPC Segment
Segments reporting
Revenues	181,740	143,701	294,021	228,155
Operating segments \| Strategic Developments Segment
Segments reporting
Revenues	707,432	714	711,839	1,568
Corporate
Segments reporting
Revenues	$ 54	$ 19	$ 81	$ 37

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Presentation of Financial Statements and Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 940,400	$ 134,122
Reserve for uncollectible amounts	8,600	7,200
Reserve for uncollectible amounts under ASC 842	8,500	7,000
Collectibility of Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for uncollectible amounts under ASC 450	100	200
Insurance premiums receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	805,296	0
Straight-line rent receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	101,642	96,975
Tenant receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	2,345	5,512
Related-party receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	22,566	18,640
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 8,551	$ 12,995

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Summary of effective income tax rate reconciliation


	Three Months Ended June 30,						Six Months Ended June 30,
thousands except percentages	2026			2025			2026			2025
Income tax expense (benefit)	$	49,957		$	(3,821)		$	52,575		$	(385)
Income (loss) before income taxes	206,914			(15,897)			217,597			(1,623)
Effective tax rate	24.1		%	24.0		%	24.2		%	23.7		%

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Rental revenue	$ 114,198	$ 111,092	$ 227,747	$ 219,505
Net earned insurance premiums	97,247	0	97,247	0
Net insurance investment income	10,988	0	10,988	0
Total revenues	1,122,327	260,880	1,358,244	460,208
Condominium rights and unit sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	706,311	193	709,445	535
Master Planned Communities land sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	170,936	125,041	270,509	196,683
Builder price participation
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,868	14,138	15,550	23,425
Other revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 15,779	$ 10,416	$ 26,758	$ 20,060

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the notional and fair value of derivative financial instruments

The following table summarizes certain terms of the Company’s derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Other liabilities, net.


							Fair Value Asset (Liability)
thousands	Notional Amount		Fixed Interest Rate (a)		Effective Date	Maturity Date	June 30, 2026		December 31, 2025
Derivative instruments not designated as hedging instruments: (b)


Interest rate cap	$	250,000	4.50	%	6/17/2025	7/1/2026	$	—	$	1
Interest rate cap	133,053		6.00	%	6/20/2024	7/15/2026	—		—
Interest rate cap	16,565		6.00	%	6/20/2024	7/15/2026	—		—
Interest rate cap	197,296		5.25	%	12/2/2024	12/15/2026	3		1
Interest rate cap	92,917		5.50	%	2/26/2026	3/9/2028	179		—
Interest rate cap	16,397		5.50	%	2/26/2026	3/9/2028	32		—

Derivative instruments designated as hedging instruments:

Interest rate swap	79,198		3.97	%	5/1/2025	4/15/2026	—		(59)
Interest rate swap	32,400		3.98	%	7/10/2025	8/1/2026	(10)		(88)
Interest rate swap	175,000		3.69	%	1/3/2023	1/1/2027	113		(542)
Interest rate swap	127,000		3.50	%	11/7/2025	1/8/2027	264		145
Interest rate swap	40,800		1.68	%	3/1/2022	2/18/2027	553		792
Interest rate swap	74,657		3.73	%	4/15/2026	4/15/2027	75		—
Interest rate swap	32,400		3.96	%	8/3/2026	7/10/2027	4		—
Interest rate cap	58,693		4.15	%	12/21/2025	12/21/2028	412		183
Interest rate swap	300,000		3.68	%	3/30/2026	3/30/2031	2,227		—
Interest rate swap	33,636		4.89	%	11/1/2019	1/1/2032	2,410		1,991

Other:
Warrants (c)	n/a		n/a		Various	Various	208		—
Total fair value derivative assets							$	6,480	$	3,113
Total fair value derivative liabilities							(10)		(689)
Total fair value derivative asset (liability), net							$	6,470	$	2,424

(a)These rates represent the swap rate and cap strike rate on the Company’s interest rate swaps, caps, and collars.

(b)Interest related to these contracts was immaterial for all periods presented.

Schedule of effect of derivative financial instruments on the condensed consolidated statements of operations

The tables below present the effect of the Company’s derivative financial instruments in the Condensed Consolidated Statements of Operations:


	Amount of Gain (Loss) Recognized in AOCI on Derivatives
Derivatives in Cash Flow Hedging Relationships	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Interest rate derivatives	$	3,380	$	(91)	$	3,180	$	(1,211)


Location of Gain (Loss) Reclassified from AOCI into Statements of Operations	Amount of Gain (Loss) Reclassified from AOCI into Statements of Operations
	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Interest expense	$	338	$	782	$	692	$	1,481

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


12. Commitments and Contingencies

Litigation In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions are not expected to have a material effect on the Company’s consolidated financial position, results of operations, or liquidity.

Kō'ula In January 2025, the Association of Unit Owners of Kō'ula filed two complaints in the Circuit Court of the First Circuit, State of Hawai‘i, against the Company and the general contractor, with one complaint alleging multiple code violations and construction defects (Defect Action) and the other complaint claiming that the Company understated operating costs and disproportionately allocated common expenses to the detriment of unit owners (Budget Action). The Company’s insurance carrier has agreed to defend the Defect Action, while coverage for the Budget Action was denied. The Company filed a motion to consolidate both complaints, which was granted in June 2025, and the Court’s order regarding the same was entered in September 2025. The Company filed motions to dismiss both actions in October 2025, which the Court denied in January 2026. The Company then filed answers to each complaint as well as a counterclaim in the Budget Action, seeking reimbursement of its start-up costs. In March 2026, the Association filed a motion to dismiss the counterclaim, which the Court subsequently denied in June 2026. The trial is presently scheduled for September 2027. The Company has not accrued any amounts related to these claims as the damages are undetermined.

Letters of Credit and Surety Bonds As of June 30, 2026, the Company had outstanding letters of credit totaling $153.2 million and surety bonds totaling $281.2 million. As of December 31, 2025, the Company had outstanding letters of credit totaling $5.2 million and surety bonds totaling $383.1 million. The letters of credit were primarily entered into by the Vantage subsidiaries as required under the terms of certain insurance and reinsurance agreements. The surety bonds were issued primarily in connection with HHC insurance requirements, special real estate assessments, and construction obligations.

Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Other assets, net and Other liabilities, net on the Condensed Consolidated Balance Sheets. See Note 18 - Leases for further discussion.

Guaranty Agreements The Company evaluates the likelihood of future performance under the below guarantees and, as of June 30, 2026, and December 31, 2025, there were no events requiring financial performance under the following guarantees.

Floreo Guaranty In 2022, the Company’s 50%-owned joint venture Floreo closed on a bond financing. Total borrowing capacity is $365.0 million with a maturity date of December 1, 2029. Outstanding borrowings as of June 30, 2026 were $276.0 million. A wholly owned subsidiary of the Company (HHC Subsidiary) provided a guaranty for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the LTV ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provided a backstop guaranty requiring the payment of cash collateral in the event HHC Subsidiary fails to make necessary payments when due. The potential cash collateral commitment associated with this guaranty is $100.0 million and the cash collateral becomes nonrefundable if Floreo defaults on the bond obligation.

The Company recognized $11.0 million in exchange for providing the guaranty. This deferred income was recorded in Other liabilities, net on the Condensed Consolidated Balance Sheets as of June 30, 2026, and December 31, 2025, and will be recognized in Other income (loss), net in a manner that corresponds to the bond repayment by Floreo. The Company’s maximum exposure under this guaranty is equal to the cash collateral that the Company may be obligated to post. As of June 30, 2026, the Company has not posted any cash collateral. Given the existence of other collateral including the undeveloped land owned by Floreo, the entity’s extensive and discretionary development plan, and its eligibility for reimbursement of a significant part of the development costs from the Community Facility District in Arizona, the Company does not expect to have to post collateral.

See Note 5 - Investments in Unconsolidated Ventures for additional information on the Floreo joint venture.

Merriweather District To the extent that increases in taxes do not cover debt service payments on the Redevelopment District TIF bonds issued by Howard County, Maryland, the Company’s wholly owned subsidiary is obligated to pay special taxes. Management has concluded that, as of June 30, 2026, any obligations to pay special taxes are not probable.

Segments

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segments


19. Segments

Vantage Acquisition On June 4, 2026, HHH completed the acquisition of Vantage, a privately held specialty insurance and reinsurance company. Refer to Note 1 - Presentation of Financial Statements and Significant Accounting Policies and Note 2 - Vantage Acquisition for additional information on the transaction.

Due to the recent timing of the Vantage Acquisition, the Company is continuing to evaluate the acquired operations, including the manner in which the Chief Operating Decision Maker (CODM) reviews financial information and allocates resources. Accordingly, the results of the acquired business have not yet been separately reflected within the Company’s segment reporting disclosures as of June 30, 2026. The Company expects to finalize its segment reporting assessment as integration activities progress. The Company separately disclosed the impact of the Vantage Acquisition in the reconciliations below.

HHH Segments The Company has three business segments, Operating Assets, MPC, and Strategic Developments, which are organized based on the different products and services that each segment offers, and are separately managed as each requires different operating strategies or management expertise reflective of management’s operating philosophies and methods. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States.

Activity within each of the Company’s reportable segments is as follows:

–Operating Assets – consists of developed or acquired retail, office, and multifamily properties along with other real estate investments. These properties are currently generating rental revenues and may be redeveloped, repositioned, or sold to improve segment performance or to recycle capital.

–MPC – consists of the development and sale of land in large‑scale, long‑term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona. Revenues are primarily generated through the sale of residential and commercial land to homebuilders and developers.

–Strategic Developments – consists of residential condominium and commercial property projects currently under development and all other properties held for development which have no substantial operations. Revenues are primarily generated from the sale of condominium units.

The CODM, which is the Company’s Chief Executive Officer, may use different operating measures to assess operating results and allocate resources among the three segments - however the measure that is most consistent with the amounts included in the Condensed Consolidated Financial Statements is earnings before taxes (EBT). EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. The CODM utilizes EBT to evaluate the current financial performance and project the future financial performance of each segment to determine the allocation of capital resources. This measure is also used to evaluate the need for operational adjustments, such as adjustments to prices, cost structures, and product mix necessary to achieve profitability targets.

Segment operating results are as follows:


thousands	Operating Assets Segment		MPC Segment		Strategic Developments Segment
Three Months Ended June 30, 2026
Total revenues	$	119,960	$	181,740	$	707,432
Condominium rights and unit cost of sales	—		—		(575,389)
Master Planned Communities cost of sales	—		(59,057)		—
Operating costs	(36,104)		(11,333)		(7,092)
Rental property real estate taxes	(14,293)		—		(505)
(Provision for) recovery of doubtful accounts	(123)		—		—
Segment operating income (loss)	69,440		111,350		124,446
Depreciation and amortization	(52,028)		(110)		(2,068)
Interest income (expense), net	(37,873)		24,012		4,097
Other income (loss), net	(527)		—		—
Equity in earnings (losses) from unconsolidated ventures	794		(569)		76
Gain (loss) on sale or disposal of real estate and other assets, net	51,800		—		—


Gain (loss) on extinguishment of debt	(413)		—		—

Segment EBT	$	31,193	$	134,683	$	126,551

Three Months Ended June 30, 2025
Total revenues	$	116,446	$	143,701	$	714
Condominium rights and unit cost of sales	—		—		(811)
Master Planned Communities cost of sales	—		(45,178)		—
Operating costs	(34,175)		(12,516)		(3,760)
Rental property real estate taxes	(14,750)		—		(615)
(Provision for) recovery of doubtful accounts	(542)		—		—
Segment operating income (loss)	66,979		86,007		(4,472)
Depreciation and amortization	(42,305)		(88)		(1,076)
Interest income (expense), net	(34,173)		18,107		4,633
Other income (loss), net	634		35		132
Equity in earnings (losses) from unconsolidated ventures	(325)		(1,649)		87
Gain (loss) on sale or disposal of real estate and other assets, net	(1)		—		1,657

Gain (loss) on extinguishment of debt	(307)		—		—

Segment EBT	$	(9,498)	$	102,412	$	961

Six Months Ended June 30, 2026
Total revenues	$	239,162	$	294,021	$	711,839
Condominium rights and unit cost of sales	—		—		(578,523)
Master Planned Communities cost of sales	—		(93,799)		—
Operating costs	(71,381)		(24,468)		(11,526)
Rental property real estate taxes	(30,000)		—		(1,026)
(Provision for) recovery of doubtful accounts	(64)		—		—
Segment operating income (loss)	137,717		175,754		120,764
Depreciation and amortization	(97,606)		(175)		(4,125)
Interest income (expense), net	(71,380)		45,724		9,071
Other income (loss), net	(508)		1,860		(889)
Equity in earnings (losses) from unconsolidated ventures	6,671		(4,104)		(4,906)
Gain (loss) on sale or disposal of real estate and other assets, net	51,800		—		—


Gain (loss) on extinguishment of debt	(413)		—		—

Segment EBT	$	26,281	$	219,059	$	119,915


thousands	Operating Assets Segment		MPC Segment		Strategic Developments Segment
Six Months Ended June 30, 2025
Total revenues	$	230,448	$	228,155	$	1,568
Condominium rights and unit cost of sales	—		—		(1,053)
Master Planned Communities cost of sales	—		(70,392)		—
Operating costs	(68,397)		(25,507)		(7,336)
Rental property real estate taxes	(29,501)		—		(1,163)
(Provision for) recovery of doubtful accounts	(386)		—		—
Segment operating income (loss)	132,164		132,256		(7,984)
Depreciation and amortization	(85,428)		(199)		(2,234)
Interest income (expense), net	(68,391)		34,893		9,279
Other income (loss), net	438		35		(1,130)
Equity in earnings (losses) from unconsolidated ventures	4,318		(5,059)		174
Gain (loss) on sale or disposal of real estate and other assets, net	9,978		3,750		1,657


Gain (loss) on extinguishment of debt	(307)		—		—

Segment EBT	$	(7,228)	$	165,676	$	(238)

The following represents the reconciliation of segment EBT to Income (loss) before income taxes in the Condensed Consolidated Statements of Operations:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Operating Assets EBT	$	31,193	$	(9,498)	$	26,281	$	(7,228)
MPC EBT	134,683		102,412		219,059		165,676
Strategic Developments EBT	126,551		961		119,915		(238)
General and administrative expense	(36,136)		(34,552)		(61,894)		(56,988)
Gain (loss) on sale of MUD receivables	(555)		(48,197)		(555)		(48,197)
Corporate interest expense, net	(22,245)		(21,930)		(42,551)		(44,120)
Vantage income (loss) before income taxes	(20,765)		—		(20,765)		—
Corporate income, expenses, and other items	(5,812)		(5,093)		(21,893)		(10,528)
Income (loss) before income taxes	$	206,914	$	(15,897)	$	217,597	$	(1,623)

The following represents the reconciliation of segment revenues to Total revenue in the Condensed Consolidated Statements of Operations:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands	2026		2025		2026		2025
Operating Assets segment	$	119,960	$	116,446	$	239,162	$	230,448
MPC segment	181,740		143,701		294,021		228,155
Strategic Developments segment	707,432		714		711,839		1,568
Vantage	113,141		—		113,141		—
Corporate	54		19		81		37
Total revenues	$	1,122,327	$	260,880	$	1,358,244	$	460,208

The following represents the reconciliation of segment assets to Total assets on the Condensed Consolidated Balance Sheets are summarized as follows:


thousands	June 30, 2026		December 31, 2025
Operating Assets segment	$	3,578,739	$	3,606,214
MPC segment	3,628,992		3,487,301
Strategic Developments segment	1,993,045		2,378,762
Vantage	6,298,578		—
Corporate	410,689		1,167,184
Total assets	$	15,910,043	$	10,639,461

The following represents capital expenditures by segment:


	Six Months Ended June 30,
thousands		2026		2025
Operating Assets segment		$	19,368	$	19,272
MPC segment		203		75
Strategic Developments segment		42,457		112,670

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Investments in Fixed Maturity and Equity Securities - AFS Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 246,538
Gross Unrealized Gains	90
Gross Unrealized Losses	(45)
Investments in fixed maturity securities	246,583	$ 0
U.S. Government
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	93,277
Gross Unrealized Gains	6
Gross Unrealized Losses	(16)
Investments in fixed maturity securities	93,267	0
Asset-backed
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	7,111
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Investments in fixed maturity securities	7,112	0
U.S. Agencies
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	16,447
Gross Unrealized Gains	0
Gross Unrealized Losses	(6)
Investments in fixed maturity securities	16,441	0
Mortgage-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	86,439
Gross Unrealized Gains	44
Gross Unrealized Losses	(5)
Investments in fixed maturity securities	86,478	0
U.S. Corporate
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	42,604
Gross Unrealized Gains	39
Gross Unrealized Losses	(6)
Investments in fixed maturity securities	42,637	0
Foreign Governments
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	660
Gross Unrealized Gains	0
Gross Unrealized Losses	(12)
Investments in fixed maturity securities	$ 648	$ 0

Mortgages, Notes, and Loans Payable, Net (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Summary and activity for mortgages, notes and loans payable

All mortgages, notes, and loans payable of HHH are held by HHC and its subsidiaries.


thousands	June 30, 2026		December 31, 2025
Fixed-rate debt
Senior unsecured notes	$	2,300,000	$	2,050,000
Secured mortgages payable	1,732,234		1,793,561
Special Improvement District bonds	70,790		80,294
Variable-rate debt (a)
Secured Bridgeland Notes	85,000		85,000

Secured mortgages payable	1,312,377		1,135,359

Unamortized deferred financing costs (b)	(43,998)		(34,386)
Mortgages, notes, and loans payable, net	$	5,456,403	$	5,109,828

(a)The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 7 - Derivative Instruments and Hedging Activities for additional information.

Schedule of senior unsecured note

The following table summarizes the Company’s senior unsecured notes by issuance date. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity.


$ in thousands	Principal		Maturity Date	Interest Rate
February 2021	$	650,000	February 2029	4.125%
February 2021	650,000		February 2031	4.375%
February 2026	500,000		February 2032	5.875%
February 2026	500,000		February 2034	6.125%
Senior unsecured notes	$	2,300,000

Schedule of secured mortgages payable

The following table summarizes the Company’s secured mortgages payable:


	June 30, 2026						December 31, 2025
$ in thousands	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity
Fixed rate (a)	$	1,732,234	3.13% - 8.67%	5.00	%	4.6	$	1,793,561	3.13% - 8.67%	4.91	%	5.1
Variable rate (b)	1,312,377		5.34% - 8.86%	6.77	%	2.3	1,135,359		5.77% - 8.87%	7.34	%	1.3
Secured mortgages payable	$	3,044,611	3.13% - 8.86%	5.76	%	3.6	$	2,928,920	3.13% - 8.87%	5.85	%	3.6

(a)Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations.

(b)Interest rates presented are based on the applicable reference interest rates as of June 30, 2026, and December 31, 2025, excluding the effects of interest rate derivatives.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Investments in Unconsolidated Ventures - The Summit (Details) - The Summit	Dec. 31, 2022 a customHomeSite
Schedule of Investments [Line Items]
Area of land \| a	54
Number of custom home sites \| customHomeSite	28

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jan. 31, 2025 complaint	Oct. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Number of complaints \| complaint				2
Outstanding letters of credit		$ 153.2	$ 5.2
Amount of outstanding surety bonds		281.2	$ 383.1
Floreo
Loss Contingencies [Line Items]
Available borrowing amount	$ 365.0				$ 365.0
Bond Financing
Loss Contingencies [Line Items]
Long-term debt outstanding		$ 276.0
Debt instrument, loan-to-value ratio threshold	50.00%
Increase in cash collateral commitment	$ 100.0
Proceeds from issuance of debt	$ 11.0
Floreo \| Bond Financing
Loss Contingencies [Line Items]
Ownership Interest	50.00%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Rental revenue	$ 114,198	$ 111,092	$ 227,747	$ 219,505
Net earned insurance premiums	97,247	0	97,247	0
Net insurance investment income	10,988	0	10,988	0
Total revenues	1,122,327	260,880	1,358,244	460,208
EXPENSES
Operating costs	54,723	50,518	107,756	101,307
Rental property real estate taxes	14,798	15,365	31,026	30,664
Insurance claims and claim expenses	55,210	0	55,210	0
Insurance underwriting expenses	37,381	0	37,381	0
Provision for (recovery of) doubtful accounts	123	542	64	386
General and administrative	36,136	34,552	61,894	56,988
Depreciation and amortization	56,609	44,325	105,249	89,464
Other expenses	6,173	4,273	10,065	9,070
Total expenses	895,599	195,564	1,080,967	359,324
OTHER
Gain (loss) on sale or disposal of real estate and other assets, net	51,800	1,656	51,800	15,385
Investment gain (loss), net	(38,278)	0	(38,278)	0
Other income (loss), net	(660)	885	(533)	(482)
Total other	12,862	2,541	12,989	14,903
Operating income (loss)	239,590	67,857	290,266	115,787
Interest income	13,803	10,331	28,466	16,449
Interest expense	(45,812)	(43,694)	(87,602)	(84,788)
Gain (loss) on extinguishment of debt	(413)	(307)	(10,639)	(307)
Gain (loss) on sale of MUD receivables	(555)	(48,197)	(555)	(48,197)
Equity in earnings (losses) from unconsolidated ventures	301	(1,887)	(2,339)	(567)
Income (loss) before income taxes	206,914	(15,897)	217,597	(1,623)
Income tax expense (benefit)	49,957	(3,821)	52,575	(385)
Net income (loss)	156,957	(12,076)	165,022	(1,238)
Net (income) loss attributable to noncontrolling interests	1,408	(68)	1,569	(373)
Net income (loss) attributable to common stockholders	$ 158,365	$ (12,144)	$ 166,591	$ (1,611)
Net income (loss) per common share
Basic income (loss) per share (in dollars per share)	$ 2.68	$ (0.22)	$ 2.82	$ (0.03)
Diluted income (loss) per share (in dollars per share)	$ 2.68	$ (0.22)	$ 2.82	$ (0.03)
Condominium rights and unit sales
REVENUES
Revenues from contracts with customers	$ 706,311	$ 193	$ 709,445	$ 535
EXPENSES
Cost of sales	575,389	811	578,523	1,053
Master Planned Communities land sales
REVENUES
Revenues from contracts with customers	170,936	125,041	270,509	196,683
EXPENSES
Cost of sales	59,057	45,178	93,799	70,392
Builder price participation
REVENUES
Revenues from contracts with customers	6,868	14,138	15,550	23,425
Other revenues
REVENUES
Revenues from contracts with customers	$ 15,779	$ 10,416	$ 26,758	$ 20,060

Acquisitions and Dispositions of Real Estate Assets

6 Months Ended

Jun. 30, 2026

Acquisitions And Dispositions [Abstract]

Acquisitions and Dispositions of Real Estate Assets


10. Acquisitions and Dispositions of Real Estate Assets

Acquisitions

Strategic Developments In May 2025, the Company acquired the 7 Waterway office property and the adjacent parking garage for $16.3 million in an asset acquisition. The 186,369-square-foot office property is located in The Woodlands.

Dispositions Gains and losses on asset dispositions are recorded to Gain (loss) on sale or disposal of real estate and other assets, net in the Condensed Consolidated Statements of Operations, unless otherwise noted.

Strategic Developments The Grogan’s Mill Library and Community Center was developed in connection with a land swap agreement entered into with Montgomery County, Texas. In July 2025, upon completion of construction, the Company transferred the Grogan's Mill Library and Community Center to Montgomery County in exchange for a land parcel on the Waterway in The Woodlands (Town Green), resulting in a gain of $10.1 million. Town Green was measured at fair value and is held in the strategic segment for future development.

Operating Assets In June 2026, the Company completed the sale of Creekside Park, a 292-unit multi-family property, in The Woodlands for total proceeds of $55.5 million, resulting in a gain of $25.2 million.

In June 2026, the Company completed the sale of Creekside Park The Grove, a 360-unit multi-family property, in The Woodlands for total proceeds of $71.8 million, resulting in a gain of $26.5 million.

In September 2025, the Company completed the sale of two land parcels, which included a 6,890-square-foot retail space, in Ward Village for total proceeds of $6.0 million, resulting in a gain of $4.4 million.

In January 2025, the Company completed the sale of two land parcels, which included a 13,870-square-foot retail space, in Ward Village for total consideration of $12.2 million, resulting in a gain of $10.0 million.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income (Loss)


15. Accumulated Other Comprehensive Income (Loss)

The following tables summarize changes in AOCI:


thousands	AFS Fixed Maturity Securities		Derivative Instruments		Pension		Total
Balance at March 31, 2026	$	—	$	(1,543)	$	(838)	$	(2,381)
Other comprehensive income (loss) before reclassifications	(2,279)		4,425		—		2,146
(Gain) loss reclassified to net income	2,324		(439)		—		1,885
Pension adjustment	—		—		838		838
Income tax (expense) benefit	—		(944)		—		(944)
Net current-period other comprehensive income (loss)	45		3,042		838		3,925
Balance at June 30, 2026	$	45	$	1,499	$	—	$	1,544

Balance at March 31, 2025	$	—	$	1,077	$	(928)	$	149
Other comprehensive income (loss) before reclassifications	—		(119)		—		(119)
(Gain) loss reclassified to net income	—		(1,027)		—		(1,027)

Income tax (expense) benefit	—		273		—		273
Net current-period other comprehensive income (loss)	—		(873)		—		(873)
Balance at June 30, 2025	$	—	$	204	$	(928)	$	(724)

thousands
Balance at December 31, 2025	$	—	$	(989)	$	(838)	$	(1,827)
Other comprehensive income (loss) before reclassifications	(2,279)		4,160		—		1,881
(Gain) loss reclassified to net income	2,324		(908)		—		1,416
Pension adjustment	—		—		838		838
Income tax (expense) benefit	—		(764)		—		(764)
Net current-period other comprehensive income (loss)	45		2,488		838		3,371
Balance at June 30, 2026	$	45	$	1,499	$	—	$	1,544

Balance at December 31, 2024	$	—	$	2,896	$	(928)	$	1,968
Other comprehensive income (loss) before reclassifications	—		(1,608)		—		(1,608)
(Gain) loss reclassified to net income	—		(1,950)		—		(1,950)

Income tax (expense) benefit	—		866		—		866
Net current-period other comprehensive income (loss)	—		(2,692)		—		(2,692)
Balance at June 30, 2025	$	—	$	204	$	(928)	$	(724)

The following table summarizes the amounts reclassified out of AOCI:


	Three Months Ended June 30,				Six Months Ended June 30,				Affected line items in the Statements of Operations
thousands	2026		2025		2026		2025
AFS fixed maturity securities:
(Gains) losses on AFS fixed maturity securities	$	2,324	$	—	$	2,324	$	—	Investment gain (loss), net
Income tax expense (benefit)	(567)		—		(567)		—		Income tax expense (benefit)
Derivative instruments:
(Gains) losses on cash flow hedges	(439)		(1,027)		(908)		(1,950)		Interest expense
Income tax expense (benefit)	101		245		216		469		Income tax expense (benefit)
Total reclassifications of (income) loss	$	1,419	$	(782)	$	1,065	$	(1,481)

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 29, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-41779
Entity Registrant Name	HOWARD HUGHES HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-1869991
Entity Address, Address Line One	9950 Woodloch Forest Drive
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	(281)
Local Phone Number	719-6100
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	HHH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		59,721,036
Entity Central Index Key	0001981792
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026

Derivative Instruments and Hedging Activities - Notional Amount and Fair Value of Derivatives (Details) $ in Thousands	Jun. 30, 2026 USD ($) warrant	Dec. 31, 2025 USD ($)
Fair value of derivative instruments
Total fair value derivative assets	$ 6,480	$ 3,113
Total fair value derivative liabilities	(10)	(689)
Total fair value derivative asset (liability), net	6,470	2,424
Warrants
Fair value of derivative instruments
Total fair value derivative assets	$ 208	0
Derivative, number of instruments held \| warrant	2
Fixed Interest Rate 4.50% Maturing July 2026 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 250,000
Derivative, fixed interest rate	4.50%
Total fair value derivative assets	$ 0	1
Fixed Interest Rate 6.00% Maturing July 2026, Notional 1 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 133,053
Derivative, fixed interest rate	6.00%
Total fair value derivative assets	$ 0	0
Fixed Interest Rate 6.00% Maturing July 2026, Notional 2 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 16,565
Derivative, fixed interest rate	6.00%
Total fair value derivative assets	$ 0	0
Fixed Interest Rate 5.25% Maturing December 2026 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 197,296
Derivative, fixed interest rate	5.25%
Total fair value derivative assets	$ 3	1
Fixed Interest Rate 5.50 Percent, Maturing March 2028 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 92,917
Derivative, fixed interest rate	5.50%
Total fair value derivative assets	$ 179	0
Fixed Interest Rate 5.50 Percent, Maturing March 2028 \| Interest rate cap \| Derivative instruments not designated as hedging instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 16,397
Derivative, fixed interest rate	5.50%
Total fair value derivative assets	$ 32	0
Fixed Interest Rate 3.97% Maturing April 2026 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Fair value of derivative instruments
Notional amount, liability	$ 79,198
Derivative, fixed interest rate	3.97%
Total fair value derivative liabilities	$ 0	(59)
Fixed Interest Rate 3.98% Maturing August 2026 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Fair value of derivative instruments
Notional amount, liability	$ 32,400
Derivative, fixed interest rate	3.98%
Total fair value derivative liabilities	$ (10)	(88)
Fixed Interest Rate 3.69% Maturing January 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Fair value of derivative instruments
Total fair value derivative liabilities		(542)
Fixed Interest Rate 3.69% Maturing January 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 175,000
Derivative, fixed interest rate	3.69%
Total fair value derivative assets	$ 113
Fixed Interest Rate 3.50 Percent Maturing January 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 127,000
Derivative, fixed interest rate	3.50%
Total fair value derivative assets	$ 264	145
Fixed Interest Rate 1.68% Maturing February 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 40,800
Derivative, fixed interest rate	1.68%
Total fair value derivative assets	$ 553	792
Fixed Interest Rate 3.73 Percent Maturing April 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 74,657
Derivative, fixed interest rate	3.73%
Total fair value derivative assets	$ 75	0
Fixed Interest Rate 3.96 Percent Maturing July 2027 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 32,400
Derivative, fixed interest rate	3.96%
Total fair value derivative assets	$ 4	0
Fixed Interest Rate 4.15 Percent Maturing December 2028 \| Interest rate cap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 58,693
Derivative, fixed interest rate	4.15%
Total fair value derivative assets	$ 412	183
Fixed Interest Rate 3.68 Percent, Maturing March 2031 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 300,000
Derivative, fixed interest rate	3.68%
Total fair value derivative assets	$ 2,227	0
Fixed Interest Rate 4.89% Maturing January 2032 \| Interest rate swap \| Derivative instruments designated as hedging instruments: \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Fair value of derivative instruments
Notional amount, asset	$ 33,636
Derivative, fixed interest rate	4.89%
Total fair value derivative assets	$ 2,410	$ 1,991
Maturing February 2035 \| Warrants
Fair value of derivative instruments
Derivative, warrants interest rate	98.00%

Fair Value - Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Assets:
Cash, cash equivalents, and restricted cash	$ 3,365,354		$ 1,798,829
Liabilities:
Allowance for accounts receivable	8,600	$ 7,200
Level 1 \| Carrying Amount
Assets:
Cash, cash equivalents, and restricted cash	3,365,354	2,097,158
Level 1 \| Estimated Fair Value
Assets:
Cash, cash equivalents, and restricted cash	3,365,354	2,097,158
Level 3 \| Carrying Amount
Assets:
Accounts receivable, net	940,400	134,122
Accrued investment income	3,542	0
Other Investments	9,045	0
Notes receivable, net	3,578	2,932
Level 3 \| Estimated Fair Value
Assets:
Accounts receivable, net	940,400	134,122
Accrued investment income	3,542	0
Other Investments	9,045	0
Notes receivable, net	3,578	2,932
Level 2 \| Carrying Amount
Liabilities:
Fixed-rate debt	4,103,024	3,923,855
Variable-rate debt	1,397,377	1,220,359
Level 2 \| Estimated Fair Value
Liabilities:
Fixed-rate debt	3,935,225	3,794,729
Variable-rate debt	$ 1,397,377	$ 1,220,359

Earnings Per Share - Narrative (Details) - USD ($)	12 Months Ended
Earnings Per Share - Narrative (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2026	Dec. 31, 2025	Mar. 31, 2022
Antidilutive securities excluded from computation of diluted earnings per share
Preferred stock, shares issued (in shares)		140,000	0
2022 Share Repurchase Program
Antidilutive securities excluded from computation of diluted earnings per share
Stock repurchase program, authorized amount				$ 250,000,000.0
Shares repurchased, value	$ 235,000,000.0

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Investments in Unconsolidated Ventures - Floreo (Details) $ in Millions	1 Months Ended
	Oct. 31, 2022 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 a
Floreo
Schedule of Investments [Line Items]
Increase in borrowing capacity on the bond	$ 365.0		$ 365.0
Outstanding borrowings		$ 276.0
Guarantee fee	$ 11.0
Investment in real estate and other affiliates		$ 71.0
Floreo \| Phoenix, Arizona
Schedule of Investments [Line Items]
Area of land \| a				3,029
Floreo Development Holding Company, LLC
Schedule of Investments [Line Items]
Acquisition interest				50.00%

Warrants

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Warrants


14. Warrants

In April 2026, the Company entered into a warrant agreement with Marc Grandisson, a member of the Company’s Board of Directors, pursuant to which Mr. Grandisson agreed to purchase warrants to acquire 1,131,273 shares of the Company’s common stock, par value $0.01 per share, at an exercise price equal to $100 per share. Mr. Grandisson paid a purchase price of $10.0 million for the warrants, which become exercisable in April 2030 and expire in April 2031. The warrants are subject to certain transfer restrictions until they become exercisable in 2030. The purchase price paid for the warrants, which qualify as equity instruments, was credited to Additional paid-in capital in the Condensed Consolidated Balance Sheets as of June 30, 2026.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Presentation of Financial Statements and Significant Accounting Policies - Total Gross Premiums Written (Details) - Reinsurer Concentration Risk - Gross Premiums Written	6 Months Ended
	Jun. 30, 2026
Willis Towers Watson
Financing Receivable, Allowance for Credit Loss [Line Items]
% of Gross Premiums Written	11.90%
Howden
Financing Receivable, Allowance for Credit Loss [Line Items]
% of Gross Premiums Written	10.30%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details