What changed
EPS of $0.18 beat consensus of $0.12 by $0.06 (50%), driven by $41M equity in earnings from unconsolidated entities. Revenue of $13.9M missed estimates, but the key driver was a $159.3M Great Park Venture land sale for senior living. The market may miss that consolidated net income of $29.9M was largely non-operating, stemming from JV distributions ($79.6M) and incentive compensation, not core homebuilding; management reaffirmed ~$100M FY2026 net income guidance, with remaining land sales expected in Q4.
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Jul 23, 2026 10:59 PM ET