Annual report pursuant to Section 13 and 15(d)

REAL ESTATE AND CAPITALIZED INTEREST - Schedule of Real Estate (Details)

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REAL ESTATE AND CAPITALIZED INTEREST - Schedule of Real Estate (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real Estate Properties    
Finished home sites and home sites under development [1] $ 3,353,136 $ 2,637,978
Inventory, Homes under Construction [2] 2,375,639 2,083,313
Real estate $ 5,728,775 $ 4,721,291
[1] Includes raw land, land held for development and land held for sale, less impairments, if any. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.
[2] Includes the allocated land and land development costs associated with each lot for sold and unsold homes.