ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Lease, Cost |
The table below outlines our ROU assets and lease liabilities (in thousands):
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As of |
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March 31, 2025 |
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December 31, 2024 |
| ROU assets |
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$ |
54,713 |
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$ |
52,941 |
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| Lease liabilities |
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57,605 |
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55,825 |
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| Schedule of Surety Bond and Letter of Credit Obligations |
The table below outlines our surety bond and letter of credit obligations (in thousands):
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As of |
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March 31, 2025 |
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December 31, 2024 |
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Outstanding |
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Estimated work
remaining to
complete |
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Outstanding |
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Estimated work
remaining to
complete |
| Sureties: |
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| Sureties related to owned projects and lots under contract |
$ |
1,010,349 |
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$ |
729,504 |
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$ |
1,056,529 |
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$ |
712,415 |
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| Total Sureties |
$ |
1,010,349 |
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$ |
729,504 |
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$ |
1,056,529 |
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$ |
712,415 |
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| Letters of Credit (“LOCs”): |
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| LOCs for land development |
134,354 |
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N/A |
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105,371 |
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N/A |
| LOCs for general corporate operations |
5,000 |
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N/A |
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5,000 |
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N/A |
| Total LOCs |
$ |
139,354 |
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N/A |
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$ |
110,371 |
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N/A |
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| Schedule of Accrued Liabilities |
Accrued liabilities at March 31, 2025 and December 31, 2024 consisted of the following (in thousands):
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As of |
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March 31, 2025 |
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December 31, 2024 |
| Accruals related to real estate development and construction activities |
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$ |
147,448 |
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$ |
167,075 |
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| Payroll and other benefits |
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71,322 |
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131,733 |
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| Accrued interest |
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18,922 |
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6,290 |
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| Accrued taxes |
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63,034 |
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24,478 |
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| Warranty reserves |
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35,352 |
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32,693 |
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| Lease liabilities |
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57,605 |
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55,825 |
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| Other accruals |
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29,028 |
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34,119 |
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| Total |
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$ |
422,711 |
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$ |
452,213 |
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| Summary of Changes in Warranty Reserves |
A summary of changes in our warranty reserves follows (in thousands):
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Three Months Ended March 31, |
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2025 |
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2024 |
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| Balance, beginning of period |
$ |
32,693 |
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$ |
37,360 |
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| Additions to reserve from new home deliveries |
4,390 |
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4,833 |
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| Warranty claims, net of recoveries |
(1,731) |
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(5,829) |
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| Adjustments to pre-existing reserves |
— |
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— |
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| Balance, end of period |
$ |
35,352 |
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$ |
36,364 |
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