ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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6 Months Ended |
Jun. 30, 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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June 30, 2025 |
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December 31, 2024 |
| ROU assets |
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$ |
53,116 |
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$ |
52,941 |
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| Lease liabilities |
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56,136 |
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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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June 30, 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 |
$ |
1,049,645 |
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$ |
793,751 |
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$ |
1,056,529 |
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$ |
712,415 |
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| Total Sureties |
$ |
1,049,645 |
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$ |
793,751 |
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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 |
90,000 |
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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 |
$ |
95,000 |
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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 June 30, 2025 and December 31, 2024 consisted of the following (in thousands):
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As of |
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June 30, 2025 |
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December 31, 2024 |
| Accruals related to real estate development and construction activities |
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$ |
177,255 |
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$ |
167,075 |
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| Payroll and other benefits |
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83,417 |
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131,733 |
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| Accrued interest |
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15,293 |
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6,290 |
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| Accrued taxes |
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13,913 |
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24,478 |
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| Warranty reserves |
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35,556 |
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32,693 |
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| Lease liabilities |
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56,136 |
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55,825 |
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| Other accruals |
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24,866 |
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34,119 |
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| Total |
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$ |
406,436 |
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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 June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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| Balance, beginning of period |
$ |
35,352 |
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$ |
36,364 |
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$ |
32,693 |
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$ |
37,360 |
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| Additions to reserve from new home deliveries |
5,356 |
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5,809 |
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9,746 |
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10,642 |
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| Warranty claims, net of recoveries |
(5,152) |
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(7,404) |
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(6,883) |
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(13,233) |
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| Adjustments to pre-existing reserves |
— |
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— |
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— |
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— |
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| Balance, end of period |
$ |
35,556 |
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$ |
34,769 |
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$ |
35,556 |
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$ |
34,769 |
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