ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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9 Months Ended |
Sep. 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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September 30, 2025 |
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December 31, 2024 |
| ROU assets |
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$ |
58,800 |
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$ |
52,941 |
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| Lease liabilities |
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61,981 |
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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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September 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 |
$ |
996,463 |
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$ |
657,238 |
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$ |
1,056,529 |
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$ |
712,415 |
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| Total Sureties |
$ |
996,463 |
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$ |
657,238 |
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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 |
79,116 |
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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 |
$ |
84,116 |
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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 September 30, 2025 and December 31, 2024 consisted of the following (in thousands):
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As of |
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September 30, 2025 |
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December 31, 2024 |
| Accruals related to real estate development and construction activities |
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$ |
171,107 |
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$ |
167,075 |
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| Payroll and other benefits |
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92,624 |
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131,733 |
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| Accrued interest |
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18,331 |
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6,290 |
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| Accrued taxes |
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14,646 |
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24,478 |
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| Warranty reserves |
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32,372 |
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32,693 |
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| Lease liabilities |
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61,981 |
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55,825 |
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| Other accruals |
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23,656 |
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34,119 |
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| Total |
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$ |
414,717 |
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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 September 30, |
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Nine Months Ended September 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 |
$ |
35,556 |
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$ |
34,769 |
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$ |
32,693 |
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$ |
37,360 |
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| Additions to reserve from new home deliveries |
4,406 |
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5,831 |
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14,152 |
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16,473 |
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| Warranty claims, net of recoveries |
(7,590) |
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(5,249) |
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(14,473) |
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(18,482) |
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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 |
$ |
32,372 |
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$ |
35,351 |
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$ |
32,372 |
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$ |
35,351 |
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