Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 775,157 $ 651,555
Other receivables 306,956 256,282
Real estate 5,987,120 5,728,775
Real estate not owned 0  
Deposits on real estate under option or contract 174,170 192,405
Investments in unconsolidated entities 57,268 28,735
Property and equipment, net 46,647 47,285
Deferred tax assets, net 53,293 54,524
Prepaids, other assets and goodwill 221,676 203,093
Total assets 7,622,287 7,162,654
Liabilities    
Accounts payable 200,679 212,477
Accrued liabilities 387,698 452,213
Home sale deposits 9,213 20,513
Loans payable and other borrowings 24,328 29,343
Senior and convertible senior notes, net 1,804,726 1,306,535
Total liabilities 2,426,644 2,021,081
Stockholders’ Equity    
Preferred stock, par value $0.01. Authorized 10,000,000 shares; none issued and outstanding at December 31, 2025 and 2024 0 0
Common stock, par value $0.01. Authorized 125,000,000 shares; 68,168,923 and 71,921,972 shares issued and outstanding at December 31, 2025 and 2024, respectively 682 360
Additional paid-in capital 0 143,036
Retained earnings 5,194,961 4,998,177
Total stockholders’ equity 5,195,643 5,141,573
Total liabilities and stockholders’ equity $ 7,622,287 $ 7,162,654