BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Property and Equipment, net |
At December 31, 2025 and 2024, property and equipment, net consisted of the following (in thousands):
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At December 31, |
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2025 |
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2024 |
| Computer and office equipment |
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$ |
64,271 |
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$ |
59,433 |
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| Model home furnishings and capitalized sales office costs |
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58,526 |
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57,149 |
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| Gross property and equipment |
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122,797 |
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116,582 |
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| Accumulated depreciation |
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(76,150) |
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(69,297) |
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| Total |
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$ |
46,647 |
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$ |
47,285 |
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| Schedule of Accrued Liabilities |
Accrued liabilities at December 31, 2025 and 2024 consisted of the following (in thousands):
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At December 31, |
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2025 |
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2024 |
| Accruals related to real estate development and construction activities |
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$ |
144,122 |
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$ |
167,075 |
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| Payroll and other benefits |
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98,591 |
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131,733 |
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| Accrued interest |
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14,619 |
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|
6,290 |
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| Accrued taxes |
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14,205 |
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24,478 |
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| Warranty reserves |
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26,677 |
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32,693 |
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Lease liabilities (1)
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60,470 |
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55,825 |
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| Other accruals |
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29,014 |
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34,119 |
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| Total |
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$ |
387,698 |
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$ |
452,213 |
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(1)Refer to Note 4 for additional information related to our leases.
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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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At December 31, |
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2025 |
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2024 |
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Outstanding |
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Estimated work
remaining to
complete (unaudited) |
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Outstanding |
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Estimated work
remaining to
complete (unaudited) |
| Sureties: |
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| Sureties related to owned projects and lots under contract |
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965,349 |
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585,768 |
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1,056,529 |
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|
712,415 |
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| Total Sureties |
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$ |
965,349 |
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$ |
585,768 |
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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 |
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70,547 |
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N/A |
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105,371 |
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N/A |
| LOCs for general corporate operations |
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5,000 |
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N/A |
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5,000 |
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N/A |
| Total LOCs |
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$ |
75,547 |
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N/A |
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$ |
110,371 |
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N/A |
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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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Years Ended December 31, |
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2025 |
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2024 |
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| Balance, beginning of year |
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$ |
32,693 |
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$ |
37,360 |
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| Additions to reserve from new home deliveries |
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18,582 |
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21,820 |
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| Warranty claims |
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(24,598) |
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(25,444) |
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| Adjustments to pre-existing reserves |
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— |
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(1,043) |
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| Balance, end of year |
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$ |
26,677 |
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$ |
32,693 |
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