ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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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, 2026 |
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December 31, 2025 |
| ROU assets |
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$ |
57,164 |
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$ |
56,985 |
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| Lease liabilities |
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60,784 |
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60,470 |
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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, 2026 |
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December 31, 2025 |
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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 |
$ |
1,011,633 |
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$ |
591,882 |
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$ |
965,349 |
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$ |
585,768 |
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| Total Sureties |
$ |
1,011,633 |
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$ |
591,882 |
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$ |
965,349 |
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$ |
585,768 |
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| Letters of Credit (“LOCs”): |
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| LOCs for land development |
75,958 |
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N/A |
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70,547 |
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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 |
$ |
80,958 |
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N/A |
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$ |
75,547 |
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N/A |
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| Schedule of Accrued Liabilities |
Accrued and other liabilities at March 31, 2026 and December 31, 2025 consisted of the following (in thousands):
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As of |
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March 31, 2026 |
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December 31, 2025 |
| Accruals related to real estate development and construction activities |
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$ |
138,514 |
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$ |
144,122 |
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| Payroll and other benefits |
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66,566 |
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98,591 |
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| Accrued interest |
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18,309 |
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14,619 |
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| Accrued taxes |
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18,110 |
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14,205 |
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| Warranty reserves |
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26,042 |
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26,677 |
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| Lease liabilities |
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60,784 |
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60,470 |
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| Liabilities related to consolidated real estate not owned |
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59,947 |
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— |
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| Other accruals |
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20,446 |
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29,014 |
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| Total |
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$ |
408,718 |
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$ |
387,698 |
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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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2026 |
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2025 |
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| Balance, beginning of period |
$ |
26,677 |
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$ |
32,693 |
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| Additions to reserve from new home deliveries |
2,971 |
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4,390 |
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| Warranty claims, net of recoveries |
(3,606) |
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(1,731) |
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| Adjustments to pre-existing reserves |
— |
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— |
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| Balance, end of period |
$ |
26,042 |
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$ |
35,352 |
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