Quarterly report [Sections 13 or 15(d)]

REAL ESTATE AND CAPITALIZED INTEREST - Schedule of Real Estate (Details)

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REAL ESTATE AND CAPITALIZED INTEREST - Schedule of Real Estate (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real Estate Properties    
Homes under contract under construction [1] $ 1,933,033 $ 2,069,548
Finished home sites and home sites under development [2] 3,963,883 3,917,572
Land under Purchase Options, Recorded [2] 65,159 0
Real estate 5,962,075 5,987,120
Inventory, Land Held for Development and Sale $ 190,900 $ 164,400
[1] Includes the allocated land and land development costs associated with each lot for sold and unsold homes.
[2] Includes raw land, land held for development, land held for sale and communities in mothball status, less impairments, if any. Land held for development, land held for sale and communities in mothball status totaled $190.9 million and $164.4 million as of March 31, 2026 and December 31, 2025, respectively. We do not capitalize interest for these inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.
(3)See Note 3 for additional information on consolidated real estate not owned.