v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize revenues, significant expenses and income before taxes by segment for the three months ended June 30, 2025 and 2024 (in thousands):
SoutheastMid-AtlanticMidwestFinancial Services
Corporate(1)
Reconciling Items(2)
Consolidated
2025
Total revenues$367,572 $274,811 $457,197 $50,925 $— $— $1,150,505 
Homebuilding cost of sales301,715 225,569 390,587 — — — 917,871 
Financial services expense(3)
— — — 39,766 292 — 40,058 
Selling, general and administrative expense49,414 34,145 50,294 — 846 — 134,699 
Contingent consideration revaluation— — (12,962)— 256 — (12,706)
Other segment items(4)
(181)(71)(282)(1,082)(1,865)— (3,481)
Income before taxes $16,624 $15,168 $29,560 $12,241 $471 $— $74,064 
2024
Total revenues$340,521 $264,302 $447,413 $19,121 $— $(15,610)$1,055,747 
Homebuilding cost of sales269,884 216,571 366,382 — — — 852,837 
Financial services expense(3)
— — — 10,661 35 (8,624)2,072 
Selling, general and administrative expense33,547 25,495 37,515 — 297 — 96,854 
Contingent consideration revaluation— — 4,046 — 592 — 4,638 
Other segment items(4)
342 161 (588)(920)(1,465)(4,192)(6,662)
Income before taxes $36,748 $22,075 $40,058 $9,380 $541 $(2,794)$106,008 
(1)Corporate includes operations and investments of the corporate component, as well as certain contingent consideration, that the Company does not charge to the segments. In the first quarter of 2025, the Company retrospectively changed its expense allocation method to include corporate SG&A expenses that are homebuilding related within the respective homebuilding segment, as the Company believes this presents a more representative view of segment profitability.
(2)Represents reconciling items related to Jet HomeLoans prior to the acquisition on July 1, 2024 and the resulting consolidation. Refer to Note 2, Acquisitions for more information.
(3)Financial services expense primarily consists of salaries, commissions and benefits.
(4)Other segment items primarily consist of income from unconsolidated entities, management fees, interest income and rental income.
The following tables summarize revenues, significant expenses and income before taxes by segment for the six months ended June 30, 2025 and 2024 (in thousands):
SoutheastMid-AtlanticMidwestFinancial Services
Corporate(1)
Reconciling Items(2)
Consolidated
2025
Total revenues$675,205 $512,886 $881,597 $70,688 $— $— $2,140,376 
Homebuilding cost of sales549,317 412,303 739,787 — — — 1,701,407 
Financial services expense(3)
— — — 52,385 539 — 52,924 
Selling, general and administrative expense83,688 64,263 102,198 — 1,244 — 251,393 
Contingent consideration revaluation— — (11,940)— 334 — (11,606)
Other segment items(4)(5)
(198)6,736 (600)(763)(4,146)— 1,029 
Income before taxes $42,398 $29,584 $52,152 $19,066 $2,029 $— $145,229 
2024
Total revenues$621,019 $474,262 $782,176 $33,434 $— $(27,344)$1,883,547 
Homebuilding cost of sales500,262 388,638 642,577 — — — 1,531,477 
Financial services expense(3)
— — — 17,994 61 (14,299)3,756 
Selling, general and administrative expense60,661 44,947 70,815 — 540 — 176,963 
Contingent consideration revaluation— 897 6,054 — 894 — 7,845 
Other segment items(4)
529 223 (1,138)(1,663)(3,450)(7,827)(13,326)
Income before taxes $59,567 $39,557 $63,868 $17,103 $1,955 $(5,218)$176,832 
See notes (1) to (4) under segment results for the three months ended June 30, 2025 and 2024.
(5)In March 2025, other segment items for the Mid-Atlantic segment included purchase price adjustments of $6.7 million related to the Crescent Homes acquisition. See Note 2, Acquisitions for more information.
The following table summarizes total assets and goodwill by segment as of June 30, 2025 and December 31, 2024, (in thousands):
Assets:Goodwill:
As of
June 30, 2025		As of
December 31, 2024		As of
June 30, 2025		As of
December 31, 2024
Southeast(1)
$1,000,090 $793,998 $67,169 $14,003 
Mid-Atlantic862,699 730,843 144,959 144,959 
Midwest1,126,534 1,024,992 141,071 141,071 
Financial Services(2)
308,775 386,326 24,573 280 
Corporate(3)
351,956 392,492 — — 
Consolidated$3,650,054 $3,328,651 $377,772 $300,313 
(1)As of June 30, 2025, the Liberty Communities acquisition resulted in $45.6 million of goodwill, predominantly attributable to the acquired Atlanta, Georgia operations included in the Southeast segment. Refer to Note 2, Acquisitions for more information.
(2)As of June 30, 2025, the Alliant Title acquisition resulted in $24.3 million of goodwill. Refer to Note 2, Acquisitions for more information.
(3)Corporate assets are comprised of, but are not limited to, operating and restricted cash, deferred tax assets, and prepaids and other assets not directly attributable to a reportable segment.