| Schedule of Notes Payable |
Notes payable consist of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | | 2026 | | 2025 | | Notes payable under the Credit Agreement ($1.1825 billion revolving credit facility at March 31, 2026, maturing in part on April 28, 2028 and in part on April 28, 2029, with interest paid monthly at SOFR plus 1.85%; $1.1825 billion revolving credit facility at December 31, 2025, maturing in part on April 28, 2028 and in part on April 28, 2029, with interest paid monthly at SOFR plus 1.85%) | | $ | 578,870 | | | $ | 527,641 | | | 8.750% Senior Notes due December 15, 2028; interest paid semi-annually at 8.750% | | 400,000 | | | 400,000 | | | 4.000% Senior Notes due July 15, 2029; interest paid semi-annually at 4.000% | | 300,000 | | | 300,000 | | | 7.000% Senior Notes due November 15, 2032; interest paid semi-annually at 7.000% | | 400,000 | | | 400,000 | | | Loan payable under the LGI Living Loan Agreement maturing on July 8, 2030; with interest paid monthly at an annual rate of 6.433% | | 50,000 | | | 50,000 | | | | Net debt issuance costs | | (19,413) | | | (20,838) | | | | Total notes payable | | $ | 1,709,457 | | | $ | 1,656,803 | | |
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| Schedule of Interest Activity for Notes Payable |
Interest activity, including other financing costs, for notes payable and financing arrangements for the periods presented is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | | | | 2026 | | 2025 | | | | | | | | | Interest incurred | | $ | 30,177 | | | $ | 29,924 | | | | | | | | | | Less: Amounts capitalized | | (30,177) | | | (29,924) | | | | | | | | | | Interest expense | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | Cash paid for interest | | $ | 16,032 | | | $ | 15,518 | | | | | | | | |
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