v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 2,160 $ 3,994
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated entities (427) (875)
Distributions of earnings from unconsolidated entities 318 3,979
Depreciation and amortization 1,190 861
Loss (gain) on disposal of assets (1,646) 2,284
Compensation expense for equity awards 3,418 2,625
Inventory impairment 4,681 0
Deferred income taxes 983 1,117
Changes in assets and liabilities:    
Accounts receivable (12,544) 6,992
Real estate inventory (99,061) (186,583)
Pre-acquisition costs and deposits 3,980 4,014
Other assets 13,174 43,763
Accounts payable 22,390 18,591
Accrued expenses and other liabilities 5,835 (27,910)
Net cash used in operating activities (55,549) (127,148)
Cash flows from investing activities:    
Purchases of property and equipment (696) (831)
Proceeds from sale of property and equipment 8,916 0
Investment in unconsolidated entities (1,882) (1,497)
Return of capital from unconsolidated entities 105 2,083
Net cash provided by (used in) investing activities 6,443 (245)
Cash flows from financing activities:    
Proceeds from notes payable 116,229 172,467
Payments on notes payable (65,000) (30,000)
Payments on financing arrangements 3,752 8,600
Loan issuance costs 0 (210)
Proceeds from sale of stock, net of offering expenses 1,242 1,190
Stock repurchase 0 (3,051)
Net cash provided by financing activities 48,719 131,796
Net increase (decrease) in cash and cash equivalents (387) 4,403
Cash and cash equivalents, beginning of period 61,247 53,197
Cash and cash equivalents, end of period $ 60,860 $ 57,600