Accrued and other liabilities consist of the following (in thousands):





	March 31,		December 31,
	2026		2025
Real estate inventory development and construction payable	$	57,001	$	57,103
Taxes payable	10,689		9,704
Land banking financing arrangements	4,224		7,976
Accrued compensation, bonuses and benefits	7,703		14,677
Warranty reserve	14,300		14,500
Accrued interest	26,929		14,223
Inventory related obligations	11,371		11,641
Lease liability	5,049		5,139
Contract deposits	6,380		5,845
Other	16,079		17,163
Total accrued expenses and other liabilities	$	159,725	$	157,971

We have land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns. Principal payments on these financing arrangements will generally coincide with the repurchase of lot takedowns from the land banker. We expect to complete the repurchase of all lots via takedowns associated with these transactions over the course of less than a year.

We own lots in certain communities in Florida and Texas that have Community Development Districts or similar utility and infrastructure development special assessment programs that allocate a fixed amount of debt service associated with development activities to each lot. This obligation for infrastructure development is attached to the land, which is typically payable over a 30-year period and is ultimately assumed by the homebuyer when home sales are closed. The obligations assumed by the homebuyer represent a non-cash cost of the lots.

We generally provide homebuyers with a one-year warranty on the house and a limited warranty for major defects in structural elements, such as framing components and foundation systems, typically ranging from six to ten years depending on the applicable state.

Changes to our warranty accrual are as follows (in thousands):





	Three Months Ended March 31,
	2026		2025

Warranty reserves, beginning of period	$	14,500	$	16,100
Warranty provision	535		1,594
Warranty expenditures	(735)		(1,194)
Warranty reserves, end of period	$	14,300	$	16,500