Payables and Accruals

3 Months Ended

Mar. 31, 2026

Accounts Payable and Accrued Liabilities Disclosure

4. ACCRUED EXPENSES

A summary of the Company’s accrued expenses is as follows (in thousands):


	March 31, 2026		December 31, 2025
Real estate development reserve to complete(1)	$	18,528	$	31,708
Warranty reserve	13,238		12,920
Federal income tax payable	63,759		47,200
Accrued compensation	10,425		16,911
Self-insurance reserve	7,786		7,021
Accrued property tax payable	5,279		12,635
Other accrued expenses	22,399		24,242
Total accrued expenses	$	141,414	$	152,637

(1)The Company’s real estate development reserve to complete consists of estimated future costs to complete the development of its communities.

Warranties

Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three months ended March 31, 2026 and 2025 consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Warranty accrual, beginning of period	$	12,920	$	17,373
Warranties issued	1,148		1,691
Changes in liability for existing warranties	(1)		(359)
Payments made	(829)		(1,070)
Warranty accrual, end of period	$	13,238	$	17,635