v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company has four reportable segments - Builder operations Central, Builder operations Southeast, Financial Services and Land Development. Builder operations Central represents operations by our builders in Texas, whereas Builder operations Southeast represents operations by our builders in Georgia and Florida.

Effective for the three months ended March 31, 2026, the Company began reporting its Financial Services operations as a separate reportable segment. Previously, the results of Financial Services were included within the Corporate, Other and Unallocated segment. The Financial Services segment includes mortgage banking, title, and insurance agency operations. This change was made to better reflect the growth and significance of the Financial Services operations and to provide enhanced transparency to investors. Prior period segment information has been recast to conform to the current period presentation, where applicable.

The Financial Services segment includes mortgage banking, title, and insurance agency operations. The Financial Services segment operates generally in the same markets as the Builder operations segments.

The Land Development segment acquires land for the development of residential lots that are transferred to our controlled builders or sold to third party homebuilders. The operations of the Company’s builders and land development were aggregated in three reportable segments based on similar economic characteristics, including geography, housing products, class of homebuyer, regulatory environments, and methods used to construct and sell homes.

Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Financial information relating to the Company’s reportable segments is as follows.

Three Months Ended March 31,
(in thousands)20262025
Revenues: (1)
Builder operations
Central$340,188 $349,404 
Southeast108,299 132,745 
Total builder operations448,487 482,149 
Land development7,500 2,304 
Financial services9,501 4,867 
Total revenues$465,488 $489,320 
Gross profit:
Builder operations
Central$104,986 $117,144 
Southeast35,542 48,461 
Total builder operations140,528 165,605 
Land development1,896 1,118 
Corporate, other and unallocated (2)
(10,709)(10,938)
Total gross profit$131,715 $155,785 
Segment expenses:
Commissions
Central$17,557 $17,575 
Southeast3,521 4,434 
Total builder operations21,078 22,009 
Three Months Ended March 31,
(in thousands)20262025
Financial services601 240 
Total commissions$21,679 $22,249 
Salaries
Builder operations
Central$11,350 $11,777 
Southeast5,828 6,158 
Total builder operations17,178 17,935 
Financial services1,663 1,150 
Corporate, other and unallocated1,815 (203)
Total salaries$20,656 $18,882 
Other expenses:
Central$9,301 $9,455 
Southeast4,053 4,018 
Total builder operations13,354 13,473 
Land development(254)147 
Financial services2,916 1,668 
Corporate, other and unallocated
(578)(794)
Total other expenses$15,438 $14,494 
Interest expense (income):
Builder operations
Central$(154)$(72)
Southeast$5,211 4,840 
Total builder operations5,057 4,768 
Corporate, other and unallocated(5,057)(4,768)
Land development— — 
Total interest expense, net$— $— 
Total segment expenses:
Central$38,208 $38,807 
Southeast13,402 14,610 
Total builder operations51,610 53,417 
Land development(254)147 
Financial services5,180 3,058 
Corporate, other and unallocated1,237 (997)
Total segment expenses$57,773 $55,625 
Income before income taxes:
Central$67,598 $79,001 
Southeast23,894 34,478 
Total builder operations91,492 113,479 
Land development837 1,220 
Financial services4,321 1,809 
Three Months Ended March 31,
(in thousands)20262025
Corporate, other and unallocated (3)
(12,386)(10,360)
Income before income taxes$84,264 $106,148 
March 31, 2026December 31, 2025
Inventory:
Builder operations
Central$689,445 $688,219 
Southeast292,923 293,635 
Total builder operations982,368 981,854 
Land development1,116,579 1,063,066 
Corporate, other and unallocated
57,038 54,291 
Total inventory$2,155,985 $2,099,211 
Goodwill:
Builder operations - Southeast$680 $680 
(1)The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or lot closings. For the three months ended March 31, 2026, Builders had revenues from land or lot closings of $6.2 million and no revenues from land or lot closings for the three months ended March 31, 2025.
(2)Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments.
(3)Corporate, other and unallocated inventory consists of capitalized overhead and interest related to work in process and land under development.