v3.26.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The effect of the above error on the previously Consolidated Statements of Income is presented below (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2024Year Ended December 31, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Residential units revenue$1,769,255 $(28,400)$1,740,855 $2,070,136 $(37,468)$2,032,668 $2,091,477 $(58,477)$2,033,000 
Cost of residential units1,223,079 (28,400)1,194,679 1,370,888 (37,468)1,333,420 1,453,183 (58,477)1,394,706 

Quarterly Financial Statements (Unaudited)
Three months ended March 31, 2024Three months ended March 31, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Residential units revenue$443,284 $(8,164)$435,120 $495,317 $(13,168)$482,149 
Cost of residential units295,313 (8,164)287,149 340,621 (13,168)327,453 
Three months ended June 30, 2024Three months ended June 30, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Residential units revenue$547,138 $(8,124)$539,014 $547,109 $(14,584)$532,525 
Cost of residential units358,183 (8,124)350,059 380,656 (14,584)366,072 
Six Months Ended June 30, 2024Six Months Ended June 30, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Residential units revenue$990,422 $(16,288)$974,134 $1,042,426 $(27,752)$1,014,674 
Cost of residential units653,496 (16,288)637,208 721,277 (27,752)693,525 
Three months ended September 30, 2024Three months ended September 30, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Residential units revenue$522,859 (9,331)$513,528 $499,091 (14,875)$484,216 
Cost of residential units351,666 (9,331)342,335 343,629 (14,875)328,754 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Residential units revenue$1,513,281 (25,619)$1,487,662 $1,541,517 $(42,627)$1,498,890 
Cost of residential units1,005,162 (25,619)979,543 1,064,906 (42,627)1,022,279 
The effect of the above error on previous segment disclosures is presented below (in thousands):
Year Ended December 31, 2023
Year Ended December 31, 2024
Year Ended December 31, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Revenues:
Builder operations
Central$1,270,599 $(25,789)$1,244,810 $1,489,582 $(34,720)$1,454,862 $1,579,545 $(54,584)$1,524,961 
Southeast499,131 (2,611)496,520 580,664 (2,748)577,916 511,932 (3,893)508,039 
Total builder operations1,769,730 (28,400)1,741,330 2,070,246 (37,468)2,032,778 2,091,477 (58,477)2,033,000 
Land development7,980 — 7,980 28,697 — 28,697 6,994 — $6,994 
Total revenue$1,777,710 $(28,400)$1,749,310 $2,098,943 $(37,468)$2,061,475 $2,098,471 $(58,477)$2,039,994 

Quarterly Financial Statements (Unaudited)
Three Months Ended March 31, 2024Three Months Ended March 31, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Revenues:
Builder operations
Central$315,347 $(7,629)$307,718 $361,627 $(12,223)$349,404 
Southeast128,047 (535)127,512 133,690 (945)132,745 
Total builder operations443,394 (8,164)435,230 495,317 (13,168)482,149 
Land development3,944 — 3,944 2,304 — 2,304 
Total revenue$447,338 $(8,164)$439,174 $497,621 $(13,168)$484,453 
Three Months Ended June 30, 2024Three Months Ended June 30, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Revenues:
Builder operations
Central$389,168 $(7,420)$381,748 $421,588 $(13,644)$407,944 
Southeast157,970 (704)157,266 125,521 (940)124,581 
Total builder operations547,138 (8,124)539,014 547,109 (14,584)532,525 
Land development13,493 — 13,493 2,038 — 2,038 
Total revenue$560,631 $(8,124)$552,507 $549,147 $(14,584)$534,563 
Six Months Ended June 30, 2024Six Months Ended June 30, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Revenues:
Builder operations
Central$704,515 $(15,049)$689,466 $783,215 $(25,867)$757,348 
Southeast286,017 (1,239)284,778 259,211 (1,885)257,326 
Total builder operations990,532 (16,288)974,244 1,042,426 (27,752)1,014,674 
Land development17,437 — 17,437 4,342 — 4,342 
Total revenue$1,007,969 $(16,288)$991,681 $1,046,768 $(27,752)$1,019,016 
Three Months Ended September 30, 2024Three Months Ended September 30, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Revenues:
Builder operations
Central$389,697 $(8,654)$381,043 $391,108 $(13,990)$377,118 
Southeast133,162 (677)132,485 107,983 (885)107,098 
Total builder operations522,859 (9,331)513,528 499,091 (14,875)484,216 
Land development801— 801— — — 
Total revenue$523,660 $(9,331)$514,329 $499,091 $(14,875)$484,216 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2025
As previously reportedCorrectionsAs restatedAs previously reportedCorrectionsAs restated
Revenues:
Builder operations
Central$1,094,212 $(23,703)$1,070,509 $1,174,323 $(39,857)$1,134,466 
Southeast419,179 (1,916)417,263 367,194 (2,770)364,424 
Total builder operations1,513,391 (25,619)1,487,772 1,541,517 (42,627)1,498,890 
Land development18,238 — 18,238 4,342 — 4,342 
Total revenue$1,531,629 $(25,619)$1,506,010 $1,545,859 $(42,627)$1,503,232 




The following summarizes the effect of the error on previous disclosures related to the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition (in thousands):
Year Ended December 31, 2023
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$1,270,599 $7,980 (25,789)— 1,244,810 7,980 
Southeast498,656 475 (2,611)— 496,045 475 
Total revenues1,769,255 8,455 (28,400)— 1,740,855 8,455 
Type of Customer
Homebuyers1,769,255 — (28,400)— 1,740,855 — 
Homebuilders and Multi-family Developers— 8,455 — — — 8,455 
Total revenues1,769,255 8,455 (28,400)— 1,740,855 8,455 
Product Type
Residential units1,769,255 — (28,400)— 1,740,855 — 
Land and lots— 8,455 — — — 8,455 
Total revenues1,769,255 8,455 (28,400)— 1,740,855 8,455 
Timing of Revenue Recognition
Transferred at a point in time1,767,788 8,455 (28,400)— 1,739,388 8,455 
Transferred over time1,467 — — — 1,467 — 
Total revenues1,769,255 8,455 (28,400)— 1,740,855 8,455 
Year Ended December 31, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$1,489,472 $28,807 (34,720)— 1,454,752 28,807 
Southeast580,664 — (2,748)— 577,916 — 
Total revenues2,070,136 28,807 (37,468)— 2,032,668 28,807 
Type of Customer
Homebuyers2,070,136 — (37,468)— 2,032,668 — 
Homebuilders and Multi-family Developers— 28,807 — — — 28,807 
Total revenues2,070,136 28,807 (37,468)— 2,032,668 28,807 
Product Type
Residential units2,070,136 — (37,468)— 2,032,668 — 
Land and lots— 28,807 — — — 28,807 
Total revenues2,070,136 28,807 (37,468)— 2,032,668 28,807 
Timing of Revenue Recognition
Transferred at a point in time2,069,756 28,807 (37,468)— 2,032,288 28,807 
Transferred over time380 — — — 380 — 
Total revenues2,070,136 28,807 (37,468)— 2,032,668 28,807 
Year Ended December 31, 2025
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$1,579,545 $6,994 (54,584)— 1,524,961 6,994 
Southeast511,932 — (3,893)— 508,039 — 
Total revenues2,091,477 6,994 (58,477)— 2,033,000 6,994 
Type of Customer
Homebuyers2,091,477 — (58,477)— 2,033,000 — 
Homebuilders and Multi-family Developers— 6,994 — — — 6,994 
Total revenues2,091,477 6,994 (58,477)— 2,033,000 6,994 
Product Type
Residential units2,091,477 — (58,477)— 2,033,000 — 
Land and lots— 6,994 — — — 6,994 
Total revenues2,091,477 6,994 (58,477)— 2,033,000 6,994 
Timing of Revenue Recognition
Transferred at a point in time2,091,258 6,994 (58,477)— 2,032,781 6,994 
Transferred over time219 — — — 219 — 
Total revenues2,091,477 6,994 (58,477)— 2,033,000 6,994 

Quarterly Financial Statements (Unaudited)
Three Months Ended March 31, 2024

Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$315,237 $4,054 $(7,629)$— $307,608 $4,054 
Southeast128,047 — (535)— 127,512 — 
Total revenues$443,284 $4,054 $(8,164)$— $435,120 $4,054 
Type of Customer
Homebuyers$443,284 $— $(8,164)$— $435,120 $— 
Homebuilders and Multi-family Developers— 4,054 — — — 4,054 
Total revenues$443,284 $4,054 $(8,164)$— $435,120 $4,054 
Product Type
Residential units$443,284 $— $(8,164)$— $435,120 $— 
Land and lots— 4,054 — — — 4,054 
Total revenues$443,284 $4,054 $(8,164)$— $435,120 $4,054 
Timing of Revenue Recognition
Transferred at a point in time$443,094 4,054 $(8,164)— $434,930 4,054 
Transferred over time190 — — — 190 — 
Total revenues$443,284 $4,054 $(8,164)$— $435,120 $4,054 
Three Months Ended March 31, 2025
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$361,627 $2,304 $(12,223)$— $349,404 $2,304 
Southeast133,690 — (945)— 132,745 — 
Total revenues$495,317 $2,304 $(13,168)$— $482,149 $2,304 
Type of Customer
Homebuyers$495,317 $— $(13,168)$— $482,149 $— 
Homebuilders and Multi-family Developers— 2,304 — — — 2,304 
Total revenues$495,317 $2,304 $(13,168)$— $482,149 $2,304 
Product Type
Residential units$495,317 $— $(13,168)$— $482,149 $— 
Land and lots— 2,304 — — — 2,304 
Total revenues$495,317 $2,304 $(13,168)$— $482,149 $2,304 
Timing of Revenue Recognition
Transferred at a point in time$495,317 2,304 $(13,168)— $482,149 2,304 
Transferred over time— — — — — — 
Total revenues$495,317 $2,304 $(13,168)$— $482,149 $2,304 
Three Months Ended June 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$389,168 $13,493 $(7,420)$— $381,748 $13,493 
Southeast157,970 — (704)— 157,266 — 
Total revenues$547,138 $13,493 $(8,124)$— $539,014 $13,493 
Type of Customer
Homebuyers$547,138 $— $(8,124)$— $539,014 $— 
Homebuilders and Multi-family Developers$— 13,493 — — — 13,493 
Total revenues$547,138 $13,493 $(8,124)$— $539,014 $13,493 
Product Type
Residential units$547,138 $— $(8,124)$— $539,014 $— 
Land and lots— 13,493 — — — 13,493 
Total revenues$547,138 $13,493 $(8,124)$— $539,014 $13,493 
Timing of Revenue Recognition
Transferred at a point in time$546,948 13,493 $(8,124)— $538,824 13,493 
Transferred over time190 — — — 190 — 
Total revenues$547,138 $13,493 $(8,124)$— $539,014 $13,493 
Six Months Ended June 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$704,405 $17,547 $(15,049)$— $689,356 $17,547 
Southeast286,017 — (1,239)— 284,778 — 
Total revenues$990,422 $17,547 $(16,288)$— $974,134 $17,547 
Type of Customer
Homebuyers$990,422 $— $(16,288)$— $974,134 $— 
Homebuilders and Multi-family Developers— 17,547 — — — 17,547 
Total revenues$990,422 $17,547 $(16,288)$— $974,134 $17,547 
Product Type
Residential units$990,422 $— $(16,288)$— $974,134 $— 
Land and lots— 17,547 — — — 17,547 
Total revenues$990,422 $17,547 $(16,288)$— $974,134 $17,547 
Timing of Revenue Recognition
Transferred at a point in time$990,042 $17,547 $(16,288)— $973,754 17,547 
Transferred over time380 — — — 380 — 
Total revenues$990,422 $17,547 $(16,288)$— $974,134 $17,547 
Six Months Ended June 30, 2025
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$783,215 $4,342 $(25,867)$— $757,348 $4,342 
Southeast259,211 — $(1,885)— 257,326 — 
Total revenues$1,042,426 $4,342 $(27,752)$— $1,014,674 $4,342 
Type of Customer
Homebuyers$1,042,426 $— $(27,752)$— $1,014,674 $— 
Homebuilders and Multi-family Developers— 4,342 — — — 4,342 
Total revenues$1,042,426 $4,342 $(27,752)$— $1,014,674 $4,342 
Product Type
Residential units$1,042,426 $— $(27,752)$— $1,014,674 $— 
Land and lots— 4,342 — — — 4,342 
Total revenues$1,042,426 $4,342 $(27,752)$— $1,014,674 $4,342 
Timing of Revenue Recognition
Transferred at a point in time$1,042,426 $4,342 $(27,752)— $1,014,674 4,342 
Transferred over time— — — — — — 
Total revenues$1,042,426 $4,342 $(27,752)$— $1,014,674 $4,342 
Three Months Ended September 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$389,697 $801 $(8,654)$— $381,043 $801 
Southeast133,162 — $(677)— 132,485 — 
Total revenues$522,859 $801 $(9,331)$— $513,528 $801 
Type of Customer
Homebuyers$522,859 $— $(9,331)$— $513,528 $— 
Homebuilders and Multi-family Developers— 801 — — — 801 
Total revenues$522,859 $801 $(9,331)$— $513,528 $801 
Product Type
Residential units$522,859 $— $(9,331)$— $513,528 $— 
Land and lots— 801 — — — 801 
Total revenues$522,859 $801 $(9,331)$— $513,528 $801 
Timing of Revenue Recognition
Transferred at a point in time$522,859 801 $(9,331)— $513,528 801 
Transferred over time— — — — — — 
Total revenues$522,859 $801 $(9,331)$— $513,528 $801 
Three Months Ended September 30, 2025
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$391,108 $— $(13,990)$— $377,118 $— 
Southeast107,983 — (885)— 107,098 — 
Total revenues$499,091 $— $(14,875)$— $484,216 $— 
Type of Customer
Homebuyers$499,091 $— $(14,875)$— $484,216 $— 
Homebuilders and Multi-family Developers— — — — — — 
Total revenues$499,091 $— $(14,875)$— $484,216 $— 
Product Type
Residential units$499,091 $— $(14,875)$— $484,216 $— 
Land and lots— — — — — — 
Total revenues$499,091 $— $(14,875)$— $484,216 $— 
Timing of Revenue Recognition
Transferred at a point in time$499,059 $— $(14,875)— $484,184 — 
Transferred over time32 — — — 32 — 
Total revenues$499,091 $— $(14,875)$— $484,216 $— 
Nine Months Ended September 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$1,094,102 $18,348 $(23,703)$— $1,070,399 $18,348 
Southeast419,179 — $(1,916)— 417,263 — 
Total revenues$1,513,281 $18,348 $(25,619)$— $1,487,662 $18,348 
Type of Customer
Homebuyers$1,513,281 $— $(25,619)$— $1,487,662 $— 
Homebuilders and Multi-family Developers— 18,348 — — — 18,348 
Total revenues$1,513,281 $18,348 $(25,619)$— $1,487,662 $18,348 
Product Type
Residential units$1,513,281 $— $(25,619)$— $1,487,662 $— 
Land and lots— 18,348 — — — 18,348 
Total revenues$1,513,281 $18,348 $(25,619)$— $1,487,662 $18,348 
Timing of Revenue Recognition
Transferred at a point in time$1,512,901 18,348 $(25,619)— $1,487,282 18,348 
Transferred over time380 — — — 380 — 
Total revenues$1,513,281 $18,348 $(25,619)$— $1,487,662 $18,348 
Nine Months Ended September 30, 2025
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenueResidential units revenueLand and lots revenue
As reportedCorrectionsAs restated
Primary Geographical Market
Central$1,174,323 $4,342 $(39,857)$— $1,134,466 $4,342 
Southeast367,194 — (2,770)— 364,424 — 
Total revenues$1,541,517 $4,342 $(42,627)$— $1,498,890 $4,342 
Type of Customer
Homebuyers$1,541,517 $— $(42,627)$— $1,498,890 $— 
Homebuilders and Multi-family Developers— 4,342 — — — 4,342 
Total revenues$1,541,517 $4,342 $(42,627)$— $1,498,890 $4,342 
Product Type
Residential units$1,541,517 $— $(42,627)$— $1,498,890 $— 
Land and lots— 4,342 — — — 4,342 
Total revenues$1,541,517 $4,342 $(42,627)$— $1,498,890 $4,342 
Timing of Revenue Recognition
Transferred at a point in time$1,541,485 $4,342 $(42,627)— $1,498,858 4,342 
Transferred over time32 — — — 32 — 
Total revenues$1,541,517 $4,342 $(42,627)$— $1,498,890 $4,342