v3.26.1
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Income Taxes INCOME TAXES
Income Tax Expense
The components of current and deferred income tax expense are as follows (in thousands):
Years Ended December 31,
202520242023
Current income tax expense:
Federal$82,763 $85,062 $73,299 
State7,583 8,342 10,197 
Total current income tax expense90,346 93,404 83,496 
Deferred income tax expense (benefit):
Federal3,997 1,192 993 
State324 129 149 
Total deferred income tax expense (benefit)4,321 1,321 1,142 
Total income tax expense$94,667 $94,725 $84,638 
Effective Income Tax Rate Reconciliation
The table below provides the updated requirements of ASU 2023-09 for 2024. See Note 1. Summary of Significant Accounting Policies—Recent accounting pronouncements for additional details on the adoption of ASU 2023-09.

The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows (amounts in thousands, except percentages):
Year Ended December 31, 2025
United States statutory tax rate
$92,008 21.0%
State and local income taxes, net of federal income tax effect (1)
5,939 —
Foreign tax effects
— —
Effect of cross-border tax laws
— —
Changes in valuation allowances
— —
Tax credits
Other(1,510)(0.6)
Nontaxable or nondeductible items
Less: Non-controlled earnings
(6,360)(1.45)
Other2,456 0.6
Changes in unrecognized tax benefits
137 —
Other adjustments
Other1,997 0.5
Effective tax rate
$94,667 21.6%
(1)State taxes in Texas comprised the majority (greater than 50%) of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows (in thousands):
Years Ended December 31,
20242023
Tax on pre-tax book income (before reduction of noncontrolling interests)$107,494 $82,176 
Tax effect of non-controlled earnings(7,470)(4,630)
State income tax expense, net of federal benefit8,286 8,220 
Tax credits(10,920)(3,033)
Other(2,665)1,905 
Total income tax expense$94,725 $84,638 
Effective income tax rate18.5 %21.6 %

The change in the effective tax rate for year ended December 31, 2025 relates primarily to a decreased rate benefit in the Energy Efficient Homes Tax credit as compared to pre-tax book income.

On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (“OBBBA”) into law, which is considered the enactment date under U.S. GAAP. Key corporate tax provisions include the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, amendments to energy credits, and expanded 162(m) aggregation requirements. In accordance with ASC 740, the effects of the new tax law were recognized in the period of enactment.
Deferred Income Taxes
The primary differences between the financial statement and tax bases of assets and liabilities are as follows (in thousands):
December 31, 2025December 31, 2024
Deferred tax assets:
Basis in partnerships$1,462 $2,700 
Accrued expenses3,574 6,989 
Inventory2,273 2,620 
Change in fair value of contingent consideration743 872 
Lease liabilities - operating leases1,719 1,676 
Stock-based compensation1,575 603 
Other2,015 381 
Deferred tax assets, gross13,361 15,841 
Valuation allowance— — 
Deferred tax assets, net$13,361 $15,841 
Deferred tax liabilities:
Right-of-use assets - operating leases$(1,496)$(1,479)
Prepaid insurance(334)(106)
Other(288)(272)
Deferred tax liabilities$(2,118)$(1,857)
Total deferred income tax assets, net$11,243 $13,984 

Cash Paid For Income Taxes
In accordance with ASU 2023-09, the following is a supplemental schedule of cash paid for income taxes (in thousands):
Year Ended December 31, 2025
Cash paid during the period for income taxes, net of refunds:
U.S. Federal (1)
$41,982 
U.S. State and Local:
Georgia
2,365 
Texas
4,521 
Other
1,243 
U.S. State and Local subtotal
8,129 
Total cash paid for income taxes, net of refunds
$50,111 
(1)Includes amounts paid for transferable tax credits of $16.8 million during the year ended December 31, 2025.

Uncertain Tax Positions
The Company establishes accruals for uncertain tax positions that reflect management’s best estimate of deductions and credits that may not be sustained on a more-likely-than-not basis. In accordance with ASC 740, Income Taxes, the Company recognizes the effect of income tax positions only if those positions have a more-likely-than-not chance of being sustained by the Company. Recognized income tax positions are measured at the largest amount that is considered greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. A reconciliation of the uncertain tax position is as follows (in thousands):
Year Ended December 31, 2025
Uncertain tax positions at beginning of year$— 
Increase for new tax positions taken
1,579 
Uncertain tax positions at end of year$1,579 

The Company incurred $0.1 million in interest and penalties related to uncertain tax positions for the year ended December 31, 2025. No interest and penalties related to uncertain tax positions were incurred for the years ended December 31, 2024, and 2023.

Statutes of Limitations
The U.S. federal statute of limitations remains open for our 2022 and subsequent tax years.

The Company and its subsidiaries file returns in Texas, Georgia, and Florida. The company and its subsidiaries previously also filed returns in Colorado.

The Texas statute of limitations remains open for the 2021 and subsequent tax years. Any adjustments relating to returns filed by the subsidiary partnerships would be borne by the subsidiary partnership entities.

The Georgia, Florida, and Colorado statute of limitations remains open for 2022 and subsequent tax years. Any adjustments relating to returns filed by the subsidiary partnerships would be borne by the partner.

The Company is not presently under examination by the Internal Revenue Service or state tax authority.
    
Schedule of Components of Income Tax Expense (Benefit)
Income Tax Expense
The components of current and deferred income tax expense are as follows (in thousands):
Years Ended December 31,
202520242023
Current income tax expense:
Federal$82,763 $85,062 $73,299 
State7,583 8,342 10,197 
Total current income tax expense90,346 93,404 83,496 
Deferred income tax expense (benefit):
Federal3,997 1,192 993 
State324 129 149 
Total deferred income tax expense (benefit)4,321 1,321 1,142 
Total income tax expense$94,667 $94,725 $84,638 
    
Schedule of Deferred Tax Assets and Liabilities
The primary differences between the financial statement and tax bases of assets and liabilities are as follows (in thousands):
December 31, 2025December 31, 2024
Deferred tax assets:
Basis in partnerships$1,462 $2,700 
Accrued expenses3,574 6,989 
Inventory2,273 2,620 
Change in fair value of contingent consideration743 872 
Lease liabilities - operating leases1,719 1,676 
Stock-based compensation1,575 603 
Other2,015 381 
Deferred tax assets, gross13,361 15,841 
Valuation allowance— — 
Deferred tax assets, net$13,361 $15,841 
Deferred tax liabilities:
Right-of-use assets - operating leases$(1,496)$(1,479)
Prepaid insurance(334)(106)
Other(288)(272)
Deferred tax liabilities$(2,118)$(1,857)
Total deferred income tax assets, net$11,243 $13,984 

Cash Paid For Income Taxes
In accordance with ASU 2023-09, the following is a supplemental schedule of cash paid for income taxes (in thousands):
Year Ended December 31, 2025
Cash paid during the period for income taxes, net of refunds:
U.S. Federal (1)
$41,982 
U.S. State and Local:
Georgia
2,365 
Texas
4,521 
Other
1,243 
U.S. State and Local subtotal
8,129 
Total cash paid for income taxes, net of refunds
$50,111 
    
Schedule of Effective Tax Rate Reconciliation
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows (in thousands):
Years Ended December 31,
20242023
Tax on pre-tax book income (before reduction of noncontrolling interests)$107,494 $82,176 
Tax effect of non-controlled earnings(7,470)(4,630)
State income tax expense, net of federal benefit8,286 8,220 
Tax credits(10,920)(3,033)
Other(2,665)1,905 
Total income tax expense$94,725 $84,638 
Effective income tax rate18.5 %21.6 %
    
Operating Loss Carryforwards [Line Items]      
Basis in partnerships $ 1,462,000 $ 2,700,000  
Deferred tax assets 13,361,000 15,841,000  
Deferred Tax Assets, Valuation Allowance 0 0  
Effective Income Tax Rate Reconciliation, Tax Credit, Amount   $ (10,920,000) $ (3,033,000)
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Unrecognized Tax Benefits, Income Tax Penalties Expense 1,579,000    
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense 0.1    
Unrecognized Tax Benefits, Period Increase (Decrease) $ 1,579,000