v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 343,511,000 $ 417,155,000 $ 306,675,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 5,111,000 4,879,000 3,545,000
Loss on disposal of property and equipment, net 7,000 74,000 207,000
Share-based compensation expense 12,323,000 8,402,000 6,753,000
Deferred income taxes, net 2,742,000 1,321,000 1,142,000
Equity in income of unconsolidated entities (1,002,000) (5,083,000) (16,742,000)
Gain on sale of investment in unconsolidated entity 0 (10,718,000) 0
Allowances For Option Deposits And Pre-Acquisition Costs 2,625,000 284,000 64,000
Distributions of income from unconsolidated entities 7,290,000 7,670,000 11,859,000
Changes in operating assets and liabilities:      
Increase in receivables (26,124,000) (3,226,000) (5,344,000)
Increase in inventory (160,266,000) (403,312,000) (109,243,000)
Decrease in earnest money deposits 478,000 2,990,000 7,290,000
Increase (Decrease) in Loan, Mortgage, Held-for-Sale (49,099,000) 0 0
Decrease (increase) in other assets 9,815,000 (8,002,000) (14,875,000)
Increase in accounts payable 34,770,000 5,426,000 2,517,000
Increase in accrued expenses 42,415,000 14,131,000 5,459,000
Increase (Decrease) in Contract with Customer, Liability (11,352,000) (6,079,000) 14,035,000
Net cash provided by operating activities 213,244,000 25,912,000 213,342,000
Cash flows from investing activities:      
Investments in unconsolidated entities (38,756,000) (31,757,000) (5,547,000)
Proceeds from sale of investment in unconsolidated entity 0 63,960,000 0
Purchase of property and equipment, net of disposals (4,798,000) (4,365,000) (7,802,000)
Net cash (used in) provided by investing activities (43,554,000) 27,838,000 (13,349,000)
Cash flows from financing activities:      
Borrowings from lines of credit 171,000,000 106,000,000 22,000,000
Repayments of lines of credit (196,000,000) (81,000,000) (42,000,000)
Borrowings from warehouse lines of credit 113,451,000 0 0
Repayments of warehouse lines of credit (67,054,000) 0 0
Repayments of Unsecured Debt (37,500,000) (37,500,000) 0
Proceeds from Notes Payable 0 14,871,000 63,000
Repayments of notes payable (500,000) (12,981,000) (1,704,000)
Payments of Debt Issuance Costs (941,000) (841,000) (638,000)
Payments of withholding tax on vesting of restricted stock awards (3,059,000) (11,337,000) (1,977,000)
Payments for Repurchase of Common Stock (83,770,000) (48,428,000) (45,777,000)
Payments of Dividends (2,875,000) (2,875,000) (2,875,000)
Proceeds from Issuance of Common Stock 0 70,347,000 0
Distributions for reallocation of shares of common stock by large stockholder 0 (70,347,000) 0
Proceeds from (Payment for) Other Financing Activity (4,029,000) (2,637,000) (1,840,000)
Distributions to noncontrolling interests (27,124,000) (16,785,000) (19,056,000)
Net cash used in financing activities (138,401,000) (93,513,000) (93,804,000)
Net increase (decrease) in cash and cash equivalents and restricted cash 31,289,000 (39,763,000) 106,189,000
Cash and cash equivalents and restricted cash, beginning of period 159,696,000 199,459,000 93,270,000
Cash and cash equivalents and restricted cash, end of period 190,985,000 159,696,000 199,459,000
Supplemental disclosure of cash flow information:      
Cash paid for income taxes, net of refunds $ 50,111,000 $ 83,609,000 $ 90,535,000