v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
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 related to the Company’s reportable segments is as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues: (1)
Builder operations
Central$381,101 $407,944 $721,289 $757,348 
Southeast90,895 124,581 199,194 257,326 
Total builder operations471,996 532,525 920,483 1,014,674 
Land development9,600 2,038 17,100 4,342 
Financial services
12,243 6,315 21,915 11,182 
Total revenues$493,839 $540,878 $959,498 $1,030,198 
Gross profit:
Builder operations
Central$119,530 $135,722 $224,516 $252,944 
Southeast31,478 41,961 67,020 90,422 
Total builder operations151,008 177,683 291,536 343,366 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Land development4,698 1,081 6,594 2,199 
Corporate, other and unallocated (2)
(10,430)(11,250)(21,139)(22,266)
Total gross profit$145,276 $167,514 $276,991 $323,299 
Segment selling, general, and administrative expenses:
Commissions
Builder operations
Central$18,982 $20,319 $36,539 $37,894 
Southeast3,144 4,534 6,665 8,968 
Total builder operations22,126 24,853 43,204 46,862 
Financial services
839 263 1,440 503 
Total commissions$22,965 $25,116 $44,644 $47,365 
Salaries
Builder operations
Central$11,123 $11,466 $22,476 $23,243 
Southeast5,656 6,547 11,484 12,705 
Total builder operations16,779 18,013 33,960 35,948 
Financial services
1,781 1,196 3,444 2,346 
Corporate, other and unallocated2,252 208 4,067 5 
Total salaries$20,812 $19,417 $41,471 $38,299 
Interest expense (income):
Builder operations
Central$(98)$(153)$(252)$(225)
Southeast4,371 6,309 9,582 11,149 
Total builder operations4,273 6,156 9,330 10,924 
Corporate, other and unallocated(4,273)(6,156)(9,330)(10,924)
Total interest expense, net$— $— $— $— 
Other selling, general and administrative expenses
Builder operations
Central$9,694 $9,660 $18,992 $19,115 
Southeast3,700 4,198 7,768 8,216 
Total builder operations13,394 13,858 26,760 27,331 
Land development(38)238 (292)385 
Financial services
3,984 1,961 7,071 3,629 
Corporate, other and unallocated(117)267 (710)(527)
Total other expenses$17,223 $16,324 $32,829 $30,818 
Total selling, general and administrative expenses
Builder operations
Central$39,799 $41,445 $78,007 $80,252 
Southeast12,500 15,279 25,917 29,889 
Total builder operations52,299 56,724 103,924 110,141 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Land development(38)238 (292)385 
Financial services
6,604 3,420 11,955 6,478 
Corporate, other and unallocated2,135 475 3,357 (522)
Total segment expenses$61,000 $60,857 $118,944 $116,482 
Income (loss) before income taxes:
Central$80,462 $92,904 $148,060 $171,905 
Southeast19,884 27,795 43,778 62,273 
Total builder operations100,346 120,699 191,838 234,178 
Land development5,792 689 6,629 1,909 
Financial services
5,657 2,964 9,978 4,773 
Corporate, other and unallocated (3)
(12,318)(12,064)(24,705)(22,424)
Income before income taxes$99,477 $112,288 $183,740 $218,436 

June 30, 2026December 31, 2025
Inventory:
Builder operations
Central$739,652 $688,219 
Southeast302,672 293,635 
Total builder operations1,042,324 981,854 
Land development1,153,892 1,063,066 
Corporate, other and unallocated57,673 54,291 
Total inventory$2,253,889 $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. Land or lot closings revenue was $9.6 million and $17.1 million for the three and six months ended June 30, 2026, respectively. Land and lots closings revenue were $2.0 million and $4.3 million for the three and six months ended June 30, 2025, respectively.
(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.