| Accounts Payable and Accrued Liabilities Disclosure |
A summary of the Company’s accrued expenses is as follows (in thousands): | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Federal income tax payable | | $ | 48,248 | | | $ | 47,200 | | Real estate development reserve to complete(1) | | 18,899 | | | 31,708 | | | Accrued compensation | | 16,812 | | | 16,911 | | | Accrued property tax payable | | 10,919 | | | 12,635 | | | Warranty reserve | | 10,402 | | | 12,920 | | | Self-insurance reserve | | 8,477 | | | 7,021 | | | Other accrued expenses | | 18,845 | | | 24,242 | | | Total accrued expenses | | $ | 132,602 | | | $ | 152,637 | |
(1)Our real estate development reserve to complete consists of budgeted costs to complete the development of our communities.
Warranties Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three and six months ended June 30, 2026 and 2025 consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Warranty accrual, beginning of period | $ | 13,238 | | | $ | 17,635 | | | $ | 12,920 | | | $ | 17,373 | | | Warranties issued | 979 | | | 1,889 | | | 2,127 | | | 3,545 | | | Changes in liability for existing warranties | (2,763) | | | (4) | | | (2,764) | | | (293) | | | Payments made | (1,052) | | | (1,324) | | | (1,881) | | | (2,429) | | | Warranty accrual, end of period | $ | 10,402 | | | $ | 18,196 | | | $ | 10,402 | | | $ | 18,196 | |
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