v3.26.1
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Lease, Cost
The table below outlines our ROU assets and lease liabilities (in thousands):
As of
June 30, 2026December 31, 2025
ROU assets$55,880 $56,985 
Lease liabilities59,801 60,470 
Schedule of Surety Bond and Letter of Credit Obligations
The table below outlines our surety bond and letter of credit obligations (in thousands):
As of
June 30, 2026December 31, 2025
OutstandingEstimated work
remaining to
complete		OutstandingEstimated work
remaining to
complete
Sureties:
Sureties related to owned projects and lots under contract$974,312 $544,562 $965,349 $585,768 
Total Sureties$974,312 $544,562 $965,349 $585,768 
Letters of Credit (“LOCs”):
LOCs for land development78,090 N/A70,547 N/A
LOCs for general corporate operations5,000 N/A5,000 N/A
Total LOCs$83,090 N/A$75,547 N/A
Schedule of Accrued Liabilities Accrued and other liabilities at June 30, 2026 and December 31, 2025 consisted of the following (in thousands):
As of
June 30, 2026December 31, 2025
Accruals related to real estate development and construction activities$137,358 $144,122 
Payroll and other benefits81,253 98,591 
Accrued interest14,722 14,619 
Accrued taxes13,122 14,205 
Warranty reserves25,562 26,677 
Lease liabilities59,801 60,470 
Liabilities related to consolidated real estate not owned70,318 — 
Other accruals21,729 29,014 
Total$423,865 $387,698 
Summary of Changes in Warranty Reserves
A summary of changes in our warranty reserves follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Balance, beginning of period$26,042 $35,352 $26,677 $32,693 
Additions to reserve from new home deliveries4,407 5,356 7,378 9,746 
Warranty claims, net of recoveries(4,887)(5,152)(8,493)(6,883)
Adjustments to pre-existing reserves— — — — 
Balance, end of period$25,562 $35,556 $25,562 $35,556