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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 29,144 $ 35,527
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated entities (2,821) (1,909)
Distributions of earnings from unconsolidated entities 825 3,695
Depreciation and amortization 2,521 1,875
Loss (gain) on disposal of assets (5,509) 2,286
Compensation expense for equity awards 5,667 5,451
Inventory impairment 4,681 0
Deferred income taxes (488) (1,162)
Changes in assets and liabilities:    
Accounts receivable (1,383) (5,879)
Real estate inventory (19,853) (240,279)
Pre-acquisition costs and deposits 9,702 7,019
Other assets (1,736) (2,903)
Accounts payable 42,571 12,773
Accrued expenses and other liabilities (4,311) (30,015)
Net cash provided by (used in) operating activities 59,010 (213,521)
Cash flows from investing activities:    
Purchases of property and equipment (1,512) (885)
Proceeds from sale of property and equipment 28,403 0
Investment in unconsolidated entities (1,882) (3,431)
Return of capital from unconsolidated entities 514 6,388
Net cash provided by (used in) investing activities 25,523 2,072
Cash flows from financing activities:    
Proceeds from notes payable 143,316 390,644
Payments on notes payable (222,000) (130,000)
Payments on financing arrangements 8,136 17,500
Loan issuance costs (75) (3,731)
Proceeds from sale of stock 2,196 2,038
Stock repurchase 0 (23,639)
Net cash provided by (used in) financing activities (84,699) 217,812
Net increase (decrease) in cash and cash equivalents (166) 6,363
Cash and cash equivalents, beginning of period 61,247 53,197
Cash and cash equivalents, end of period $ 61,081 $ 59,560