v3.26.1
Accrued Expenses and Other Liabilities
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Disclosures ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued and other liabilities consist of the following (in thousands):
June 30,December 31,
20262025
Real estate inventory development and construction payable$52,410 $57,103 
Accrued compensation, bonuses and benefits14,873 14,677 
Warranty reserves14,800 14,500 
Accrued interest13,653 14,223 
Inventory related obligations12,844 11,641 
Contract deposits6,161 5,845 
Taxes payable6,157 9,704 
Lease liability4,604 5,139 
Other20,778 17,163 
Land banking financing arrangements— 7,976 
Total accrued expenses and other liabilities$146,280 $157,971 
Land Banking Financing Arrangements
We have land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns. Principal payments on these financing arrangements will generally coincide with the repurchase of lot takedowns from the land banker. As of June 30, 2026, we have completed the repurchase of all lots via takedowns associated with these transactions.
Inventory Related Obligations
We own lots in certain communities in Florida and Texas that have Community Development Districts or similar utility and infrastructure development special assessment programs that allocate a fixed amount of debt service associated with development activities to each lot. This obligation for infrastructure development is attached to the land and is ultimately assumed by the homebuyer when home sales are closed. The obligations assumed by the homebuyer represent a non-cash cost of the lots.
Warranty Reserves
We generally provide homebuyers with a one-year warranty on the house and a limited warranty for major defects in structural elements, such as framing components and foundation systems, typically ranging from six to ten years depending on the applicable state.
Changes to our warranty accrual are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Warranty reserves, beginning of period$14,300 $16,500 $14,500 $16,100 
Warranty provision1,490 (594)1,906 986 
Warranty expenditures(990)(406)(1,606)(1,586)
Warranty reserves, end of period$14,800 $15,500 $14,800 $15,500