v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Descriptive Information [Abstract]  
Schedule of Reconciliation of Revenue from Segments to Consolidated
The following tables present operating results relating to our homebuilding and financial services operations:
Three Months Ended June 30, 2026
(Dollars in thousands)
Homebuilding
Pacific NorthwestCaliforniaDesertMountainTexasEastCorporateTotal
Home sale revenues$254,607 $221,227 $296,260 $207,837 $242,766 $114,094 $— $1,336,791 
Land sale revenues$1,068 $— $— $— $1,081 $690 $— $2,839 
Other revenues$— $— $— $— $— $— $— $— 
Home cost of sales$(213,857)$(186,910)$(248,826)$(176,465)$(196,450)$(100,112)$— $(1,122,620)
Inventory impairments
$— $— $— $— $— $— $— $— 
Land cost of sales
$(961)$— $— $— $(664)$(660)$— $(2,285)
Other cost of sales$— $— $— $— $— $— $— $— 
Selling, general and administrative expenses$(34,634)$(37,233)$(42,436)$(24,529)$(35,963)$(21,614)$5,731 $(190,678)
Interest and other income (1)$67 $92 $504 $27 $851 $63 $1,147 $2,751 
Other expense (3)$(502)$(141)$(70)$(74)$— $(103)$— $(890)
Pretax income (loss)$5,788 $(2,965)$5,432 $6,796 $11,621 $(7,642)$6,878 $25,908 
Three Months Ended June 30, 2026
(Dollars in thousands)
Financial Services
Mortgage OperationsOtherTotal
Revenues$19,363 $12,772 $32,135 
Expenses (2)$(15,985)$(5,997)$(21,982)
Other income (3)$2,115 $1,025 $3,140 
Pretax income (loss)$5,493 $7,800 $13,293 
Six Months Ended June 30, 2026
(Dollars in thousands)
Homebuilding
Pacific NorthwestCaliforniaDesertMountainTexasEastCorporateTotal
Home sale revenues$465,528 $440,286 $564,466 $413,404 $435,749 $219,413 $— $2,538,846 
Land sale revenues$4,368 $— $— $— $4,794 $690 $— $9,852 
Other revenues$— $— $— $— $— $— $— $— 
Home cost of sales$(393,715)$(370,668)$(476,325)$(351,894)$(356,005)$(192,265)$— $(2,140,872)
Inventory impairments
$(700)$— $(1,450)$— $— $(2,350)$— $(4,500)
Land cost of sales
$(3,574)$— $— $— $(3,123)$(660)$— $(7,357)
Other cost of sales$— $— $— $— $— $— $— $— 
Selling, general and administrative expenses$(66,774)$(75,542)$(83,478)$(51,854)$(68,637)$(43,902)$6,381 $(383,806)
Interest and other income (1)$(15)$176 $564 $163 $1,325 $94 $1,528 $3,835 
Other expense (3)$(582)$(521)$(1,562)$(944)$— $(973)$— $(4,582)
Pretax income (loss)$4,536 $(6,269)$2,215 $8,875 $14,103 $(19,953)$7,909 $11,416 
Six Months Ended June 30, 2026
(Dollars in thousands)
Financial Services
Mortgage OperationsOtherTotal
Revenues$34,767 $25,045 $59,812 
Expenses (2)$(34,708)$(12,298)$(47,006)
Other income (3)$3,956 $2,046 $6,002 
Pretax income (loss)$4,015 $14,793 $18,808 
Three Months Ended June 30, 2025
(Dollars in thousands)
Homebuilding
Pacific NorthwestCaliforniaDesertMountainTexasEastCorporateTotal
Home sale revenues$311,360 $293,659 $345,132 $361,151 $240,463 $193,260 $— $1,745,025 
Land sale revenues$1,066 $— $— $— $2,056 $— $— $3,122 
Other revenues$4,851 $(22)$— $— $— $— $— $4,829 
Home cost of sales$(263,987)$(240,655)$(294,766)$(306,915)$(202,067)$(169,195)$— $(1,477,585)
Inventory impairments
$(7,900)$(5,453)$— $— $(1,100)$(750)$— $(15,203)
Land cost of sales
$(1,023)$(2)$— $— $(1,685)$— $— $(2,710)
Other cost of sales$(3,590)$— $— $— $— $— $— $(3,590)
Selling, general and administrative expenses$(32,766)$(45,079)$(40,065)$(31,954)$(30,618)$(24,080)$287 $(204,275)
Interest and other income (1)$(175)$(35)$249 $145 $774 $186 $5,124 $6,268 
Other expense (3)$(3,223)$(1,133)$(688)$57 $627 $(1,099)$(43)$(5,502)
Pretax income$4,613 $1,280 $9,862 $22,484 $8,450 $(1,678)$5,368 $50,379 
Three Months Ended June 30, 2025
(Dollars in thousands)
Financial Services
Mortgage OperationsOtherTotal
Revenues$33,130 $16,137 $49,267 
Expenses (2)$(22,687)$(7,578)$(30,265)
Other income (3)$2,072 $2,061 $4,133 
Pretax income$12,515 $10,620 $23,135 
Six Months Ended June 30, 2025
(Dollars in thousands)
Homebuilding
Pacific NorthwestCaliforniaDesertMountainTexasEastCorporateTotal
Home sale revenues$536,550 $544,675 $679,643 $684,527 $454,330 $351,675 $— $3,251,400 
Land sale revenues$1,356 $— $— $— $3,209 $— $— $4,565 
Other revenues$8,070 $19 $— $— $— $— $— $8,089 
Home cost of sales$(448,727)$(442,431)$(567,889)$(578,633)$(374,700)$(305,585)$— $(2,717,965)
Inventory impairments
$(7,900)$(5,453)$— $— $(1,100)$(750)$— $(15,203)
Land cost of sales
$(778)$(62)$— $— $(2,630)$— $— $(3,470)
Other cost of sales$(6,425)$(4)$— $— $— $— $— $(6,429)
Selling, general and administrative expenses$(62,050)$(81,686)$(80,012)$(62,453)$(58,996)$(45,472)$(5,098)$(395,767)
Interest and other income (1)$(212)$146 $320 $197 $1,214 $258 $11,449 $13,372 
Other expense (3)$(3,333)$(2,222)$(1,011)$(483)$(161)$(1,899)$(272)$(9,381)
Pretax income$16,551 $12,982 $31,051 $43,155 $21,166 $(1,773)$6,079 $129,211 
Six Months Ended June 30, 2025
(Dollars in thousands)
Financial Services
Mortgage OperationsOtherTotal
Revenues$54,586 $33,195 $87,781 
Expenses (2)$(43,486)$(14,434)$(57,920)
Other income (3)$3,580 $4,362 $7,942 
Pretax income$14,680 $23,123 $37,803 
(1) Includes interest income and gain (loss) on sale of other assets.
(2) Includes interest expense and general and administrative expense.
(3) Includes abandoned project costs and other non-operating expenses (Homebuilding) and interest income (Financial Services).
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following tables present operating results relating to our homebuilding and financial services operations:
Three Months Ended June 30, 2026
(Dollars in thousands)
Homebuilding
Pacific NorthwestCaliforniaDesertMountainTexasEastCorporateTotal
Home sale revenues$254,607 $221,227 $296,260 $207,837 $242,766 $114,094 $— $1,336,791 
Land sale revenues$1,068 $— $— $— $1,081 $690 $— $2,839 
Other revenues$— $— $— $— $— $— $— $— 
Home cost of sales$(213,857)$(186,910)$(248,826)$(176,465)$(196,450)$(100,112)$— $(1,122,620)
Inventory impairments
$— $— $— $— $— $— $— $— 
Land cost of sales
$(961)$— $— $— $(664)$(660)$— $(2,285)
Other cost of sales$— $— $— $— $— $— $— $— 
Selling, general and administrative expenses$(34,634)$(37,233)$(42,436)$(24,529)$(35,963)$(21,614)$5,731 $(190,678)
Interest and other income (1)$67 $92 $504 $27 $851 $63 $1,147 $2,751 
Other expense (3)$(502)$(141)$(70)$(74)$— $(103)$— $(890)
Pretax income (loss)$5,788 $(2,965)$5,432 $6,796 $11,621 $(7,642)$6,878 $25,908 
Three Months Ended June 30, 2026
(Dollars in thousands)
Financial Services
Mortgage OperationsOtherTotal
Revenues$19,363 $12,772 $32,135 
Expenses (2)$(15,985)$(5,997)$(21,982)
Other income (3)$2,115 $1,025 $3,140 
Pretax income (loss)$5,493 $7,800 $13,293 
Six Months Ended June 30, 2026
(Dollars in thousands)
Homebuilding
Pacific NorthwestCaliforniaDesertMountainTexasEastCorporateTotal
Home sale revenues$465,528 $440,286 $564,466 $413,404 $435,749 $219,413 $— $2,538,846 
Land sale revenues$4,368 $— $— $— $4,794 $690 $— $9,852 
Other revenues$— $— $— $— $— $— $— $— 
Home cost of sales$(393,715)$(370,668)$(476,325)$(351,894)$(356,005)$(192,265)$— $(2,140,872)
Inventory impairments
$(700)$— $(1,450)$— $— $(2,350)$— $(4,500)
Land cost of sales
$(3,574)$— $— $— $(3,123)$(660)$— $(7,357)
Other cost of sales$— $— $— $— $— $— $— $— 
Selling, general and administrative expenses$(66,774)$(75,542)$(83,478)$(51,854)$(68,637)$(43,902)$6,381 $(383,806)
Interest and other income (1)$(15)$176 $564 $163 $1,325 $94 $1,528 $3,835 
Other expense (3)$(582)$(521)$(1,562)$(944)$— $(973)$— $(4,582)
Pretax income (loss)$4,536 $(6,269)$2,215 $8,875 $14,103 $(19,953)$7,909 $11,416 
Six Months Ended June 30, 2026
(Dollars in thousands)
Financial Services
Mortgage OperationsOtherTotal
Revenues$34,767 $25,045 $59,812 
Expenses (2)$(34,708)$(12,298)$(47,006)
Other income (3)$3,956 $2,046 $6,002 
Pretax income (loss)$4,015 $14,793 $18,808 
Three Months Ended June 30, 2025
(Dollars in thousands)
Homebuilding
Pacific NorthwestCaliforniaDesertMountainTexasEastCorporateTotal
Home sale revenues$311,360 $293,659 $345,132 $361,151 $240,463 $193,260 $— $1,745,025 
Land sale revenues$1,066 $— $— $— $2,056 $— $— $3,122 
Other revenues$4,851 $(22)$— $— $— $— $— $4,829 
Home cost of sales$(263,987)$(240,655)$(294,766)$(306,915)$(202,067)$(169,195)$— $(1,477,585)
Inventory impairments
$(7,900)$(5,453)$— $— $(1,100)$(750)$— $(15,203)
Land cost of sales
$(1,023)$(2)$— $— $(1,685)$— $— $(2,710)
Other cost of sales$(3,590)$— $— $— $— $— $— $(3,590)
Selling, general and administrative expenses$(32,766)$(45,079)$(40,065)$(31,954)$(30,618)$(24,080)$287 $(204,275)
Interest and other income (1)$(175)$(35)$249 $145 $774 $186 $5,124 $6,268 
Other expense (3)$(3,223)$(1,133)$(688)$57 $627 $(1,099)$(43)$(5,502)
Pretax income$4,613 $1,280 $9,862 $22,484 $8,450 $(1,678)$5,368 $50,379 
Three Months Ended June 30, 2025
(Dollars in thousands)
Financial Services
Mortgage OperationsOtherTotal
Revenues$33,130 $16,137 $49,267 
Expenses (2)$(22,687)$(7,578)$(30,265)
Other income (3)$2,072 $2,061 $4,133 
Pretax income$12,515 $10,620 $23,135 
Six Months Ended June 30, 2025
(Dollars in thousands)
Homebuilding
Pacific NorthwestCaliforniaDesertMountainTexasEastCorporateTotal
Home sale revenues$536,550 $544,675 $679,643 $684,527 $454,330 $351,675 $— $3,251,400 
Land sale revenues$1,356 $— $— $— $3,209 $— $— $4,565 
Other revenues$8,070 $19 $— $— $— $— $— $8,089 
Home cost of sales$(448,727)$(442,431)$(567,889)$(578,633)$(374,700)$(305,585)$— $(2,717,965)
Inventory impairments
$(7,900)$(5,453)$— $— $(1,100)$(750)$— $(15,203)
Land cost of sales
$(778)$(62)$— $— $(2,630)$— $— $(3,470)
Other cost of sales$(6,425)$(4)$— $— $— $— $— $(6,429)
Selling, general and administrative expenses$(62,050)$(81,686)$(80,012)$(62,453)$(58,996)$(45,472)$(5,098)$(395,767)
Interest and other income (1)$(212)$146 $320 $197 $1,214 $258 $11,449 $13,372 
Other expense (3)$(3,333)$(2,222)$(1,011)$(483)$(161)$(1,899)$(272)$(9,381)
Pretax income$16,551 $12,982 $31,051 $43,155 $21,166 $(1,773)$6,079 $129,211 
Six Months Ended June 30, 2025
(Dollars in thousands)
Financial Services
Mortgage OperationsOtherTotal
Revenues$54,586 $33,195 $87,781 
Expenses (2)$(43,486)$(14,434)$(57,920)
Other income (3)$3,580 $4,362 $7,942 
Pretax income$14,680 $23,123 $37,803 
(1) Includes interest income and gain (loss) on sale of other assets.
(2) Includes interest expense and general and administrative expense.
(3) Includes abandoned project costs and other non-operating expenses (Homebuilding) and interest income (Financial Services).
Schedule of Reconciliation of Assets from Segment to Consolidated The assets in our financial services operations consist mostly of cash and cash equivalents and mortgage loans held-for-sale.
June 30,
2026		December 31,
2025
(Dollars in thousands)
Homebuilding assets
Pacific Northwest$1,145,224 $1,222,938 
California1,831,612 1,720,250 
Desert1,676,333 1,697,152 
Mountain977,544 1,059,501 
Texas1,045,619 1,150,647 
East842,586 890,772 
Corporate
386,316 481,229 
Total homebuilding assets$7,905,234 $8,222,489 
Financial services assets
Mortgage Operations$287,473 $265,655 
Other
81,711 73,802 
Total financial services assets$369,184 $339,457 
Total assets$8,274,418 $8,561,946