| Schedule of Capitalization of Interest |
The table set forth below summarizes homebuilding interest activity. For all periods presented below, our qualified assets exceeded our homebuilding debt and as such, all interest incurred has been capitalized. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | (Dollars in thousands) | | Homebuilding interest incurred | $ | 20,174 | | | $ | 24,796 | | | $ | 41,347 | | | $ | 49,452 | | | Less: Interest capitalized | (20,174) | | | (24,796) | | | (41,347) | | | (49,452) | | | Homebuilding interest expensed | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | Interest capitalized, beginning of period | $ | 104,159 | | | $ | 86,333 | | | $ | 98,265 | | | $ | 83,670 | | | Plus: Interest capitalized during period | 20,174 | | | 24,796 | | | 41,347 | | | 49,452 | | | Less: Previously capitalized interest included in home cost of sales | (16,073) | | | (22,136) | | | (31,352) | | | (44,129) | | | Interest capitalized, end of period | $ | 108,260 | | | $ | 88,993 | | | $ | 108,260 | | | $ | 88,993 | |
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