v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Operating Activities:      
Net income (loss) $ 58,085 $ 20,915 $ 134,638
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization   20,755 22,585
Inventory impairments 15,203 4,500 15,203
Project abandonment costs   4,574 8,635
Gain (loss) on sale of property and equipment   (360) 182
Income from unconsolidated entities   (838) (1,411)
Distribution from unconsolidated entities   0 2,190
Fair market value adjustment of unconsolidated entities   (656) 0
Deferred income tax expense (benefit)   1,665 (7,673)
Net changes in assets and liabilities:      
Trade and other receivables   (1,408) (56,587)
Related party receivables   (1,478) 22,110
Related party payables   (1,808) 1,444
Mortgage loans held-for-sale, net   (13,733) 76,986
Inventories   42,152 (818,771)
Prepaids and other assets   22,512 37,917
Accounts payable and accrued and other liabilities   (18,645) 96,016
Net cash provided by (used in) operating activities   78,147 (466,536)
Investing Activities:      
Distribution of capital from unconsolidated entities   2,377 385
Decrease in receivable from cash pooling arrangement with Parent   0 108,103
Proceeds from sale / disposal of other assets   360 764
Purchases of property and equipment   (22,102) (22,517)
Net cash provided by (used in) investing activities   (19,365) 86,735
Financing Activities:      
Draws (payments) on mortgage repurchase facilities, net   11,125 (68,007)
Advances (payments) on related party line of credit from cash pooling arrangement with Parent   (442,789) 126,512
Repayment of notes payable, net   (27) (1,368)
Dividend payments   (6,000) (138,579)
Payments of deferred financing costs   0 (27)
Net cash provided by (used in) financing activities   (247,691) (81,469)
Net decrease in cash, cash equivalents and restricted cash   (188,909) (461,270)
Cash, cash equivalents and restricted cash:      
Beginning of period   360,678 893,781
End of period 432,511 171,769 432,511
Reconciliation of cash, cash equivalents and restricted cash:      
Total cash, cash equivalents and restricted cash 432,511 171,769 432,511
Supplemental schedule of noncash investing and financing activities:      
Dividend payable 0 44,363 0
Land distribution received from investment in unconsolidated entities   0 30,463
Homebuilding Line of Credit Facility      
Financing Activities:      
Draws on homebuilding line of credit, net   190,000 0
Homebuilding:      
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Inventory impairments 15,203 4,500 15,203
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 273,149 69,647 273,149
Restricted cash 0 0 0
Financial Services:      
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 158,824 101,821 158,824
Restricted cash $ 538 $ 301 $ 538