v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Descriptive Information [Abstract]  
Segment Reporting Segment Reporting
An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker ("CODM"), or decision-making group, to evaluate performance and make operating decisions. We have identified our CODM as one key executive—the Chief Executive Officer ("CEO"). The CODM's evaluation of segment performance is based on segment pretax income for all reportable segments. Pretax income is used at the segment level for forecasting and actual results to evaluate performance of each segment and further assist in decision making regarding allocation of capital and other resources between segments.
During the first quarter of 2026, we reassessed our operating segments and reportable segments and realigned the aggregation of our homebuilding operating segments into six new reportable segments to better allocate our homebuilding operating segments across geographic reporting regions. We have identified each homebuilding division as an operating segment. Our homebuilding operating segments have been aggregated into the reportable segments noted below because they are similar in the following regards: (1) economic characteristics; (2) housing products; (3) class of homebuyer; (4) regulatory environments; and (5) methods used to construct and sell homes. Our homebuilding reportable segments conducted ongoing operations in the following states:
•Pacific Northwest (Idaho, Oregon and Washington)
•California
•Desert (Arizona, Nevada and New Mexico)
•Mountain (Colorado and Utah)
•Texas
•East (Florida, Maryland, Tennessee and Virginia)
Our financial services business consists of the following operating segments: (1) HomeAmerican Mortgage Corporation ("HomeAmerican"); (2) CLM Mortgage, Inc. ("CLM"); (3) StarAmerican Insurance Ltd. (“StarAmerican”); (4) American Home Insurance Agency, Inc.; (5) Entitled Insurance Agency, Inc. ("Entitled Insurance"); (6) American Home Title and Escrow Company; and (7) N Title, LLC ("N Title"). Due to its contributions to consolidated pretax income, we consider HomeAmerican and CLM to be a reportable segment ("Mortgage Operations"). The remaining operating segments have been aggregated into one reportable segment ("other") because they do not individually exceed 10 percent of: (1) consolidated revenue; (2) the greater of (a) the combined reported profit of all operating segments that did not report a loss or (b) the positive value of the combined reported loss of all operating segments that reported losses; or (3) consolidated assets.
Corporate is a non-operating segment that develops and implements strategic initiatives and supports our operating divisions by centralizing key administrative functions such as finance, treasury, information technology, insurance, risk management, litigation and human resources. A portion of the expenses incurred by Corporate are allocated to the homebuilding operating segments based on their respective percentages of assets, and to a lesser degree, a portion of Corporate expenses are allocated to the financial services segments. A majority of Corporate’s personnel and resources are primarily dedicated to activities relating to the homebuilding segments, and, therefore, the balance of any unallocated Corporate expenses is included in the homebuilding operations section of our consolidated statements of operations and comprehensive income.
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).
The following table summarizes total assets for our homebuilding and financial services operations. The assets in our Pacific Northwest, California, Desert, Mountain, Texas and East segments consist primarily of inventory while the assets in our Corporate segment primarily includes cash and cash equivalents, trade and other receivables and deferred tax assets. 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