v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Notes payable

Our notes payable are summarized as follows ($000’s omitted):
September 30,
2026		December 31,
2025
5.500% unsecured senior notes due March 2026 (a)
$— $251,867 
5.000% unsecured senior notes due January 2027 (a)
— 337,277 
4.250% unsecured senior notes due March 2031 (a)
400,000 — 
7.875% unsecured senior notes due June 2032 (a)
300,000 300,000 
6.375% unsecured senior notes due May 2033 (a)
400,000 400,000 
6.000% unsecured senior notes due February 2035 (a)
300,000 300,000 
4.900% unsecured senior notes due March 2036 (a)
400,000 — 
Net premiums, discounts, and issuance costs (b)
(16,496)(5,231)
Total senior notes$1,783,504 $1,583,913 
Other notes payable25,392 47,185 
Notes payable$1,808,896 $1,631,098 
Estimated fair value$1,800,092 $1,755,396 

(a)Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.
(b)The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.
In February 2026, we issued $800.0 million of unsecured senior notes, consisting of $400.0 million of 4.250% senior notes scheduled to mature on March 1, 2031, and $400.0 million of 4.900% senior notes scheduled to mature on March 1, 2036. The net proceeds from the February 2026 senior notes issuance were used to repay at maturity $251.9 million principal amount of unsecured senior notes which matured on March 1, 2026, and to redeem in full prior to maturity all $337.3 million principal amount of unsecured senior notes which were scheduled to mature in January 2027, and, in each case, to pay any premium and accrued interest in respect thereof, with the remaining net proceeds used for general corporate purposes.
Other notes payable
Other notes payable include non-recourse and limited recourse notes with third parties that totaled $25.4 million and $47.2 million at September 30, 2026 and December 31, 2025, respectively. These notes have maturities ranging up to four years, are secured by the applicable land positions to which they relate, and generally have no recourse to other assets. The stated interest rates on these notes range up to 9%. We recorded $34.2 million and $13.1 million of inventory through seller financing in the nine months ended September 30, 2026 and September 30, 2025, respectively.

Revolving credit facility

We maintain a revolving credit facility with third-party lenders entered into in June 2022 (the "Original Revolving Credit Facility", and, as amended, the "Revolving Credit Facility") scheduled to mature in February 2031. The Original Revolving Credit Facility was amended and restated in February 2026 to (i) extend the maturity from June 2027 to February 2031, (ii) increase the total committed capacity from $1.25 billion to $1.75 billion, and (iii) expand the uncommitted accordion feature from $500.0 million to $750.0 million, providing for potential capacity of up to $2.5 billion, subject to customary conditions and additional lender commitments. The Revolving Credit Facility provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate, plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). As of September 30, 2026, we were in compliance with all covenants and requirements of the Revolving Credit Facility. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At September 30, 2026, we had no borrowings outstanding, $368.3 million of letters of credit issued, and $1.4 billion of remaining capacity under the Revolving Credit Facility. At December 31, 2025, we had no borrowings outstanding, $357.1 million of letters of credit issued, and $892.9 million of remaining capacity under the Original Revolving Credit Facility.

Joint venture debt

At September 30, 2026, aggregate outstanding debt of unconsolidated joint ventures was $64.6 million.

Financial Services debt

Pulte Mortgage entered into a master repurchase agreement (the "Repurchase Agreement") in August 2026 with third-party lenders that matures on August 10, 2027. The Repurchase Agreement replaced a substantially similar agreement that previously existed with different lenders (the "Original Repurchase Agreement"). The maximum aggregate commitment under the Repurchase Agreement was $625.0 million at September 30, 2026, which continues until maturity. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. At September 30, 2026, Pulte Mortgage had $383.2 million outstanding at a weighted-average interest rate of 5.61% and $241.8 million of remaining capacity under the Repurchase Agreement. At December 31, 2025, Pulte Mortgage had $532.3 million outstanding at a weighted-average interest rate of 5.51% and $92.7 million of remaining capacity under the Original Repurchase Agreement. Pulte Mortgage was in compliance with all covenants and requirements as of such dates.