v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company has four reportable segments - Builder operations Central, Builder operations Southeast, Land Development, and Financial Services. Builder operations Central represents operations by our builders in Texas, whereas Builder operations Southeast represents operations by our builders in Georgia and Florida.

Commencing on January 1, 2026, the Company began reporting its Financial Services operations as a separate reportable segment. Previously, the results of Financial Services were included within the Corporate, Other and Unallocated segment. This change was made to better reflect the growth and significance of the Financial Services operations and to provide enhanced transparency to investors. Prior period segment information has been recast to conform to the current period presentation, where applicable.

The Land Development segment acquires land for the development of residential lots that are transferred to our controlled builders or sold to third party homebuilders. The operations of the Company’s builders and land development were aggregated in three reportable segments based on similar economic characteristics, including geography, housing products, class of homebuyer, regulatory environments, and methods used to construct and sell homes.

The Financial Services segment includes mortgage banking, title, and insurance agency operations. The Financial Services segment operates generally in the same markets as the Builder operations Central segment.

Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Financial information related to the Company’s reportable segments is as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenues: (1)
Builder operations
Central$352,439 $377,118 $1,073,728 $1,134,466 
Southeast84,604 107,098 283,798 364,424 
Total builder operations437,043 484,216 1,357,526 1,498,890 
Land development— — 17,100 4,342 
Financial services
11,161 7,350 33,076 18,532 
Total revenues$448,204 $491,566 $1,407,702 $1,521,764 
Gross profit:
Builder operations
Central$106,318 $130,652 $330,834 $383,596 
Southeast26,770 35,927 93,790 126,349 
Total builder operations133,088 166,579 424,624 509,945 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Land development— — 6,594 2,199 
Corporate, other and unallocated (2)
(10,520)(11,117)(31,659)(33,383)
Total gross profit$122,568 $155,462 $399,559 $478,761 
Segment selling, general, and administrative expenses:
Commissions
Builder operations
Central$17,650 $19,249 $54,189 $57,143 
Southeast2,899 3,637 9,564 12,605 
Total builder operations20,549 22,886 63,753 69,748 
Financial services
856 579 2,296 1,082 
Total commissions$21,405 $23,465 $66,049 $70,830 
Salaries
Builder operations
Central$11,067 $11,121 $33,543 $34,364 
Southeast5,099 6,177 16,583 18,882 
Total builder operations16,166 17,298 50,126 53,246 
Financial services
1,978 1,445 5,422 3,791 
Corporate, other and unallocated583 (344)4,650 (339)
Total salaries$18,727 $18,399 $60,198 $56,698 
Interest expense (income):
Builder operations
Central$(216)$(228)$(468)$(453)
Southeast4,290 4,656 13,872 15,805 
Total builder operations4,074 4,428 13,404 15,352 
Corporate, other and unallocated(4,074)(4,428)(13,404)(15,352)
Total interest expense, net$— $— $— $— 
Other selling, general and administrative expenses
Builder operations
Central$9,515 $10,823 $28,507 $29,938 
Southeast3,369 3,606 11,137 11,822 
Total builder operations12,884 14,429 39,644 41,760 
Land development215 421 (77)806 
Financial services
2,723 2,078 9,794 5,707 
Corporate, other and unallocated1,364 533 654 6 
Total other expenses$17,186 $17,461 $50,015 $48,279 
Total selling, general and administrative expenses
Builder operations
Central$38,232 $41,193 $116,239 $121,445 
Southeast11,367 13,420 37,284 43,309 
Total builder operations49,599 54,613 153,523 164,754 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Land development215 421 (77)806 
Financial services
5,557 4,102 17,512 10,580 
Corporate, other and unallocated1,947 189 5,304 (333)
Total segment expenses$57,318 $59,325 $176,262 $175,807 
Income (loss) before income taxes:
Central$68,973 $91,748 $217,033 $263,653 
Southeast15,664 23,079 59,442 85,352 
Total builder operations84,637 114,827 276,475 349,005 
Land development(319)(73)6,310 1,836 
Financial services
5,586 3,317 15,564 8,090 
Corporate, other and unallocated (2)
(11,929)(11,436)(36,634)(33,860)
Income before income taxes$77,975 $106,635 $261,715 $325,071 

September 30, 2026December 31, 2025
Inventory:
Builder operations
Central$714,222 $688,219 
Southeast331,949 293,635 
Total builder operations1,046,171 981,854 
Land development1,240,743 1,063,066 
Corporate, other and unallocated (3)
51,570 54,291 
Total inventory$2,338,484 $2,099,211 
Goodwill:
Builder operations - Southeast$680 $680 
(1)The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or lot closings. No land or lot closings revenue was recognized for the three months ended September 30, 2026, and land and lots closings revenue was $17.1 million for the nine months ended September 30, 2026. No land or lots closings revenue was recognized for the three months ended September 30, 2025, and land and lots closings revenue was $4.3 million for the nine months ended September 30, 2025.
(2)Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments.
(3)Corporate, other and unallocated inventory consists of capitalized overhead and interest related to work in process and land under development.