Inventory (Tables)

9 Months Ended

Sep. 30, 2026

A summary of inventory is as follows (in thousands):


	September 30, 2026		December 31, 2025
Homes completed or under construction	$	652,635	$	621,677
Land and lots - developed and under development	1,664,885		1,452,072
Land held for future development(1)	19,228		14,481
Land held for sale	1,736		10,981
Total inventory	$	2,338,484	$	2,099,211

(1)Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. All applicable carrying costs, including property taxes, are expensed as incurred.

Summary of Real Estate Inventory Capitalized Interest Costs

A summary of interest costs incurred, capitalized and expensed is as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026		2025
Interest capitalized at beginning of period	$	30,918		$	28,394		$	29,742	$	26,621
Interest incurred	2,212			3,049			7,819		9,710
Interest charged to cost of revenues	(2,021)			(2,358)			(6,452)		(7,246)
Interest capitalized at end of period	$	31,109		$	29,085		$	31,109	$	29,085

Capitalized interest as a percentage of inventory	1.3		%	1.4		%