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OPERATING AND REPORTING SEGMENTS
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
OPERATING AND REPORTING SEGMENTS OPERATING AND REPORTING SEGMENTS
We operate with two principal business segments: homebuilding and financial services. As defined in ASC 280-10, Segment Reporting, we have twelve homebuilding operating segments. The homebuilding segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:
West:
Arizona, California, Colorado and Utah
Central:
Tennessee and Texas
East:
Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina
We define our segments based on the way in which internally reported financial information is regularly provided and reviewed by the Chief Operating Decision Maker ("CODM") to analyze financial performance, make decisions, and allocate resources. Our CODM is the chief executive officer. The CODM’s evaluation of the homebuilding segment performance is based on segment home closing revenue, home closing gross profit and gross margin, total closing gross profit, commissions
and other sales costs, general and administrative expenses incurred by or allocated to each segment, including impairments, and operating income. The CODM uses these performance metrics predominantly in the annual budget and forecasting process and considers budget-to-actual variances on a quarterly basis for these measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses these data points to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees. The CODM also reviews financial services profits and losses to evaluate the performance of the financial services segment and make decisions about allocation of resources and financial services related product offerings.
Each reportable segment follows the same accounting policies described in Note 1, “Organization and Basis of Presentation.” Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented.
The following tables provide financial information about our reportable segments and Corporate and other categories (in thousands):
Three Months Ended September 30, 2026
WestCentralEastTotal
Home closing revenue$341,836 $383,964 $436,552 $1,162,352 
Land closing revenue— 2,461 3,620 6,081 
Total closing revenue341,836 386,425 440,172 1,168,433 
Cost of home closings280,425 316,193 363,128 959,746 
Cost of land closings— 2,421 3,536 5,957 
Total cost of closings280,425 318,614 366,664 965,703 
Home closing gross profit61,411 67,771 73,424 202,606 
Land closing gross profit— 40 84 124 
Total closing gross profit61,411 67,811 73,508 202,730 
Home closing gross margin18.0%17.7%16.8%17.4%
Commissions and other sales costs20,970 29,651 31,820 82,441 
General and administrative expenses10,451 11,320 15,987 37,758 
Homebuilding segment operating income29,990 26,840 25,701 82,531 
Financial services segment profit4,759 
Corporate and unallocated costs (1)(7,412)
Interest expense(1,352)
Other income, net6,289 
Earnings before income taxes$84,815 

(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
Three Months Ended September 30, 2025
WestCentralEastTotal
Home closing revenue$420,658 $443,086 $535,591 $1,399,335 
Land closing revenue— 1,841 14,227 16,068 
Total closing revenue420,658 444,927 549,818 1,415,403 
Cost of home closings338,211 348,270 445,897 1,132,378 
Cost of land closings— 2,411 13,465 15,876 
Total cost of closings338,211 350,681 459,362 1,148,254 
Home closing gross profit82,447 94,816 89,694 266,957 
Land closing gross profit/(loss)— (570)762 192 
Total closing gross profit82,447 94,246 90,456 267,149 
Home closing gross margin19.6%21.4%16.7%19.1%
Commissions and other sales costs26,387 34,189 39,146 99,722 
General and administrative expenses13,314 11,854 16,536 41,704 
Homebuilding segment operating income42,746 48,203 34,774 125,723 
Financial services segment profit4,480 
Corporate and unallocated costs (1)(10,083)
Interest expense— 
Other income, net8,128 
Earnings before income taxes$128,248 

(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
Nine Months Ended September 30, 2026
WestCentralEastTotal
Home closing revenue$1,078,774 $1,206,990 $1,372,321 $3,658,085 
Land closing revenue4,598 10,699 12,865 28,162 
Total closing revenue1,083,372 1,217,689 1,385,186 3,686,247 
Cost of home closings877,523 985,269 1,145,276 3,008,068 
Cost of land closings4,256 10,570 12,957 27,783 
Total cost of closings881,779 995,839 1,158,233 3,035,851 
Home closing gross profit201,251 221,721 227,045 650,017 
Land closing gross profit/(loss)342 129 (92)379 
Total closing gross profit201,593 221,850 226,953 650,396 
Home closing gross margin18.7%18.4%16.5%17.8%
Commissions and other sales costs66,195 90,158 97,365 253,718 
General and administrative expenses32,419 34,323 48,556 115,298 
Homebuilding segment operating income102,979 97,369 81,032 281,380 
Financial services segment profit13,579 
Corporate and unallocated costs (1)(33,654)
Interest expense(4,126)
Other income, net20,724 
Earnings before income taxes$277,903 
(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
Nine Months Ended September 30, 2025
WestCentralEastTotal
Home closing revenue$1,449,499 $1,336,048 $1,571,601 $4,357,148 
Land closing revenue691 9,740 29,335 39,766 
Total closing revenue1,450,190 1,345,788 1,600,936 4,396,914 
Cost of home closings1,147,619 1,043,916 1,261,678 3,453,213 
Cost of land closings142 10,439 26,547 37,128 
Total cost of closings1,147,761 1,054,355 1,288,225 3,490,341 
Home closing gross profit301,880 292,132 309,923 903,935 
Land closing gross profit/(loss)549 (699)2,788 2,638 
Total closing gross profit302,429 291,433 312,711 906,573 
Home closing gross margin20.8%21.9%19.7%20.7%
Commissions and other sales costs85,973 102,500 114,799 303,272 
General and administrative expenses39,951 37,236 53,817 131,004 
Homebuilding segment operating income176,505 151,697 144,095 472,297 
Financial services segment profit13,654 
Corporate and unallocated costs (1)(32,963)
Interest expense— 
Other income, net28,479 
Earnings before income taxes$481,467 
(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.

At September 30, 2026
WestCentralEastFinancial ServicesCorporate  and
Unallocated		Total
Deposits on real estate under option or contract$23,174 $57,968 $89,635 $— $— $170,777 
Real estate1,774,495 1,632,102 2,607,914 — — 6,014,511 
Investments in unconsolidated entities36,586 27,007 — — 632 64,225 
Other assets39,948 (1)344,890 (2)76,613 (3)2,019 876,661 (4)1,340,131 
Total assets$1,874,203 $2,061,967 $2,774,162 $2,019 $877,293 $7,589,644 

(1)Balance consists primarily of development receivables, property and equipment, net, and prepaid expenses and other assets.
(2)Balance consists primarily of development reimbursements from local municipalities, prepaid expenses and other assets, and cash and cash equivalents.
(3)Balance consists primarily of goodwill (see Note 9), prepaid expenses and other assets, and property and equipment, net.
(4)Balance consists primarily of cash and cash equivalents, prepaids and other assets, and deferred tax assets.
At December 31, 2025
WestCentralEastFinancial ServicesCorporate  and
Unallocated		Total
Deposits on real estate under option or contract$26,155 $61,686 $86,329 $— $— $174,170 
Real estate1,782,502 1,685,355 2,519,263 — — 5,987,120 
Investments in unconsolidated entities28,631 27,734 — — 903 57,268 
Other assets37,118 (1)309,583 (2)78,724 (3)2,342 975,962 (4)1,403,729 
Total assets$1,874,406 $2,084,358 $2,684,316 $2,342 $976,865 $7,622,287 
(1)Balance consists primarily of property and equipment, net, prepaid expenses and other assets, and development receivables.
(2)Balance consists primarily of development reimbursements from local municipalities, property and equipment, net, goodwill (see Note 9), and prepaid expenses and other assets.
(3)Balance consists primarily of prepaid expenses and other assets, goodwill (see Note 9), and property and equipment, net.
(4)Balance consists primarily of cash and cash equivalents, prepaids and other assets, and deferred tax assets.