v3.26.3
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Lease, Cost
The table below outlines our ROU assets and lease liabilities (in thousands):
As of
September 30, 2026December 31, 2025
ROU assets$53,630 $56,985 
Lease liabilities57,671 60,470 
Schedule of Surety Bond and Letter of Credit Obligations
The table below outlines our surety bond and letter of credit obligations (in thousands):
As of
September 30, 2026December 31, 2025
OutstandingEstimated work
remaining to
complete		OutstandingEstimated work
remaining to
complete
Sureties:
Sureties related to owned projects and lots under contract$993,322 $611,356 $965,349 $585,768 
Total Sureties$993,322 $611,356 $965,349 $585,768 
Letters of Credit (“LOCs”):
LOCs for land development78,266 N/A70,547 N/A
LOCs for general corporate operations5,000 N/A5,000 N/A
Total LOCs$83,266 N/A$75,547 N/A
Schedule of Accrued Liabilities Accrued and other liabilities at September 30, 2026 and December 31, 2025 consisted of the following (in thousands):
As of
September 30, 2026December 31, 2025
Accruals related to real estate development and construction activities$146,278 $144,122 
Payroll and other benefits81,099 98,591 
Accrued interest18,478 14,619 
Accrued taxes14,465 14,205 
Warranty reserves23,283 26,677 
Lease liabilities57,671 60,470 
Liabilities related to consolidated real estate not owned115,215 — 
Other accruals20,169 29,014 
Total$476,658 $387,698 
Summary of Changes in Warranty Reserves
A summary of changes in our warranty reserves follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Balance, beginning of period$25,562 $35,556 $26,677 $32,693 
Additions to reserve from new home deliveries3,514 4,406 10,892 14,152 
Warranty claims, net of recoveries(5,793)(7,590)(14,286)(14,473)
Adjustments to pre-existing reserves— — — — 
Balance, end of period$23,283 $32,372 $23,283 $32,372