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Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
We sell installation services to other companies related to us through common or affiliated ownership and/or board of directors and/or management relationships. We also purchase services and materials and pay rent to companies with common or related ownership. We signed an agreement with a related party to relocate our corporate headquarters and expect to take possession of the new location in the second quarter of 2026. No rent payments were made in 2025.
We lease our current headquarters and certain other facilities from related parties. See Note 9, Leases, for future minimum lease payments to be paid to these related parties.
The amount of sales to common or related parties as well as the purchases from and rent expense paid to common or related parties were as follows (in millions):
Years ended December 31,
202520242023
Sales$25.0 $24.6 $20.3 
Purchases3.8 2.3 2.2 
Rent1.2 1.1 1.2 
At December 31, 2025 and 2024, we had related party receivables of approximately $1.6 million and $1.2 million, respectively, included on our Consolidated Balance Sheets. These balances primarily represent trade accounts receivable arising during the normal course of business with various related parties. M/I Homes, Inc., a customer whose Chairman, President and Chief Executive Officer is a member of our board of directors, accounted for $1.5 million of the related party accounts receivable
balance as of December 31, 2025. Additionally, M/I Homes, Inc. accounted for a significant portion of our related party sales during the years ended December 31, 2025 and 2024.
As part of our stock repurchase program, we completed three private share repurchases during the year ended December 31, 2025 with PJAM IBP Holdings Inc., whose President is our Chief Executive Officer and is deemed a beneficial owner. On March 7, 2025, we purchased 100 thousand shares of our common stock for a purchase price of approximately $16.9 million, or $168.75 price per share. On August 19, 2025, we purchased 200 thousand shares of our common stock for a purchase price of approximately $51.5 million, or $257.38 price per share. On November 24, 2025, we purchased 150 thousand shares of our common stock for a purchase price of approximately $37.6 million, or $250.96 price per share. Each transaction included a 3.0% discount of the last reported price of our common stock from the previous business day.

Additionally, as part of our previous stock repurchase program, we completed a private share repurchase with PJAM IBP Holdings Inc. during the year ended December 31, 2024. On August 14, 2024, we purchased 100 thousand shares of our common stock for a purchase price of approximately $20.7 million, or $206.90 price per share. This represents a 3.0% discount of the last reported price of our common stock on August 13, 2024.