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OPERATING AND REPORTING SEGMENTS | 9 Months Ended
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Sep. 30, 2025
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 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 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. Effective January 1, 2025, we realigned our internal organizational structure and resources following continued growth and recent entry into new markets. As a result of the change in our organizational structure, the Tennessee homebuilding operating segment was reclassified from the East reporting segment to the Central reporting segment for the purpose of making operational and resource decisions and assessing financial performance. Prior period balances have been retroactively adjusted to reflect this reclassification. 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, 2025
|  | West |  | Central |  | East |  | Total
Home closing revenue |  | $ | 420,658 |  |  | $ | 443,086 |  |  | $ | 535,591 |  |  | $ | 1,399,335 |
Land closing revenue |  | — |  |  | 1,841 |  |  | 14,227 |  |  | 16,068 |
Total closing revenue |  | 420,658 |  |  | 444,927 |  |  | 549,818 |  |  | 1,415,403 |
Cost of home closings |  | 338,211 |  |  | 348,270 |  |  | 445,897 |  |  | 1,132,378 |
Cost of land closings |  | — |  |  | 2,411 |  |  | 13,465 |  |  | 15,876 |
Total cost of closings |  | 338,211 |  |  | 350,681 |  |  | 459,362 |  |  | 1,148,254 |
Home closing gross profit |  | 82,447 |  |  | 94,816 |  |  | 89,694 |  |  | 266,957 |
Land closing gross (loss)/profit |  | — |  |  | (570) |  |  | 762 |  |  | 192 |
Total closing gross profit |  | 82,447 |  |  | 94,246 |  |  | 90,456 |  |  | 267,149 |
Home closing gross margin |  | 19.6% |  | 21.4% |  | 16.7% |  | 19.1%
Commissions and other sales costs |  | 26,387 |  |  | 34,189 |  |  | 39,146 |  |  | 99,722 |
General and administrative expenses |  | 13,314 |  |  | 11,854 |  |  | 16,536 |  |  | 41,704 |
Homebuilding segment operating income |  | 42,746 |  |  | 48,203 |  |  | 34,774 |  |  | 125,723 |
Financial services segment profit |  |  |  |  |  |  |  | 4,480 |
Corporate and unallocated costs (1) |  |  |  |  |  |  |  | (10,083) |
Interest expense |  |  |  |  |  |  |  | — |
Other income, net |  |  |  |  |  |  |  | 8,128 |
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.
|  | Three Months Ended September 30, 2024
|  | West |  | Central |  | East |  | Total
Home closing revenue |  | $ | 594,509 |  |  | $ | 484,739 |  |  | $ | 506,536 |  |  | $ | 1,585,784 |
Land closing revenue |  | — |  |  | 2,125 |  |  | 540 |  |  | 2,665 |
Total closing revenue |  | 594,509 |  |  | 486,864 |  |  | 507,076 |  |  | 1,588,449 |
Cost of home closings |  | $ | 456,171 |  |  | $ | 360,413 |  |  | $ | 376,635 |  |  | $ | 1,193,219 |
Cost of land closings |  | — |  |  | 1,480 |  |  | 505 |  |  | 1,985 |
Total cost of closings |  | 456,171 |  |  | 361,893 |  |  | 377,140 |  |  | 1,195,204 |
Home closing gross profit |  | 138,338 |  |  | 124,326 |  |  | 129,901 |  |  | 392,565 |
Land closing gross profit |  | — |  |  | 645 |  |  | 35 |  |  | 680 |
Total closing gross profit |  | 138,338 |  |  | 124,971 |  |  | 129,936 |  |  | 393,245 |
Home closing gross margin |  | 23.3% |  | 25.6% |  | 25.6% |  | 24.8%
Commissions and other sales costs |  | 31,235 |  |  | 33,664 |  |  | 32,999 |  |  | 97,898 |
General and administrative expenses |  | 13,212 |  |  | 12,658 |  |  | 15,261 |  |  | 41,131 |
Homebuilding segment operating income |  | 93,891 |  |  | 78,649 |  |  | 81,676 |  |  | 254,216 |
Financial services segment profit |  |  |  |  |  |  |  | 3,101 |
Corporate and unallocated costs (1) |  |  |  |  |  |  |  | (18,067) |
Interest expense |  |  |  |  |  |  |  | — |
Other income, net |  |  |  |  |  |  |  | 10,682 |
Earnings before income taxes |  |  |  |  |  |  |  | $ | 249,932 |
(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
|  | West |  | Central |  | East |  | Total
Home closing revenue |  | $ | 1,449,499 |  |  | $ | 1,336,048 |  |  | $ | 1,571,601 |  |  | $ | 4,357,148 |
Land closing revenue |  | 691 |  |  | 9,740 |  |  | 29,335 |  |  | 39,766 |
Total closing revenue |  | 1,450,190 |  |  | 1,345,788 |  |  | 1,600,936 |  |  | 4,396,914 |
Cost of home closings |  | 1,147,619 |  |  | 1,043,916 |  |  | 1,261,678 |  |  | 3,453,213 |
Cost of land closings |  | 142 |  |  | 10,439 |  |  | 26,547 |  |  | 37,128 |
Total cost of closings |  | 1,147,761 |  |  | 1,054,355 |  |  | 1,288,225 |  |  | 3,490,341 |
Home closing gross profit |  | 301,880 |  |  | 292,132 |  |  | 309,923 |  |  | 903,935 |
Land closing gross profit/(loss) |  | 549 |  |  | (699) |  |  | 2,788 |  |  | 2,638 |
Total closing gross profit |  | 302,429 |  |  | 291,433 |  |  | 312,711 |  |  | 906,573 |
Home closing gross margin |  | 20.8% |  | 21.9% |  | 19.7% |  | 20.7%
Commissions and other sales costs |  | 85,973 |  |  | 102,500 |  |  | 114,799 |  |  | 303,272 |
General and administrative expenses |  | 39,951 |  |  | 37,236 |  |  | 53,817 |  |  | 131,004 |
Homebuilding segment operating income |  | 176,505 |  |  | 151,697 |  |  | 144,095 |  |  | 472,297 |
Financial services segment profit |  |  |  |  |  |  |  | 13,654 |
Corporate and unallocated costs (1) |  |  |  |  |  |  |  | (32,963) |
Interest expense |  |  |  |  |  |  |  | — |
Other income, net |  |  |  |  |  |  |  | 28,479 |
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.
|  | Nine Months Ended September 30, 2024
|  | West |  | Central |  | East |  | Total
Home closing revenue |  | $ | 1,732,978 |  |  | $ | 1,496,889 |  |  | $ | 1,515,751 |  |  | $ | 4,745,618 |
Land closing revenue |  | — |  |  | 2,125 |  |  | 2,845 |  |  | 4,970 |
Total closing revenue |  | 1,732,978 |  |  | 1,499,014 |  |  | 1,518,596 |  |  | 4,750,588 |
Cost of home closings |  | 1,331,248 |  |  | 1,096,051 |  |  | 1,108,290 |  |  | 3,535,589 |
Cost of land closings |  | — |  |  | 1,480 |  |  | 2,803 |  |  | 4,283 |
Total cost of closings |  | 1,331,248 |  |  | 1,097,531 |  |  | 1,111,093 |  |  | 3,539,872 |
Home closing gross profit |  | 401,730 |  |  | 400,838 |  |  | 407,461 |  |  | 1,210,029 |
Land closing gross profit |  | — |  |  | 645 |  |  | 42 |  |  | 687 |
Total closing gross profit |  | 401,730 |  |  | 401,483 |  |  | 407,503 |  |  | 1,210,716 |
Home closing gross margin |  | 23.2% |  | 26.8% |  | 26.9% |  | 25.5%
Commissions and other sales costs |  | 96,054 |  |  | 105,956 |  |  | 102,103 |  |  | 304,113 |
General and administrative expenses |  | 39,742 |  |  | 36,292 |  |  | 44,108 |  |  | 120,142 |
Homebuilding segment operating income |  | 265,934 |  |  | 259,235 |  |  | 261,292 |  |  | 786,461 |
Financial services segment profit |  |  |  |  |  |  |  | 7,248 |
Corporate and unallocated costs (1) |  |  |  |  |  |  |  | (42,972) |
Interest expense |  |  |  |  |  |  |  | — |
Other income, net |  |  |  |  |  |  |  | 31,202 |
Loss on early extinguishment of debt |  |  |  |  |  |  |  | (631) |
Earnings before income taxes |  |  |  |  |  |  |  | $ | 781,308 |
(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, 2025
|  | West |  | Central |  | East |  | Financial Services |  | Corporate and Unallocated |  | Total
Deposits on real estate under option or contract |  | $ | 26,818 |  |  | $ | 61,919 |  |  | $ | 109,421 |  |  | $ | — |  |  | $ | — |  |  | $ | 198,158 |
Real estate |  | 1,830,250 |  |  | 1,775,866 |  |  | 2,534,571 |  |  | — |  |  | — |  |  | 6,140,687 |
Investments in unconsolidated entities |  | 20,358 |  |  | 24,562 |  |  | — |  |  | — |  |  | 794 |  |  | 45,714 |
Other assets |  | 53,659 |  | (1) | 336,898 |  | (2) | 85,949 |  | (3) | 2,547 |  |  | 894,898 |  | (4) | 1,373,951 |
Total assets |  | $ | 1,931,085 |  |  | $ | 2,199,245 |  |  | $ | 2,729,941 |  |  | $ | 2,547 |  |  | $ | 895,692 |  |  | $ | 7,758,510 |
(1)Balance consists primarily of cash and cash equivalents, prepaids and other assets, and property and equipment, net. (2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities, prepaids and other assets, and goodwill (see Note 9). (3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets. (4)Balance consists primarily of cash and cash equivalents, deferred tax assets, net and prepaids and other assets.
|  | At December 31, 2024
|  | West |  | Central |  | East |  | Financial Services |  | Corporate and Unallocated |  | Total
Deposits on real estate under option or contract |  | $ | 30,179 |  |  | $ | 32,200 |  |  | $ | 130,026 |  |  | $ | — |  |  | $ | — |  |  | $ | 192,405 |
Real estate |  | 1,862,792 |  |  | 1,613,735 |  |  | 2,252,248 |  |  | — |  |  | — |  |  | 5,728,775 |
Investments in unconsolidated entities |  | 9,062 |  |  | 18,816 |  |  | — |  |  | — |  |  | 857 |  |  | 28,735 |
Other assets |  | 28,251 |  | (1) | 270,203 |  | (2) | 91,082 |  | (3) | 3,049 |  |  | 820,154 |  | (4) | 1,212,739 |
Total assets |  | $ | 1,930,284 |  |  | $ | 1,934,954 |  |  | $ | 2,473,356 |  |  | $ | 3,049 |  |  | $ | 821,011 |  |  | $ | 7,162,654 |
(1)Balance consists primarily of property and equipment, prepaid expenses and other assets, and development receivables. (2)Balance consists primarily of development reimbursements from local municipalities, property and equipment, goodwill (see Note 9), and prepaid expenses and other assets. (3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets. (4)Balance consists primarily of cash and cash equivalents, deferred tax assets, net and prepaids and other assets.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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