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REAL ESTATE AND CAPITALIZED INTEREST (Tables) | 9 Months Ended
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Sep. 30, 2025
Inventory Disclosure [Abstract] |
Schedule of Real Estate | Real estate consists of the following (in thousands):
|  | As of
|  | September 30, 2025 |  | December 31, 2024
Homes completed and under construction (1) |  | $ | 2,341,730 |  |  | $ | 2,375,639 |
Finished home sites and home sites under development (2) |  | 3,798,957 |  |  | 3,353,136 |
Total |  | $ | 6,140,687 |  |  | $ | 5,728,775 |
(1)Includes the allocated land and land development costs associated with each lot for sold and unsold homes. (2)Includes raw land, land held for development, land held for sale and communities in mothball status, less impairments, if any. Land held for development, land held for sale and communities in mothball status totaled $118.5 million and $62.7 million as of September 30, 2025 and December 31, 2024, respectively. We do not capitalize interest for these inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.
Summary of Capitalized Interest | A summary of our capitalized interest is as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capitalized interest, beginning of period | $ | 63,814 |  |  | $ | 54,327 |  |  | $ | 53,678 |  |  | $ | 54,516 |
Interest incurred | 20,050 |  |  | 12,752 |  |  | 54,759 |  |  | 40,004 |
Interest expensed | — |  |  | — |  |  | — |  |  | — |
Interest amortized to cost of home and land closings | (12,663) |  |  | (13,348) |  |  | (37,236) |  |  | (40,789) |
Capitalized interest, end of period | $ | 71,201 |  |  | $ | 53,731 |  |  | $ | 71,201 |  |  | $ | 53,731 |
As discussed in Note 1, and in accordance with ASC 360-10, all of our land inventory and related real estate assets are periodically reviewed for recoverability when certain criteria are met, but at least annually, as our inventory is considered “long-lived” in accordance with GAAP. Due to the current economic environment, we evaluated our Real estate assets during the three months ended September 30, 2025. Based on these reviews, we recorded the following impairment charges during the three and nine months ended September 30, 2025 (in thousands). There were no impairment charges recorded during the three and nine months ended September 30, 2024.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  |  |  | 2025 |  |
Real estate inventory impairments: |  |  |  |  |  |  |  |
West |  | $ | 543 |  |  |  |  | $ | 543 |  |  |
Central |  | 1,243 |  |  |  |  | 1,243 |  |  |
East |  | $ | 6,907 |  |  |  |  | $ | 6,907 |  |  |
Total |  | $ | 8,693 |  |  |  |  | $ | 8,693 |  |  |
Impairments of land held for sale: |  |  |  |  |  |  |  |
West |  | — |  |  |  |  | $ | — |  |  |
Central |  | — |  |  |  |  | — |  |  |
East |  | 599 |  |  |  |  | $ | 599 |  |  |
Total |  | $ | 599 |  |  |  |  | $ | 599 |  |  |
Total impairments: |  |  |  |  |  |  |  |
West |  | 543 |  |  |  |  | 543 |  |  |
Central |  | 1,243 |  |  |  |  | 1,243 |  |  |
East |  | 7,506 |  |  |  |  | 7,506 |  |  |
Total |  | $ | 9,292 |  |  |  |  | $ | 9,292 |  |  |
As discussed in Note 1, non-refundable deposits are expensed to Cost of home closings when a land acquisition is terminated or no longer considered probable. The following tables summarizes the write-offs of non-refundable deposits and associated pre-acquisitions costs for terminated land deals during the periods presented (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Terminated option/purchase contracts and related pre-acquisition costs: |  |  |  |  |  |  |  |
West |  | $ | 2,544 |  |  | $ | 976 |  |  | $ | 3,667 |  |  | $ | 2,182 |
Central |  | 104 |  |  | 474 |  |  | 663 |  |  | 623 |
East |  | $ | 3,151 |  |  | 572 |  |  | $ | 7,107 |  |  | 1,126 |
Total |  | $ | 5,799 |  |  | $ | 2,022 |  |  | $ | 11,437 |  |  | $ | 3,931 |
Fair Value Measurements, Recurring and Nonrecurring | Based on these reviews, we recorded the following impairment charges during the three and nine months ended September 30, 2025 (in thousands). There were no impairment charges recorded during the three and nine months ended September 30, 2024.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  |  |  | 2025 |  |
Real estate inventory impairments: |  |  |  |  |  |  |  |
West |  | $ | 543 |  |  |  |  | $ | 543 |  |  |
Central |  | 1,243 |  |  |  |  | 1,243 |  |  |
East |  | $ | 6,907 |  |  |  |  | $ | 6,907 |  |  |
Total |  | $ | 8,693 |  |  |  |  | $ | 8,693 |  |  |
Impairments of land held for sale: |  |  |  |  |  |  |  |
West |  | — |  |  |  |  | $ | — |  |  |
Central |  | — |  |  |  |  | — |  |  |
East |  | 599 |  |  |  |  | $ | 599 |  |  |
Total |  | $ | 599 |  |  |  |  | $ | 599 |  |  |
Total impairments: |  |  |  |  |  |  |  |
West |  | 543 |  |  |  |  | 543 |  |  |
Central |  | 1,243 |  |  |  |  | 1,243 |  |  |
East |  | 7,506 |  |  |  |  | 7,506 |  |  |
Total |  | $ | 9,292 |  |  |  |  | $ | 9,292 |  |  |
Write Offs Of Terminated Land | The following tables summarizes the write-offs of non-refundable deposits and associated pre-acquisitions costs for terminated land deals during the periods presented (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Terminated option/purchase contracts and related pre-acquisition costs: |  |  |  |  |  |  |  |
West |  | $ | 2,544 |  |  | $ | 976 |  |  | $ | 3,667 |  |  | $ | 2,182 |
Central |  | 104 |  |  | 474 |  |  | 663 |  |  | 623 |
East |  | $ | 3,151 |  |  | 572 |  |  | $ | 7,107 |  |  | 1,126 |
Total |  | $ | 5,799 |  |  | $ | 2,022 |  |  | $ | 11,437 |  |  | $ | 3,931 |

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