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ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 9 Months Ended
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Sep. 30, 2025
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, 2025 |  | December 31, 2024
ROU assets |  | $ | 58,800 |  |  | $ | 52,941 |
Lease liabilities |  | 61,981 |  |  | 55,825 |
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, 2025 |  | December 31, 2024
| Outstanding |  | Estimated work remaining to complete |  | Outstanding |  | Estimated work remaining to complete
Sureties: |  |  |  |  |  |  |
Sureties related to owned projects and lots under contract | $ | 996,463 |  |  | $ | 657,238 |  |  | $ | 1,056,529 |  |  | $ | 712,415 |
Total Sureties | $ | 996,463 |  |  | $ | 657,238 |  |  | $ | 1,056,529 |  |  | $ | 712,415 |
Letters of Credit (“LOCs”): |  |  |  |  |  |  |
LOCs for land development | 79,116 |  |  | N/A |  | 105,371 |  |  | N/A
LOCs for general corporate operations | 5,000 |  |  | N/A |  | 5,000 |  |  | N/A
Total LOCs | $ | 84,116 |  |  | N/A |  | $ | 110,371 |  |  | N/A
Schedule of Accrued Liabilities | Accrued liabilities at September 30, 2025 and December 31, 2024 consisted of the following (in thousands):
|  | As of
|  | September 30, 2025 |  | December 31, 2024
Accruals related to real estate development and construction activities |  | $ | 171,107 |  |  | $ | 167,075 |
Payroll and other benefits |  | 92,624 |  |  | 131,733 |
Accrued interest |  | 18,331 |  |  | 6,290 |
Accrued taxes |  | 14,646 |  |  | 24,478 |
Warranty reserves |  | 32,372 |  |  | 32,693 |
Lease liabilities |  | 61,981 |  |  | 55,825 |
Other accruals |  | 23,656 |  |  | 34,119 |
Total |  | $ | 414,717 |  |  | $ | 452,213 |
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, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Balance, beginning of period | $ | 35,556 |  |  | $ | 34,769 |  |  | $ | 32,693 |  |  | $ | 37,360 |  |
Additions to reserve from new home deliveries | 4,406 |  |  | 5,831 |  |  | 14,152 |  |  | 16,473 |  |
Warranty claims, net of recoveries | (7,590) |  |  | (5,249) |  |  | (14,473) |  |  | (18,482) |  |
Adjustments to pre-existing reserves | — |  |  | — |  |  | — |  |  | — |  |
Balance, end of period | $ | 32,372 |  |  | $ | 35,351 |  |  | $ | 32,372 |  |  | $ | 35,351 |  |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-8 + Details
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