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OPERATING AND REPORTING SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | 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.
Schedule of Segment Assets |
|  | 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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