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v3.25.1

Payables and Accruals | 3 Months Ended
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Mar. 31, 2025
Payables and Accruals [Abstract] |
Accounts Payable and Accrued Liabilities Disclosure | 4. ACCRUED EXPENSES A summary of the Company’s accrued expenses is as follows (in thousands):
|  | March 31, 2025 |  | December 31, 2024
Real estate development reserve to complete(1) |  | $ | 25,669 |  |  | $ | 31,043 |
Warranty reserve |  | 17,635 |  |  | 17,373 |
Federal income tax payable |  | 14,709 |  |  | 3,749 |
Accrued compensation |  | 10,316 |  |  | 20,309 |
Accrued property tax payable |  | 6,494 |  |  | 10,973 |
Other accrued expenses |  | 28,667 |  |  | 26,621 |
Total accrued expenses |  | $ | 103,490 |  |  | $ | 110,068 |
(1)Our real estate development reserve to complete consists of budgeted costs to complete the development of our communities. Warranties Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three months ended March 31, 2025 and 2024 consisted of the following (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Warranty reserve, beginning of period | $ | 17,373 |  |  | $ | 23,474 |
Warranties issued | 1,691 |  |  | 2,753 |
Changes in liability for existing warranties | (359) |  |  | 198 |
Payments made | (1,070) |  |  | (1,309) |
Warranty reserve, end of period | $ | 17,635 |  |  | $ | 25,116 |

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