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v3.25.2

Payables and Accruals | 6 Months Ended
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Jun. 30, 2025
Payables and Accruals [Abstract] |
Accounts Payable and Accrued Liabilities Disclosure | A summary of the Company’s accrued expenses is as follows (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Real estate development reserve to complete(1) |  | $ | 24,585 |  |  | $ | 31,043 |
Warranty reserve |  | 18,196 |  |  | 17,373 |
Accrued compensation |  | 16,537 |  |  | 20,309 |
Accrued property tax payable |  | 10,235 |  |  | 10,973 |
Federal income tax payable |  | 5,284 |  |  | 3,749 |
Other accrued expenses |  | 27,795 |  |  | 26,621 |
Total accrued expenses |  | $ | 102,632 |  |  | $ | 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 and six months ended June 30, 2025 and 2024 consisted of the following (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Warranty accrual, beginning of period | $ | 17,635 |  |  | $ | 25,116 |  |  | $ | 17,373 |  |  | $ | 23,474 |
Warranties issued | 1,889 |  |  | 3,373 |  |  | 3,545 |  |  | 6,126 |
Changes in liability for existing warranties | (4) |  |  | 53 |  |  | (293) |  |  | 251 |
Payments made | (1,324) |  |  | (1,403) |  |  | (2,429) |  |  | (2,712) |
Warranty accrual, end of period | $ | 18,196 |  |  | $ | 27,139 |  |  | $ | 18,196 |  |  | $ | 27,139 |

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