<SEC-DOCUMENT>0001753926-25-000870.txt : 20250520
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<ACCEPTANCE-DATETIME>20250520100927
ACCESSION NUMBER:		0001753926-25-000870
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20250520
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250520
DATE AS OF CHANGE:		20250520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08551
		FILM NUMBER:		25966768

	BUSINESS ADDRESS:	
		STREET 1:		90 MATAWAN ROAD, 5TH FLOOR
		CITY:			MATAWAN
		STATE:			NJ
		ZIP:			07747
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		90 MATAWAN ROAD, 5TH FLOOR
		CITY:			MATAWAN
		STATE:			NJ
		ZIP:			07747
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
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<p style="font-family: 'times new roman', times; margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">UNITED STATES</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">SECURITIES AND EXCHANGE COMMISSION</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">WASHINGTON, D.C. 20549</span></p>
<div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; line-height: 1.2;"><b><br/></b></div>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">FORM <ix:nonNumeric contextRef="D20250520" name="dei:DocumentType" id="Tag20">8-K</ix:nonNumeric></span></p>
<div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; line-height: 1.2;"><b><br/></b></div>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CURRENT REPORT</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">PURSUANT TO SECTION 13 OR 15(d) OF THE</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">SECURITIES EXCHANGE ACT OF 1934</span></p>
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<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Date of Report (Date of earliest event reported): </span><span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20250520" name="dei:DocumentPeriodEndDate" id="Tag25" format="ixt:date-monthname-day-year-en">May 20, 2025</ix:nonNumeric></span></p>
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<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonNumeric contextRef="D20250520" name="dei:EntityRegistrantName" id="Tag24">HOVNANIAN ENTERPRISES, INC.</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Exact Name of Registrant as Specified in its Charter)</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonNumeric contextRef="D20250520" name="dei:EntityIncorporationStateCountryCode" id="Tag23" format="ixt-sec:stateprovnameen">Delaware</ix:nonNumeric></span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(State or Other</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jurisdiction</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">of Incorporation)</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Commission File Number)</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(IRS Employer</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Identification No.)</span></p> </td> </tr> </tbody> </table>
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<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">(<ix:nonNumeric contextRef="D20250520" name="dei:CityAreaCode" id="Tag15">732</ix:nonNumeric>) <ix:nonNumeric contextRef="D20250520" name="dei:LocalPhoneNumber" id="Tag14">747-7800</ix:nonNumeric></span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Registrant&#8217;s telephone number, including area code)</span></p>
<div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; line-height: 1.2;"><b><br/></b></div>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Not Applicable</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Former Name or Former Address, if Changed Since</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Last Report)</span></p>
<div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; line-height: 1.2;"><b><br/></b></div>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Segoe UI Symbol'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20250520" name="dei:WrittenCommunications" id="Tag13" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Segoe UI Symbol'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20250520" name="dei:SolicitingMaterial" id="Tag12" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Segoe UI Symbol'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20250520" name="dei:PreCommencementTenderOffer" id="Tag11" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Segoe UI Symbol'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20250520" name="dei:PreCommencementIssuerTenderOffer" id="Tag10" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></p>
<div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; line-height: 1.2;"><b><br/></b></div>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities registered pursuant to Section 12(b) of the Act.</span></p>
<div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; line-height: 1.2;"><b><br/></b></div>
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<tbody>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Title of each class</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Trading symbol(s)</span></p> </td>
<td style="padding: 0.75pt 0.75pt 0.4pt; vertical-align: middle; width: 17.5%; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Name of each exchange on which registered</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric contextRef="D20250520_ClassACommonStock001ParValuePerShareCustomMember" name="dei:TradingSymbol" id="Tag7">HOV</ix:nonNumeric></span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="-sec-ix-hidden:Tag28">N/A</span></span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The <ix:nonNumeric contextRef="D20250520_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" name="dei:SecurityExchangeName" id="Tag8" format="ixt-sec:exchnameen">Nasdaq</ix:nonNumeric> Stock Market LLC</span></p> </td> </tr> </tbody> </table>
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<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1) <span><ix:footnote xml:lang="en-US" id="footnote1" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.</span></span></ix:footnote></span></span></p>
<div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; line-height: 1.2;"><b><br/></b></div>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></p>
<div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; line-height: 1.2;"><b><br/></b></div>
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<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</span> <span style="font-family: 'Segoe UI Symbol'; font-size: 10pt; line-height: inherit;">&#9744;</span></p>
<div style="font-family: 'times new roman', times;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><br/></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<p style="font-family: 'times new roman', times; margin: 10pt 0pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Item 2.02.&#160;&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Results of Operations and Financial Condition.</span></p>
<p style="border: none; padding: 0in; margin: 10pt 0pt 0pt; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">On May 20, 2025, Hovnanian Enterprises,
Inc. (the &#8220;Company&#8221;) issued a press release announcing its preliminary
financial results for the fiscal second quarter ended April 30, 2025. A copy of
the press release is attached as Exhibit 99.1.</span></p>
<p style="border: none; padding: 0in; margin: 10pt 0pt 0pt; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The information in this Current Report on
Form 8-K and the Exhibit attached hereto is being furnished and shall not be
deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liability of
that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as
shall be expressly set forth by specific reference in such filing.</span></p>
<p style="border: none; padding: 0in; margin: 10pt 0pt; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The attached earnings press release
contains information about consolidated earnings before interest expense and
income taxes (&#8220;EBIT&#8221;) and before depreciation and amortization (&#8220;EBITDA&#8221;) and
before inventory impairments and land option write-offs and loss (gain) on
extinguishment of debt, net (&#8220;Adjusted EBITDA&#8221;), the ratio of Adjusted EBITDA
to interest incurred <span style="line-height: inherit;">and EBIT before
inventory impairments and land option write-offs and loss (gain) on
extinguishment of debt, net (&#8220;Adjusted EBIT&#8221;)</span>, which are non-GAAP
financial measures. The most directly comparable GAAP financial measure for
EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA is net income. A reconciliation
for historical periods of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA to
net income are contained in the earnings press release.</span></p>
<p style="border: none; padding: 0in; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The attached earnings press release
contains information about homebuilding gross margin, before cost of sales
interest expense and land charges, and homebuilding gross margin percentage,
before cost of sales interest expense and land charges, which are non-GAAP
financial measures. The most directly comparable GAAP financial measures are
homebuilding gross margin and homebuilding gross margin percentage,
respectively. A reconciliation for historical periods of homebuilding gross
margin, before cost of sales interest expense and land charges, and
homebuilding gross margin percentage, before cost of sales interest expense and
land charges, to homebuilding gross margin and homebuilding gross margin
percentage, respectively, is contained in the earnings press release.</span><br/></p>
<p style="margin: 10pt 0pt; text-indent: 0pt; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"> The attached earnings press release contains
information about adjusted income before income taxes, which is defined as
income before income taxes excluding land-related charges and loss (gain) on
extinguishment of debt, net, which is a non-GAAP financial measure. The most
directly comparable GAAP financial measure is income before income taxes. A
reconciliation for historical periods of adjusted income before income taxes to
income before income taxes is contained in the earnings press release. </span></p>
<p style="border: none; padding: 0in; margin: 10pt 0pt; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The attached earnings press release
contains information about <span style="line-height: inherit;">total
inventories excluding liabilities from inventory not owned, net of debt
issuance costs and interest capitalized and including investments in and
advances to unconsolidated joint ventures (&#8220;Adjusted Investment&#8221;), which is a
non-GAAP financial measure.<span style="line-height: inherit;">&#160; </span>The most
directly comparable GAAP financial measure is total inventories.<span style="line-height: inherit;">&#160; </span>A reconciliation for historical periods of
Adjusted Investment to total inventories is contained in the earnings press
release.<span style="line-height: inherit;">&#160; </span></span></span></p>
<p style="border: none; padding: 0in; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">The attached earnings press release
contains information about the ratio of Adjusted EBIT return on investment (&#8220;Adjusted
EBIT ROI&#8221;), which <span style="line-height: inherit;">is the ratio of
Adjusted EBIT for the trailing twelve-months, to the average Adjusted Investment
for the prior five fiscal quarters and</span><b style="mso-bidi-font-weight: normal;"> </b>is a non-GAAP financial measure. The most directly comparable GAAP
financial measure is the ratio of net income to total inventory. The
presentation of the ratios of Adjusted EBIT ROI and net income return on
inventory are contained in the earnings press release.</span></p>
<p style="border: none; padding: 0in; margin: 10pt 0pt 0pt; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Management believes EBIT, Adjusted EBITDA
and EBITDA to be relevant and useful information as EBIT, Adjusted EBITDA and EBITDA
are standard measures commonly reported and widely used by analysts, investors
and others to measure and benchmark the Company&#8217;s financial performance without
the effects of various items the Company does not believe are characteristic of
its ongoing operating performance. EBIT, Adjusted EBITDA and EBITDA do not take
into account substantial costs of doing business, such as income taxes and
interest expense. While many in the financial community consider EBIT, Adjusted
EBITDA and EBITDA to be an important measure of comparative operating
performance, it should be considered in addition to, but not as a substitute
for, income before income taxes, net income and other measures of financial
performance prepared in accordance with accounting principles generally
accepted in the United States that are presented on the financial statements
included in the Company&#8217;s reports filed with the Securities and Exchange
Commission. Additionally, the Company&#8217;s calculation of EBIT, Adjusted EBITDA
and EBITDA may be different than the calculation used by other companies, and,
therefore, comparability may be affected.</span></p>
<div style="font-family: 'times new roman', times;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><br/></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<p style="border: none; padding: 0in; margin: 10pt 0pt; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Management believes homebuilding gross
margin, before cost of sales interest expense and land charges, enables
investors to better understand the Company&#8217;s operating performance. This
measure is also useful internally, helping management to evaluate the Company&#8217;s
operating results on a consolidated basis and relative to other companies in
the Company&#8217;s industry. In particular, the magnitude and volatility of land
charges for the Company, and for other homebuilders, have been significant and,
as such, have made financial analysis of the Company&#8217;s industry more difficult.
Homebuilding metrics excluding land charges, as well as interest amortized to
cost of sales, and other similar presentations prepared by analysts and other
companies are frequently used to assist investors in understanding and
comparing the operating characteristics of homebuilding activities by
eliminating many of the differences in companies&#8217; respective levels of
impairments and levels of debt. Homebuilding gross margin, before cost of sales
interest expense and land charges, should be considered in addition to, but not
as an alternative to, homebuilding gross margin determined in accordance with
GAAP as an indicator of operating performance.&#160;Additionally, the Company&#8217;s
calculation of homebuilding gross margin, before cost of sales interest expense
and land charges, may be different than the calculation used by other
companies, and, therefore, comparability may be affected.</span></p>
<p style="border: none; padding: 0in; margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', serif; line-height: 1.2; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Management believes adjusted income before
taxes to be relevant and useful information because it provides a better metric
of the Company&#8217;s operating performance. Adjusted income before taxes should be
considered in addition to, but not as a substitute for, income before income
taxes, net income and other measures of financial performance prepared in
accordance with accounting principles generally accepted in the United States
that are presented on the financial statements included in the Company&#8217;s reports
filed with the Securities and Exchange Commission. Additionally, the Company&#8217;s
calculation of adjusted income before taxes may be different than the
calculation used by other companies, and, therefore, comparability may be
affected.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"> Management believes Adjusted Investment to be
relevant and useful information because it more accurately reflects inventory
owned (whether directly or through joint ventures) by the Company and excludes
inventory that is off-balance sheet in nature, such as inventory subject to
land banking transactions.<span style="line-height: inherit;">&#160; </span>Adjusted
Investment should be considered in addition to, but not as a substitute for,
total inventories prepared in accordance with accounting principles generally
accepted in the United States that are presented on the financial statements
included in the Company&#8217;s reports filed with the Securities and Exchange
Commission. Additionally, the Company&#8217;s calculation of&#160; Adjusted Investment
may be different than the calculation used by other companies, and, therefore,
comparability may be affected. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"> Management believes Adjusted
EBIT ROI to be relevant and useful information because it is a measure of
operational performance irrespective of the capital structure of the Company
and as calculated, is reflective of the longer-term period required to build
and sell homes in the homebuilding industry. The ratio of Adjusted EBIT ROI
should be considered in addition to, but not as a substitute for the ratio of
net income (on a trailing twelve-month period) to total inventories (five
quarter average) prepared in accordance with accounting principles generally
accepted in the United States and which measures are presented on the financial
statements included in the Company&#8217;s reports filed with the Securities and
Exchange Commission. Additionally, the Company&#8217;s calculation of Adjusted EBIT
ROI may be different than the calculation used by other companies, and,
therefore, comparability may be affected. </span></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 10%;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;"> Item
9.01. </span></td>
<td style="width: 90%;"><span style="font-family: 'times new roman', times;"> <span style="font-size: 10pt; color: #000000;">Financial Statements and Exhibits</span><span style="font-size: 10pt; color: #000000;">.</span> </span></td> </tr> </tbody> </table>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;">&#160;</p>
<table style="width: 100%; margin-left: 0.1px; height: 10px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 5%;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;"> (d) </span></td>
<td style="height: 10px; width: 95%;"><span style="font-family: 'times new roman', times;"> <i><span style="font-size: 10pt; color: black;">Exhibits.&#160;</span></i></span></td> </tr> </tbody> </table>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;">&#160;</p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 51px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 17px;">
<td style="height: 17px; width: 10%;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;"> Exhibit
99.1 </span></td>
<td style="height: 17px; width: 90%;"><a href="ex991_1.htm" class="LinkedExhibit" style="-sec-extract: exhibit;">Earnings Press Release - Fiscal Second Quarter Ended April 30, 2025.</a></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px;"><br/></td>
<td style="height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="height: 17px;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;"> Exhibit
104 </span></td>
<td style="height: 17px;"><span style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;"> Cover
Page Interactive Data File (embedded within the Inline XBRL document) </span></td> </tr> </tbody> </table>
<div style="font-family: 'times new roman', times;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><br/></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<p style="font-family: 'times new roman', times; margin: 10pt 0pt 0pt; text-align: center; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">SIGNATURES</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; line-height: 1.2;"> <br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; text-indent: 36pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; line-height: 1.2;"> <br/></p>
<table style="font-family: 'times new roman'; border-collapse: collapse; margin: 0px auto; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0" width="100%">
<tbody>
<tr>
<td style="vertical-align: bottom; width: 56.542%;">
<p style="margin: 0pt;"> <br/></p> </td>
<td style="vertical-align: bottom; width: 43.458%;" colspan="2">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">HOVNANIAN ENTERPRISES, INC.</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Registrant)</span></p> </td> </tr>
<tr>
<td style="vertical-align: bottom; width: 56.542%;">
<p style="margin: 0pt;"> <br/></p> </td>
<td style="vertical-align: bottom; width: 43.458%;" colspan="2">
<p style="margin: 0pt;"> <br/></p> </td> </tr>
<tr>
<td style="vertical-align: bottom; width: 56.542%;">
<p style="margin: 0pt;"> <br/></p> </td>
<td style="vertical-align: bottom; width: 43.458%;" colspan="2">
<p style="margin: 0pt;"> <br/></p> </td> </tr>
<tr>
<td style="vertical-align: bottom; width: 56.542%;">
<p style="margin: 0pt;"> <br/></p> </td>
<td style="vertical-align: bottom; width: 3.45805%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">By:</span> </p> </td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; width: 40%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ <span style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">Brad
G. O&#8217;Connor</span></span></p> </td> </tr>
<tr>
<td style="vertical-align: top; width: 56.542%;">
<p style="margin: 0pt;"> <br/></p> </td>
<td style="vertical-align: top; width: 3.45805%;">
<p style="margin: 0pt;"> <br/></p> </td>
<td style="vertical-align: middle; width: 40%;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Name: <span style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;">Brad
G. O&#8217;Connor</span></span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Title:&#160;<span style="font-size: 10pt; font-family: 'Times New Roman', serif; color: #000000;">Chief
Financial Officer</span></span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; line-height: 1.2;"> <br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt 7.2pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Date:&#160;<span style="font-size: 10.0pt; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">May 20, 2025</span> </span></p> </div></div></body></html>
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<TYPE>EX-101.PRE
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    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="hov_PreferredStockPurchaseRights1CustomMember" xlink:title="Presentation : us-gaap_ClassOfStockDomain to hov_PreferredStockPurchaseRights1CustomMember" use="optional" priority="0" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="hov-20250520.xsd#hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:label="hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:title="hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:title="Presentation : us-gaap_ClassOfStockDomain to hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" use="optional" priority="0" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationLineItems" xlink:label="dei_DocumentInformationLineItems" xlink:title="dei_DocumentInformationLineItems" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationTable" xlink:to="dei_DocumentInformationLineItems" xlink:title="Presentation : dei_DocumentInformationTable to dei_DocumentInformationLineItems" use="optional" priority="0" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:title="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityRegistrantName" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityRegistrantName" use="optional" priority="0" order="0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:title="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentType" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_DocumentType" use="optional" priority="0" order="1" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xlink:title="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_DocumentPeriodEndDate" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_DocumentPeriodEndDate" use="optional" priority="0" order="2" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:title="dei_EntityIncorporationStateCountryCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityIncorporationStateCountryCode" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityIncorporationStateCountryCode" use="optional" priority="0" order="3" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xlink:title="dei_EntityFileNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityFileNumber" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityFileNumber" use="optional" priority="0" order="4" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" xlink:title="dei_EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityTaxIdentificationNumber" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityTaxIdentificationNumber" use="optional" priority="0" order="5" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xlink:title="dei_EntityAddressAddressLine1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressAddressLine1" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityAddressAddressLine1" use="optional" priority="0" order="6" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xlink:title="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressCityOrTown" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityAddressCityOrTown" use="optional" priority="0" order="7" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xlink:title="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressStateOrProvince" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityAddressStateOrProvince" use="optional" priority="0" order="8" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xlink:title="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityAddressPostalZipCode" use="optional" priority="0" order="9" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xlink:title="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CityAreaCode" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_CityAreaCode" use="optional" priority="0" order="10" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xlink:title="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_LocalPhoneNumber" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_LocalPhoneNumber" use="optional" priority="0" order="11" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" xlink:title="dei_WrittenCommunications" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_WrittenCommunications" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_WrittenCommunications" use="optional" priority="0" order="12" preferredLabel="http://www.xbrl.org/2003/role/label" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" xlink:title="dei_PreCommencementTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementTenderOffer" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_PreCommencementTenderOffer" use="optional" priority="0" order="14" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:title="dei_PreCommencementIssuerTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementIssuerTenderOffer" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_PreCommencementIssuerTenderOffer" use="optional" priority="0" order="15" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xlink:title="dei_Security12bTitle" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_Security12bTitle" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_Security12bTitle" use="optional" priority="0" order="16" preferredLabel="http://www.xbrl.org/2003/role/label" />
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    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_TradingSymbol" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_TradingSymbol" use="optional" priority="0" order="17" preferredLabel="http://www.xbrl.org/2003/role/label" />
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    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SecurityExchangeName" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_SecurityExchangeName" use="optional" priority="0" order="19" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xlink:title="dei_EntityEmergingGrowthCompany" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityEmergingGrowthCompany" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityEmergingGrowthCompany" use="optional" priority="0" order="20" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xlink:title="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_AmendmentFlag" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_AmendmentFlag" use="optional" priority="0" order="21" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:title="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityCentralIndexKey" xlink:title="Presentation : dei_DocumentInformationLineItems to dei_EntityCentralIndexKey" use="optional" priority="0" order="22" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>4
<FILENAME>hov-20250520_cal.xml
<DESCRIPTION>CALCULATION
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 682c8a722eea2b23ac2bc5fc, Generated At Tue, 20 May 2025 13:58:18 GMT-->
<link:linkbase xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.khov.com/role/statement-document-and-entity-information" xlink:type="simple" xlink:href="hov-20250520.xsd#statement-document-and-entity-information" />
  <link:calculationLink xlink:type="extended" xlink:role="http://www.khov.com/role/statement-document-and-entity-information" />
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>hov-20250520_lab.xml
<DESCRIPTION>LABEL
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 682c8a722eea2b23ac2bc5fc, Generated At Tue, 20 May 2025 13:58:18 GMT-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="Label : EntityCentralIndexKey to label_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentFlag" xml:lang="en-US" id="label_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="label_AmendmentFlag" xlink:title="Label : AmendmentFlag to label_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityEmergingGrowthCompany" xml:lang="en-US" id="label_EntityEmergingGrowthCompany">Entity, Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany" xlink:title="Label : EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
    <link:label xlink:type="resource" xlink:label="label_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecurityExchangeName" xml:lang="en-US" id="label_SecurityExchangeName">Security Exchange Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityExchangeName" xlink:to="label_SecurityExchangeName" xlink:title="Label : SecurityExchangeName to label_SecurityExchangeName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
    <link:label xlink:type="resource" xlink:label="label_NoTradingSymbolFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoTradingSymbolFlag" xml:lang="en-US" id="label_NoTradingSymbolFlag">No Trading Symbol Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoTradingSymbolFlag" xlink:to="label_NoTradingSymbolFlag" xlink:title="Label : NoTradingSymbolFlag to label_NoTradingSymbolFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="label_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSymbol" xml:lang="en-US" id="label_TradingSymbol">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="Label : TradingSymbol to label_TradingSymbol" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="label_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Security12bTitle" xml:lang="en-US" id="label_Security12bTitle">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="label_Security12bTitle" xlink:title="Label : Security12bTitle to label_Security12bTitle" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
    <link:label xlink:type="resource" xlink:label="label_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreCommencementIssuerTenderOffer" xml:lang="en-US" id="label_PreCommencementIssuerTenderOffer">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="label_PreCommencementIssuerTenderOffer" xlink:title="Label : PreCommencementIssuerTenderOffer to label_PreCommencementIssuerTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:label="PreCommencementTenderOffer" xlink:title="PreCommencementTenderOffer" />
    <link:label xlink:type="resource" xlink:label="label_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreCommencementTenderOffer" xml:lang="en-US" id="label_PreCommencementTenderOffer">Pre-commencement Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementTenderOffer" xlink:to="label_PreCommencementTenderOffer" xlink:title="Label : PreCommencementTenderOffer to label_PreCommencementTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
    <link:label xlink:type="resource" xlink:label="label_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SolicitingMaterial" xml:lang="en-US" id="label_SolicitingMaterial">Soliciting Material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SolicitingMaterial" xlink:to="label_SolicitingMaterial" xlink:title="Label : SolicitingMaterial to label_SolicitingMaterial" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:label="WrittenCommunications" xlink:title="WrittenCommunications" />
    <link:label xlink:type="resource" xlink:label="label_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WrittenCommunications" xml:lang="en-US" id="label_WrittenCommunications">Written Communications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WrittenCommunications" xlink:to="label_WrittenCommunications" xlink:title="Label : WrittenCommunications to label_WrittenCommunications" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="label_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LocalPhoneNumber" xml:lang="en-US" id="label_LocalPhoneNumber">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="label_LocalPhoneNumber" xlink:title="Label : LocalPhoneNumber to label_LocalPhoneNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="label_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CityAreaCode" xml:lang="en-US" id="label_CityAreaCode">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="label_CityAreaCode" xlink:title="Label : CityAreaCode to label_CityAreaCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressPostalZipCode" xml:lang="en-US" id="label_EntityAddressPostalZipCode">Entity, Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressPostalZipCode" xlink:to="label_EntityAddressPostalZipCode" xlink:title="Label : EntityAddressPostalZipCode to label_EntityAddressPostalZipCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressStateOrProvince" xml:lang="en-US" id="label_EntityAddressStateOrProvince">Entity, Address, State or Province</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressStateOrProvince" xlink:to="label_EntityAddressStateOrProvince" xlink:title="Label : EntityAddressStateOrProvince to label_EntityAddressStateOrProvince" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressCityOrTown" xml:lang="en-US" id="label_EntityAddressCityOrTown">Entity, Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="label_EntityAddressCityOrTown" xlink:title="Label : EntityAddressCityOrTown to label_EntityAddressCityOrTown" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressAddressLine1" xml:lang="en-US" id="label_EntityAddressAddressLine1">Entity, Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="label_EntityAddressAddressLine1" xlink:title="Label : EntityAddressAddressLine1 to label_EntityAddressAddressLine1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="label_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityTaxIdentificationNumber" xml:lang="en-US" id="label_EntityTaxIdentificationNumber">Entity, Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="label_EntityTaxIdentificationNumber" xlink:title="Label : EntityTaxIdentificationNumber to label_EntityTaxIdentificationNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="label_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFileNumber" xml:lang="en-US" id="label_EntityFileNumber">Entity, File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="label_EntityFileNumber" xlink:title="Label : EntityFileNumber to label_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityIncorporationStateCountryCode" xml:lang="en-US" id="label_EntityIncorporationStateCountryCode">Entity, Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="label_EntityIncorporationStateCountryCode" xlink:title="Label : EntityIncorporationStateCountryCode to label_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentPeriodEndDate" xml:lang="en-US" id="label_DocumentPeriodEndDate">Document, Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="label_DocumentPeriodEndDate" xlink:title="Label : DocumentPeriodEndDate to label_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentType" xml:lang="en-US" id="label_DocumentType">Document, Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType" xlink:title="Label : DocumentType to label_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityRegistrantName" xml:lang="en-US" id="label_EntityRegistrantName">Entity, Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="label_EntityRegistrantName" xlink:title="Label : EntityRegistrantName to label_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationLineItems" xlink:label="DocumentInformationLineItems" xlink:title="DocumentInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentInformationLineItems" xml:lang="en-US" id="label_DocumentInformationLineItems">Document Information [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentInformationLineItems" xlink:to="label_DocumentInformationLineItems" xlink:title="Label : DocumentInformationLineItems to label_DocumentInformationLineItems" />
    <link:loc xlink:type="locator" xlink:href="hov-20250520.xsd#hov_PreferredStockPurchaseRights1CustomMember" xlink:label="PreferredStockPurchaseRights1CustomMember" xlink:title="PreferredStockPurchaseRights1CustomMember" />
    <link:label xlink:type="resource" xlink:label="label_PreferredStockPurchaseRights1CustomMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockPurchaseRights1CustomMember" xml:lang="en-US" id="label_PreferredStockPurchaseRights1CustomMember">Preferred Stock Purchase Rights1 Custom [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockPurchaseRights1CustomMember" xlink:to="label_PreferredStockPurchaseRights1CustomMember" xlink:title="Label : PreferredStockPurchaseRights1CustomMember to label_PreferredStockPurchaseRights1CustomMember" />
    <link:loc xlink:type="locator" xlink:href="hov-20250520.xsd#hov_ClassACommonStock001ParValuePerShareCustomMember" xlink:label="ClassACommonStock001ParValuePerShareCustomMember" xlink:title="ClassACommonStock001ParValuePerShareCustomMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassACommonStock001ParValuePerShareCustomMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassACommonStock001ParValuePerShareCustomMember" xml:lang="en-US" id="label_ClassACommonStock001ParValuePerShareCustomMember">Class A Common Stock 001 Par Value Per Share Custom [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassACommonStock001ParValuePerShareCustomMember" xlink:to="label_ClassACommonStock001ParValuePerShareCustomMember" xlink:title="Label : ClassACommonStock001ParValuePerShareCustomMember to label_ClassACommonStock001ParValuePerShareCustomMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfStockDomain" xlink:label="ClassOfStockDomain" xlink:title="ClassOfStockDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassOfStockDomain" xml:lang="en-US" id="label_ClassOfStockDomain">Class of Stock [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassOfStockDomain" xlink:to="label_ClassOfStockDomain" xlink:title="Label : ClassOfStockDomain to label_ClassOfStockDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="StatementClassOfStockAxis" xlink:title="StatementClassOfStockAxis" />
    <link:label xlink:type="resource" xlink:label="label_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementClassOfStockAxis" xml:lang="en-US" id="label_StatementClassOfStockAxis">Class of Stock [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementClassOfStockAxis" xlink:to="label_StatementClassOfStockAxis" xlink:title="Label : StatementClassOfStockAxis to label_StatementClassOfStockAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityDomain" xlink:label="EntityDomain" xlink:title="EntityDomain" />
    <link:label xlink:type="resource" xlink:label="label_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityDomain" xml:lang="en-US" id="label_EntityDomain">Entity [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityDomain" xlink:to="label_EntityDomain" xlink:title="Label : EntityDomain to label_EntityDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LegalEntityAxis" xlink:label="LegalEntityAxis" xlink:title="LegalEntityAxis" />
    <link:label xlink:type="resource" xlink:label="label_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LegalEntityAxis" xml:lang="en-US" id="label_LegalEntityAxis">Legal Entity [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalEntityAxis" xlink:to="label_LegalEntityAxis" xlink:title="Label : LegalEntityAxis to label_LegalEntityAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationTable" xlink:label="DocumentInformationTable" xlink:title="DocumentInformationTable" />
    <link:label xlink:type="resource" xlink:label="label_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentInformationTable" xml:lang="en-US" id="label_DocumentInformationTable">Document Information [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentInformationTable" xlink:to="label_DocumentInformationTable" xlink:title="Label : DocumentInformationTable to label_DocumentInformationTable" />
    <link:loc xlink:type="locator" xlink:href="hov-20250520.xsd#hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:label="DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:title="DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" />
    <link:label xlink:type="resource" xlink:label="label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xml:lang="en-US" id="label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember">Depositary Shares Each Representing 11000th Of A Share Of 7625 Series A Preferred Stock Custom [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:to="label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:title="Label : DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember to label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>hov-20250520.xsd
<DESCRIPTION>SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 682c8a722eea2b23ac2bc5fc, Generated At Tue, 20 May 2025 13:58:18 GMT-->
<xsd:schema xmlns:dtr-types="http://www.xbrl.org/dtr/type/2022-03-31" xmlns:us-roles="http://fasb.org/us-roles/2024" xmlns:us-gaap="http://fasb.org/us-gaap/2024" xmlns:us-types="http://fasb.org/us-types/2024" xmlns:dei="http://xbrl.sec.gov/dei/2024" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:hov="http://www.khov.com/20250520" elementFormDefault="qualified" attributeFormDefault="unqualified" targetNamespace="http://www.khov.com/20250520">
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="hov-20250520_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="hov-20250520_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="hov-20250520_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="hov-20250520_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:roleType roleURI="http://www.khov.com/role/statement-document-and-entity-information" id="statement-document-and-entity-information">
        <link:definition>000 - Document - Document And Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:import namespace="http://www.xbrl.org/dtr/type/2022-03-31" schemaLocation="https://www.xbrl.org/dtr/type/2022-03-31/types.xsd" />
  <xsd:import namespace="http://fasb.org/us-roles/2024" schemaLocation="https://xbrl.fasb.org/us-gaap/2024/elts/us-roles-2024.xsd" />
  <xsd:import namespace="http://fasb.org/us-gaap/2024" schemaLocation="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd" />
  <xsd:import namespace="http://fasb.org/us-types/2024" schemaLocation="https://xbrl.fasb.org/us-gaap/2024/elts/us-types-2024.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/dei/2024" schemaLocation="https://xbrl.sec.gov/dei/2024/dei-2024.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2003/XLink" schemaLocation="http://www.xbrl.org/2003/xl-2003-12-31.xsd" />
  <xsd:import namespace="http://www.w3.org/1999/xlink" schemaLocation="http://www.xbrl.org/2003/xlink-2003-12-31.xsd" />
  <xsd:import namespace="http://www.xbrl.org/2006/ref" schemaLocation="http://www.xbrl.org/2006/ref-2006-02-27.xsd" />
  <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
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  <xsd:element name="DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" id="hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ClassACommonStock001ParValuePerShareCustomMember" id="hov_ClassACommonStock001ParValuePerShareCustomMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PreferredStockPurchaseRights1CustomMember" id="hov_PreferredStockPurchaseRights1CustomMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>ex991_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="font-family: 'times new roman', times; text-align: right; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Exhibit 99.1</font></font></p>
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<td style="width: 57%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">HOVNANIAN ENTERPRISES, INC.</font></td>
<td style="width: 43%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">News Release</font></td>




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<p style="margin: 0pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
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<td style="width: 16%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Contact:</font></td>
<td style="width: 41%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Brad G. O&#8217;Connor</font></td>
<td style="width: 43%;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Jeffrey T.&nbsp;</font>O&#8217;Keefe</font></td>




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<td><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Chief Financial Officer</font></td>
<td><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Vice President, Investor Relations</font></td>




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<td><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">732-747-7800</font></td>
<td><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">732-747-7800</font></td>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">HOVNANIAN ENTERPRISES REPORTS FISCAL 20</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">5</font> <font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">SECOND</font> <font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">QUARTER</font> <font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">RESULTS</font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Second </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Highest TTM ROE Amongst </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">M</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">id</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">sized</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Homebuilders</font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">R</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">edeemed </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">E</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">arly the </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">R</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">emaining $2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">7</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">M</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">illion of the 13.5% </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">S</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">enior </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">N</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">otes</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> Due 2026</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and </font></font><br><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Rep</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">urchased 2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">% of </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">O</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ur </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">C</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ommon </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">S</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">tock</font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">15% Year-Over-Year Increase in </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Consolidated Community Count</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Consolidat</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ed </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Lots Controlled</font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">MATAWAN</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, NJ,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Ma</font><font style="font-family: 'Times New Roman'; line-height: inherit;">y </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> &#8211; Hovnanian Enterprises,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Inc. (NYSE: HOV), a leading national homebuilder, reported results for its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and six months</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ende</font><font style="font-family: 'Times New Roman'; line-height: inherit;">d </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0.7pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0.7pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">RESULTS FOR THE </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">THREE</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">-MONTH</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;"> AND SIX-MONTH PERIODS </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">END</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">ED </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">APRIL</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">:</font></font></p>
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<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">T</font><font style="font-family: 'Times New Roman'; line-height: inherit;">o</font><font style="font-family: 'Times New Roman'; line-height: inherit;">tal</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">revenues </font><font style="font-family: 'Times New Roman'; line-height: inherit;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6.5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million in</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">708.4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">same </font><font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of the prior year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For the six months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> April 30, 2025, total revenues increased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">4.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% to $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> billion compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.30 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">billion in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the first half of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font><br></li>







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<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Domestic unconsolidated joint </font><font style="font-family: 'Times New Roman'; line-height: inherit;">venture</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-size: 7pt;"><font style="font-family: 'Times New Roman'; vertical-align: super; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; vertical-align: super; line-height: inherit;">1)</font></font><font style="font-family: 'Times New Roman'; line-height: inherit;"> sale of homes revenues for the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">21.4% to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">144.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">207</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes) compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">17</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes) for the three months ended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> For </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the first</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> half of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, domestic unconsolidated joint ventures sale of homes revenues increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">17.1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% to $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">276.3</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">404</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes) compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">235.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">344</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes) in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">six months</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font><br></li>







</ul>
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<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Homebuilding gross margin percentage, after </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cost of sales </font><font style="font-family: 'Times New Roman'; line-height: inherit;">interest expense and land charges, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% for</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">three months ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">19.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">a year ago</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">In</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> the first six months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, homebuilding gross margin percentage, after cost of sales interest expense and land charges,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">14</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% compared with 1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">8.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9% in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">same period</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prior fiscal year.</font></font></li>







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<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Homebuilding gross margin percentage, before cost of sales interest expense and land charges, was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">17.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">during the fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2.6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% in last year&#8217;s </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For the six months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> April 30, 2025, homebuilding gross margin percentage, before cost of sales interest expense and land charges, was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% compared with 22.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">first six months of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">previous fiscal year. </font></font><br></li>







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<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Total SG&amp;A was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">80.6</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million, or</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of total revenues</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">79.0</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million, or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% of total revenues</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Total SG&amp;A was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million, or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">12.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% of total revenues, in the first six months of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">165.1</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million, or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">12.7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% of total revenues, in the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> first half of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">previous fiscal year. </font></font><br></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Total i</font><font style="font-family: 'Times New Roman'; line-height: inherit;">nterest </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expense</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">as a </font><font style="font-family: 'Times New Roman'; line-height: inherit;">percent</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of total revenues </font><font style="font-family: 'Times New Roman'; line-height: inherit;">decreased to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">4.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for th</font><font style="font-family: 'Times New Roman'; line-height: inherit;">e </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter of fiscal 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, as we continue to reduce our leverage,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">4.3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of fiscal 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For the six months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> April 30, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, total interest expense as a percent of total revenues was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">4.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% compared with 4.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% in the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> first half of the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> previous fiscal year.</font></font></li>







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<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Income</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> before income taxes for the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6.5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter of the prior </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. For </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the first half of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, income before income taxes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">w</font><font style="font-family: 'Times New Roman'; line-height: inherit;">as </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6.4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">102.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million during the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> first six months of the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> prior fiscal year.</font></font></li>







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<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Income before income taxes excluding land-related charges and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gain</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> on extinguishment of debt</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, net</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with income before these items of $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">69.6</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> For the six months ended April 30, 2025, i</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ncome before income taxes excluding land-related charges and gain on extinguishment of debt, net </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">70.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million compared with income before these items of $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">101.1</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ame period</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>







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<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Net </font><font style="font-family: 'Times New Roman'; line-height: inherit;">income </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">19.7</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million, or $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2.43 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">per </font><font style="font-family: 'Times New Roman'; line-height: inherit;">diluted</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> common share, for the three months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">n</font><font style="font-family: 'Times New Roman'; line-height: inherit;">et </font><font style="font-family: 'Times New Roman'; line-height: inherit;">income of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">50.8</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, or $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6.66</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">per </font><font style="font-family: 'Times New Roman'; line-height: inherit;">diluted</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> common share, in the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">same </font><font style="font-family: 'Times New Roman'; line-height: inherit;">period</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of the previous </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">year.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> For the first six months of fiscal 2025, net income was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">47.9 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">million, or $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6.02 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">per diluted common share, compared with net income of $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">74.7</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million, or $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.57</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> per diluted common share, during </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the first half of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>







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<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">EBITDA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.6 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">million for the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">101.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million for the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the prior year.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> For the first half of fiscal 2025, EBITDA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">12</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.7</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">166.4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">same period of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">prior year.</font></font><br></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Consolidated contract</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creas</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ed</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">7.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">1,398</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">70</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.6</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">512</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">785.8</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) in the same quarter last year. Contracts, including domestic unconsolidated joint ventures, for the three months ended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creas</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ed</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">7.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">1,629</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">85</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6.1</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">761</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">961.2</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">As of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consolidated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">community count</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">14.7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">125</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">communities compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">109</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> communities</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> as of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Community count</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, including domestic</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">unconsolidated joint ventures</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">12.1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">148</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">as </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">13</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> communities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Consolidated contracts per community </font><font style="font-family: 'Times New Roman'; line-height: inherit;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">19.4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% year-over-year to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">11.2</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in the second quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with 13.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> contracts per community for the second quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Contracts per community, including domestic unconsolidated joint ventures, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">17.3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">11.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in the three months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> April 30, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with 1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3.3</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> contracts per community in the same quarter one year ago.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The dollar value of consolidated contract backlog, as of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">12.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">988.2</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">m</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion as of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">The dollar value of contract backlog, including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">domestic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unconsolidated joint ventures, as of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">14.4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.29</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion as of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">The year-over-year decrease in backlog is part</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ly due to increased sales of quick move in homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (QMIs)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, which are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">typically </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in backlog for a very short </font><font style="font-family: 'Times New Roman'; line-height: inherit;">period of time</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">T</font><font style="font-family: 'Times New Roman'; line-height: inherit;">he </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gross </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contract cancellation rate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consolidated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contracts</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">15</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% for the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">14</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gross </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contract cancellation rate for</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">contracts</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">domestic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unconsolidated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">joint ventures</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">w</font><font style="font-family: 'Times New Roman'; line-height: inherit;">as</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">14</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% for the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% in</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of the prior year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">For the trailing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">twelve-month</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">period</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our re</font><font style="font-family: 'Times New Roman'; line-height: inherit;">turn on equity (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ROE</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">27.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. For the trailing twelve</font><font style="font-family: 'Times New Roman'; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">month period </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> net income</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> return on inventory was</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 13.2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">earnings before interest </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and income taxes return on </font><font style="font-family: 'Times New Roman'; line-height: inherit;">investment</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">Adjusted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">EBIT ROI) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">26.1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">F</font><font style="font-family: 'Times New Roman'; line-height: inherit;">or the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">most recently reported </font><font style="font-family: 'Times New Roman'; line-height: inherit;">trailing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">twelve</font><font style="font-family: 'Times New Roman'; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">month period</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, we had the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">highest </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ROE,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we believe </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">highest </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Adjusted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">EBIT ROI compared to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of our publicly traded </font><font style="font-family: 'Times New Roman'; line-height: inherit;">mid</font><font style="font-family: 'Times New Roman'; line-height: inherit;">sized homebuilder</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">peers.</font></font></li>







</ul>
<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman Bold'; vertical-align: super;">(</font><font style="font-family: 'Times New Roman Bold'; vertical-align: super;">1)</font><font style="font-family: 'Times New Roman';">When</font><font style="font-family: 'Times New Roman';"> we refer to &#8220;Domestic Unconsolidated Joint Ventures&#8221;, we are excluding results from our </font><font style="font-family: 'Times New Roman';">multi-</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">ommunity </font><font style="font-family: 'Times New Roman';">unconsolidated joint venture in the Kingdom of Saudi Arabia </font><font style="font-family: 'Times New Roman';">(KSA).</font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times; font-weight: bold;"><font style="text-decoration: underline;">LIQUIDITY AND INVENTORY AS OF </font><font style="text-decoration: underline;">APRIL 30</font><font style="text-decoration: underline;">, 202</font><font style="text-decoration: underline;">5</font><font style="text-decoration: underline;">:</font></font></p>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">During the </font><font style="font-family: 'Times New Roman';">second</font> <font style="font-family: 'Times New Roman';">quarter of fiscal 202</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">, land and land development spending </font><font style="font-family: 'Times New Roman';">was</font> <font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">219.8 </font><font style="font-family: 'Times New Roman';">million</font> <font style="font-family: 'Times New Roman';">compared with </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">30.</font><font style="font-family: 'Times New Roman';">5</font> <font style="font-family: 'Times New Roman';">million </font><font style="font-family: 'Times New Roman';">in the same quarter </font><font style="font-family: 'Times New Roman';">one year ago.</font><font style="font-family: 'Times New Roman';"> For the first half of fiscal 2025, land and land development spending increased </font><font style="font-family: 'Times New Roman';">1.4</font><font style="font-family: 'Times New Roman';">% to $</font><font style="font-family: 'Times New Roman';">467.4 </font><font style="font-family: 'Times New Roman';">million compared with $</font><font style="font-family: 'Times New Roman';">460.9</font><font style="font-family: 'Times New Roman';"> million </font><font style="font-family: 'Times New Roman';">in the same period </font><font style="font-family: 'Times New Roman';">one year ago.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">otal</font><font style="font-family: 'Times New Roman';"> liquidity a</font><font style="font-family: 'Times New Roman';">s of</font> <font style="font-family: 'Times New Roman';">April 30</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> 20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">,</font> <font style="font-family: 'Times New Roman';">was </font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">202.</font><font style="font-family: 'Times New Roman';">4</font> <font style="font-family: 'Times New Roman';">million</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">which was </font><font style="font-family: 'Times New Roman';">within</font><font style="font-family: 'Times New Roman';"> our targeted </font><font style="font-family: 'Times New Roman';">liquidity</font><font style="font-family: 'Times New Roman';"> range of $170 million to $</font><font style="font-family: 'Times New Roman';">245 million</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">We are happy that we </font><font style="font-family: 'Times New Roman';">remain </font><font style="font-family: 'Times New Roman';">fully invested </font><font style="font-family: 'Times New Roman';">two quarters in a row </font><font style="font-family: 'Times New Roman';">after years of having excess cash.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">During </font><font style="font-family: 'Times New Roman';">the second quarter</font><font style="font-family: 'Times New Roman';"> of fiscal 2025</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">we</font> <font style="font-family: 'Times New Roman';">redeemed early</font><font style="font-family: 'Times New Roman';"> the remaining $2</font><font style="font-family: 'Times New Roman';">6.6 </font><font style="font-family: 'Times New Roman';">million of the 13.5% </font><font style="font-family: 'Times New Roman';">senior </font><font style="font-family: 'Times New Roman';">notes</font><font style="font-family: 'Times New Roman';"> that </font><font style="font-family: 'Times New Roman';">were scheduled to</font><font style="font-family: 'Times New Roman';"> matur</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> in February of 2026.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">During the </font><font style="font-family: 'Times New Roman';">second</font><font style="font-family: 'Times New Roman';"> quarter of fiscal 2025, we </font><font style="font-family: 'Times New Roman';">repurchased</font> <font style="font-family: 'Times New Roman';">126,448 </font><font style="font-family: 'Times New Roman';">shares of common stock</font><font style="font-family: 'Times New Roman';">, or </font><font style="font-family: 'Times New Roman';">2.4</font><font style="font-family: 'Times New Roman';">% of </font><font style="font-family: 'Times New Roman';">Class A </font><font style="font-family: 'Times New Roman';">common </font><font style="font-family: 'Times New Roman';">stock</font><font style="font-family: 'Times New Roman';"> as of January 31, 2025</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> for $</font><font style="font-family: 'Times New Roman';">12.2</font><font style="font-family: 'Times New Roman';"> million or an average price of $</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">6.68 </font><font style="font-family: 'Times New Roman';">per share.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the </font><font style="font-family: 'Times New Roman';">second</font> <font style="font-family: 'Times New Roman';">quarter of fiscal 202</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">approximately</font> <font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">00</font><font style="font-family: 'Times New Roman';"> lo</font><font style="font-family: 'Times New Roman';">ts </font><font style="font-family: 'Times New Roman';">were put under option or acquired in</font> <font style="font-family: 'Times New Roman';">46</font> <font style="font-family: 'Times New Roman';">consolidated communities.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of</font> <font style="font-family: 'Times New Roman';">April 30</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">202</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">,</font> <font style="font-family: 'Times New Roman';">our</font><font style="font-family: 'Times New Roman';"> total controlled </font><font style="font-family: 'Times New Roman';">con</font><font style="font-family: 'Times New Roman';">solidated </font><font style="font-family: 'Times New Roman';">lots </font><font style="font-family: 'Times New Roman';">were</font> <font style="font-family: 'Times New Roman';">42</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">440</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">n</font> <font style="font-family: 'Times New Roman';">increase</font> <font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> 15.</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">% </font><font style="font-family: 'Times New Roman';">compared with </font><font style="font-family: 'Times New Roman';">36,8</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">1</font> <font style="font-family: 'Times New Roman';">lots at the end of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">previous </font><font style="font-family: 'Times New Roman';">fiscal year&#8217;s </font><font style="font-family: 'Times New Roman';">second</font><font style="font-family: 'Times New Roman';"> quarter</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Continuing our land-light strategic focus</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% of our </font><font style="font-family: 'Times New Roman';">lots</font><font style="font-family: 'Times New Roman';"> were optioned</font><font style="font-family: 'Times New Roman';"> at the end of the </font><font style="font-family: 'Times New Roman';">second quarter of fiscal </font><font style="font-family: 'Times New Roman';">2025</font><font style="font-family: 'Times New Roman';">, which is t</font><font style="font-family: 'Times New Roman';">he highest percentage of option </font><font style="font-family: 'Times New Roman';">lots</font><font style="font-family: 'Times New Roman';"> we have ever had</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">B</font><font style="font-family: 'Times New Roman';">ased on trailing twelve-month deliveries</font><font style="font-family: 'Times New Roman';">,</font> <font style="font-family: 'Times New Roman';">the current position </font><font style="font-family: 'Times New Roman';">equaled</font><font style="font-family: 'Times New Roman';"> a</font> <font style="font-family: 'Times New Roman';">7.7</font> <font style="font-family: 'Times New Roman';">years</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';"> supply</font><font style="font-family: 'Times New Roman';">.</font></font></li>







</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Total </font><font style="font-family: 'Times New Roman';">QMIs</font> <font style="font-family: 'Times New Roman';">as of April 30, 202</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> were </font><font style="font-family: 'Times New Roman';">1,073</font><font style="font-family: 'Times New Roman';">,</font> <font style="font-family: 'Times New Roman';">a decline of </font><font style="font-family: 'Times New Roman';">7.7% </font><font style="font-family: 'Times New Roman';">compared with </font><font style="font-family: 'Times New Roman';">1,163 homes </font><font style="font-family: 'Times New Roman';">as of January 31, 2025</font><font style="font-family: 'Times New Roman';">, illustrating our </font><font style="font-family: 'Times New Roman';">efforts to match our</font> <font style="font-family: 'Times New Roman';">starts</font> <font style="font-family: 'Times New Roman';">with</font><font style="font-family: 'Times New Roman';"> our </font><font style="font-family: 'Times New Roman';">sale</font><font style="font-family: 'Times New Roman';">s pace</font><font style="font-family: 'Times New Roman';">.</font></font></li>







</ul>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">FINANCIAL </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">GUIDANCE</font><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><sup>(2)</sup></font><font style="font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">:</font></font></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Company is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">providi</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ng</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">guidance for total </font><font style="font-family: 'Times New Roman'; line-height: inherit;">revenues</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">homebuilding gross margin, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">income before income taxes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">EBITDA</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">thir</font><font style="font-family: 'Times New Roman'; line-height: inherit;">d</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of f</font><font style="font-family: 'Times New Roman'; line-height: inherit;">iscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Financial guidance below assumes no adverse changes in current market conditions, including deterioration in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> supply chain</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> material increase</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in mortgage rates, inflation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or cancellation rates</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and excludes further impact to SG&amp;A expenses from phantom stock expense related solely to stock price movements from the closing price of $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">96.80</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">on</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">For the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">thir</font><font style="font-family: 'Times New Roman'; line-height: inherit;">d</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fis</font><font style="font-family: 'Times New Roman'; line-height: inherit;">cal 2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">t</font><font style="font-family: 'Times New Roman'; line-height: inherit;">otal revenues are expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">750</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">m</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">850</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">m</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion, adjusted homebuilding gross margin is expected to be between</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 17.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% and</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 18.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> income before income taxes is expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">30 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">million and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">40 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">million</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> EBITDA is expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">60 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">million and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">70 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;"><sup>(2)</sup>The</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairment</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and land </font><font style="font-family: 'Times New Roman'; line-height: inherit;">option</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> write-offs and loss</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (gain)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> on extinguishment of debt</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, net</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">COMMENTS FROM MANAGEMENT:</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="text-align: justify; margin: 0pt; font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif; line-height: 1.2;"><font style="font-family: 'Times New Roman';font-size: 10pt;">&#8220;<font>We are pleased to have achieved
most of our financial guidance for the quarter.&nbsp;
In addition, our hard work over the last few years to significantly
improve our balance sheet by reducing debt and increasing equity, as well as
increasing our land position by almost 50% since the second quarter of fiscal
2023, allows us multiple opportunities in this market.&nbsp; Because of this increased lot count, over
time, we could grow revenues significantly if stronger demand returns.&nbsp; If we do not grow as significantly, we anticipate
that we will generate cash flow to continue to pay down debt &#8211; we reduced debt
$742 million from the end of fiscal 2019 &#8211; or repurchase more of our stock to
add to the 877,657 shares we have repurchased in the last three and a half years,&#8221;
stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive
Officer.</font></font></p>
<p style="text-align: justify; margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;">&nbsp;</p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman';font-size: 10pt;"><font>

<font>&#8220;While our contract pace per community is
consistent with historical averages, it remains lower than in recent years.
Further, our gross margins, ignoring mortgage rate incentives, are actually
quite strong; however, offering mortgage rate buydowns is expensive and has
adversely impacted our gross margins. We have reviewed all land transactions to
ensure that they remain economically viable. This resulted in walking away from
a few land option positions during due diligence that no longer met our return
hurdles. In this more challenging environment, we are working with some of our
land sellers currently under option agreements to find solutions that work for
both parties. To clear the way for recent land acquisitions which meet our
historical return metrics, we have made a strategic decision to burn through
certain less profitable land parcels at lower gross margins. Fortunately, we
are finding plenty of new land opportunities that meet our return hurdles even
with the current level of incentives and sales pace. In spite of the difficult
current environment, we are pleased to have the second highest ROE and believe
we have the highest adjusted EBIT ROI on a trailing twelve-month basis among
the midsized homebuilders,&#8221; concluded Mr. Hovnanian</font></font><font>.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman';font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">WEBCAST INFORMATION:</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Hovnanian Enterprises will webcast its fiscal 20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">5</font> <font style="font-family: 'Times New Roman';">second</font> <font style="font-family: 'Times New Roman';">quarter</font><font style="font-family: 'Times New Roman';"> financial results conference call at 1</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">0 a.m. E.T. on</font> <font style="font-family: 'Times New Roman';">Tues</font><font style="font-family: 'Times New Roman';">day</font><font style="font-family: 'Times New Roman';">,</font> <font style="font-family: 'Times New Roman';">May </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">. The webcast can be accessed live through the &#8220;Investor Relations&#8221; section of Hovnanian Enterprises&#8217; </font><font style="font-family: 'Times New Roman';">w</font><font style="font-family: 'Times New Roman';">ebsite at </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">http://www.khov.com</font><font style="font-family: 'Times New Roman';">. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the &#8220;</font><font style="font-family: 'Times New Roman';">Past Events</font><font style="font-family: 'Times New Roman';">&#8221; section of the Investor R</font><font style="font-family: 'Times New Roman';">elations page on the Hovnanian w</font><font style="font-family: 'Times New Roman';">ebsite at </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">http://www.khov.com</font><font style="font-family: 'Times New Roman';">. The archive will be available for 12 months.</font></font></p>
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<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">ABOUT HOVNANIAN ENTERPRISES, INC.:</font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Matawan</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, New Jersey</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and, through its subsidiaries,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> is one of the nation&#8217;s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company&#8217;s homes are marketed and sold under the trade name K. Hovnanian</font><font style="font-family: Symbol; vertical-align: super; line-height: inherit; font-size: 8pt;">&#61650;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Homes. A</font><font style="font-family: 'Times New Roman'; line-height: inherit;">dditionally, the Company&#8217;s subsidiaries, as developer</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s of K. Hovnanian&#8217;s</font><font style="font-family: Symbol; vertical-align: super; line-height: inherit; font-size: 8pt;">&#61650;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Four Seasons communities, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the Company one of the nation&#8217;s largest builders of active </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lifestyle</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">communities</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Additional information on Hovnanian Enterprises, Inc. can be accessed through the &#8220;Investor Relations&#8221; section of the Hovnanian Enterprises&#8217; website at </font><font style="color: #0000ff; font-family: 'Times New Roman'; text-decoration: underline;">http://www.khov.com</font><font style="font-family: 'Times New Roman';">. To be added to Hovnanian's investor e-mail</font> <font style="font-family: 'Times New Roman';">list, please send an e-mail to </font><font style="color: #0000ff; font-family: 'Times New Roman'; text-decoration: underline;">IR@khov.com</font><font style="font-family: 'Times New Roman';"> or sign up at </font><font style="color: #0000ff; font-family: 'Times New Roman'; text-decoration: underline;">http://www.khov.com</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline;">NON-GAAP FINANCIAL MEASURES:</font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Consolidated earnings before interest expense and income taxes (&#8220;EBIT&#8221;) and before depreciation and amortization (&#8220;EBITDA&#8221;) and before inventory impairment</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and land option write-offs</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">and </font><font style="font-family: 'Times New Roman'; font-weight: bold;">loss (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">gain</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> on extinguishment of debt, net </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(&#8220;Adjusted EBITDA&#8221;)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">the ratio of Adjusted EBITDA</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> to interest incurred </font><font style="font-family: 'Times New Roman'; font-weight: bold;">and EBIT before </font><font style="font-family: 'Times New Roman'; font-weight: bold;">inventory impairments and land option write-offs and loss (gain) on extinguishment of debt, net (&#8220;Adjusted EBIT&#8221;) </font><font style="font-family: 'Times New Roman'; font-weight: bold;">are not U.S. </font><font style="font-family: 'Times New Roman'; font-weight: bold;">generally accepted</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> accounting principles </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">GAAP</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&#8221;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> financial measures. The most directly comparable GAAP financial measure is net </font><font style="font-family: 'Times New Roman'; font-weight: bold;">income</font><font style="font-family: 'Times New Roman'; font-weight: bold;">. The reconciliation </font><font style="font-family: 'Times New Roman'; font-weight: bold;">for historical periods </font><font style="font-family: 'Times New Roman'; font-weight: bold;">of EBIT, EBITDA</font><font style="font-family: 'Times New Roman'; font-weight: bold;">, Adjusted EBIT</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and Adjusted EBITDA to </font><font style="font-family: 'Times New Roman'; font-weight: bold;">net</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">income</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">are</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> presented in table</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> attached to this earnings release.</font></font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Homebuilding</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> gross margin, before </font><font style="font-family: 'Times New Roman'; font-weight: bold;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> of sales interest expense and land charges</font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and homebuilding gross margin percentage, before </font><font style="font-family: 'Times New Roman'; font-weight: bold;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> The reconciliation for historical periods of homebuilding gross margin, before </font><font style="font-family: 'Times New Roman'; font-weight: bold;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> of sales interest expense and land charges, and homebuilding gross margin percentage, before </font><font style="font-family: 'Times New Roman'; font-weight: bold;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.</font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ncome</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">before income taxes</font><font style="font-family: 'Times New Roman'; font-weight: bold;">, which is defined as income</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold;">efore </font><font style="font-family: 'Times New Roman'; font-weight: bold;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ncome </font><font style="font-family: 'Times New Roman'; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold;">axes </font><font style="font-family: 'Times New Roman'; font-weight: bold;">e</font><font style="font-family: 'Times New Roman'; font-weight: bold;">xcluding </font><font style="font-family: 'Times New Roman'; font-weight: bold;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and-</font><font style="font-family: 'Times New Roman'; font-weight: bold;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold;">elated </font><font style="font-family: 'Times New Roman'; font-weight: bold;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold;">harges</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">and </font><font style="font-family: 'Times New Roman'; font-weight: bold;">loss (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">gain</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> on extinguishment of debt, net </font><font style="font-family: 'Times New Roman'; font-weight: bold;">is a non-GAAP financial measure. The most directly comparable GAAP financial measure is </font><font style="font-family: 'Times New Roman'; font-weight: bold;">income</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold;">efore </font><font style="font-family: 'Times New Roman'; font-weight: bold;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ncome </font><font style="font-family: 'Times New Roman'; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold;">axes. The reconciliation </font><font style="font-family: 'Times New Roman'; font-weight: bold;">for historical periods</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">of</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold;">income before income taxes</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">to</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">income</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold;">efore </font><font style="font-family: 'Times New Roman'; font-weight: bold;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ncome </font><font style="font-family: 'Times New Roman'; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold;">axes is presented in a table attached to this earnings release.</font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Adjusted investment, which is defined as </font><font style="font-family: 'Times New Roman'; font-weight: bold;">total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> (&#8220;Adjusted Investment&#8221;), is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total </font><font style="font-family: 'Times New Roman'; font-weight: bold;">inventories</font><font style="font-family: 'Times New Roman'; font-weight: bold;">. </font><font style="font-family: 'Times New Roman'; font-weight: bold;">The reconciliation </font><font style="font-family: 'Times New Roman'; font-weight: bold;">for</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> historical periods of </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Investment</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">to total inventories </font><font style="font-family: 'Times New Roman'; font-weight: bold;">is presented in a table attached to this earnings release.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">The ratio of </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold;">EBIT </font><font style="font-family: 'Times New Roman'; font-weight: bold;">return</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> on </font><font style="font-family: 'Times New Roman'; font-weight: bold;">adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold;">investment (&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">A</font><font style="font-family: 'Times New Roman'; font-weight: bold;">djusted </font><font style="font-family: 'Times New Roman'; font-weight: bold;">EBIT ROI&#8221;)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">, </font><font style="font-family: 'Times New Roman'; font-weight: bold;">which is the ratio of Adjusted EBIT for the trailing twelve-months, to the average Adjusted Investment for the prior five fiscal quarters,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> is a non-GAAP financial measure. The most directly comparable GAAP financial measure is </font><font style="font-family: 'Times New Roman'; font-weight: bold;">the ratio of </font><font style="font-family: 'Times New Roman'; font-weight: bold;">net </font><font style="font-family: 'Times New Roman'; font-weight: bold;">income</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> return </font><font style="font-family: 'Times New Roman'; font-weight: bold;">to total </font><font style="font-family: 'Times New Roman'; font-weight: bold;">inventor</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ies</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">The presentation of the ratios </font><font style="font-family: 'Times New Roman'; font-weight: bold;">of </font><font style="font-family: 'Times New Roman'; font-weight: bold;">A</font><font style="font-family: 'Times New Roman'; font-weight: bold;">djusted </font><font style="font-family: 'Times New Roman'; font-weight: bold;">EBIT ROI </font><font style="font-family: 'Times New Roman'; font-weight: bold;">and </font><font style="font-family: 'Times New Roman'; font-weight: bold;">net income </font><font style="font-family: 'Times New Roman'; font-weight: bold;">return on inventory </font><font style="font-family: 'Times New Roman'; font-weight: bold;">are</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> presented in a table attached to this earnings release.</font></font></p>
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: justify; text-indent: -0.7pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total l</font><font style="font-family: 'Times New Roman'; font-weight: bold;">iquidity is </font><font style="font-family: 'Times New Roman'; font-weight: bold;">comprised of $</font><font style="font-family: 'Times New Roman'; font-weight: bold;">74.0 </font><font style="font-family: 'Times New Roman'; font-weight: bold;">million of </font><font style="font-family: 'Times New Roman'; font-weight: bold;">cash and cash equivalents, $</font><font style="font-family: 'Times New Roman'; font-weight: bold;">3.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">4</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">million of restricted cash required to collateralize letters of credit and </font><font style="font-family: 'Times New Roman'; font-weight: bold;">$</font><font style="font-family: 'Times New Roman'; font-weight: bold;">125.0</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">mill</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ion</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">available</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> under </font><font style="font-family: 'Times New Roman'; font-weight: bold;">a</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">senior </font><font style="font-family: 'Times New Roman'; font-weight: bold;">secured revolving credit facility</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> as of</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">April 30</font><font style="font-family: 'Times New Roman'; font-weight: bold;">, 20</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">5</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font></font><br></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FORWARD-LOOKING STATEMENTS</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">All statements in this press release that are not historical facts should be considered as &#8220;Forward-Looking Statements&#8221; within the meaning of the &#8220;Safe Harbor&#8221; provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause </font><font style="font-family: 'Times New Roman'; font-weight: bold;">actual</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company&#8217;s goals and expectations with respect to its financial results for future financial periods</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and statements regarding demand for homes</font><font style="font-family: 'Times New Roman'; font-weight: bold;">, </font><font style="font-family: 'Times New Roman'; font-weight: bold;">mortgage rates, inflation, supply chain issues,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> customer incentives</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and underlying factors</font><font style="font-family: 'Times New Roman'; font-weight: bold;">. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements </font><font style="font-family: 'Times New Roman'; font-weight: bold;">as a result of</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1)</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold;">shortages in, and price fluctuations of, raw materials and labor</font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> including due to </font><font style="font-family: 'Times New Roman'; font-weight: bold;">geopolitical events, </font><font style="font-family: 'Times New Roman'; font-weight: bold;">changes in trade policies</font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">including</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with and retaliatory measures taken by other countries; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold;">3</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold;">fluctuations in interest rates and the availability of mortgage financing</font><font style="font-family: 'Times New Roman'; font-weight: bold;">, including </font><font style="font-family: 'Times New Roman'; font-weight: bold;">as a result of </font><font style="font-family: 'Times New Roman'; font-weight: bold;">instability in the banking sector</font><font style="font-family: 'Times New Roman'; font-weight: bold;">; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(4)</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">increases</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> in inflation; (5) </font><font style="font-family: 'Times New Roman'; font-weight: bold;">adverse weather and other environmental conditions and natural disasters; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">6</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) the seasonality of the Company&#8217;s business; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">7</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">8</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) reliance on, and the performance of, subcontractors; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">9</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">10</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) increases in cancellations of agreements of sale; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">11</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) changes in tax laws affecting the after-tax costs of owning a home; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">12</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">13</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) levels of competition; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">14</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) utility shortages and outages or rate fluctuations; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">15</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) information technology failures and data security breaches; (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) negative publicity; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(17) </font><font style="font-family: 'Times New Roman'; font-weight: bold;">global </font><font style="font-family: 'Times New Roman'; font-weight: bold;">economic and political instability (18</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold;">high leverage and restrictions on the Company&#8217;s operations and activities imposed by the agreements governing the Company&#8217;s outstanding indebtedness; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(1</font><font style="font-family: 'Times New Roman'; font-weight: bold;">9</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) availability and terms of financing to the Company; </font><font style="font-family: 'Times New Roman'; font-weight: bold;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold;">20</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) the Company&#8217;s sources of liquidity; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) changes in credit ratings; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">3</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold;">potential liability </font><font style="font-family: 'Times New Roman'; font-weight: bold;">as a result of the past or present use of hazardous materials; (24) </font><font style="font-family: 'Times New Roman'; font-weight: bold;">operations through unconsolidated joint ventures with third parties; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">5</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) significant influence of the Company&#8217;s controlling stockholders; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">6</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) availability of net operating loss carryforwards; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">7</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) loss of key management personnel or failure to attract qualified personnel; and (</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">8</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) certain risks, uncertainties and other factors described in detail in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended October 31, 20</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">4</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and the Company&#8217;s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 202</font><font style="font-family: 'Times New Roman'; font-weight: bold;">5</font> <font style="font-family: 'Times New Roman'; font-weight: bold;">and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether </font><font style="font-family: 'Times New Roman'; font-weight: bold;">as a result of</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> new information, future events, changed circumstances or any other reason</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font></font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>




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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2025</font></p>




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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Statements of consolidated operations</font></p>




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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands, except per share data)</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total revenues</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">686,471</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">708,380</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,360,094</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,302,576</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Costs and expenses (1)</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">669,383</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">650,152</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,312,348</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,228,108</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9pt; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gain on extinguishment of debt, net</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">399</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 399</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 1,371</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9pt;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income from unconsolidated joint ventures</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9,043</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,164</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 18,248</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 26,116</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9pt; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income before income taxes</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 26,530</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,392</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 66,393</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">101,955</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9pt;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income tax provision</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,804</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,556</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 18,476</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 27,215</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 11.15pt; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 19,726</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50,836</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 47,917</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 74,740</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 11.15pt;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less: preferred stock dividends</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,669</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 2,669</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 5,338</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 5,338</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9.6pt; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income available to common stockholders</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 17,057</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">48,167</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 42,579</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 69,402</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9.6pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 9pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 44%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 9pt;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Per share data:</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 9pt; background-color: #cceeff;">
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Basic:</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 9pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income per common share </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 2.64</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 7.12</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6.53</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 10.22</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Weighted average number of common shares outstanding</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,411</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 6,457</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 6,464</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 6,477</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9pt;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Assuming dilution:</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 9pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income per common share </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 2.43</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 6.66</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6.02</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9.57</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Weighted average number of common shares outstanding</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,951</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 6,902</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 7,011</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 6,920</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: center; font-family: Times new roman; font-size: 10pt;"><br></p>
<p style="margin: 0pt; font-family: 'Times new roman'; font-size: 10pt; text-align: left;">(1) Includes inventory impairments and land option write-offs.</p>
<p style="margin: 0pt; font-family: 'Times new roman'; font-size: 10pt; text-align: left;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 258px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 17px;">
<td colspan="15" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2025</font></p>




</td>



</tr>
<tr style="height: 10px;">
<td colspan="15" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reconciliation of income before income taxes excluding land-related charges and gain on extinguishment of debt, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">net</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to income before income taxes</font></p>




</td>



</tr>
<tr style="height: 17px;">
<td colspan="15" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands)</font></p>




</td>



</tr>
<tr style="height: 17px;">
<td colspan="15" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>




</td>



</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>



</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>



</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>



</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 50%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income before income taxes</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 26,530</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,392</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 66,393</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 9%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">101,955</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 17px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventory impairments and land option write-offs</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,056</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 237</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 4,096</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 539</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gain on extinguishment of debt, net</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; (399)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(399)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1,371)</font></p>




</td>



</tr>
<tr style="height: 10px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income before income taxes excluding land-related charges and gain on extinguishment of debt, net (1)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 29,187</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,629</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 70,090</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">101,123</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(1) Income before income taxes excluding land-related charges and gain on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes.</font></p>



</div>
<div style="line-height: 1.2;">
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="line-height: 12pt; margin: 0pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>6</font></font></td>



</tr>







</table>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>




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<td colspan="14" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2025</font></p>




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<td style="vertical-align: top;"></td>



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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gross margin</font></p>




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<td style="vertical-align: top;"></td>



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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands)</font></p>




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<td style="vertical-align: top;"></td>



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<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding Gross Margin</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding Gross Margin</font></p>




</td>



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<tr style="height: 9.1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>




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<tr style="height: 9.1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>



</tr>
<tr style="height: 9.1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="3" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>



</tr>
<tr style="height: 9.1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>



</tr>
<tr style="height: 9.1pt; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 48%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sale of homes</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">650,314 </font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">686,929 </font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,297,228 </font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; width: 9%; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,260,565 </font></p>




</td>



</tr>
<tr style="height: 9.1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of sales, excluding interest expense and land charges (1)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">537,600 </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">531,385 </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,066,345 </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 979,833 </font></p>




</td>



</tr>
<tr style="height: 9.1pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin, before cost of sales interest expense and land charges (2)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">112,714 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">155,544 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">230,883 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 280,732 </font></p>




</td>



</tr>
<tr style="height: 9.1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of sales interest expense, excluding land sales interest expense </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,938 </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">21,543 </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 38,676 </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">41,441 </font></p>




</td>



</tr>
<tr style="height: 9.1pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin, after cost of sales interest expense, before land charges (2)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">92,776 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">134,001 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">192,207 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 239,291 </font></p>




</td>



</tr>
<tr style="height: 9.1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land charges</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 3,056 </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 237 </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 4,096 </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 539 </font></p>




</td>



</tr>
<tr style="height: 9.7pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">89,720 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">133,764 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">188,111 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 238,752 </font></p>




</td>



</tr>
<tr style="height: 9.7pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 13pt; text-align: right; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 9.1pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin percentage</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">13.8%</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19.5%</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14.5%</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18.9%</font></p>




</td>



</tr>
<tr style="height: 9.1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin percentage, before cost of sales interest expense and land charges (2)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">17.3%</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">22.6%</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">17.8%</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">22.3%</font></p>




</td>



</tr>
<tr style="height: 9.1pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin percentage, after cost of sales interest expense, before land charges (2)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14.3%</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19.5%</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14.8%</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19.0%</font></p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 151px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-align: right; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land Sales Gross Margin</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land Sales Gross Margin</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-align: right; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-align: right; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-align: right; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="3" style="vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-align: right; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 48%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; background-color: #cceeff; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">12,604 </font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; background-color: #cceeff; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">213 </font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; background-color: #cceeff; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,430 </font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; width: 9%; background-color: #cceeff; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,553 </font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">sales,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> excluding interest (1)</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,689 </font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">117 </font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10,234 </font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">882 </font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales gross margin, excluding interest and land charges</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,915 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 96 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 9,196 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">671 </font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales interest expense</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">- </font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">- </font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 618 </font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; padding: 0px 7px; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>




</td>



</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 13pt; text-indent: -13pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales gross margin, including interest</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,915 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 96 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 8,578 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">671 </font></p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations.</font></p>
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.</font><font style="font-family: Bookman; font-size: 12pt; line-height: inherit;">&nbsp;</font></p>




</div>




</div>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>7</font></font></td>



</tr>







</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>



</div>



</div>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 8.65pt;">
<td colspan="12" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc. </font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td colspan="12" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">2025</font> </p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td colspan="12" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reconciliation of adjusted EBITDA to net income </font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td colspan="12" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands) </font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>



</tr>
<tr style="height: 8.65pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; width: 50%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 9%; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,726</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 9%; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50,836</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 9%; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">47,917</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 9%; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">74,740</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income tax provision </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,804</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,556</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,476</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">27,215</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest expense </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">29,083</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">30,512</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">57,956</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">60,861</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBIT (1)</font></p>




</td>
<td style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">55,613</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">99,904</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">124,349</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">162,816</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Depreciation and amortization </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,023</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,014</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,321</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,612</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBITDA (2)</font></p>




</td>
<td style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">58,</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">636</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">101,918</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">129,670</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">166,428</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventory impairments and land option write-offs </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,056</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">237</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4,096</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">539</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 10.7pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gain on extinguishment of debt, net </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (399)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> -</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; (399)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1,371)</font></p>




</td>



</tr>
<tr style="height: 9.1pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted EBITDA (3)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">61,293</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">102,155</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">13</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,367</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 165,596</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 9.1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 8.65pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest incurred </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">29,832</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">34,530</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 59,687</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">66,491</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 8.65pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted EBITDA to interest incurred </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.0</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.96 </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">23</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.49</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td colspan="12" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 30px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td colspan="12" style="vertical-align: bottom; padding: 0px; height: 10px; padding-left: 5.4pt;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) EBIT</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBIT represents earnings before interest expense and income taxes.</font></p>




</td>



</tr>
<tr style="height: 10px;">
<td colspan="12" style="vertical-align: bottom; padding: 0px; height: 10px; padding-left: 5.4pt;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(2</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) EBITDA</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. </font></p>




</td>



</tr>
<tr style="height: 10px;">
<td colspan="12" style="vertical-align: bottom; padding: 0px; height: 10px; padding-left: 5.4pt;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(3</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) Adjusted</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairments and land option write-offs and gain on extinguishment of debt, net.</font></p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 8.65pt;">
<td colspan="12" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td colspan="12" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">2025</font> </p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td colspan="12" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest incurred, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">expensed</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and capitalized</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td colspan="12" style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands)</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>




</td>



</tr>
<tr style="height: 8.65pt; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 50%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest capitalized at beginning of period</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52,884</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">53,672</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 57,671</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; width: 9%; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52,060</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plus: interest incurred</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">29,832</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">34,530</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 59,687</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">66,491</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>
<tr style="height: 8.65pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less: interest expensed</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(29,083)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(30,512)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(57,956)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (60,861)</font></p>




</td>



</tr>
<tr style="height: 8.65pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less: interest contributed to unconsolidated joint ventures (1)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> -</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(5,468)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; (5,769)</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(5,468)</font></p>




</td>



</tr>
<tr style="height: 9.1pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest capitalized at end of period (2)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">53,633</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52,222</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 53,633</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; padding: 0px 7px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52,222</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> </p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 25px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td colspan="12" style="vertical-align: bottom; padding: 0px; height: 10px; padding-left: 5.4pt;">
<p style="margin: 0pt; text-align: justify; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1) Represents capitalized interest which was included as part of the assets contributed to joint ventures the company </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">entered into</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> during the six months ended April 30, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and 2024, respectively. There was no impact </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the Condensed Consolidated Statement of Operations </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">as a result of</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> these transactions.</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td colspan="12" style="vertical-align: bottom; padding: 0px; height: 15px; padding-left: 5.4pt;">
<p style="margin: 0pt; text-align: justify; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(2) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.</font></p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></p>



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<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>8</font></font></td>



</tr>







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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
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<tr style="height: 15px;">
<td colspan="19" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td colspan="19" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2025</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td colspan="19" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reconciliation of Adjusted EBIT Return on Adjusted Investment</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(in thousands)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">L</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">TM</font></font></p>




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<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the quarter ended</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ended</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2024</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2024</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">4/30/2025</font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">72,919 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">94,349 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,191 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,726 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">215,185 </font></p>




</td>



</tr>
<tr style="height: 15px;">
<td colspan="19" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 31px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="13" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Five</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Quarter</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">/3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">/2024</font></font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2024</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2024</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Average</font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 28%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total inventories</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,417,058 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,650,470 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,644,804 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,666,490 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,743,965 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8%; height: 15px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,624,557 </font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Return on Inventory</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">13.2%</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 31px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="11" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the quarter ended</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">LTM</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ended</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2024</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2024</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">4/30/2025</font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">72,919 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">94,349 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,191 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,726 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">215,185 </font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income tax provision</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">24,350 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">23,516 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,672 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,804 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">66,342 </font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest expense</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,578 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31,120 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,873 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">29,083 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">117,654 </font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBIT (1)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">125,847 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">148,985 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">68,736 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">55,613 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">399,181 </font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventory impairments and land option write-offs</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,099 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7,918 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,040 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,056 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">15,113 </font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Loss (gain) on extinguishment of debt, net</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 36pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">- </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 36pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">- </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">- </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">399</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font> </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">399</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font> </font></p>




</td>



</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted EBIT (2)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">128,946 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">156,903 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,776 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">8,270</font> </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding: 0px 7px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 2.25pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">41</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3,895</font> </font></p>




</td>



</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-align: right; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="13" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">4/30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">/2024</font></font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2024</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2024</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2025</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total inventories</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,417,058 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,650,470 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,644,804 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,666,490 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,743,965 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 31px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less Liabilities from inventory not owned, net of debt issuance costs</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(86,618)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(135,559)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(140,298)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(156,274)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(173,098)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less Interest capitalized at end of period</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(52,222)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(54,592)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(57,671)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(52,884)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(53,633)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>



</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Plus</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Investments in and advances </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> unconsolidated joint ventures</font></font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">150,674 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">126,318 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">142,910 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">172,679 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">183,461 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Five</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Quarter</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Average</font></p>




</td>



</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted Investment (3)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,428,892 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,586,637 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,589,745 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,630,011 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,700,695 </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,587,196 </font></p>




</td>



</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted EBIT Return on Adjusted Investment (4)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">26.1%</font></p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 87px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td colspan="19" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBIT represents earnings before interest expense and income taxes.</font></p>




</td>



</tr>
<tr style="height: 31px;">
<td colspan="19" style="padding-left: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(2) Adjusted EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. Adjusted EBIT represents earnings before interest expense, income taxes, inventory impairments and land option write-offs and loss (gain) on extinguishment of debt, net.</font></p>




</td>



</tr>
<tr style="height: 31px;">
<td colspan="19" style="padding-left: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(3) Adjusted Investment is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total </font><font style="font-family: 'Times New Roman'; line-height: inherit;">inventories</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Adjusted Investment represents total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures.</font></font></p>




</td>



</tr>
<tr style="height: 15px;">
<td colspan="19" style="padding-left: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(4) The ratio of Adjusted EBIT Return on Adjusted Investment is a non-GAAP financial measure. The most directly comparable GAAP financial measure is the ratio of net income to total inventories.</font></p>




</td>



</tr>








</table>
<p style="margin: 0pt; text-align: left;"><br></p>
<p style="margin: 0pt; text-align: left;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>9</font></font></td>



</tr>







</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>



</div>
<p style="margin:0pt"><br></p>




</div>
<p style="margin: 0pt; text-align: left;"><br></p>
<div style="line-height: 1.2;">
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CONDENSED CONSOLIDATED BALANCE SHEETS</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands, except per share data)</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0.1pt; font-family: 'times new roman'; font-size: 10pt; height: 751px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">October 31,</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1)</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; width: 74%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ASSETS</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding:</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">73,980</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">209,976</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Restricted cash and cash equivalents</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9,031</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7,875</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventories:</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sold and unsold homes and lots under development</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,212,870</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,195,318</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and land options held for future development or sale</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">263,363</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">238,499</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consolidated inventory not owned</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">267,732</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">210,987</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 45pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total inventories</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,743,965</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,644,804</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Investments in and advances </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> unconsolidated joint ventures</font></font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">183,461</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">142,910</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Receivables, deposits and notes, net</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">24,712</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">29,400</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Property and equipment, net</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">47,730</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">43,431</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Prepaid expenses and other assets</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">84,058</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">82,525</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 45pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total homebuilding</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,166,937</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,160,921</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Financial services</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">161,619</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">203,589</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Deferred tax assets, net</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">224,543</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">241,064</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total assets</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,553,099</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,605,574</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 13px;">
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">LIABILITIES AND EQUITY</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding:</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Nonrecourse mortgages secured by inventory, net of debt issuance costs</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">78,092</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">90,675</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accounts payable and other liabilities</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">418,669</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">433,273</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Customers&#8217; deposits</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">45,662</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">41,639</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Liabilities from inventory not owned, net of debt issuance costs</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">173,098</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">140,298</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">864,280</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">896,218</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accrued interest</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">12,355</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14,508</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 45pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total homebuilding</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,592,156</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,616,611</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12px;">
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Financial services</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">140,573</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">183,135</font></p>




</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12px;">
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income taxes payable</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,479</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total liabilities</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,732,729</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,805,225</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Stockholders' equity:</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 31px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 31px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred stock, $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0.01</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> par value - authorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">100,000</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares; issued and outstanding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">5,600</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares with a liquidation preference of $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">140,000</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">at</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2024</font></font></p>




</td>
<td style="vertical-align: bottom; height: 31px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 31px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 31px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">135,299</font></p>




</td>
<td style="vertical-align: bottom; height: 31px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 31px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 31px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 31px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">135,299</font></p>




</td>
<td style="vertical-align: bottom; height: 31px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Common stock, Class A, $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0.01</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> par value - authorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">16,000,000</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares; issued </font><font style="font-family: 'Times New Roman'; line-height: inherit;">6,416,945</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">6,415,794</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2024</font></font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">64</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">64</font></p>




</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 32px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 32px; background-color: #cceeff;">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 18pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Common stock, Class B, $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0.01</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> par value (convertible to Class A at time of sale) - authorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2,400,000</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares; issued </font><font style="font-family: 'Times New Roman'; line-height: inherit;">757,014</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">757,023</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2024</font></font></p>




</td>
<td style="vertical-align: bottom; height: 32px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Paid in capital - common stock</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">757,590</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">749,752</font></p>




</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Retained earnings</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">116,715</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">74,136</font></p>




</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 32px;">
<td style="vertical-align: bottom; height: 32px;">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Treasury stock - at cost &#8211; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,348,087</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares of Class A common stock </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,090,179</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;">; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">27,669</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares of Class B common stock </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2024</font></font></p>




</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">189,306</font></font></p>




</td>
<td style="vertical-align: bottom; height: 32px; padding: 0px 0px 1.5px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>




</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 32px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">158,910</font></font></p>




</td>
<td style="vertical-align: bottom; height: 32px; padding: 0px 0px 1.5px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>




</td>




</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 45pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total stockholders&#8217; equity</font></p>




</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">820,370</font></p>




</td>
<td style="padding-bottom: 2.15pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">800,349</font></p>




</td>
<td style="padding-bottom: 2.15pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total liabilities and equity</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,553,099</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,605,574</font></p>




</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>









</table>
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1) </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Derived from the audited balance sheet as of October 31, 2024</font></p>
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-indent: 0pt;"><br></p>
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>10</font></font></td>



</tr>







</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>



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<p style="margin:0pt"><br></p>




</div>
<p style="margin: 0pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="line-height: 1.2;">
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands, except per share data)</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<tr style="height: 12.75pt;">
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




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<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended April 30,</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="6" style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended April 30,</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2025</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 48%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Revenues:</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding: </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sale of homes </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">650,314</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">686,929</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,297,228</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,260,565</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land sales and other revenues </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14,839</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4,284</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">24,606</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9,576</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total homebuilding </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">665,153</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">691,213</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,321,834</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,270,141</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Financial services </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">21,318</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">17,167</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">38,260</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">32,435</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total revenues </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">686,471</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">708,380</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,360,094</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,302,576</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Expenses:</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding: </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of sales, excluding interest </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">543,289</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">531,502</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,076,579</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">980,715</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of sales interest </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,938</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">21,543</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">39,294</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">41,441</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventory impairments and land option write-offs </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,056</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">237</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4,096</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">539</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total cost of sales </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">566,283</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">553,282</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,119,969</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,022,695</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Selling, general and administrative </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">51,064</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">46,489</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">105,317</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">95,426</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total homebuilding expenses </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">617,347</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">599,771</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,225,286</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,118,121</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 13.5pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Financial services </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">12,891</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">12,023</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">26,328</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">23,494</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Corporate general and administrative </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">29,500</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">32,517</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">62,192</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,650</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Other interest </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9,145</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8,969</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,662</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,420</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Other (income) expense, net (</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">500</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,128</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20,120</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,577</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total expenses </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">669,383</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">650,152</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,312,348</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,228,108</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 13.5pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gain on extinguishment of debt, net </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">399</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">399</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,371</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income from unconsolidated joint ventures </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9,043</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,164</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,248</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">26,116</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income before income taxes </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">26,530</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,392</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">66,393</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">101,955</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State and federal income tax provision: </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,811</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,231</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,860</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7,437</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Federal </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4,993</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">13,325</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14,616</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,778</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total income taxes </font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,804</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,556</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,476</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">27,215</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,726</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50,836</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">47,917</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">74,740</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less: preferred stock dividends </font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,669</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,669</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,338</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,338</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income available to common stockholders </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">17,057</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">48,167</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">42,579</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,402</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 10.5pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Per share data:</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Basic: </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income per common share </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.64</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7.12</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6.53</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10.22</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Weighted-average number of common shares outstanding </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,411</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,457</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,464</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,477</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Assuming dilution: </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 7.5pt; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income per common share </font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.43</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6.66</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6.02</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9.57</font></p>




</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>
<tr style="height: 12.75pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-indent: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Weighted-average number of common shares outstanding </font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,951</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,902</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7,011</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,920</font></p>




</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




</td>




</tr>









</table>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">) </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Includes gain on contribution of assets to a joint venture of $</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">22.7</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> million for the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">six months ended April 30, 2025</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="line-height: 12pt; margin: 0pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>11</font></font></td>



</tr>







</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>



</div>
<p style="margin:0pt"><br></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br></font></p>




</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 636px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 99.8943%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 99.8943%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 99.8943%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(SEGMENT DATA </font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; text-decoration: underline; line-height: inherit;">EXCLUDES</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> UNCONSOLIDATED JOINT VENTURES)</font></p>




</td>

</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.0139%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.47011%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.4701%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.4701%;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.4701%;" colspan="5"><br></td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts (1)</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Deliveries</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contract</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Three Months Ended</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Three Months Ended</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Backlog</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Northeast</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> (2)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(DE, MD, NJ, OH, PA, VA, WV)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">497</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">549</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.5)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">450</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">331</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">36.0%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">824</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">800</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.0%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">261,796</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">326,975</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19.9)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">256,415</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">197,708</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">29.7%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">506,850</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">538,053</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.8)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">526,753</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">595,583</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.6)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">569,811</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">597,305</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.6)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">615,109</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,566</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.5)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Southeast </font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(2)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">168</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">164</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.4%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">153</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">246</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">37.8)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">266</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">435</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">38.9)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">83,871</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">74,061</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">74,603</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">128,369</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">41.9)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">155,904</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">202,343</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">23.0)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">499,232</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">451,591</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.5%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">487,601</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">521,825</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.6)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">586,105</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">465,156</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">26.0%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">733</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">799</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.3)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">682</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">706</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">621</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">783</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.7)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">360,952</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">384,774</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.2)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">319,296</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">360,852</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.5)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">325,472</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">389,094</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.4)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">492,431</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">481,569</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.3%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">468,176</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">511,122</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">524,110</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">496,927</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.5%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated Total</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,398</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,512</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.5)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,285</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,283</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,711</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,018</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">15.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">706,619</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">785,810</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.1)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">650,314</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">686,929</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.3)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">988,226</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,129,490</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12.5)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">505,450</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">519,716</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.7)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">506,081</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">535,408</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.5)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">577,572</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">559,708</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.2%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unconsolidated Joint Ventures (2)</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(3)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(excluding KSA JV)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">231</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">249</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.2)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">207</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.9%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">427</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">528</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19.1)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">149,477</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">175,388</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.8)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">144,495</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">119,011</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21.4%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">299,857</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">375,907</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">647,087</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">704,369</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.1)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">698,043</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,379</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.8%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">702,241</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">711,945</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.4)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Grand Total</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,629</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,761</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.5)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,492</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,460</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,138</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,546</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.0)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">856,096</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">961,198</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.9)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">794,809</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">805,940</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,288,083</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,505,397</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.4)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">525,535</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">545,825</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.7)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">532,714</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">552,014</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.5)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">602,471</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">591,279</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.9%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">KSA JV Only</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">95</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">30</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">216.7%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">569</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">105</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">441.9%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">24,660</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7,133</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">245.7%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,238</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">139,292</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,853</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">601.6%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">259,579</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">237,767</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">247,600</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">244,801</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">189,076</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">29.5%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 29.484%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">DELIVERIES INCLUDE EXTRAS</font></p>



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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>




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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 99.8943%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1) Contracts are defined as new contracts signed during the period for the purchase of homes, </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">less</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> cancellations of prior contracts.</font></p>




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<tr style="height: 11px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 11px; width: 99.8943%;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2024</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> from the consolidated Northeast and Southeast segments, respectively, to unconsolidated</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">joint ventures. This is related to the assets and liabilities contributed to a joint venture the company </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">entered into</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> during the three months ended April 30, 2024.</font></p>




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<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 99.8943%;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">homebuilding</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &#8220;Income from unconsolidated joint ventures&#8221;.</font></p>




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<p style="margin: 0pt; text-align: left;"><br></p>
<p style="margin: 0pt; text-align: left;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>12</font></font></td>



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<p style="margin:0pt"><br></p>
<p style="margin: 0pt; text-align: left;"><br></p>



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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 660px; width: 100%;" width="100%">

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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font></p>




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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</font></p>




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<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 99.8943%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(SEGMENT DATA </font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; text-decoration: underline; line-height: inherit;">EXCLUDES</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> UNCONSOLIDATED JOINT VENTURES)</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.0139%; height: 15px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.47011%; height: 15px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.4701%; height: 15px;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.4701%; height: 15px;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.4701%; height: 15px;" colspan="5"><br></td>

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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts (1)</font></p>




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<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Deliveries</font></p>




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<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contract</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.4701%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Six Months Ended</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Six Months Ending</font></p>




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<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.4701%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Backlog</font></p>




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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.4701%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




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<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 23.4701%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




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<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 8.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




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<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




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<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




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<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 8.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 8.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Northeast </font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(2)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(DE, MD, NJ, OH, PA, VA, WV)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">937</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">932</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.5%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">895</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">663</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">35.0%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">824</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">800</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.0%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">513,432</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">575,728</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.8)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">538,063</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">387,697</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">38.8%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">506,850</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">538,053</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.8)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">547,953</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">617,734</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.3)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">601,188</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">584,762</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.8%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">615,109</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,566</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.5)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Southeast </font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(2)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">304</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">274</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.9%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">277</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">441</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">37.2)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">266</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">435</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">38.9)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">159,970</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">142,732</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12.1%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">126,040</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">233,997</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">46.1)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">155,904</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">202,343</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">23.0)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">526,217</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">520,920</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.0%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">455,018</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">530,605</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.2)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">586,105</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">465,156</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">26.0%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West </font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(3)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,362</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,433</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,367</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,242</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.1%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">621</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">783</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.7)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">676,484</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">691,702</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.2)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">633,125</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">638,871</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.9)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">325,472</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">389,094</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.4)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">496,684</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">482,695</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.9%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">463,149</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">514,389</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">524,110</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">496,927</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.5%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated Total</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,603</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,639</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,539</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,346</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,711</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,018</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">15.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,349,886</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,410,162</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.3)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,297,228</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,260,565</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.9%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">988,226</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,129,490</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12.5)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">518,589</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">534,355</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">510,921</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">537,325</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.9)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">577,572</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">559,708</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.2%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unconsolidated Joint Ventures </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(excluding KSA JV)</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(2) (3) (4)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">426</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">401</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">404</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">344</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">17.4%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">427</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">528</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19.1)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">276,962</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">275,493</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.5%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">276,271</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">235,946</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">17.1%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">299,857</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">375,907</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">650,146</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">687,015</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">683,839</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">685,890</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.3)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">702,241</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">711,945</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.4)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Grand Total</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3,029</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3,040</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,943</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,690</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.4%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,138</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,546</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.0)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,626,848</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,685,655</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.5)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,573,499</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,496,511</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.1%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,288,083</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,505,397</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.4)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">537,091</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">554,492</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.1)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">534,658</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">556,324</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.9)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">602,471</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">591,279</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.9%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-bottom-width: 1pt; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">KSA JV Only</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">293</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">99</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">196.0%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">569</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">105</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">441.9%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">74,932</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21,241</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">252.8%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,512</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">139,292</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,853</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">601.6%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">255,741</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">214,556</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">216,182</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">244,801</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">189,076</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">29.5%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 29.484%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">DELIVERIES INCLUDE EXTRAS</font></p>



</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 99.8943%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1) Contracts are defined as new contracts signed during the period for the purchase of homes, </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">less</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> cancellations of prior contracts.</font></p>




</td>

</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 99.8943%;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2024</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> from the consolidated Northeast and Southeast segments, respectively, to unconsolidated</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">joint ventures. This is related to the assets and liabilities contributed to a joint venture the company </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">entered into</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> during the three months ended April 30, 2024.</font></p>




</td>

</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 99.8943%;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">) Reflects the reclassification of 8 homes and $5.0 million of contract backlog as of January 31, 2025, from the consolidated West segment to unconsolidated joint ventures. This is related to the assets and liabilities&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">contributed to the joint venture the company </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">entered into</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> during the three months ended January 31, 2025.</font></p>




</td>

</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 99.8943%;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">homebuilding</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &#8220;Income from unconsolidated joint ventures&#8221;.</font></p>




</td>

</tr>






</table>
<p style="margin: 0pt; text-align: left;"><br></p>
<p style="margin: 0pt; text-align: left;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>13</font></font></td>



</tr>







</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>



</div>
<p style="margin:0pt"><br></p>
<p style="margin: 0pt; text-align: left;"><br></p>




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<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 510px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)</font></p>




</td>

</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" colspan="4"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" colspan="5"><br></td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="4" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts (1)</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Deliveries</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contract</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="4" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Three Months Ended</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Three Months Ended</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Backlog</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="4" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23%; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Northeast (2)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">138</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">156</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.5)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">117</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">90</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">30.0%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">303</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">292</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.8%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Excluding KSA JV)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">86,848</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">123,347</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">29.6)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">89,824</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">65,531</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">37.1%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">207,233</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">238,635</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(DE, MD, NJ, OH, PA, VA, WV)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">629,333</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">790,686</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">767,726</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">728,122</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.4%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">683,937</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">817,243</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.3)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Southeast</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(2)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">69</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">60</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">15.0%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">74</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">69</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">101</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">195</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">48.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">49,410</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">35,503</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">39.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">46,138</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44,243</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.3%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">79,906</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">117,650</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">32.1)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">716,087</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">591,717</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21.0%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">623,486</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">641,203</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.8)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">791,149</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">603,333</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">31.1%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">24</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">33</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">27.3)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">18</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.1)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">23</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">41</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">43.9)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13,219</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16,538</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.1)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8,533</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,237</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.6)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12,718</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,622</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">35.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">550,792</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">501,152</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.9%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">533,313</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">513,167</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.9%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">552,937</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">478,585</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">15.5%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unconsolidated Joint Ventures (2)</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> (3)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(Excluding KSA JV)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">231</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">249</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.2)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">207</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.9%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">427</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">528</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19.1)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">149,477</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">175,388</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.8)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">144,495</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">119,011</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21.4%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">299,857</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">375,907</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">647,087</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">704,369</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.1)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">698,043</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,379</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.8%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">702,241</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">711,945</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.4)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">KSA JV Only</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">95</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">30</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">216.7%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">569</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">105</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">441.9%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">24,660</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7,133</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">245.7%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,238</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">139,292</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,853</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">601.6%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">259,579</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">237,767</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">247,600</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">244,801</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">189,076</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">29.5%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="17">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">DELIVERIES INCLUDE EXTRAS</font></p>



</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1) Contracts are defined as new contracts signed during the period for the purchase of homes, </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">less</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> cancellations of prior contracts.</font></p>




</td>

</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2024</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> from the consolidated Northeast and Southeast segments, respectively, to unconsolidated</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">joint ventures. This is related to the assets and liabilities contributed to a joint venture the company </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">entered into</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> during the three months ended April 30, 2024.</font></p>




</td>

</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(3) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">homebuilding</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &#8220;Income from unconsolidated joint ventures&#8221;.</font></p>




</td>

</tr>






</table>
<p style="margin: 0pt;"><font style="font-family: Times new roman; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>14</font></font></td>



</tr>







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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>



</div>



&nbsp;
<p style="margin:0pt"><br></p>




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<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 525px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 99.83%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 99.83%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 99.83%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)</font></p>




</td>

</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.0139%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.47011%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.9656%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 21.4402%;" colspan="4"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.4701%;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.4701%;" colspan="5"><br></td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="4" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts (1)</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Deliveries</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contract</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="4" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 21.4402%; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Six Months Ended</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Six Months Ended</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Backlog</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td colspan="4" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 21.4402%; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-bottom-width: 1pt; border-bottom-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.4701%; border-bottom-width: 1pt; border-bottom-style: solid; border-right-width: 1pt; border-right-style: solid; border-left-width: 1pt; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2025</font></p>




</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 8.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 23.0139%; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Northeast (2)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.47011%; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.9656%; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.47011%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.47011%; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.47011%; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.5%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 6.47011%; height: 15px; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">255</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">227</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12.3%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">226</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">181</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">24.9%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">303</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">292</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.8%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Excluding KSA JV)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">165,577</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">180,703</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">170,714</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">133,707</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">27.7%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">207,233</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">238,635</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(DE, MD, NJ, OH, PA, VA, WV)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">649,322</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">796,048</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">18.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">755,372</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">738,713</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.3%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">683,937</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">817,243</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.3)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Southeast</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> (2)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">136</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">115</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">18.3%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">153</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">119</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28.6%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">101</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">195</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">48.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">92,400</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">66,671</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">38.6%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">92,986</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">79,521</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.9%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">79,906</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">117,650</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">32.1)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">679,412</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">579,748</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">17.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">607,752</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">668,244</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.1)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">791,149</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">603,333</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">31.1%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> (3)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">35</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">59</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">40.7)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">25</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">43.2)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">23</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">41</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">43.9)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">18,985</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28,119</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">32.5)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12,571</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">22,718</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44.7)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12,718</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,622</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">35.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">542,429</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">476,593</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13.8%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">502,840</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">516,318</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.6)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">552,957</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">478,585</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">15.5%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Unconsolidated Joint Ventures </font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(Excluding KSA JV)</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> (2) (3) (4)</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">426</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">401</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">404</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">344</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">17.4%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">427</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">528</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19.1)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">276,962</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">275,493</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.5%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">276,271</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">235,946</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">17.1%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">299,857</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">375,907</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.2)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">650,146</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">687,015</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.4)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">683,839</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">685,890</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.3)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">702,241</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">711,945</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.4)%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">KSA JV Only</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">293</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">99</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">196.0%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">569</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">105</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">441.9%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">74,932</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21,241</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">252.8%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,512</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">139,292</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,853</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">601.6%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">255,741</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">214,556</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19.2%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">216,182</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0)%</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">244,801</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">189,076</font></p>




</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">29.5%</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;" colspan="17">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">DELIVERIES INCLUDE EXTRAS</font></p>



</td>

</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 23.0139%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1.9656%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 6.47011%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




</td>

</tr>
<tr style="height: 15px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 15px; width: 99.83%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1) Contracts are defined as new contracts signed during the period for the purchase of homes, </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">less</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> cancellations of prior contracts.</font></p>




</td>

</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 99.83%;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2024</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> from the consolidated Northeast and Southeast segments, respectively, to unconsolidated</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">joint ventures. This is related to the assets and liabilities contributed to a joint venture the company </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">entered into</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> during the three months ended April 30, 2024.</font></p>




</td>

</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 99.83%;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">) Reflects the reclassification of 8 homes and $5.0 million of contract backlog as of January 31, 2025, from the consolidated West segment to unconsolidated joint ventures. This is related to the assets and liabilities&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">contributed to the joint venture the company </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">entered into</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> during the three months ended January 31, 2025.</font></p>




</td>

</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding-left: 5.4pt; vertical-align: bottom; height: 10px; width: 99.83%;">
<p style="margin: 0pt; line-height: 1.1; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(4) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">homebuilding</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &#8220;Income from unconsolidated joint ventures&#8221;.</font></p>




</td>

</tr>






</table>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: center;"><br></p>




</div>



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<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th" colspan="2"><div>May 20, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity, Registrant Name</a></td>
<td class="text">HOVNANIAN ENTERPRISES, INC.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document, Type</a></td>
<td class="text">8-K<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document, Period End Date</a></td>
<td class="text">May 20,  2025<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity, Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity, File Number</a></td>
<td class="text">1-8551<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity, Tax Identification Number</a></td>
<td class="text">22-1851059<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity, Address, Address Line One</a></td>
<td class="text">90 Matawan Road, Fifth Floor<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity, Address, City or Town</a></td>
<td class="text">Matawan<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity, Address, State or Province</a></td>
<td class="text">NJ<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity, Address, Postal Zip Code</a></td>
<td class="text">07747<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">732<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">747-7800<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity, Emerging Growth Company</a></td>
<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity, Central Index Key</a></td>
<td class="text">0000357294<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=hov_ClassACommonStock001ParValuePerShareCustomMember', window );">Class A Common Stock 001 Par Value Per Share Custom [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Common Stock $0.01 par value per share<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">HOV<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=hov_PreferredStockPurchaseRights1CustomMember', window );">Preferred Stock Purchase Rights1 Custom [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock Purchase Rights<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NoTradingSymbolFlag', window );">No Trading Symbol Flag</a></td>
<td class="text">true<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember', window );">Depositary Shares Each Representing 11000th Of A Share Of 7625 Series A Preferred Stock Custom [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">HOVNP<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;">Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.</span></span></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NoTradingSymbolFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a security having no trading symbol.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NoTradingSymbolFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:trueItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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