<SEC-DOCUMENT>0001753926-25-001375.txt : 20250821
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<ACCEPTANCE-DATETIME>20250821101822
ACCESSION NUMBER:		0001753926-25-001375
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20250821
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250821
DATE AS OF CHANGE:		20250821

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:		251238950

	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
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<p style="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>
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<p style="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;">CURRENT REPORT</span> </p>
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<p style="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;">PURSUANT TO SECTION 13 OR 15(d) OF THE</span></p>
<p style="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;">SECURITIES EXCHANGE ACT OF 1934</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(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;">of Incorporation)</span></p>















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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(IRS Employer</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Identification No.)</span></p>















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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><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>
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<p style="margin: 0pt; line-height: 1.2;"><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>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></p>















</td>















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</tbody>















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<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;">&#160;</span></p>
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<tbody>
<tr style="height: 18px;">
<td style="height: 18px; width: 3%; vertical-align: top;" valign="top">
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></p>















</td>















</tr>















</tbody>















</table>
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;">&#160;</span></p>
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<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top">
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</td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></p>















</td>















</tr>















</tbody>















</table>
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;">&#160;</span></p>
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<tbody>
<tr>
<td style="width: 3%; vertical-align: top;" valign="top">
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</td>
<td style="width: 97%; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></p>















</td>















</tr>















</tbody>















</table>
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><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>
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><span style="font-family: 'times new roman'; font-size: 10pt;">&#160;</span></p>
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<tbody>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 42%; height: 17px;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Title of each class</span></p>















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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Trading </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">symbol(s)</span></p>















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<td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; height: 17px;">
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; height: 17px;">
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; height: 17px;">
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; height: 17px;">
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; height: 17px;">
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The <ix:nonNumeric name="dei:SecurityExchangeName" contextRef="D20250821_DepositorySharesMember" format="ixt-sec:exchnameen" id="Tag28">Nasdaq</ix:nonNumeric> Stock Market LLC</span></p>















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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1) <ix:footnote xml:lang="en-US" footnoteRole="http://www.xbrl.org/2003/role/footnote" id="footnote0">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.</ix:footnote></span></p>
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<p style="margin: 0pt; line-height: 1.2;"><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>
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<p style="margin: 0pt; text-align: right; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Emerging growth </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">company</span>  <span style="font-family: 'Segoe UI Emoji'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="D20250821" format="ixt-sec:boolballotbox" id="Tag20">&#9744;</ix:nonNumeric></span> </p>
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<p style="margin: 0pt; line-height: 1.2;"><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 Emoji'; font-size: 10pt; line-height: inherit;">&#9744;</span> </p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-weight: bold;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Item 2.02.</span>             <span style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Results of Operations and Financial Condition</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">August 21</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Hovnanian Enterprises, Inc. (the &#8220;Company&#8221;) issued a press release announcing its preliminary financial results for the fiscal </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">third</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> quarter</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">ended </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">July 31</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. A copy of the press release is attached as Exhibit 99.1.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; 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>
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<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The attached earnings press release contains information about</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the following non-GAAP financial measures (collectively, the &#8220;Non-GAAP Measures&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">:</span> </p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">onsolidated 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 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">loss (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">gain</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> on extinguishment of debt, net (&#8220;Adjusted EBITDA&#8221;)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the ratio of Adjusted EBITDA to interest incurred</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; 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><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, which are non-GAAP financial measures. The most directly comparable GAAP financial measure for EBIT, EBITDA</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Adjusted EBIT</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and Adjusted EBITDA is net income.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">  Management believes EBIT, Adjusted EBITDA and EBITDA to be relevant and useful </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">information</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 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 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">take into account</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> substantial costs of doing business, such as income taxes and interest expense.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">H</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">omebuilding 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.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; 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 </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">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.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">djusted income before income taxes, which is defined as income before income taxes excluding land-related charges and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">loss (</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">gain</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> on extinguishment of debt, net, which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; 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.</span></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">otal 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.  The most directly comparable GAAP financial measure is total inventories. </span> <span style="font-family: 'Times New Roman'; font-size: 10pt; 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></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 12pt 9.6pt; padding-left: 8.4pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">he ratio of Adjusted EBIT</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> return on investment (&#8220;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBIT ROI&#8221;), which </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">is the ratio of Adjusted EBIT for the trailing twelve-months</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> to the average </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">djusted </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">nvestment for the prior five fiscal quarters and</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s a non-GAAP financial measure.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> The most directly comparable GAAP financial measure is </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the ratio of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">net </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">income</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to total</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> inventory</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">  </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Management believes </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBIT ROI to be relevant and useful information because </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">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.</span></li>













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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reconciliations for historical periods of</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> the Non-GAAP Measures </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are contained in the earnings press release. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The Non-GAAP Measures</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">should be considered in addition to, but not as a substitute for, their respective most directly comparable financial measures </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(on a historical period, trailing twelve-month period or five-quarter average basis, as applicable) </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">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 calculations of </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the Non-GAAP Measures </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">may be different than the respective calculations used by other companies, and, therefore, comparability may be affected.</span></p>
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<p style="margin: 0pt; page-break-after: avoid;"><a href="ex991_1.htm" style="-sec-extract:exhibit"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Earnings Press Release - Fiscal Third Quarter Ended July 31, 2025.</span></a></p>















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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; line-height: inherit;">SIGNATURES</span></p>
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<p style="margin: 0pt; text-indent: 45pt; 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>
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<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">HOVNANIAN ENTERPRISES, INC.</span></p>















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<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">(Registrant)</span></p>















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<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ Brad G. O&#8217;Connor</span></p>















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<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Name: Brad G. O&#8217;Connor</span></p>















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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Date: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">August 21</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">5</span></p>
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<TYPE>EX-101.PRE
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</TEXT>
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<DOCUMENT>
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<TEXT>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-101.LAB
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    <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.sec.gov/dei/2025/dei-2025.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="https://xbrl.sec.gov/dei/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.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/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCentralIndexKey" xml:lang="en-US" id="label_EntityCentralIndexKey">Entity, Central Index Key</link:label>
    <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.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonClassAMember" xlink:label="CommonClassAMember" xlink:title="CommonClassAMember" />
    <link:label xlink:type="resource" xlink:label="label_CommonClassAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonClassAMember" xml:lang="en-US" id="label_CommonClassAMember">Common Class A [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonClassAMember" xlink:to="label_CommonClassAMember" xlink:title="Label : CommonClassAMember to label_CommonClassAMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_CommonClassBMember" xlink:label="CommonClassBMember" xlink:title="CommonClassBMember" />
    <link:label xlink:type="resource" xlink:label="label_CommonClassBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommonClassBMember" xml:lang="en-US" id="label_CommonClassBMember">Common Class B [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonClassBMember" xlink:to="label_CommonClassBMember" xlink:title="Label : CommonClassBMember to label_CommonClassBMember" />
    <link:loc xlink:type="locator" xlink:href="hov-20250821.xsd#hov_DepositorySharesMember" xlink:label="DepositorySharesMember" xlink:title="DepositorySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_DepositorySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepositorySharesMember" xml:lang="en-US" id="label_DepositorySharesMember">Depository Shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositorySharesMember" xlink:to="label_DepositorySharesMember" xlink:title="Label : DepositorySharesMember to label_DepositorySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_DepositorySharesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DepositorySharesMember_1" xml:lang="en-US" id="label_DepositorySharesMember_1">Depository shares registered pursuant to section 12(b).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositorySharesMember" xlink:to="label_DepositorySharesMember_1" xlink:title="Label : DepositorySharesMember to label_DepositorySharesMember_1" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>hov-20250821.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 68a72920297b6509843a7bd1, Generated At Thu, 21 Aug 2025 14:11:53 GMT-->
<xsd:schema xmlns:dtr-types="http://www.xbrl.org/dtr/type/2024-01-31" xmlns:us-roles="http://fasb.org/us-roles/2025" xmlns:us-gaap="http://fasb.org/us-gaap/2025" xmlns:us-types="http://fasb.org/us-types/2025" xmlns:dei="http://xbrl.sec.gov/dei/2025" 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/20250821" elementFormDefault="qualified" attributeFormDefault="unqualified" targetNamespace="http://www.khov.com/20250821">
  <xsd:annotation>
    <xsd:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="hov-20250821_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-20250821_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-20250821_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-20250821_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>
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<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>ex991_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html><head><title></title><meta content="text/html"></meta></head><body><div class="content_container"><div id="Dfnr8kcsxyaitmex4z1y9ap" 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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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 16px; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 16px; font-weight: bold; line-height: inherit;">News Release</font></p>














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<p style="font-size: 10pt; line-height: 150%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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<p style="font-size: 10pt; line-height: 150%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Contact:</font></p>














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<p style="font-size: 10pt; line-height: 150%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Brad G. O&#8217;Connor</font></p>














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<p style="font-size: 10pt; line-height: 150%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jeffrey T. O&#8217;Keefe</font></p>














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<p style="font-size: 10pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Chief Financial Officer</font></p>














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<p style="font-size: 10pt; line-height: 150%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Vice President, Investor Relations</font></p>














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<p style="font-size: 10pt; line-height: 150%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">732-747-7800</font></p>














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<p style="font-size: 10pt; line-height: 150%; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">732-747-7800</font></p>














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<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;">&#160;</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt;"><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;">THIR</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">D</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;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Total Revenues Increased </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">11</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">%</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Year-Over-Year</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;">Met or Exceeded All Guidance Metrics Provided</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">86% of Total Lots Are Optioned</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, Highest Percentage</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> Ever</font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt;"><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>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt;"><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;">August</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">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</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</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;"> 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;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0.7pt; line-height: 1.2;"><font style="font-size: 10pt;"><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 </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">NINE</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">-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;">JULY 31</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><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 8pt 28.52pt; padding-left: 7.48pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><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;">inc</font><font style="font-family: 'Times New Roman'; line-height: inherit;">reased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">10.8</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;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">800.6</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million in</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">thir</font><font style="font-family: 'Times New Roman'; line-height: inherit;">d</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">22.7</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> months ended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 2025, total revenues increased</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;">% to $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2.1</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;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3 </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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine 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;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; 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'; 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: 8pt;"><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;">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 </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;">9.3</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;">165.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">245</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;">51.</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;">224</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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">nine 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;">, domestic unconsolidated joint ventures sale of homes revenues increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">14.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% to $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">441.2</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">649</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;">386</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">568</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;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> months</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 31</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>&#160;</li>












</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; 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'; 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;">11.7</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;">with</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 2.1% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">attributable to</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> land charges)</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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.</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;">during </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</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;"> (with only </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;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">attributable to</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> land charges)</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 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;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</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</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% 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>&#160;</li>












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<ul>
<li style="font-family: Symbol; font-size: 10pt; 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'; 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;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7.3</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;">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</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, which was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">within the guidance range we provided,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 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.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">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.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">July </font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 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;">17.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</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;">2</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> months of the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">previous fiscal year.</font></font>&#160;</li>












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<ul>
<li style="font-family: Symbol; font-size: 10pt; 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;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0.8</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;">3</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;">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 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;">89.5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million, or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">% 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;">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 </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;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">58.3</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;">2.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% of total revenues, in the first </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine </font><font style="font-family: 'Times New Roman'; line-height: inherit;">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;">254.5 </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;">6</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine months</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 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: 10pt; 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;">in</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased 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;">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 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;">4.</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;">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</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">, total </font><font style="font-family: 'Times New Roman'; line-height: inherit;">interest expense 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 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;">4</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine months</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> previous fiscal year.</font></font>&#160;&#160;</li>











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<ul>
<li style="font-family: Symbol; font-size: 10pt; 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;">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 </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;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3.8</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">97.3</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;">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 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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine 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;">, 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;">90.2</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;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">99.2</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> months of the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> prior fiscal year.</font></font></li>












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<li style="font-family: Symbol; font-size: 10pt; 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;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.8</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;">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 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;">, which was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> the high end of the guidance range we provided,</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;">100.4</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;">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 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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> months ended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 2025, income before income taxes excluding land-related charges and gain on extinguishment of debt, net was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">10</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.9</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;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">01.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million in the 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 2024.</font></font>&#160;</li>












</ul>
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<li style="font-family: Symbol; font-size: 10pt; 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;">16.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million, or $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.99 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">per </font><font style="font-family: 'Times New Roman'; line-height: inherit;">diluted</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> common share, for the three months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">n</font><font style="font-family: 'Times New Roman'; line-height: inherit;">et </font><font style="font-family: 'Times New Roman'; line-height: inherit;">income of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">72.9</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;">9.75 </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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> months of fiscal 2025, net income was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">64.5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million, or $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7.94</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;">147</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.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;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.</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;"> per diluted common share, during </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the first </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine 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;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font>&#160;</li>












</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; 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;">61.0</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;">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 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;">27</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.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;">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 </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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine months</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 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;">190.7</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;">294.3 </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>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; 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;">Adjusted EBITDA</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">77.1</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million for the quarter ended July 31, 2025, which was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">above the guidance range we provided, compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$131.0 million in the third quarter of the prior fiscal year.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> For the nine months ended July 31, 2025, adjusted EBITDA was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">210.4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million compared with $296.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million in the same </font><font style="font-family: 'Times New Roman'; line-height: inherit;">period of the previous fiscal year.</font></font>&#160;</li>












</ul>
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<li style="font-family: Symbol; font-size: 10pt; 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;">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 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;">in</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;">1.6</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;">1,211</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">619.6</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">192</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">645.8</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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">in</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;">1.4</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;">1,416</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">74</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">396</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">791.3</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;">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 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>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; 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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</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;"> 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;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">1.6</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;">12</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</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;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">26</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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unchanged at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">146</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;">both </font><font style="font-family: 'Times New Roman'; line-height: inherit;">July 31</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;">and</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">July 31</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>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt; text-align: justify;"><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;">in</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">3.2</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;">9.8</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in 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 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;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> contracts per community 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 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;">in</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.7</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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</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;">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;">9.6</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> contracts per community in the same quarter one year ago.</font></font>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; 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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</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;">838.8</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;">6</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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4.4</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;"> $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.10</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">46</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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">dollars </font><font style="font-family: 'Times New Roman'; line-height: inherit;">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>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; 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;"> 19</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% for the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">third</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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</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;">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;">1</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;">in 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;">third</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;">19</font><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 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;">7</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;">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 the prior year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; 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;">18.7</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;">9.</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;"> 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;">22.1</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 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>&#160;</li>












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<p style="margin: 0pt; line-height: 1.2; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman Bold'; vertical-align: super; line-height: inherit;">(</font><font style="font-family: 'Times New Roman Bold'; vertical-align: super; line-height: inherit;">1)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">When</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> we refer to &#8220;Domestic Unconsolidated Joint Ventures&#8221;, we are excluding results from our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">multi-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">c</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ommunity </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unconsolidated joint venture in the Kingdom of Saudi Arabia </font><font style="font-family: 'Times New Roman'; line-height: inherit;">(KSA).</font></font></p>
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<p style="margin: 0pt 0.35pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">LIQUIDITY AND INVENTORY AS OF </font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">JULY</font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">1</font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">5</font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">:</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; 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;">During 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 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;">, land and land development spending </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">192.6</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">16.1</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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">one year ago.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> For the first </font><font style="font-family: 'Times New Roman'; line-height: inherit;">nine months</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of fiscal 2025, land and land development spending </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;">660.0 </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;">677.0</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 period </font><font style="font-family: 'Times New Roman'; line-height: inherit;">one year ago.</font></font>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; 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;">otal</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> liquidity 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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</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;"> 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;">was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">277.9 </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 style="font-family: 'Times New Roman'; line-height: inherit;">which was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">above</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> our target </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liquidity</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> range of $170 million to $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">245 million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; 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;">In 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 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;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approximately</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">3,5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">00</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> lo</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were put under option or acquired in</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">30</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">consolidated communities.</font></font>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; 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;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</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;">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;">our</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> total controlled </font><font style="font-family: 'Times New Roman'; line-height: inherit;">con</font><font style="font-family: 'Times New Roman'; line-height: inherit;">solidated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lots </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">40,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">246</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a</font><font style="font-family: 'Times New Roman'; line-height: inherit;">n</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increase</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">1.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">8</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;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9,516</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">lots at the end of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">previous </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal year&#8217;s </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</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Continuing our land-light strategic focus</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">86</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% of our lots were optioned</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> at the end of 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 quarter of fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, which is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> highest percentage of option lots ever</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">B</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ased on trailing twelve-month deliveries</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the current position </font><font style="font-family: 'Times New Roman'; line-height: inherit;">equaled </font><font style="font-family: 'Times New Roman'; line-height: inherit;">7.0</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">years</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> supply</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font>&#160;</li>












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<li style="font-family: Symbol; font-size: 10pt; 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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">QMIs</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">as of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">July</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</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;"> were </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">016</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">a decline of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">5.3</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;">1,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">073</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;">, 2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, illustrating our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">efforts to match our</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">starts</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">with</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sale</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s pace</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">This equates to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">8.2 QMIs per community as of July 31</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, approaching our goal of 8 QMIs per community.</font></font>&#160;</li>












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<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="font-size: 8pt;"><font style="font-family: 'Times New Roman Bold'; font-weight: bold; text-decoration: underline; vertical-align: super; line-height: inherit;">(</font><font style="font-family: 'Times New Roman Bold'; font-weight: bold; text-decoration: underline; vertical-align: super; line-height: inherit;">2)</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">:</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;">&#160;</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;">fourth</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;">119.47</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">on</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">July 31</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>
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<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;">fourth</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;"> 15.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% and</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 16.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%, adjusted income before income taxes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">45 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">million and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">55 </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 EBITDA is expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">77 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">million and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">87 </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;">&#160;</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 Bold'; vertical-align: super; line-height: inherit;">(</font><font style="font-family: 'Times New Roman Bold'; vertical-align: super; line-height: inherit;">2)</font><font style="font-family: 'Times New Roman'; line-height: inherit;">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 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">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>
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<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>
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<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;">&#8220;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">While the market environment remains challenging, we&#8217;re encouraged by </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">performance this quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> We me</font><font style="font-family: 'Times New Roman'; line-height: inherit;">t </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or exceeded </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the guidance range for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">all </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">metrics </font><font style="font-family: 'Times New Roman'; line-height: inherit;">provided for t</font><font style="font-family: 'Times New Roman'; line-height: inherit;">he third quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. &#8220;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">Uncertainty across global</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> political and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">economic fronts continue</font><font style="font-family: 'Times New Roman'; line-height: inherit;">d</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to weigh on homebuyer sentiment resulting in a slower sales pace</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> than we had expected at the beginning of the fiscal year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Additionally, affordability challenges </font><font style="font-family: 'Times New Roman'; line-height: inherit;">are weighing on buyer activity as home prices remain </font><font style="font-family: 'Times New Roman'; line-height: inherit;">high,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and mortgage rates </font><font style="font-family: 'Times New Roman'; line-height: inherit;">have </font><font style="font-family: 'Times New Roman'; line-height: inherit;">only </font><font style="font-family: 'Times New Roman'; line-height: inherit;">seen modest </font><font style="font-family: 'Times New Roman'; line-height: inherit;">declines from recent hi</font><font style="font-family: 'Times New Roman'; line-height: inherit;">g</font><font style="font-family: 'Times New Roman'; line-height: inherit;">hs</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We addressed these </font><font style="font-family: 'Times New Roman'; line-height: inherit;">affordability headwinds</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increased incentives that </font><font style="font-family: 'Times New Roman'; line-height: inherit;">led to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the first year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">over</font><font style="font-family: 'Times New Roman'; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">year </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increase in</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarterly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contracts per community </font><font style="font-family: 'Times New Roman'; line-height: inherit;">this fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">year.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> While our contracts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for the quarter increased, QMIs decreased </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;">sequentially, consistent with our goal of aligning our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">starts with our sales</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Furthermore, consistent with our short</font><font style="font-family: 'Times New Roman'; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">term strategy</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sell</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">through some of the lower margin homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and land to make room for newer land</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> purchases with better </font><font style="font-family: 'Times New Roman'; line-height: inherit;">margins.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;</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;">&#160;</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;">&#8220;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">Our primary focus remains on pursuing growth opportunities</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, while </font><font style="font-family: 'Times New Roman'; line-height: inherit;">improving our</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">capital structure</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Given the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">current market co</font><font style="font-family: 'Times New Roman'; line-height: inherit;">n</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ditions</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our approach to new land acquisitions re</font><font style="font-family: 'Times New Roman'; line-height: inherit;">lies on </font><font style="font-family: 'Times New Roman'; line-height: inherit;">strict adherence to underwriting discipline</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">We believe we are in a period where consumers are adjusting to current home prices and mortgage rates and remain confident that the combination of pent-up housing demand and the positive long-term demographic trends for housing will drive increased demand for new homes going forward.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">We are seeing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">current </font><font style="font-family: 'Times New Roman'; line-height: inherit;">land opportunities on slightly better terms than last year. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Our</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> highest ROE and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">what we believe to be </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> highest adjusted EBIT ROI</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> among midsized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">homebuilder peers 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;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> demonstrate the effectiveness of our strategy, and we </font><font style="font-family: 'Times New Roman'; line-height: inherit;">remain focused on sustaining returns that outpace industry benchmarks</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,&#8221; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">concluded </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Mr. Hovnanian</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; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">WEBCAST INFORMATION:</font></p>
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<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;">Hovnanian Enterprises will webcast its 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;">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</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> financial results conference call at 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;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0 a.m. E.T. on</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">T</font><font style="font-family: 'Times New Roman'; line-height: inherit;">hurs</font><font style="font-family: 'Times New Roman'; line-height: inherit;">day</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> August</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">2</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;">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;">. 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'; line-height: inherit;">w</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ebsite at </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">http://www.khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. 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'; line-height: inherit;">Past Events</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; section of the Investor R</font><font style="font-family: 'Times New Roman'; line-height: inherit;">elations page on the Hovnanian w</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ebsite at </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">http://www.khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The archive will be available for 12 months.</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;">&#160;</font></p>
<p style="margin: 0pt 7.2pt 0pt 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;">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: 7pt;">&#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: 7pt;">&#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; 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;">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; line-height: inherit;">http://www.khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. To be added to Hovnanian's investor e-mail</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">list, please send an e-mail to </font><font style="color: #0000ff; font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">IR@khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or sign up at </font><font style="color: #0000ff; font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">http://www.khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">NON-GAAP FINANCIAL MEASURES:</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<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'; font-weight: bold; line-height: inherit;">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; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and land option write-offs</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;">loss (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">gain</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> on </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">extinguishment of debt, net </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(&#8220;Adjusted EBITDA&#8221;)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">the ratio of Adjusted EBITDA</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> to interest incurred </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">and EBIT before </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">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; line-height: inherit;">are not U.S. </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">generally accepted</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> accounting principles </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">GAAP</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> financial measures. The most directly comparable GAAP financial measure is net </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">. The reconciliation </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">for historical periods </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">of EBIT, EBITDA</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, Adjusted EBIT</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and Adjusted EBITDA to </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">net</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">are</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> presented in table</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;"> attached to this earnings release.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<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'; font-weight: bold; line-height: inherit;">Homebuilding</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> gross margin, before </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> of sales interest expense and land charges</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and homebuilding gross margin percentage, before </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> 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; line-height: inherit;"> The reconciliation for historical periods of homebuilding gross margin, before </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> of sales interest expense and land charges, and homebuilding gross margin percentage, before </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> 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>
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</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'; font-weight: bold; line-height: inherit;">Adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ncome</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">before income taxes</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, which is defined as income</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">efore </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ncome </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">axes </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;">xcluding </font><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;">and-</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;">elated </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;">harges</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;">loss (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">gain</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> on extinguishment of debt, net </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">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; line-height: inherit;">income</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">efore </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ncome </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">axes. The reconciliation </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">for historical periods</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;">adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income before income taxes</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">to</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">efore </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ncome </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">axes is presented in a table attached to this earnings release.</font></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;">&#160;</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'; font-weight: bold; line-height: inherit;">Adjusted investment, which is defined as </font><font style="font-family: 'Times New Roman'; font-weight: bold; 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</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (&#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; line-height: inherit;">inventories</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">The reconciliation </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">for</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> historical periods of </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Investment</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">to total inventories </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">is presented in a table attached to this earnings release.</font></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;">&#160;</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'; font-weight: bold; line-height: inherit;">The ratio of </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">EBIT </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">return</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> on </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">investment (&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">A</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">djusted </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">EBIT ROI&#8221;)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">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; line-height: inherit;"> 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; line-height: inherit;">the ratio of </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">net </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> return </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">to total </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">inventor</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ies</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">The presentation of the ratios </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;">A</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">djusted </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">EBIT ROI </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;">net income </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">return on inventory </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">are</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> 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; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Total l</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">iquidity is </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">comprised of $</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">146.6 </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">million of </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cash and cash equivalents, $</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">6.3 </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">million of restricted cash required to collateralize letters of credit and </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">125.0</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">mill</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ion</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">available</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> under </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">a</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">senior </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">secured revolving credit facility</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> as of</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">July</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, 20</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">.</font></font></p>
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<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;">FORWARD-LOOKING STATEMENTS</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;">&#160;</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'; font-weight: bold; line-height: inherit;">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; line-height: inherit;">actual</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> 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; line-height: inherit;"> and statements regarding demand for homes</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">mortgage rates, inflation, supply chain issues,</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> customer incentives</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and underlying factors</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">. 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; line-height: inherit;">as a result of</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> 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; line-height: inherit;">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; line-height: inherit;">(2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">shortages in, and price fluctuations of, raw materials and labor</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> including due to </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">geopolitical events, </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">changes in trade policies</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">including</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> 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; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">fluctuations in interest rates and the availability of mortgage financing</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, including </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">as a result of </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">instability in the banking sector</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(4)</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">increases</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> in inflation; (5) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">adverse weather and other environmental conditions and natural disasters; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) the seasonality of the Company&#8217;s business; (</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;">) 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; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) reliance on, and the performance of, subcontractors; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) 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; line-height: inherit;">10</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) increases in cancellations of agreements of sale; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">11</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) changes in tax laws affecting the after-tax costs of owning a home; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">12</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) 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; line-height: inherit;">13</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) levels of competition; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">14</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) utility shortages and outages or rate fluctuations; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">15</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) information technology failures and data security breaches; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">16</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) negative publicity; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(17) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">global </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">economic and political instability (18</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">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; line-height: inherit;">(1</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) availability and terms of financing to the Company; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">20</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) the Company&#8217;s sources of liquidity; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) changes in credit ratings; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) 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; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">potential liability </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">as a result of the past or present use of hazardous materials; (24) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">operations through unconsolidated joint ventures with third parties; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) significant influence of the Company&#8217;s controlling stockholders; (2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) availability of net operating loss carryforwards; (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;">) loss of key management personnel or failure to attract qualified personnel; and (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) 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; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> 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; line-height: inherit;">5</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">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; line-height: inherit;">as a result of</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> new information, future events, changed circumstances or any other reason</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">.</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;">July 31, 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: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">Nine Months Ended</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;">&#160;</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;">July 31,</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;">&#160;</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;">July 31,</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;">&#160;</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;">&#160;</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;">&#160;</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;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">800,583</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">722,704</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2,160,677</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2,025,280</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














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<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">792,292</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">636,133</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2,104,640</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,864,241</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="3" 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;">Gain on extinguishment of debt, net</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">399</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,371</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">15,511</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 10,698</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 33,759</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 36,814</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="3" 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;">Income before income taxes</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">23,802</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 97,269</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 90,195</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">199,224</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">7,187</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 24,350</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 25,663</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 51,565</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="3" 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;">Net income</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">16,615</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 72,919</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 64,532</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">147,659</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2,669</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2,669</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">8,007</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">8,007</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="3" 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;">Net income available to common stockholders</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">13,946</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 70,250</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 56,525</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">139,652</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" colspan="3"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>












</tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;" colspan="3"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>












</tr>
<tr style="height: 16px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>












</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Basic:</font></p>














         </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td colspan="3" style="padding: 0px 7px 0px 35px; vertical-align: bottom; height: 16px;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 2.14</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">10.61</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">8.55</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">20.85</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="3" style="padding: 0px 7px 0px 35px; 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;">Weighted average number of common shares outstanding</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">6,399</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">6,474</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">6,442</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">6,476</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="3" style="padding: 0px 7px 0px 35px; 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;">Net income per common share </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 1.99</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">9.75</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">7.94</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">19.15</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td colspan="3" style="padding: 0px 7px 0px 35px; vertical-align: bottom; height: 16px;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">6,887</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">7,048</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">6,936</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">7,048</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>



























      </table>












&#160;<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td colspan="15" style="vertical-align: bottom; height: 10px; padding: 0px 0px 0px 7px;">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><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;">Includes inventory impairments and land option write-offs.</font></font></p>














         </td>












</tr>



























      </table>












&#160;<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 52px; width: 100%; text-indent: 0px;" width="100%">

<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; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td colspan="15" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">July 31, 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-size: 10pt;"><font style="font-family: 'Times New Roman'; 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'; line-height: inherit;">net</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to income before income taxes</font></font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td colspan="15" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands)</font></p>














         </td>












</tr>



























      </table>












<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 116px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 52.9005%;" colspan="4"><br></td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 23.0254%;">
<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: 10px; width: 1.02536%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 23.0254%; margin-left: 0.1px; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Nine Months Ended</font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 52.9005%;" colspan="4"><br></td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.0254%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">July 31,</font></p>














         </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.02536%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.0254%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">July 31,</font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 52.9005%;" colspan="4"><br></td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 11%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<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: 16px; width: 1.02536%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 11%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<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: 16px; width: 1.02536%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 11%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<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: 16px; width: 1.02536%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 11%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<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: 16px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 52.9005%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.0254%;">
<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: 16px; width: 1.02536%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.0254%;">
<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: 16px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 52.9005%;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">23,802</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.02536%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 97,269</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.02536%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 90,195</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.02536%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">199,224</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 52.9005%;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">16,045</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.02536%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">3,099</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.02536%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> 20,141</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.02536%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">3,638</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 52.9005%;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.02536%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.02536%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (399)</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.02536%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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; width: 52.9005%;">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;">Income before income taxes excluding land-related charges and gain on extinguishment of debt, net (1)</p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">39,847</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.02536%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">100,368</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.02536%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">109,937</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1.02536%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">201,491</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> </font></p>














         </td>












</tr>



























      </table>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 7pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; 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.<br></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></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>
<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>












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<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<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: 52px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td colspan="14" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 10px;">
<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: 16px;">
<td colspan="14" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">July 31, 2025</font></p>














         </td>














        </tr>
<tr style="height: 16px;">
<td colspan="14" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gross margin</font></p>














         </td>














        </tr>
<tr style="height: 10px;">
<td colspan="14" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands)</font></p>














         </td>














        </tr>





























      </table>












&#160;<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 244px; width: 99.7292%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<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="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<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>












</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 10px;">
<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: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Nine Months Ended</font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">July 31,</font></p>














         </td>
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">July 31,</font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 16px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<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: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<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: 10px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 53%;">
<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="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<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: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">769,050 </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<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: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">687,424 </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<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: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,066,278 </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<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: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,947,989 </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p>Cost of sales, excluding interest expense and land charges (1)</p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">636,015 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">535,425 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">1,702,360 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">1,515,258 </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;">Homebuilding gross margin, before cost of sales interest expense and land charges (2)</p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">133,035 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">151,999 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">363,918 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;"> 432,731 </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;">Cost of sales interest expense, excluding land sales interest expense </p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">26,868 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">20,351 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160; 65,544 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">61,792 </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;">Homebuilding gross margin, after cost of sales interest expense, before land charges (2)</p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">106,167 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">131,648 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">298,374 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;"> 370,939 </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 11.2pt; text-indent: -11.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land charges</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">16,045 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160; 446 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160; 20,141 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160; 985 </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.2pt; text-indent: -11.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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;">90,122 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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;">131,202 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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;">278,233 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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;"> 369,954 </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 11.2pt; text-align: right; text-indent: -11.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.2pt; text-indent: -11.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin percentage</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">11.7%</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">19.1%</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">13.5%</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">18.9%</font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;">Homebuilding gross margin percentage, before cost of sales interest expense and land charges (2)</p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">17.3%</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">22.1%</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">17.6%</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">22.2%</font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;">Homebuilding gross margin percentage, after cost of sales interest expense, before land charges (2)</p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">13.8%</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">19.2%</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">14.4%</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">19.0%</font></p>














         </td>












</tr>



























      </table>












&#160;</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: 178px; width: 99.7292%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 10px;">
<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="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 10px;">
<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: 16px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<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: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Nine Months Ended</font></p>














         </td>












</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; 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;">July 31,</font></p>














         </td>
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; 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;">July 31,</font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td colspan="2" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 16px;">
<td style="padding-left: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<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: 2.15pt; padding-right: 2.15pt; 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;">&#160;</font></p>














         </td>
<td colspan="5" style="padding-left: 2.15pt; padding-right: 2.15pt; vertical-align: bottom; height: 16px;">
<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: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 53%;">
<p style="margin: 0pt 0pt 0pt 11.2pt; text-indent: -11.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; 1,193 </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14,230 </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; 20,623 </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">15,783 </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 11.2pt; text-indent: -11.2pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Cost of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">sales,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> excluding interest (1)</font></font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160; 241 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">11,907 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160; 10,475 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">12,789 </font></p>














         </td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;">Land and lot sales gross margin, excluding interest and land charges</p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160; 952 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160; 2,323 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160; 10,148 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160; 2,994 </font></p>














         </td>












</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 11.2pt; text-indent: -11.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales interest expense</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">- </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160; 1,965 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;"> 618 </font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; 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;">&#160; 1,965 </font></p>














         </td>












</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 11.2pt; text-indent: -11.2pt;"><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="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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;">&#160; 952 </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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;">&#160; 358 </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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;"> 9,530 </font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>














         </td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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: 0px 5.4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; 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;">&#160; 1,029 </font></p>














         </td>












</tr>



























      </table>












<br></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: 20px; width: 99.7292%;" width="100%">

<tr style="height: 10px;">
<td colspan="12" style="padding: 0px 0px 5px 7px; vertical-align: bottom; height: 10px; width: 99.8645%; text-align: justify;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; 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; display: inline !important;">(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></font></p>














         </td>












</tr>
<tr style="height: 10px;">
<td colspan="12" style="padding: 0px 0px 5px 7px; vertical-align: bottom; height: 10px; width: 99.8645%; text-align: justify;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(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></p>














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<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>












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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>












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     </div><div id="Dr9ibufp8ib226n58ifixo" style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><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: 52px; width: 100%;" width="100%">

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<td colspan="12" 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; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc. </font></p>











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<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">July 31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">2025</font> </p>











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<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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>











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<tr style="height: 10px;">
<td colspan="12" 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;">(In thousands) </font></p>











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&#160;<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 254px; width: 100%;" width="100%">

<tr style="height: 10px;">
<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;">&#160;</font></p>











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<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<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: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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











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<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">July 31,</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">July 31,</font></p>











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</tr>
<tr style="height: 10px;">
<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;">&#160;</font></p>











</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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>











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<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 53%; 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: 16px; width: 1%; 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: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">16,615</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1%; 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: 16px; width: 10%; 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><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1%; 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: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">64,532</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1%; 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: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">147,659</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">7,187</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">24,350</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">25,663</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">51,565</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;"><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: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">34,017</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">91,973</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">89,439</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">57,819</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">125,847</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">182,168</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">288,663</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Depreciation and amortization </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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">3,192</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">2,067</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">8,513</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">5,679</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBITDA (2)</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">61,011</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">127,914</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">190,681</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">294,342</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;"><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: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">16,045</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">3,099</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">20,141</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">3,638</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"> -</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"> -</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160; (399)</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">(1,371)</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;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted EBITDA (3)</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">$</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">77,056</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">$</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">131,013</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">$</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">210,423</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">$</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;"> 296,609</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</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;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest incurred </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: 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: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,523</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: 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: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,087</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: 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: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">88,210</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: 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: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">94,578</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">Adjusted EBITDA to interest incurred </font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.70</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4.66</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.39</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3.14</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>










</tr>






















</table>










&#160;<br></div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 30px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td colspan="12" style="padding: 0px 0px 1px 7px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 100%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; 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: 10px;">
<td colspan="12" style="padding: 0px 0px 1px 7px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: justify; width: 100%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(2) EBITDA 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="padding: 0px 0px 1px 7px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: justify; width: 100%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(3) Adjusted 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>










&#160;<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 58px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 100%;">
<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: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 100%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">July 31, </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: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 100%;">
<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: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 100%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands)</font></p>











</td>










</tr>






















</table>










<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 148px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<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;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<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: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Nine Months Ended</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; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; 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;">July 31,</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; 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;">July 31,</font></p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<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: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 53%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.3pt; text-indent: -8.3pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest capitalized at beginning of period</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1%; 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: 16px; width: 10%; 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><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1%; 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: 16px; width: 10%; 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><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1%; 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: 16px; width: 10%; 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><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1%; 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: 16px; width: 10%; 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;">&#160;</font> </p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 8.3pt; text-indent: -8.3pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plus: interest incurred</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">28,523</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">28,087</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">88,210</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">94,578</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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 8.3pt; text-indent: -8.3pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less: interest expensed</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">(34,017)</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">(28,578)</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">(91,973)</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">(89,439)</font></p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 8.3pt; text-indent: -8.3pt;"><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="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 20.25pt; 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;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;"> -</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">(5,769)</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">(5,468)</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 8.3pt; text-indent: -8.3pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plus: interest acquired from unconsolidated joint ventures (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;">&#160;</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;"> -</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;"> 2,861</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160; -</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160; 2,861</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 8.3pt; text-indent: -8.3pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest capitalized at end of period (3)</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">$</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">48,139</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">$</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">54,592</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">$</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">&#160; 48,139</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; 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;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">$</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">54,592</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font> </p>











</td>










</tr>






















</table>










&#160;<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 36px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td colspan="12" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: justify;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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 nine months ended July 31, </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: 10px;">
<td colspan="12" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: justify;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(2) Represents capitalized interest which was included as part of the assets purchased from joint ventures the company closed out during the three and nine months ended July 31, 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: 16px;">
<td colspan="12" style="vertical-align: bottom; height: 16px; text-align: justify; padding: 0px 0px 0px 7px;">
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(3) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.</font></p>











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<p style="margin: 0px; text-indent: 0px;"><br></p>
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<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">8</font></font></td>










</tr>





















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&#160; &#160;</div>
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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

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<td colspan="13" 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; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>











</td>











</tr>
<tr style="height: 1pt;">
<td colspan="13" 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; font-weight: bold; line-height: inherit;">July 31, 2025</font></p>











</td>











</tr>
<tr style="height: 1pt;">
<td colspan="13" 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;">Reconciliation of Adjusted EBIT Return on Adjusted Investment</font></p>











</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 33.6%;">
<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; width: 2.04%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.02%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2.04%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.12%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2.04%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.02%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2.04%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.02%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2.04%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.18%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.84%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>











</tr>























</table>










&#160;<br>
<table cellspacing="0" cellpadding="0" style="height: 52px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="12" style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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











</td>










</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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











</td>










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<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2024</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">7/31/2025</font></p>











</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 28%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%; margin: 0px; text-indent: 0px;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">94,349 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%; margin: 0px; text-indent: 0px;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,191 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%; margin: 0px; text-indent: 0px;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,726 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%; margin: 0px; text-indent: 0px;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">16,615 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%; margin: 0px; text-indent: 0px;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">158,881 </font></font></p>











</td>










</tr>






















</table>










&#160;<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 50px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td colspan="13" style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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











</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2024</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2024</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Average</font></p>











</td>










</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 28%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total inventories</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,650,470 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,644,804 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,666,490 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,743,965 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">692,932</font> </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 14px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">79,732</font> </font></p>











</td>










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











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">9.</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">%</font></font></p>











</td>










</tr>






















</table>










<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 148px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
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</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td colspan="10" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the quarter ended</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ended</font></p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2024</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">7/31/2025</font></p>











</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 28%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; width: 1%;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; width: 1%;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">94,349 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; width: 1%;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,191 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; width: 1%;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,726 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; width: 1%;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">16,615 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 16px;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">158,881 </font></font></p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income tax provision</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">23,516 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,672 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; 6,804 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; 7,187 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">49,179 </font></p>











</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest expense</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31,120 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,873 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">29,083 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">34,017 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 123,093 </font></p>











</td>










</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBIT (1)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 148,985 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">68,736 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">55,613 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">57,819 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 331,153 </font></p>











</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; padding-left: 0px; padding-right: 0px; 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: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; 7,918 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; 1,040 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; 3,056 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">16,045 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">28,059 </font></p>











</td>










</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; padding-left: 0px; padding-right: 0px; text-indent: -8.25pt;"><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: -11px; 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;">Gain on extinguishment of debt, net</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(399)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(399)</font></p>











</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted EBIT (2)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">156,903 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,776 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">58,270 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">73,864 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">358,813 </font></font></p>











</td>










</tr>






















</table>






</div>
<p style="margin: 0px; text-indent: 0px;"><br></p>
<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: 110px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td colspan="13" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>









</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2024</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2024</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2025</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 28%; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total inventories</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1%; background-color: #cceeff;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,650,470 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1%; background-color: #cceeff;"><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: right; 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;">$</font><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,644,804 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1%; background-color: #cceeff;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,666,490 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1%; background-color: #cceeff;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,743,965 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1%; background-color: #cceeff;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,692,932 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>









</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt; padding-left: 0px; padding-right: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; (135,559)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; (140,298)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; (156,274)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; (173,098)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; (236,644)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt; padding-left: 0px; padding-right: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (54,592)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (57,671)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (52,884)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (53,633)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 1px 0px 5px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (48,139)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>









</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt; padding-left: 0px; padding-right: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 126,318 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 142,910 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 172,679 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 183,461 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 218,356 </font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;"><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: bold; letter-spacing: normal; orphans: 2; text-align: center; 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;">Five<br></font>Quarter</font></p>
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Average</font></p>











</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted Investment (3)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,586,637 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,589,745 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,630,011 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,700,695 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,626,505 </font></font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><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: right; 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;">$</font></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,626,719 </font></font></p>











</td>









</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; padding-left: 0px; padding-right: 0px; 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: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">22.1%</font></p>











</td>









</tr>





















</table>










</div>
<div style="line-height: 1.2;">
<p style="margin: 0px; text-indent: 0px;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 90px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td colspan="13" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 0.677507%; text-align: justify;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 16px;">
<td colspan="13" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 0.677507%; text-align: justify;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 32px;">
<td colspan="13" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 32px; margin: 0px; text-indent: 0px; width: 0.677507%; text-align: justify;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 16px;">
<td colspan="13" style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 0.677507%; text-align: justify;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px; text-align: left; text-indent: 0px;"><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>





















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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
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<div style="line-height: 1.2;">
<p style="line-height: 12pt; margin: 0pt; text-align: center; text-indent: 0pt;"><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>
<p style="line-height: 12pt; margin: 0pt 0pt 5pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited) </font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0.1pt; font-family: 'times new roman'; font-size: 10pt; height: 733px; width: 100%;" width="100%">

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<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td colspan="2" style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">July 31,</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;">&#160;</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;">&#160;</font></p>











</td>
<td colspan="2" style="vertical-align: bottom; height: 16px;">
<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: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</font></p>











</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td colspan="2" style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 12px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 12px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<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></p>











</td>
<td style="vertical-align: bottom; height: 12px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 12px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 12px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<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></p>











</td>
<td style="vertical-align: bottom; height: 12px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 74%; height: 16px; 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; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Homebuilding:</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Cash and cash equivalents</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;">&#160;</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;">$</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;">146,592</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;">&#160;</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;">&#160;</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;">$</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;">209,976</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">12,155</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">Inventories:</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">1,192,251</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">171,030</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">329,651</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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 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: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">1,692,932</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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-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: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">218,356</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;">&#160;</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;">&#160;</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;">&#160;</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;">142,910</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Receivables, deposits and notes, net</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;">&#160;</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;">&#160;</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;">29,233</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;">&#160;</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;">&#160;</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;">&#160;</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;">29,400</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">51,573</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">83,916</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<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: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">2,234,757</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">2,160,921</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">173,775</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">Deferred tax assets, 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-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;">220,820</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-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: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Total 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">2,629,352</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">2,605,574</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 14px;">
<td style="vertical-align: bottom; height: 14px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">LIABILITIES AND EQUITY</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">Homebuilding:</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Nonrecourse mortgages secured by inventory, net of debt issuance costs</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;">&#160;</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;">$</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;">53,524</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;">&#160;</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;">&#160;</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;">$</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;">90,675</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: 9pt; line-height: inherit;">&#160;</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;">Accounts payable and other 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;">&#160;</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;">&#160;</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;">425,683</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;">&#160;</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;">&#160;</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;">&#160;</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;">433,273</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Customers&#8217; deposits</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;">&#160;</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;">&#160;</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;">35,480</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;">&#160;</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;">&#160;</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;">&#160;</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;">41,639</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">236,644</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)</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;">&#160;</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;">&#160;</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;">861,922</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;">&#160;</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;">&#160;</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;">&#160;</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;">896,218</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">28,361</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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 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: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">1,641,614</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">1,616,611</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">Financial services</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;">&#160;</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;">&#160;</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;">152,375</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;">&#160;</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;">&#160;</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;">&#160;</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;">183,135</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">1,793,989</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">1,805,225</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Stockholders' equity:</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding: 0px;">
<p style="line-height: 11pt; margin: 0pt 0pt 0pt 18pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $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;"> July 31, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and October 31, 2024</font></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;">&#160;</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;">&#160;</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;">135,299</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;">&#160;</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;">&#160;</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;">&#160;</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;">135,299</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: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="line-height: 11pt; margin: 0pt 0pt 0pt 18pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Common stock, Class A, $0.01 par value - authorized 16,000,000 shares; issued 6,479,719 shares </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> July 31, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and 6,415,794 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: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">65</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;">&#160;</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;">&#160;</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;">&#160;</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;">64</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="line-height: 11pt; margin: 0pt 0pt 0pt 18pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) - authorized 2,400,000 shares; issued 788,056 shares </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> July 31, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and 757,023 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: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">8</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;">&#160;</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;">&#160;</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;">&#160;</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;">8</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">758,542</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">130,661</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="line-height: 11pt; 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; 1,348,087 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;"> July 31, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and 1,090,179 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; 27,669 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;"> July 31, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2025</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and October 31, 2024</font></font></p>











</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; 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;">(189,212</font></p>











</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; 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: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; 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;">(158,910</font></p>











</td>
<td style="vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">)</font></p>











</td>











</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="line-height: 11pt; margin: 0pt 0pt 0pt 9pt; text-indent: 36pt;"><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: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; 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;">835,363</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; 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;">800,349</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<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: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; 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="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; 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;">2,629,352</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; 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="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; 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;">2,605,574</font></p>











</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>























</table>
<p style="line-height: 12pt; margin: 10pt 0pt 10pt 18pt; text-indent: -18pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(1)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Derived from the audited balance sheet as of October 31, 2024</font></font></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>





















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<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES</font></p>










</div>
<div style="line-height: 1.2;">
<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;">&#160;</font></p>
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<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="6" style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended July 31,</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;">&#160;</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;">&#160;</font></p>











</td>
<td colspan="6" style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Nine Months Ended July 31,</font></p>











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<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; border-bottom-width: 1px; 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: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="vertical-align: bottom; height: 10px;">
<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: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="padding-bottom: 1.1pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; 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: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="2" style="padding-bottom: 1.1pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; 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: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 48%; height: 16px; 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%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Homebuilding: </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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Sale of homes </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;">&#160;</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;">$</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;">769,050</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;">&#160;</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;">&#160;</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;">$</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;">687,424</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;">&#160;</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;">&#160;</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;">$</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;">2,066,278</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;">&#160;</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;">&#160;</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;">$</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;">1,947,989</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: 9pt; line-height: inherit;">&#160;</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;">Land sales and other revenues </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">2,967</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">16,392</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">27,573</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">25,968</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total homebuilding </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">772,017</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">703,816</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">2,093,851</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; 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;">1,973,957</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Financial services </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">28,566</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">18,888</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">66,826</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-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;">51,323</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total revenues </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">800,583</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">722,704</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">2,160,677</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">2,025,280</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">Expenses:</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">Homebuilding: </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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Cost of sales, excluding interest </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;">&#160;</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;">&#160;</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;">636,256</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;">&#160;</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;">&#160;</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;">&#160;</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;">547,332</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;">&#160;</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;">&#160;</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;">&#160;</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;">1,712,835</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;">&#160;</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;">&#160;</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;">&#160;</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;">1,528,047</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: 9pt; line-height: inherit;">&#160;</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;">Cost of sales interest </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;">&#160;</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;">&#160;</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;">26,868</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;">&#160;</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;">&#160;</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;">&#160;</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;">22,316</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;">&#160;</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;">&#160;</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;">&#160;</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;">66,162</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;">&#160;</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;">&#160;</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;">&#160;</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;">63,757</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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 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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">16,045</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">3,099</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">20,141</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">3,638</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<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; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">679,169</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">572,747</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">1,799,138</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">1,595,442</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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 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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">55,770</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">50,989</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">161,087</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">146,415</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<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; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">734,939</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">623,736</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">1,960,225</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">1,741,857</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">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;">&#160;</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;">&#160;</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;">14,715</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;">&#160;</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;">&#160;</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;">&#160;</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;">12,362</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;">&#160;</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;">&#160;</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;">&#160;</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;">41,043</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;">&#160;</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;">&#160;</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;">&#160;</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;">35,856</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Corporate general and administrative </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;">&#160;</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;">&#160;</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;">35,029</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;">&#160;</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;">&#160;</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;">&#160;</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;">38,480</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;">&#160;</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;">&#160;</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;">&#160;</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;">97,221</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;">&#160;</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;">&#160;</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;">&#160;</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;">108,130</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: 9pt; line-height: inherit;">&#160;</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;">Other interest </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;">&#160;</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;">&#160;</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;">7,149</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;">&#160;</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;">&#160;</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;">&#160;</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;">6,262</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;">&#160;</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;">&#160;</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;">&#160;</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;">25,811</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;">&#160;</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;">&#160;</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;">&#160;</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;">25,682</font></p>











</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expense</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">(income), net (1)</font></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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">460</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">(44,707</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; 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; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">(19,660</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; 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; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-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;">(47,284</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">)</font></p>











</td>











</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<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; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">792,292</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">636,133</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">2,104,640</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">1,864,241</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Gain on extinguishment of debt, net </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Income from unconsolidated joint ventures </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">15,511</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">10,698</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">33,759</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">36,814</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Income before income taxes </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">23,802</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">97,269</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">90,195</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">199,224</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">State and federal income tax provision: </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">State </font></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;">&#160;</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;">&#160;</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;">3,310</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;">&#160;</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;">&#160;</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;">&#160;</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;">5,896</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;">&#160;</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;">&#160;</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;">&#160;</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;">7,170</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;">&#160;</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;">&#160;</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;">&#160;</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;">13,333</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: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">&#160;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">Federal </font></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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-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;">3,877</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-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;">18,454</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-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;">18,493</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-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;">38,232</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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 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; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">7,187</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">24,350</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">25,663</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">51,565</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Net income </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">16,615</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">72,919</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">64,532</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">147,659</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Less: preferred stock dividends </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">8,007</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">8,007</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Net income available to common stockholders </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">13,946</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">70,250</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">56,525</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; 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;">139,652</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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; font-weight: bold; line-height: inherit;">Per share data:</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;">&#160;</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;">&#160;</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;">&#160;</font></p>











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<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</font></p>











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<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











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<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>











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<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</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;">&#160;</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;">&#160;</font></p>











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<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Basic: </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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</font></p>











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<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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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;">&#160;</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: 9pt; line-height: inherit;">&#160;</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;">Net income per common share </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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; height: 17px; border-bottom-width: 1px; border-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;">2.14</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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; height: 17px; border-bottom-width: 1px; border-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;">10.61</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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; height: 17px; border-bottom-width: 1px; border-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;">8.55</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; 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; height: 17px; border-bottom-width: 1px; border-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;">20.85</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Weighted-average number of common shares outstanding </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">6,399</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">6,474</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">6,442</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">6,476</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Assuming dilution: </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</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;">Net income per common share </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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">1.99</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">9.75</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">7.94</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; 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; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-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;">19.15</font></p>











</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<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; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">6,887</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">7,048</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">6,936</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-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;">7,048</font></p>











</td>
<td style="vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>











</td>











</tr>























</table>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1) Includes gain on contribution of assets to a joint venture of $22.7 million for the nine months ended July 31, 2025, and includes gain on consolidation of a joint venture of $45.7 million for the three and nine months ended July 31, 2024.</font></p>
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><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;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>










</div>
<p style="margin: 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" width="100%" style="font-size: 10pt; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; height: 595px; width: 100%; text-indent: 0px;">

<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;HOVNANIAN ENTERPRISES, INC.</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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 style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin-left: 0.1px; height: 15px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin-left: 0.1px; height: 15px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin-left: 0.1px; height: 15px;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin-left: 0.1px; height: 15px;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin-left: 0.1px; height: 15px;" colspan="5"><br></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;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-right-width: 1px; 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;">&#160;</font></p>










</td>
<td colspan="5" style="background-color: #c0c0c0; 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;">
<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: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000;">
<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: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-left-width: 1pt; border-left-style: solid; border-left-color: #000000; border-right-width: 1pt; border-right-style: solid; border-right-color: #000000;">
<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: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; 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;">&#160;</font></p>










</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; 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: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; 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: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; 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: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; 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;">&#160;</font></p>










</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; 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;">July 31,</font></p>










</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; 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;">July 31,</font></p>










</td>
<td colspan="5" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; 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;">July 31,</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>










</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; 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;">&#160;</font></p>










</td>
<td colspan="2" style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; 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: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; 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: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; 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: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; 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: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; 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: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; 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: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; 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: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; width: 14%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 1%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; width: 8%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">416</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">414</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.5%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">479</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">404</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">18.6%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">761</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">898</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">15.3)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">226,020</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">260,081</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">13.1)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">288,008</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">254,784</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13.0%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">444,862</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">617,520</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">28.0)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">543,317</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">628,215</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">13.5)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">601,269</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">630,653</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">4.7)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">584,576</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">687,661</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">15.0)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Southeast&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">157</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">114</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">37.7%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">195</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">231</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">15.6)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">228</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">316</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">27.8)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">79,267</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">63,990</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">23.9%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">104,493</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">115,804</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">9.8)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">130,678</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">147,268</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">504,885</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">561,316</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">535,862</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">501,316</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.9%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">573,149</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">466,038</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">23.0%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">638</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">664</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">757</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">620</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">22.1%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">502</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">827</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">39.3)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">314,349</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">321,722</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">2.3)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">376,549</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">316,836</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">18.8%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">263,272</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">393,980</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">33.2)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">492,710</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">484,521</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.7%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">497,423</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">511,026</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">524,446</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">476,397</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.1%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated Total</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,211</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,192</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.6%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,431</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,255</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.0%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,491</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,041</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">26.9)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">619,636</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">645,793</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">4.1)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">769,050</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">687,424</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.9%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">838,812</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,158,768</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">27.6)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">511,673</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">541,773</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">5.6)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">537,421</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">547,748</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">1.9)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">562,584</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">567,745</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">)</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(excluding KSA JV)</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">205</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">204</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.5%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">245</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">224</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.4%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">387</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">422</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">129,354</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">145,480</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">164,971</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">150,968</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.3%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">264,240</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">299,510</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">11.8)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">630,995</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">713,137</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">673,351</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">673,964</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">0.1)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">682,791</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">709,739</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">3.8)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Grand Total</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,416</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,396</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.4%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,676</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,479</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13.3%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,878</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,463</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">23.8)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">748,990</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">791,273</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">934,021</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">838,392</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.4%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,103,052</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,458,278</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">24.4)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">528,948</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">566,814</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">6.7)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">557,292</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">566,864</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">1.7)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">587,355</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">592,074</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">0.8)%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">39</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">109</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">64.2)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">66.7)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">607</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">211</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">187.7%</font></p>










</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,193</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28,069</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">67.2)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">475</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">62.7)%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">148,308</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">47,447</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">212.6%</font></p>










</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">235,718</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">257,514</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177,000</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">158,333</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.8%</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">244,329</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>










</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">224,867</font></p>










</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.7%</font></p>










</td>





</tr>
















</table>










<br>
<table cellspacing="0" cellpadding="0" width="100%" style="font-size: 10pt; border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; height: 46px; width: 100%;">

<tr style="height: 10px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; 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>










</td>




</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 16px; text-align: justify;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>










</td>




</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 10px; text-align: justify;">
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1)</font>  <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">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>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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 88 homes and $74.2 million of contract backlog as of July 31, </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 unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">acquired from a joint venture the company closed out during the three months ended July 31, 2024.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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 style="line-height: inherit;">&#160;</font>homebuilding<font style="line-height: inherit;">&#160;</font>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>










</div>
<div style="line-height: 1.2;">
<p style="margin: 0px; text-indent: 0px;">&#160;</p>
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<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">12</font></font></td>










</tr>





















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<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 418px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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: 0px 5.4px; vertical-align: bottom;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom;"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom;" colspan="5"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom;" colspan="5"><br></td>
<td style="padding: 0px 5.4px; vertical-align: bottom;" colspan="5"><br></td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">Deliveries</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">Nine Months Ended</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">Nine Months Ended</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">July 31,</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">July 31,</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">July 31,</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-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;">&#160;</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; 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;">2025</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; 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;">2025</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; 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;">2025</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px; width: 14%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> (3)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(DE, MD, NJ, OH, PA, VA, WV)&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,353</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,346</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.5%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,374</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,067</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28.8%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">761</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">898</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">15.3)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">739,452</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">835,809</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">826,071</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">642,481</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28.6%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">444,862</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">617,520</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">28.0)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">546,528</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">620,958</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">12.0)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">601,216</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">602,138</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">0.2)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">584,576</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">687,661</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">15.0)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">461</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">388</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">18.8%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">472</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">29.8)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">228</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">316</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">27.8)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">239,237</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">206,722</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">15.7%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">230,533</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">349,801</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">34.1)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">130,678</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">147,268</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">518,952</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">532,789</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">488,417</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">520,537</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">573,149</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">466,038</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">23.0%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">(4)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,000</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,097</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,124</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,862</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.1%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">502</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">827</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">39.3)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">990,833</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,013,424</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,009,674</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">955,707</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.6%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">263,272</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">393,980</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">33.2)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">495,417</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">483,273</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.5%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">475,364</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">513,269</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">7.4)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">524,446</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">476,397</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.1%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated Total</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3,814</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3,831</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3,970</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3,601</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.2%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,491</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,041</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">26.9)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,969,522</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,055,955</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">4.2)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,066,278</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,947,989</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.1%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">838,812</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,158,768</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">27.6)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">516,393</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">536,663</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">3.8)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">520,473</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">540,958</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">3.8)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">562,584</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">567,745</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(excluding KSA JV)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">631</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">605</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.3%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">649</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">568</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.3%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">387</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">422</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(2)</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(3)</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;"> (4) (5)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">406,316</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">420,973</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">441,242</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">386,914</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.0%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">264,240</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">299,510</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">11.8)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">643,924</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">695,823</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">679,880</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">681,187</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">0.2)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">682,791</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">709,739</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">3.8)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Grand Total</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4,445</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4,436</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.2%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4,619</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4,169</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10.8%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,878</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,463</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">23.8)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,375,838</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,476,928</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">4.1)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,507,520</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,334,903</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.4%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,103,052</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,458,278</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">24.4)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">534,497</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">558,370</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">542,871</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">560,063</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">587,355</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">592,074</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">0.8)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">332</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">208</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">59.6%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">47</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">97.9)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">607</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">211</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">187.7%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">84,125</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">49,310</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">70.6%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,987</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">98.2)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">148,308</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">47,447</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">212.6%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">253,389</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">237,067</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.9%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177,000</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">212,489</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">16.7)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">244,329</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">224,867</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.7%</font></p>











</td>





</tr>

















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<tr style="height: 10px;">
<td colspan="17" style="padding: 10px 0px 0px 5px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">DELIVERIES INCLUDE EXTRAS</font></p>











</td>




</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>











</td>




</tr>
<tr style="height: 80px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 80px; text-align: justify;">
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1)</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> 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>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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&#160;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">unconsolidated 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>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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 88 homes and $74.2 million of contract backlog as of July 31, </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 unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">acquired from a joint venture the company closed out during the three months ended July 31, 2024.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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;">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</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 </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">ended</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> January 31, 2025.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(5) 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 style="line-height: inherit;">&#160;</font>homebuilding<font style="line-height: inherit;">&#160;</font>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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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class="pageno">13</font></font></td>










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<p style="margin: 0pt;">&#160;</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;">HOVNANIAN ENTERPRISES, INC.</font></p>











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<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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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<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">Deliveries</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; 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;">Contract</font></p>











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<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">Three Months Ended</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">Three Months Ended</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; 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;">Backlog</font></p>











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<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">July 31,</font></p>











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<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">July 31,</font></p>











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<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; 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;">July 31,</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;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-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;">&#160;</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; 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;">2025</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; 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;">2025</font></p>











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<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; 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;">2025</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px; width: 14%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Northeast (2)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">131</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">126</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.0%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">144</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44.0%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">290</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">230</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">26.1%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Excluding KSA JV)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">84,837</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">96,909</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">99,899</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">75,432</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">32.4%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">192,171</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">185,942</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.3%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">647,611</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">769,119</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">15.8)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">693,743</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">754,320</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">8.0)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">662,659</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">808,443</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">18.0)%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Southeast</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">58</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">65</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">77</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">96</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">19.8)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">82</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">166</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">50.6)%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">35,362</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">41,734</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">15.3)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">51,806</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">61,333</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">15.5)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">63,462</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">101,312</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">37.4)%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">609,690</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">642,062</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,805</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">638,885</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5.3%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">773,927</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">610,313</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">26.8%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">23.1%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">24</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">14.3)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">15</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">26</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">42.3)%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,155</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6,837</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">33.9%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13,266</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14,203</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8,607</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12,256</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">29.8)%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">572,188</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">525,923</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.8%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">552,750</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">507,250</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.0%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">573,800</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">471,385</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21.7%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">(</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">205</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">204</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.5%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">245</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">224</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.4%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">387</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">422</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">129,354</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">145,480</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">164,971</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">150,968</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.3%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">264,240</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">299,510</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">11.8)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">630,995</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">713,137</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">673,351</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">673,964</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">0.1)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">682,791</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">709,739</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">3.8)%</font></p>











</td>





</tr>
<tr style="height: 10px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">39</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">109</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">64.2)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">66.7)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">607</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">211</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">187.7%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,193</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28,069</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">67.2)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">475</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">62.7)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">148,308</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">47,447</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">212.6%</font></p>











</td>





</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">235,718</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">257,514</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177,000</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">158,333</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.8%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">244,329</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">224,867</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.7%</font></p>











</td>





</tr>

















</table>










<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 68px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; 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>











</td>




</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>











</td>




</tr>
<tr style="height: 32px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 32px; text-align: justify;">
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1)</font>  <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">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>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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 88 homes and $74.2 million of contract backlog as of July 31, </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 unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">acquired from a joint venture the company closed out during the three months ended July 31, 2024.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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 style="line-height: inherit;">&#160;</font>homebuilding<font style="line-height: inherit;">&#160;</font>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>
















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<p style="margin: 0pt; text-align: left;"><br></p>
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<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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<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<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 style="height: 16px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">Deliveries</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; 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;">Contract</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">Nine Months Ended</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">Nine Months Ended</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; 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;">Backlog</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">July 31,</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; 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;">July 31,</font></p>











</td>
<td colspan="5" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; 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;">July 31,</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-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;">&#160;</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; 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;">2025</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; 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;">2025</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; 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;">2025</font></p>











</td>
<td colspan="2" style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; 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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; 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: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px; width: 14%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Northeast (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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">386</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">353</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.3%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">370</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">281</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">31.7%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">290</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">230</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">26.1%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Excluding KSA JV)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">250,414</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">277,612</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">9.8)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">270,613</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">209,139</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">29.4%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">192,171</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">185,942</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.3%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">648,741</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">786,436</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">17.5)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">731,386</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">744,267</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">1.7)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">662,659</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">808,443</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">18.0)%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">194</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">180</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.8%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">230</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">215</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.0%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">82</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">166</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">50.6)%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">127,762</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">108,405</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">17.9%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">144,792</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">140,854</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.8%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">63,462</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">101,312</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">37.4)%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">658,567</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">602,250</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.4%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">629,530</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">655,135</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">773,927</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">610,313</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">26.8%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;"> (4)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">51</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">72</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">29.2)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">49</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">72</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">31.9)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">15</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">26</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">42.3)%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28,140</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">34,956</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">19.5)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">25,837</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">36,921</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">30.0)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8,607</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12,256</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">29.8)%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">551,765</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">485,500</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13.6%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">527,286</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">512,792</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.8%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">573,800</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">471,385</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21.7%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">631</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">605</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.3%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">649</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">568</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.3%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">387</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">422</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(2)</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(3) (4) (5)</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">406,316</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">420,973</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">441,242</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">386,914</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.0%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">264,240</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">299,510</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">11.8)%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">643,924</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">695,823</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">679,880</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">681,187</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">0.2)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">682,791</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">709,739</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">3.8)%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">332</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">208</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">59.6%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">47</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">97.9)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">607</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">211</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">187.7%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">84,125</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">49,310</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">70.6%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,987</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">98.2)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">148,308</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">47,447</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">212.6%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">253,389</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">237,067</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.9%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177,000</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">212,489</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><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;">16.7)%</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">244,329</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>











</td>
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">224,867</font></p>











</td>
<td style="background-color: #c0c0c0; padding: 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: #000000 !important; border-right-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.7%</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&#160;</font></p>











</td>




</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 16px; border-bottom-width: 1px; 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>











</td>




</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>











</td>




</tr>
<tr style="height: 80px;">
<td colspan="17" style="padding: 0px 0px 0px 5.4px; vertical-align: bottom; height: 80px; text-align: justify;">
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1)</font>  <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">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>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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&#160;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">unconsolidated 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>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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 88 homes and $74.2 million of contract backlog as of July 31, </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 unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities</font> <font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">acquired from a joint venture the company closed out during the three months ended July 31, 2024.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><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;">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</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 </font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">ended</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"> January 31, 2025.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(5) 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 style="line-height: inherit;">&#160;</font>homebuilding<font style="line-height: inherit;">&#160;</font>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>










</div>










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<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.2</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>Aug. 21, 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">Aug. 21,  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>
</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_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</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_EntityEmergingGrowthCompany', window );">Entity, Emerging Growth Company</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_AmendmentFlag', window );">Amendment Flag</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_EntityCentralIndexKey', window );">Entity, Central Index Key</a></td>
<td class="text">0000357294<span></span>
</td>
<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=us-gaap_CommonClassAMember', window );">Common Class A [Member]</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_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>
</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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">HOV<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">NYSE<span></span>
</td>
<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=us-gaap_CommonClassBMember', window );">Common Class B [Member]</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_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>
</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_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>
</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_DepositorySharesMember', window );">Depository Shares [Member]</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_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>
</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_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">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.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<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 XBRL content amends previously-filed or accepted submission.</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_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<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_CityAreaCode">
<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>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>
</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_DocumentInformationLineItems">
<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>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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</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:stringItemType</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_DocumentPeriodEndDate">
<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>
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<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>
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<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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</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<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</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 d1-1<br></p></div>
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<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 soliciting material pursuant to Rule 14a-12 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 14a<br> -Subsection 12<br></p></div>
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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>
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<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 written communications pursuant to Rule 425 under the Securities 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 Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>16
<FILENAME>0001753926-25-001375-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
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