v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting [Text Block]
The Company’s chief operating decision makers evaluate the Company’s performance in various ways, including: (1) the results of our individual homebuilding operating segments and the results of our financial services operations; (2) the results of our homebuilding reportable segments; and (3) our consolidated financial results.
In accordance with ASC 280, Segment Reporting (“ASC 280”), we have identified each homebuilding division as an operating segment and have elected to aggregate our operating segments into separate reportable segments as they share similar aggregation characteristics prescribed in ASC 280 in the following regards: (1) long-term economic characteristics; (2) historical and expected future long-term gross margin percentages; (3) housing products, production processes and methods of distribution; and (4) geographical proximity.
The homebuilding operating segments that comprise each of our reportable segments are as follows:
NorthernSouthern
Chicago, IllinoisFt. Myers/Naples, Florida
Cincinnati, OhioOrlando, Florida
Columbus, OhioSarasota, Florida
Indianapolis, IndianaTampa, Florida
Minneapolis/St. Paul, MinnesotaAustin, Texas
Detroit, MichiganDallas/Fort Worth, Texas
Houston, Texas
San Antonio, Texas
Charlotte, North Carolina
Raleigh, North Carolina
Nashville, Tennessee
The following table shows, by segment: revenue; cost of sales; selling, general and administrative expense; operating income; interest (income) expense; and income before income taxes for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
(In thousands)20262025
Revenue:
Northern homebuilding$376,906 $410,377 
Southern homebuilding512,570 534,196 
Financial services (a)
31,231 31,520 
Total revenue$920,707 $976,093 
Cost of Sales:
Northern homebuilding$303,451 $319,459 
Southern homebuilding414,665 403,851 
Financial services (a)
— — 
Total cost of sales
$718,116 $723,310 
General and administrative expense:
Northern homebuilding$9,668 $9,136 
Southern homebuilding18,239 18,808 
Financial services (a)
14,507 12,753 
Segment general and administrative expense$42,414 $40,697 
Corporate and unallocated general and administrative expense18,772 18,376 
Total general and administrative expense$61,186 $59,073 
Selling expense:
Northern homebuilding$20,864 $21,190 
Southern homebuilding33,775 31,106 
Financial services (a)
— — 
Segment selling expense$54,639 $52,296 
Corporate and unallocated selling expense701 490
Total selling expense$55,340 $52,786 
Operating income:
Northern homebuilding$42,923 $60,592 
Southern homebuilding45,891 80,431 
Financial services (a)
16,724 18,767 
Segment operating income$105,538 $159,790 
 Corporate selling, general and administrative expense(19,473)(18,866)
Total operating income
$86,065 $140,924 
Interest (income) expense - net:
Northern homebuilding$(10)$(22)
Southern homebuilding(194)(2)
Financial services (a)
2,627 2,661 
Segment Interest (income) expense - net$2,423 $2,637 
Corporate Interest (income) expense - net(5,528)(7,834)
Total interest income, net of interest expense
$(3,105)$(5,197)
Income before income taxes$89,170 $146,121 
(a)Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of an immaterial amount of mortgage refinancing.

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The following tables show total assets by segment at March 31, 2026 and December 31, 2025:
March 31, 2026
(In thousands)NorthernSouthernFinancial Services Segment
Total		Corporate and UnallocatedTotal
Deposits on real estate under option or contract$23,760 $60,183 $— $83,943 $— $83,943 
Inventory (a)
1,119,155 2,196,003 — 3,315,158 — 3,315,158 
Investments in joint venture arrangements— 68,357 — 68,357 — 68,357 
Other assets45,880 145,451 
(b)
369,719 561,050 759,878 1,320,928 
Total assets$1,188,795 $2,469,994 $369,719 $4,028,508 $759,878 $4,788,386 

December 31, 2025
(In thousands)NorthernSouthernFinancial Services Segment
Total		Corporate and UnallocatedTotal
Deposits on real estate under option or contract$14,319 $60,226 $— $74,545 $— $74,545 
Inventory (a)
1,164,647 2,144,748 — 3,309,395 — 3,309,395 
Investments in joint venture arrangements— 106,299 — 106,299 — 106,299 
Other assets35,087 122,223 
(b)
375,682 532,992 753,894 1,286,886 
Total assets$1,214,053 $2,433,496 $375,682 $4,023,231 $753,894 $4,777,125 
(a)Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.
(b)Includes development reimbursements from local municipalities.