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OPERATING AND REPORTING SEGMENTS
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
OPERATING AND REPORTING SEGMENTS OPERATING AND REPORTING SEGMENTS
We operate with two principal business segments: homebuilding and financial services. As defined in ASC 280-10, Segment Reporting, we have twelve homebuilding operating segments. The homebuilding segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes and providing warranty and customer services. We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:
West:
Arizona, California, Colorado and Utah
Central:
Tennessee and Texas
East:
Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina
We define our segments based on the way in which internally reported financial information is regularly provided and reviewed by the Chief Operating Decision Maker ("CODM") to analyze financial performance, make decisions, and allocate resources. Our CODM is the chief executive officer. The CODM’s evaluation of the homebuilding segment performance is based on segment home closing revenue, home closing gross profit and gross margin, total closing gross profit, commissions and other sales costs, general and administrative expenses incurred by or allocated to each segment, including impairments, and operating income. The CODM uses these performance metrics predominantly in the annual budget and forecasting process
and considers budget-to-actual variances on a quarterly basis for these measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses these data points to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees. The CODM also reviews financial services profits and losses to evaluate the performance of the financial services segment and make decisions about allocation of resources and financial services related product offerings.
Each reportable segment follows the same accounting policies described in Note 1, “Organization and Basis of Presentation.” Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity for the periods presented.
The following tables provide financial information about our reportable segments and Corporate and other categories (in thousands):
Three Months Ended March 31, 2026
WestCentralEastTotal
Home closing revenue$336,183 $376,300 $395,339 $1,107,822 
Land closing revenue— 2,726 6,635 9,361 
Total closing revenue336,183 379,026 401,974 1,117,183 
Cost of home closings274,703 307,695 331,626 914,024 
Cost of land closings— 2,670 6,960 9,630 
Total cost of closings274,703 310,365 338,586 923,654 
Home closing gross profit61,480 68,605 63,713 193,798 
Land closing gross (loss)/profit— 56 (325)(269)
Total closing gross profit61,480 68,661 63,388 193,529 
Home closing gross margin18.3%18.2%16.1%17.5%
Commissions and other sales costs21,371 28,477 29,624 79,472 
General and administrative expenses10,851 11,172 16,093 38,116 
Homebuilding segment operating income29,258 29,012 17,671 75,941 
Financial services segment profit3,493 
Corporate and unallocated costs (1)(13,286)
Interest expense(587)
Other income, net6,963 
Earnings before income taxes$72,524 

(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
Three Months Ended March 31, 2025
WestCentralEastTotal
Home closing revenue$479,636 $412,537 $449,931 $1,342,104 
Land closing revenue691 930 13,800 15,421 
Total closing revenue480,327 413,467 463,731 1,357,525 
Cost of home closings$374,665 $321,808 $349,981 $1,046,454 
Cost of land closings142 335 11,779 12,256 
Total cost of closings374,807 322,143 361,760 1,058,710 
Home closing gross profit104,971 90,729 99,950 295,650 
Land closing gross profit549 595 2,021 3,165 
Total closing gross profit105,520 91,324 101,971 298,815 
Home closing gross margin21.9%22.0%22.2%22.0%
Commissions and other sales costs27,402 32,657 34,661 94,720 
General and administrative expenses13,453 12,839 18,092 44,384 
Homebuilding segment operating income64,665 45,828 49,218 159,711 
Financial services segment profit3,563 
Corporate and unallocated costs (1)(12,613)
Interest expense— 
Other income, net9,498 
Earnings before income taxes$160,159 

(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.


 At March 31, 2026
 WestCentralEastFinancial ServicesCorporate  and
Unallocated		Total
Deposits on real estate under option or contract$26,558 $60,853 $78,825 $— $— $166,236 
Real estate1,762,412 1,648,341 2,551,322 — — 5,962,075 
Investments in unconsolidated entities30,690 29,183 — — 889 60,762 
Other assets45,058 (1)312,229 (2)89,553 (3)2,888 915,810 (4)1,365,538 
Total assets$1,864,718 $2,050,606 $2,719,700 $2,888 $916,699 $7,554,611 

(1)Balance consists primarily of prepaid expenses and other assets and property and equipment, net.
(2)Balance consists primarily of development reimbursements from local municipalities, prepaid expenses and other assets, and cash and cash equivalents.
(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaid expenses and other assets.
(4)Balance consists primarily of cash and cash equivalents, prepaids and other assets, and deferred tax assets.
 At December 31, 2025
 WestCentralEastFinancial ServicesCorporate  and
Unallocated		Total
Deposits on real estate under option or contract$26,155 $61,686 $86,329 $— $— $174,170 
Real estate1,782,502 1,685,355 2,519,263 — — 5,987,120 
Investments in unconsolidated entities28,631 27,734 — — 903 57,268 
Other assets37,118 (1)309,583 (2)78,724 (3)2,342 975,962 (4)1,403,729 
Total assets$1,874,406 $2,084,358 $2,684,316 $2,342 $976,865 $7,622,287 
(1)Balance consists primarily of property and equipment, net, prepaid expenses and other assets, and development receivables.
(2)Balance consists primarily of development reimbursements from local municipalities, property and equipment, net, goodwill (see Note 9), and prepaid expenses and other assets.
(3)Balance consists primarily of prepaid expenses and other assets, goodwill (see Note 9), and property and equipment, net.
(4)Balance consists primarily of cash and cash equivalents, prepaids and other assets, and deferred tax assets.