v3.26.1
ORGANIZATION AND BASIS OF PRESENTATION (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Lease, Cost
The table below outlines our ROU assets and lease liabilities (in thousands):
As of
March 31, 2026December 31, 2025
ROU assets$57,164 $56,985 
Lease liabilities60,784 60,470 
Schedule of Surety Bond and Letter of Credit Obligations
The table below outlines our surety bond and letter of credit obligations (in thousands):
As of
 March 31, 2026December 31, 2025
 OutstandingEstimated work
remaining to
complete		OutstandingEstimated work
remaining to
complete
Sureties:
Sureties related to owned projects and lots under contract$1,011,633 $591,882 $965,349 $585,768 
Total Sureties$1,011,633 $591,882 $965,349 $585,768 
Letters of Credit (“LOCs”):
LOCs for land development75,958 N/A70,547 N/A
LOCs for general corporate operations5,000 N/A5,000 N/A
Total LOCs$80,958 N/A$75,547 N/A
Schedule of Accrued Liabilities Accrued and other liabilities at March 31, 2026 and December 31, 2025 consisted of the following (in thousands):
As of
 March 31, 2026December 31, 2025
Accruals related to real estate development and construction activities$138,514 $144,122 
Payroll and other benefits66,566 98,591 
Accrued interest18,309 14,619 
Accrued taxes18,110 14,205 
Warranty reserves26,042 26,677 
Lease liabilities60,784 60,470 
Liabilities related to consolidated real estate not owned59,947 — 
Other accruals20,446 29,014 
Total$408,718 $387,698 
Summary of Changes in Warranty Reserves
A summary of changes in our warranty reserves follows (in thousands):
 Three Months Ended March 31,
 20262025
Balance, beginning of period$26,677 $32,693 
Additions to reserve from new home deliveries2,971 4,390 
Warranty claims, net of recoveries(3,606)(1,731)
Adjustments to pre-existing reserves— — 
Balance, end of period$26,042 $35,352