OPERATING AND REPORTING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

The following tables provide financial information about our reportable segments and Corporate and other categories (in thousands):


	Three Months Ended March 31, 2026
	West		Central		East		Total
Home closing revenue	$	336,183	$	376,300	$	395,339	$	1,107,822
Land closing revenue	—		2,726		6,635		9,361
Total closing revenue	336,183		379,026		401,974		1,117,183

Cost of home closings	274,703		307,695		331,626		914,024
Cost of land closings	—		2,670		6,960		9,630
Total cost of closings	274,703		310,365		338,586		923,654

Home closing gross profit	61,480		68,605		63,713		193,798
Land closing gross (loss)/profit	—		56		(325)		(269)
Total closing gross profit	61,480		68,661		63,388		193,529

Home closing gross margin	18.3%		18.2%		16.1%		17.5%

Commissions and other sales costs	21,371		28,477		29,624		79,472
General and administrative expenses	10,851		11,172		16,093		38,116

Homebuilding segment operating income	29,258		29,012		17,671		75,941

Financial services segment profit							3,493
Corporate and unallocated costs (1)							(13,286)

Interest expense							(587)
Other income, net							6,963

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
	West		Central		East		Total
Home closing revenue	$	479,636	$	412,537	$	449,931	$	1,342,104
Land closing revenue	691		930		13,800		15,421
Total closing revenue	480,327		413,467		463,731		1,357,525

Cost of home closings	$	374,665	$	321,808	$	349,981	$	1,046,454
Cost of land closings	142		335		11,779		12,256
Total cost of closings	374,807		322,143		361,760		1,058,710

Home closing gross profit	104,971		90,729		99,950		295,650
Land closing gross profit	549		595		2,021		3,165
Total closing gross profit	105,520		91,324		101,971		298,815

Home closing gross margin	21.9%		22.0%		22.2%		22.0%

Commissions and other sales costs	27,402		32,657		34,661		94,720
General and administrative expenses	13,453		12,839		18,092		44,384

Homebuilding segment operating income	64,665		45,828		49,218		159,711

Financial services segment profit							3,563
Corporate and unallocated costs (1)							(12,613)

Interest expense							—
Other income, net							9,498

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.

Schedule of Segment Assets


	At March 31, 2026
	West			Central			East			Financial Services		Corporate and Unallocated			Total
Deposits on real estate under option or contract	$	26,558		$	60,853		$	78,825		$	—	$	—		$	166,236
Real estate	1,762,412			1,648,341			2,551,322			—		—			5,962,075
Investments in unconsolidated entities	30,690			29,183			—			—		889			60,762
Other assets	45,058		(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
	West			Central			East			Financial Services		Corporate and Unallocated			Total
Deposits on real estate under option or contract	$	26,155		$	61,686		$	86,329		$	—	$	—		$	174,170
Real estate	1,782,502			1,685,355			2,519,263			—		—			5,987,120
Investments in unconsolidated entities	28,631			27,734			—			—		903			57,268
Other assets	37,118		(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.