Payables and Accruals

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure

4. ACCRUED EXPENSES

A summary of the Company’s accrued expenses is as follows (in thousands):

	March 31, 2024		December 31, 2023
Real estate development reserve to complete(1)	$	28,328	$	26,063
Warranty reserve	25,116		23,474
Federal income tax payable	17,402		—
Accrued compensation	8,841		14,960
Accrued property tax payable	6,797		5,003
Other accrued expenses	27,734		26,957
Total accrued expenses	$	114,218	$	96,457

(1)The Company’s real estate development reserve to complete consists of estimated future costs to complete the development of its communities.

Warranties

Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three months ended March 31, 2024 and 2023 consisted of the following (in thousands):

	Three Months Ended March 31,
	2024		2023
Warranty accrual, beginning of period	$	23,474	$	17,945
Warranties issued	2,753		2,045
Changes in liability for existing warranties	198		633
Payments made	(1,309)		(1,091)
Warranty accrual, end of period	$	25,116	$	19,532