Payables and Accruals

3 Months Ended

Mar. 31, 2025

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, 2025		December 31, 2024
Real estate development reserve to complete(1)	$	25,669	$	31,043
Warranty reserve	17,635		17,373
Federal income tax payable	14,709		3,749
Accrued compensation	10,316		20,309
Accrued property tax payable	6,494		10,973
Other accrued expenses	28,667		26,621
Total accrued expenses	$	103,490	$	110,068

(1)Our real estate development reserve to complete consists of budgeted costs to complete the development of our communities.

Warranties

Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three months ended March 31, 2025 and 2024 consisted of the following (in thousands):

	Three Months Ended March 31,
	2025		2024
Warranty reserve, beginning of period	$	17,373	$	23,474
Warranties issued	1,691		2,753
Changes in liability for existing warranties	(359)		198
Payments made	(1,070)		(1,309)
Warranty reserve, end of period	$	17,635	$	25,116