XML 36 R24.htm IDEA: XBRL DOCUMENT v3.25.2
Inventory (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Real Estate Inventory
A summary of inventory is as follows (in thousands):
June 30, 2025December 31, 2024
Homes completed or under construction$665,160 $678,198 
Land and lots - developed and under development1,286,288 1,234,532 
Land held for future development(1)
14,481 14,481 
Land held for sale10,982 10,521 
Total inventory$1,976,911 $1,937,732 
(1)Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. All applicable carrying costs, including property taxes, are expensed as incurred.

As of June 30, 2025, the Company reviewed the performance and outlook for all of its communities and land inventory for indicators of potential impairment and performed detailed impairment analysis when such indicators were identified. For the three and six months ended June 30, 2025 and 2024, the Company did not record an impairment adjustment to reduce the carrying value of communities or land inventory to fair value.
Summary of Real Estate Inventory Capitalized Interest Costs
A summary of interest costs incurred, capitalized and expensed is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest capitalized at beginning of period$27,800 $24,893$26,621 $24,126 
Interest incurred3,220 3,4726,661 6,923 
Interest charged to cost of revenues(2,626)(3,131)(4,888)(5,815)
Interest capitalized at end of period$28,394 $25,234$28,394 $25,234 
Capitalized interest as a percentage of inventory1.4 %1.4 %