REAL ESTATE INVENTORY (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Schedule of Inventory

Inventory consists of the following:

	As of December 31,
(Dollars in thousands)	2024		2023
Real estate developed and under development	$	4,455,623	$	3,855,534
Real estate held for development or held for sale (1)	26,301		29,317
Total land inventory	4,481,924		3,884,851
Operating communities (2)	1,524,352		1,414,528
Capitalized interest	156,613		174,449
Total owned inventory	6,162,889		5,473,828
Consolidated real estate not owned	71,195		71,618
Total real estate inventory	$	6,234,084	$	5,545,446

(1)Real estate held for development or held for sale includes properties which are not in active production.

(2)Operating communities consist of all vertical construction costs relating to homes in progress and completed homes.

Schedule of owned and controlled lots

A summary of owned and controlled lots is as follows:

	As of December 31,
(Dollars in thousands)	2024	2023
Owned lots:
Undeveloped	16,345	13,418
Under development	8,774	8,848
Finished	11,599	11,811
Total owned lots	36,718	34,077
Controlled lots:
Land option purchase contracts	9,529	8,621
Land banking arrangements	6,895	5,818
Other controlled lots(1)	33,011	23,846
Total controlled lots	49,435	38,285
Total owned and controlled lots	86,153	72,362
Homes in inventory	7,698	7,867

(1)Other controlled lots include single transaction take-downs and lots from our portion of unconsolidated JVs.

Schedule of Interest Capitalized, Incurred, Expensed and Amortized

Capitalized Interest — Interest capitalized, incurred and amortized is as follows:

	Year ended December 31,
(Dollars in thousands)	2024		2023		2022
Interest capitalized - beginning of period	$	174,449	$	190,123	$	168,670
Interest capitalized	96,363		119,196		159,913
Interest amortized to cost of home closings	(114,199)		(134,870)		(138,460)
Interest capitalized - end of period	$	156,613	$	174,449	$	190,123