ACCRUED EXPENSES AND OTHER LIABILITIES

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER LIABILITIES

ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following (in thousands):

	As of
	September 30, 2025		December 31, 2024
Real estate development costs to complete	$	46,309	$	44,046
Compensation and employee benefits	108,142		174,509
Self-insurance and warranty reserves	221,294		214,105
Interest payable	30,589		32,288
Property and sales taxes payable	44,369		36,575
Other accruals	168,333		130,727
Total accrued expenses and other liabilities	$	619,036	$	632,250

Self-Insurance and Warranty Reserves – We accrue for the expected costs associated with our limited warranty, deductibles and self-insured exposure under our various insurance policies within Beneva Indemnity Company (“Beneva”), a wholly owned subsidiary. A summary of the changes in reserves are as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Reserve - beginning of period (1)	$	237,655	$	181,790	$	214,105	$	184,448
Additions to reserves	19,765		20,971		61,476		63,161
Claims paid	(26,241)		(18,423)		(66,535)		(68,329)
Changes in estimates and other reserve adjustments, net	(9,885)		8,975		12,248		14,033
Reserve - end of period	$	221,294	$	193,313	$	221,294	$	193,313

Due to the degree of judgment required in making these estimates and the inherent uncertainty in potential outcomes, it is reasonably possible that actual costs could differ from those reserved and such differences could be material, resulting in a change in future estimated reserves.