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DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Total debt consists of the following (in thousands):
As of
September 30, 2025December 31, 2024
PrincipalUnamortized
Debt Issuance (Costs)/
Premium 		Carrying
Value		PrincipalUnamortized
Debt Issuance (Costs)/
Premium 		Carrying
Value
5.875% Senior Notes due 2027
500,000 (1,303)498,697 500,000 (1,890)498,110 
6.625% Senior Notes due 2027(1)
27,070 517 27,587 27,070 733 27,803 
5.75% Senior Notes due 2028
450,000 (1,447)448,553 450,000 (1,920)448,080 
5.125% Senior Notes due 2030
500,000 (3,065)496,935 500,000 (3,539)496,461 
Senior Notes subtotal$1,477,070 $(5,298)$1,471,772 $1,477,070 $(6,616)$1,470,454 
Loans payable and other borrowings568,813 — 568,813 475,569 — 475,569 
$1 Billion Revolving Credit Facility(2)
— — — — — — 
Mortgage warehouse facilities borrowings150,176 — 150,176 174,460 — 174,460 
Total debt$2,196,059 $(5,298)$2,190,761 $2,127,099 $(6,616)$2,120,483 
(1) Unamortized debt issuance premium is reflective of fair value adjustments as a result of purchase accounting.
(2) Unamortized debt issuance costs related to the $1 billion Revolving Credit Facility are included in the Prepaid expenses and other assets, net on the unaudited Condensed consolidated balance sheets.
Debt Instruments
Excluding the debt instruments discussed below, the terms governing all other debt instruments listed in the table above have not substantially changed from the year ended December 31, 2024. For information regarding such instruments, refer to Note 8 - Debt to the Consolidated financial statements in our Annual Report. As of September 30, 2025, we were in compliance with all of the covenants in the debt instruments listed in the table above.

$1 Billion Revolving Credit Facility
Our $1 Billion Revolving Credit Facility has a maturity date of March 11, 2027. During the three months ended September 30, 2025, we borrowed and repaid $140.0 million under our $1 Billion Revolving Credit Facility. We had no outstanding borrowings under our $1 Billion Revolving Credit Facility as of September 30, 2025 and December 31, 2024.
As of September 30, 2025 and December 31, 2024, we had $1.3 million and $2.0 million, respectively, of unamortized debt issuance costs, which are included in Prepaid expenses and other assets, net, on the unaudited Condensed consolidated balance sheets. As of September 30, 2025 and December 31, 2024, we had $45.2 million and $52.9 million, respectively, of utilized letters of credit, resulting in $954.8 million and $947.1 million, respectively, of availability.
As of September 30, 2025, we were in compliance with all of the covenants under the $1 Billion Revolving Credit Facility.
Mortgage Warehouse Facilities Borrowings
The following is a summary of our mortgage warehouse facilities borrowings (in thousands):
As of September 30, 2025
FacilityAmount
Drawn		Facility
Amount
Interest
Rate(1)
Expiration
Date
Collateral (1)
Warehouse B$— $60,000 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse C53,095 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D46,620 100,000 
Term SOFR + 1.50%
September 2, 2026Mortgage loans
Warehouse E50,461 100,000 
Daily SOFR + 1.60%
on demandMortgage loans
$150,176 $385,000  
As of December 31, 2024
FacilityAmount
Drawn		Facility
Amount
Interest
Rate(1)
Expiration
Date
Collateral (1)
Warehouse A(2)
$— $— 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse B(2)
2,123 60,000 
Term SOFR + 1.70%
on demandMortgage loans
Warehouse C69,008 125,000 
Term SOFR + 1.50%
on demandMortgage loans
Warehouse D60,176 125,000 
Daily SOFR + 1.50%
September 3, 2025(3)
Mortgage loans
Warehouse E$43,153 $100,000 
Term SOFR + 1.60%
on demandMortgage loans
Total$174,460 $410,000 
(1) The Mortgage warehouse facilities borrowings outstanding as of September 30, 2025 and December 31, 2024 were collateralized by $198.5 million and $207.9 million, respectively, of Mortgage loans held for sale. "SOFR" refers to the Secured Overnight Financing Rate.
(2) During December 2024, Warehouse A's bank was purchased by Warehouse B's bank and created a new facility referred to as Warehouse B. As a result, there was no availability under Warehouse A as of December 31, 2024. Warehouse B has been relabeled and was labeled as Warehouse F in our Annual Report.
(3) On August 29, 2025, we extended the term of Warehouse D to September 2, 2026.



Loans Payable and Other Borrowings
Loans payable and other borrowings as of September 30, 2025 and December 31, 2024 consist of project-level debt due to various land sellers and financial institutions for specific communities. Project-level debt is generally secured by the land that was acquired and the principal payments generally coincide with corresponding project lot closings or a principal reduction schedule. Loans payable bear interest at rates that ranged from 0% to 11% at September 30, 2025 and December 31, 2024. We impute interest for loans with no stated interest rates.