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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities    
Net income before allocation to non-controlling interests $ 614,167,000 $ 642,547,000
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Net income from unconsolidated entities (3,554,000) (6,086,000)
Stock compensation expense 22,337,000 17,016,000
Distributions of earnings from unconsolidated entities 10,084,000 11,265,000
Depreciation and amortization 29,572,000 31,494,000
Operating lease expense 13,964,000 16,089,000
Debt issuance costs amortization 2,000,000 2,223,000
Change in Urban Form assets due to sale 21,924,000 0
Estimated development liabilities - change in estimate 0 (8,175,000)
Inventory impairments 28,821,000 2,325,000
Land held for sale write-down 0 6,782,000
Changes in operating assets and liabilities:    
Real estate inventory and land deposits (235,786,000) (871,310,000)
Mortgage loans held for sale, prepaid expenses and other assets (202,687,000) (183,674,000)
Customer deposits (75,718,000) (18,577,000)
Accounts payable, accrued expenses and other liabilities (51,967,000) 124,383,000
Income taxes payable (2,243,000) 5,528,000
Net cash provided by/(used in) operating activities 170,914,000 (228,170,000)
Cash Flows from Investing Activities:    
Purchase of property and equipment (29,240,000) (26,270,000)
Distributions of capital from unconsolidated entities 18,780,000 18,599,000
Investments of capital into unconsolidated entities (73,446,000) (74,647,000)
Net cash used in investing activities (83,906,000) (82,318,000)
Cash Flows from Financing Activities    
Increase in loans payable and other borrowings 140,473,000 0
Repayments on loans payable and other borrowings (1,250,000) (52,093,000)
Borrowings on revolving credit facility 240,000,000 100,000,000
Repayments on revolving credit facility (240,000,000) (100,000,000)
Borrowings on mortgage warehouse facilities 2,604,959,000 2,588,250,000
Repayments on mortgage warehouse facilities (2,629,244,000) (2,508,383,000)
Payments of deferred financing costs (2,791,000) 0
Changes in stock option exercises and issuance of restricted stock units, net (936,000) (7,442,000)
Payment of principal portion of finance lease (1,364,000) (1,382,000)
Repurchase of common stock, net (309,646,000) (257,691,000)
Distributions to non-controlling interests of consolidated joint ventures (3,458,000) (577,000)
Net cash used in financing activities (203,257,000) (239,318,000)
Net Decrease in Cash and Cash Equivalents and Restricted Cash (116,249,000) (549,806,000)
Cash, Cash Equivalents, and Restricted Cash — Beginning of period 487,166,000 807,099,000
Cash, Cash Equivalents, and Restricted Cash — End of period 370,917,000 257,293,000
Supplemental Cash Flow Information    
Income tax paid, net (230,207,000) (188,723,000)
Supplemental Non-Cash Investing and Financing Activities:    
Change in loans payable issued to sellers in connection with land purchase contracts 86,583,000 212,527,000
Change in inventory not owned 23,000,000 103,627,000
Accrual of excise tax on share repurchases $ (2,645,000) $ (2,678,000)