Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 652,933	$ 850,037
Restricted cash	500	1,194
Total cash	653,433	851,231
Real estate inventory:
Owned inventory	6,138,036	6,046,468
Consolidated real estate not owned	100,527	94,195
Total real estate inventory	6,238,563	6,140,663
Land deposits	388,277	360,690
Mortgage loans held for sale	139,001	132,512
Lease right of use assets	63,073	60,800
Prepaid expenses and other assets, net	530,473	566,670
Other receivables, net	269,835	241,678
Investments in unconsolidated entities	483,011	486,978
Deferred tax assets, net	74,363	74,363
Property and equipment, net	268,773	259,015
Goodwill	663,197	663,197
Total assets of consolidated joint ventures	9,771,999	9,837,797
Liabilities and stockholders' equity
Accounts payable	255,352	251,641
Accrued expenses and other liabilities	586,138	682,500
Lease liabilities	72,822	71,525
Income taxes payable	8,333	8,146
Customer deposits	154,527	125,029
Estimated development liabilities	4,365	4,365
Senior notes, net	1,463,865	1,463,333
Loans payable and other borrowings	787,061	745,169
Revolving credit facility borrowings	0	0
Mortgage warehouse facilities borrowings	90,855	82,605
Liabilities attributable to consolidated real estate not owned	100,527	94,195
Total liabilities	3,523,845	3,528,508
COMMITMENTS AND CONTINGENCIES (Note 13)
Total stockholders’ equity	6,248,154	6,309,289
Total liabilities and owners’ equity	$ 9,771,999	$ 9,837,797