Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities
Net income before allocation to non-controlling interests	$ 100,429	$ 213,731
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Net income from unconsolidated entities	(2,877)	(1,975)
Stock compensation expense	6,560	7,785
Distributions of earnings from unconsolidated entities	4,577	3,096
Depreciation and amortization	10,735	9,021
Lease expense	5,000	4,945
Debt issuance costs amortization	800	665
Inventory impairment charges	8,182	14,878
Changes in operating assets and liabilities:
Real estate inventory and land deposits	(127,337)	(79,943)
Mortgage loans held for sale, prepaid expenses and other assets	(6,083)	(46,004)
Customer deposits	29,498	3,567
Accounts payable, accrued expenses and other liabilities	(40,102)	(117,349)
Income taxes payable	187	64,814
Net cash (used in)/provided by operating activities	(10,431)	77,231
Cash Flows from Investing Activities:
Purchase of property and equipment	(9,963)	(8,513)
Distributions of capital from unconsolidated entities	8,750	0
Investments of capital into unconsolidated entities	(6,483)	(36,592)
Purchase of fixed-maturity securities	(15,727)	0
Proceeds from sale and maturities of fixed-maturity securities	6,285	0
Purchase of equity securities	(995)	0
Net cash used in investing activities	(18,133)	(45,105)
Cash Flows from Financing Activities
Repayments on loans payable and other borrowings	(9,618)	0
Borrowings on mortgage warehouse facilities	531,191	854,722
Repayments on mortgage warehouse facilities	(522,941)	(853,441)
Changes in stock option exercises and issuance of restricted stock units, net	(7,570)	(5,663)
Payment of principal portion of finance lease	(1,321)	(1,321)
Repurchase of common stock, net	(149,578)	(135,093)
Cash and distributions to non-controlling interests of consolidated joint ventures	(9,397)	(393)
Net cash used in financing activities	(169,234)	(141,189)
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(197,798)	(109,063)
Cash, Cash Equivalents, and Restricted Cash — Beginning of period	851,231	487,166
Cash, Cash Equivalents, and Restricted Cash — End of period	653,433	378,103
Supplemental Cash Flow Information
Income taxes paid, net	677	(24)
Supplemental Non-Cash Investing and Financing Activities:
Loans payable issued to sellers in connection with land purchase contracts	76,886	220
Change in consolidated real estate not owned	6,332	55,200
Accrual of excise tax on share repurchases	$ (1,227)	$ (1,023)