Real estate inventory and capitalized interest (Tables)

6 Months Ended

Jun. 30, 2026

Real estate inventory and capitalized interest [Abstract]

Schedule of Real Estate Inventory

A summary of real estate inventory is as follows as of June 30, 2026 and December 31, 2025 (in thousands):

	June 30, 2026		December 31, 2025
Lots held for construction	$	71,213	$	81,844
Homes under construction, completed homes and model homes	260,003		216,793
Total real estate inventory	$	331,216	$	298,637

Schedule of Significant Quantitative Unobservable Inputs

The below table summarizes the significant quantitative unobservable inputs used in the Company’s discounted cash flow model to determine the fair value of its communities for which the Company recorded impairment charges as of June 30, 2026 and December 31, 2025:

	June 30, 2026	December 31, 2025
Average selling price	$272,000 to $305,000	$267,000 to $305,000
Closings per month	2 to 5	1 to 5
Discount rate	12%	12%

Schedule of Capitalized Interest

A summary of capitalized interest is as follows (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Capitalized interest, beginning of period	$	1,308	$	325	$	991	$	253
Interest incurred	1,295		1,645		3,020		2,539
Interest expensed	(640)		(772)		(1,488)		(1,438)
Interest charged to cost of home closings	(942)		(365)		(1,502)		(521)
Capitalized interest, end of period	$	1,021	$	833	$	1,021	$	833