OPERATING AND REPORTING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

The following tables provide financial information about our reportable segments and Corporate and other categories (in thousands):


	Three Months Ended March 31, 2025
	West		Central		East		Total
Home closing revenue	$	479,636	$	412,537	$	449,931	$	1,342,104
Land closing revenue	691		930		13,800		15,421
Total closing revenue	480,327		413,467		463,731		1,357,525

Cost of home closings	374,665		321,808		349,981		1,046,454
Cost of land closings	142		335		11,779		12,256
Total cost of closings	374,807		322,143		361,760		1,058,710

Home closing gross profit	104,971		90,729		99,950		295,650
Land closing gross profit	549		595		2,021		3,165
Total closing gross profit	105,520		91,324		101,971		298,815

Home closing gross margin	21.9%		22.0%		22.2%		22.0%

Commissions and other sales costs	27,402		32,657		34,661		94,720
General and administrative expenses	13,453		12,839		18,092		44,384

Homebuilding segment operating income	64,665		45,828		49,218		159,711

Financial services segment profit							3,563
Corporate and unallocated costs (1)							(12,613)

Interest expense							—
Other income, net							9,498

Earnings before income taxes							$	160,159

(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.


	Three Months Ended March 31, 2024
	West		Central		East		Total
Home closing revenue	$	515,632	$	483,770	$	466,694	$	1,466,096
Land closing revenue	—		—		2,305		2,305
Total closing revenue	515,632		483,770		468,999		1,468,401

Cost of home closings	$	400,504	$	350,371	$	337,263	$	1,088,138
Cost of land closings	—		—		2,298		2,298
Total cost of closings	400,504		350,371		339,561		1,090,436

Home closing gross profit	115,128		133,399		129,431		377,958
Land closing gross profit	—		—		7		7
Total closing gross profit	115,128		133,399		129,438		377,965

Home closing gross margin	22.3%		27.6%		27.7%		25.8%

Commissions and other sales costs	31,158		37,245		33,147		101,550
General and administrative expenses	12,706		11,383		13,682		37,771

Homebuilding segment operating income	71,264		84,771		82,609		238,644

Financial services segment loss							(690)
Corporate and unallocated costs (1)							(12,961)

Interest expense							—
Other income, net							9,022

Earnings before income taxes							$	234,015

(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.

Schedule of Segment Assets


	At March 31, 2025
	West			Central			East			Financial Services		Corporate and Unallocated			Total
Deposits on real estate under option or contract	$	30,720		$	99,446		$	124,380		$	—	$	—		$	254,546
Real estate	1,872,979			1,608,310			2,319,665			—		—			5,800,954
Investments in unconsolidated entities	9,417			20,969			—			—		902			31,288
Other assets	47,685		(1)	300,828		(2)	97,697		(3)	2,183		1,165,037		(4)	1,613,430
Total assets	$	1,960,801		$	2,029,553		$	2,541,742		$	2,183	$	1,165,939		$	7,700,218

(1)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities, and property and equipment, net.

(2)Balance consists primarily of cash and cash equivalents, development reimbursements from local municipalities, goodwill (see Note 9), and prepaids and other assets.

(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets.

(4)Balance consists primarily of cash and cash equivalents, deferred tax assets and prepaids and other assets.


	At December 31, 2024
	West			Central			East			Financial Services		Corporate and Unallocated			Total
Deposits on real estate under option or contract	$	30,179		$	32,200		$	130,026		$	—	$	—		$	192,405
Real estate	1,862,792			1,613,735			2,252,248			—		—			5,728,775
Investments in unconsolidated entities	9,062			18,816			—			—		857			28,735
Other assets	28,251		(1)	270,203		(2)	91,082		(3)	3,049		820,154		(4)	1,212,739
Total assets	$	1,930,284		$	1,934,954		$	2,473,356		$	3,049	$	821,011		$	7,162,654

(1)Balance consists primarily of property and equipment, prepaid expenses and other assets, and development receivables.

(2)Balance consists primarily of development reimbursements from local municipalities, property and equipment, goodwill (see Note 9), and prepaid expenses and other assets.

(3)Balance consists primarily of cash and cash equivalents, goodwill (see Note 9), and prepaids and other assets.

(4)Balance consists primarily of cash and cash equivalents, deferred tax assets, prepaid expenses and other assets.