TRI POINTE HOMES, INC., 10-Q filed on 7/25/2024
Quarterly Report
v3.24.2
Cover - shares
 6 Months Ended
Jun. 30, 2024
Jul. 16, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-35796  
Entity Registrant Name Tri Pointe Homes, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-1763235  
Entity Address, Address Line One 940 Southwood Blvd  
Entity Address, Address Line Two Suite 200  
Entity Address, City or Town Incline Village  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89451  
City Area Code 775  
Local Phone Number 413-1030  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol TPH  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   93,589,441
Amendment Flag false  
Document Fiscal year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001561680  
Current Fiscal Year End Date --12-31  
v3.24.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 492,940 $ 868,953
Receivables 111,637 224,636
Real estate inventories 3,465,811 3,337,483
Investments in unconsolidated entities 133,591 131,824
Mortgage loans held for sale 32,936 0
Goodwill and other intangible assets, net 156,603 156,603
Deferred tax assets, net 37,996 37,996
Other assets 164,684 157,093
Total assets 4,596,198 4,914,588
Liabilities    
Accounts payable 57,410 64,833
Accrued expenses and other liabilities 437,237 453,531
Loans payable 283,929 288,337
Senior notes, net 646,030 1,094,249
Mortgage repurchase facilities 32,096 0
Total liabilities 1,456,702 1,900,950
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as June 30, 2024 and December 31, 2023, respectively 0 0
Common stock, $0.01 par value, 500,000,000 shares authorized;    93,862,218 and 95,530,512 shares issued and outstanding at   June 30, 2024 and December 31, 2023, respectively 939 955
Additional paid-in capital 0 0
Retained earnings 3,138,545 3,010,003
Total stockholders’ equity 3,139,484 3,010,958
Noncontrolling interests 12 2,680
Total equity 3,139,496 3,013,638
Total liabilities and equity $ 4,596,198 $ 4,914,588
v3.24.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock authorized (in shares) 50,000,000 50,000,000
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 500,000,000 500,000,000
Common stock issued (in shares) 93,862,218 95,530,512
Common stock outstanding (in shares) 93,862,218 95,530,512
v3.24.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues $ 1,154,924 $ 837,329 $ 2,094,326 $ 1,616,990
Income before income taxes 159,229 83,443 289,809 186,650
Provision for income taxes (41,227) (21,472) (72,811) (48,822)
Net income 118,002 61,971 216,998 137,828
Net income attributable to noncontrolling interests 0 (1,247) 59 (2,362)
Net income available to common stockholders $ 118,002 $ 60,724 $ 217,057 $ 135,466
Earnings per share        
Basic (in dollars per share) $ 1.25 $ 0.61 $ 2.29 $ 1.35
Diluted (in dollars per share) $ 1.25 $ 0.60 $ 2.28 $ 1.34
Weighted average shares outstanding        
Basic (in shares) 94,059,037 99,598,933 94,645,676 100,305,168
Diluted (in shares) 94,740,019 100,634,964 95,305,469 101,184,993
Homebuilding Segment        
Revenues $ 1,137,950 $ 826,959 $ 2,064,158 $ 1,597,744
Other operations expense 765 782 1,530 1,447
Sales and marketing 56,804 43,241 107,028 85,103
General and administrative 67,747 54,224 119,075 100,590
Homebuilding income from operations 143,112 69,343 253,942 161,674
Equity in income of unconsolidated entities 99 42 156 269
Other income, net 9,934 11,093 25,160 18,697
Homebuilding income before income taxes 153,145 80,478 279,258 180,640
Income before income taxes 153,145 80,478 279,258 180,640
Financial services        
Revenues 16,974 10,370 30,168 19,246
Expenses 10,890 7,405 19,617 13,236
Financial services income before income taxes 6,084 2,965 10,551 6,010
Income before income taxes 6,084 2,965 10,551 6,010
Home sales revenue | Homebuilding Segment        
Revenues 1,133,008 819,077 2,051,361 1,587,482
Cost of home, land and lot sales 865,681 651,999 1,572,985 1,240,117
Land and lot sales revenue | Homebuilding Segment        
Revenues 4,160 7,086 11,228 8,792
Cost of home, land and lot sales 3,841 7,370 9,598 8,813
Other operations revenue | Homebuilding Segment        
Revenues $ 782 $ 796 $ 1,569 $ 1,470
v3.24.2
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-in Capital
Retained Earnings
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022     101,017,708      
Beginning balance at Dec. 31, 2022 $ 2,836,531 $ 2,832,389 $ 1,010 $ 3,685 $ 2,827,694 $ 4,142
Increase (Decrease) in Stockholders' Equity            
Net income 137,828 135,466     135,466 2,362
Shares issued under share-based awards (in shares)     788,803      
Shares issued under share-based awards 518 518 $ 8 510    
Tax withholding paid on behalf of employees for share-based awards (9,796) (9,796)   (9,796)    
Stock-based compensation expense 8,023 8,023   8,023    
Share repurchases (in shares)     (2,712,053)      
Share repurchases (70,489) (70,489) $ (27) (70,462)    
Distributions to noncontrolling interests, net (5,795)         (5,795)
Reclass the negative APIC to retained earnings 0     68,040 (68,040)  
Ending balance (in shares) at Jun. 30, 2023     99,094,458      
Ending balance at Jun. 30, 2023 2,896,820 2,896,111 $ 991 0 2,895,120 709
Beginning balance (in shares) at Mar. 31, 2023     100,172,227      
Beginning balance at Mar. 31, 2023 2,866,485 2,863,623 $ 1,002 0 2,862,621 2,862
Increase (Decrease) in Stockholders' Equity            
Net income 61,971 60,724     60,724 1,247
Shares issued under share-based awards (in shares)     59,709      
Shares issued under share-based awards 286 286 $ 1 285    
Tax withholding paid on behalf of employees for share-based awards (16) (16)   (16)    
Stock-based compensation expense 4,162 4,162   4,162    
Share repurchases (in shares)     (1,137,478)      
Share repurchases (32,668) (32,668) $ (12) (32,656)    
Distributions to noncontrolling interests, net (3,400)         (3,400)
Reclass the negative APIC to retained earnings 0     28,225 (28,225)  
Ending balance (in shares) at Jun. 30, 2023     99,094,458      
Ending balance at Jun. 30, 2023 $ 2,896,820 2,896,111 $ 991 0 2,895,120 709
Beginning balance (in shares) at Dec. 31, 2023 95,530,512   95,530,512      
Beginning balance at Dec. 31, 2023 $ 3,013,638 3,010,958 $ 955 0 3,010,003 2,680
Increase (Decrease) in Stockholders' Equity            
Net income 216,998 217,057     217,057 (59)
Shares issued under share-based awards (in shares)     820,553      
Shares issued under share-based awards 1,041 1,041 $ 8 1,033    
Tax withholding paid on behalf of employees for share-based awards (16,604) (16,604)   (16,604)    
Stock-based compensation expense 15,619 15,619   15,619    
Share repurchases, including excise tax (in shares)     (2,488,847)      
Share repurchases, including excise tax (87,319) (87,319) $ (24) (87,295)    
Distributions to noncontrolling interests, net (2,609)         (2,609)
Acquisition of joint venture minority interest (1,268) (1,268)   (1,268)    
Reclass the negative APIC to retained earnings $ 0     88,515 (88,515)  
Ending balance (in shares) at Jun. 30, 2024 93,862,218   93,862,218      
Ending balance at Jun. 30, 2024 $ 3,139,496 3,139,484 $ 939 0 3,138,545 12
Beginning balance (in shares) at Mar. 31, 2024     94,877,377      
Beginning balance at Mar. 31, 2024 3,049,658 3,049,646 $ 949 0 3,048,697 12
Increase (Decrease) in Stockholders' Equity            
Net income 118,002 118,002     118,002 0
Shares issued under share-based awards (in shares)     30,903      
Shares issued under share-based awards 0          
Tax withholding paid on behalf of employees for share-based awards (32) (32)   (32)    
Stock-based compensation expense 8,940 8,940   8,940    
Share repurchases, including excise tax (in shares)     (1,046,062)      
Share repurchases, including excise tax (37,072) (37,072) $ (10) (37,062)    
Reclass the negative APIC to retained earnings $ 0     28,154 (28,154)  
Ending balance (in shares) at Jun. 30, 2024 93,862,218   93,862,218      
Ending balance at Jun. 30, 2024 $ 3,139,496 $ 3,139,484 $ 939 $ 0 $ 3,138,545 $ 12
v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 216,998 $ 137,828
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,024 13,182
Equity in income of unconsolidated entities, net (156) (269)
Amortization of stock-based compensation 15,619 8,023
Charges for impairments and lot option abandonments 1,370 12,478
Gain on increase in carrying amount of investment (3,495) 0
Changes in assets and liabilities:    
Real estate inventories (127,199) (29,452)
Mortgage loans held for sale (32,936) 0
Receivables 112,999 52,315
Other assets (5,688) 2,783
Accounts payable (7,423) 16,062
Accrued expenses and other liabilities (17,219) (15,216)
Net cash provided by operating activities 167,894 197,734
Cash flows from investing activities:    
Purchases of property and equipment (12,547) (12,445)
Proceeds from investment 717 0
Net investments in unconsolidated entities (19,869) (8,343)
Distributions from unconsolidated entities 16,289 0
Net cash used in investing activities (15,410) (20,788)
Cash flows from financing activities:    
Borrowings from loans payable 420 0
Repayment of loans payable and senior notes (454,828) 0
Borrowings on mortgage repurchase facilities 68,963 0
Repayments on mortgage repurchase facilities (36,867) 0
Distributions to noncontrolling interests (3,877) (5,795)
Proceeds from issuance of common stock under share-based awards 1,041 518
Tax withholding paid on behalf of employees for share-based awards (16,604) (9,796)
Share repurchases, excluding excise tax (86,745) (69,970)
Net cash used in financing activities (528,497) (85,043)
Net (decrease) increase in cash and cash equivalents (376,013) 91,903
Cash and cash equivalents–beginning of period 868,953 889,664
Cash and cash equivalents–end of period $ 492,940 $ 981,567
v3.24.2
Organization, Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization, Basis of Presentation and Summary of Significant Accounting Policies
Organization
Tri Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes across ten states, including Arizona, California, Colorado, Maryland, Nevada, North Carolina, South Carolina, Texas, Virginia, and Washington, and the District of Columbia. In September 2023, we announced our expansion into the greater Salt Lake City region with the launch of a new division in Utah. In April 2024, we announced further expansion into Orlando, Florida, and the Coastal Carolinas area, which includes parts of Georgia and South Carolina. As of June 30, 2024, we had not yet commenced significant homebuilding operations in these new markets.
Basis of Presentation
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 due to seasonal variations and other factors.
The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of June 30, 2024 and December 31, 2023 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation.
Unless the context otherwise requires, the terms “Tri Pointe”, “the Company”, “we”, “us”, and “our” used herein refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries.
Use of Estimates
The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
Cash and Cash Equivalents and Concentration of Credit Risk

We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Revenue Recognition
We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.
Home sales revenue
We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
Financial services revenues
Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
For the year ended December 31, 2023, our Tri Pointe Connect mortgage operations were conducted through a joint venture with an established mortgage lender. Tri Pointe Connect acted as a preferred mortgage loan broker to our homebuyers in all of the markets in which we operate, generating income from fees paid by third party lenders for the successful funding and closing of loans for homebuyers that originated through Tri Pointe Connect. For the year ended December 31, 2023, Tri Pointe Connect was fully consolidated in accordance with Accounting Standards Topic 810 (“ASC 810”), Consolidation, under the Financial Services section of our consolidated statements of operations, with the noncontrolling interest recorded on the consolidated statements of operations as net income attributable to noncontrolling interests.
Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded its operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing its own funds. We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders.
Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. Revenue from mortgage loan broker fees, loan origination fees, commitment fees and discount points are recognized at the time the mortgage loans are funded.
Title and escrow services operations
Tri Pointe Assurance provides title examinations for our homebuyers in the Carolinas and Colorado and both title examinations and escrow services for our homebuyers in Arizona, the District of Columbia, Maryland, Nevada, Texas, Washington and Virginia. Tri Pointe Assurance is a wholly owned subsidiary of Tri Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. Tri Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations.
Property and casualty insurance agency operations
Tri Pointe Advantage is a wholly owned subsidiary of Tri Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. Tri Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations.
Recently Issued Accounting Standards Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-07 will have on our financial statement disclosures.
In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for us for annual periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-09 will have on our financial statement disclosures.
v3.24.2
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate two principal businesses: homebuilding and financial services.
In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments within our homebuilding business, we have considered similar economic and other characteristics, including product types, average sales prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments and, as such, our homebuilding segments are reported under the following hierarchy:
West region: Arizona, California, Nevada and Washington
Central region: Colorado, Texas and Utah
East region: District of Columbia, Florida, Maryland, North Carolina, South Carolina and Virginia
In September 2023, we announced our expansion into the greater Salt Lake City region with the launch of a new division in Utah. In April 2024 we announced further expansion into Orlando, Florida, and the Coastal Carolinas area, which includes parts of Georgia and South Carolina. As of June 30, 2024, we had not yet commenced significant operations in these new markets, however we have controlled lots within Utah.
Our Tri Pointe Solutions financial services operation is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, our Tri Pointe Assurance title and escrow services operations, and our Tri Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies.
Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit, risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. All of the expenses incurred by Corporate are allocated to each of the homebuilding reporting segments based on their respective percentage of revenues.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenues
West $677,649 $525,796 $1,231,240 $1,006,737 
Central301,594 198,490 575,817 364,630 
East158,707 102,673 257,101 226,377 
Total homebuilding revenues1,137,950 826,959 2,064,158 1,597,744 
Financial services16,974 10,370 30,168 19,246 
Total$1,154,924 $837,329 $2,094,326 $1,616,990 
Income before income taxes
West$90,523 $52,496 $163,382 $125,407 
Central44,025 17,903 87,318 31,842 
East18,597 10,079 28,558 23,391 
Total homebuilding income before income taxes153,145 80,478 279,258 180,640 
Financial services6,084 2,965 10,551 6,010 
Total$159,229 $83,443 $289,809 $186,650 
 
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
June 30, 2024December 31, 2023
Real estate inventories
West$2,245,659 $2,209,113 
Central777,098 762,051 
East443,054 366,319 
Total$3,465,811 $3,337,483 
Total assets(1)
West$2,516,024 $2,557,608 
Central948,241 947,200 
East486,885 421,630 
Corporate558,891 941,824 
Total homebuilding assets4,510,041 4,868,262 
Financial services86,157 46,326 
Total$4,596,198 $4,914,588 
__________
(1)    Total assets as of June 30, 2024 and December 31, 2023 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of June 30, 2024 and December 31, 2023 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
v3.24.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Numerator:    
Net income available to common stockholders$118,002 $60,724 $217,057 $135,466 
Denominator:    
Basic weighted-average shares outstanding94,059,037 99,598,933 94,645,676 100,305,168 
Effect of dilutive shares:   
Stock options and unvested restricted stock units680,982 1,036,031 659,793 879,825 
Diluted weighted-average shares outstanding94,740,019 100,634,964 95,305,469 101,184,993 
Earnings per share    
Basic$1.25 $0.61 $2.29 $1.35 
Diluted$1.25 $0.60 $2.28 $1.34 
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share1,305,166 2,580,904 1,579,593 2,737,110 
v3.24.2
Receivables
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Receivables Receivables
Receivables consisted of the following (in thousands):
June 30, 2024December 31, 2023
Escrow proceeds and other accounts receivable, net$45,630 $158,622 
Warranty insurance receivable (Note 13)66,007 66,014 
Total receivables$111,637 $224,636 

Receivables are evaluated for collectability and allowances for potential losses are established or maintained on applicable receivables based on an expected credit loss approach. Receivables were net of allowances for doubtful accounts of $436,000 as of both June 30, 2024 and December 31, 2023.
v3.24.2
Real Estate Inventories
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Real Estate Inventories Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
June 30, 2024December 31, 2023
Real estate inventories owned:
Homes completed or under construction$1,637,648 $1,402,762 
Land under development1,172,934 1,299,074 
Land held for future development155,293 153,615 
Model homes305,660 306,565 
Total real estate inventories owned3,271,535 3,162,016 
Real estate inventories not owned:
Land purchase and land option deposits194,276 175,467 
Total real estate inventories not owned194,276 175,467 
Total real estate inventories$3,465,811 $3,337,483 
 
Homes completed or under construction is comprised of costs associated with homes in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs, which include capitalized interest and real estate taxes, associated with land undergoing improvement activity. Land held for future development principally reflects land acquisition and land development costs related to land where development activity has not yet begun or has been suspended, but is expected to occur in the future.
Real estate inventories not owned represents deposits related to land purchase and land and lot option agreements. For further details, see Note 7, Variable Interest Entities.
Interest incurred, capitalized and expensed were as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Interest incurred$30,378 $37,394 $66,534 $74,873 
Interest capitalized(30,378)(37,394)(66,534)(74,873)
Interest expensed$— $— $— $— 
Capitalized interest in beginning inventory$226,957 $208,639 $221,647 $191,411 
Interest capitalized as a cost of inventory30,378 37,394 66,534 74,873 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(39,164)(25,681)(70,010)(45,932)
Capitalized interest in ending inventory$218,171 $220,352 $218,171 $220,352 
 
Interest is capitalized to real estate inventory during development and other qualifying activities. During all periods presented, we capitalized all interest incurred to real estate inventory in accordance with ASC Topic 835, Interest, as our qualified assets exceeded our debt. Interest that is capitalized to real estate inventory is included in cost of home sales or cost of land and lot sales as related units or lots are delivered. Interest that is expensed as incurred is included in other (expense) income, net.
Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Real estate inventory impairments$— $11,500 $— $11,500 
Land and lot option abandonments and pre-acquisition charges968 261 1,370 978 
Total$968 $11,761 $1,370 $12,478 
Impairments of real estate inventory relate primarily to projects or communities that include homes completed or under construction. During the three and six months ended June 30, 2023, we recorded a real estate inventory impairment charge of $11.5 million related to one active community in the West segment where the carrying value of the community exceeded the fair value based on a discounted cash flows analysis. The discount rate used to calculate fair value was 10%. We considered both market risk and community-specific risk to arrive at a discount rate appropriate for the level of total risk associated with this community.
In addition to owning land and residential lots, we also have option agreements to purchase land and lots at a future date. We have option deposits and capitalized pre-acquisition costs associated with the optioned land and lots. When the economics of a project no longer support acquisition of the land or lots under option, we may elect not to move forward with the acquisition. Option deposits and capitalized pre-acquisition costs associated with the assets under option may be forfeited at that time. 
Real estate inventory impairments and land option abandonments are recorded in cost of home sales in the consolidated statements of operations.
v3.24.2
Investments in Unconsolidated Entities
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities Investments in Unconsolidated Entities
As of June 30, 2024, we held equity investments in fourteen active homebuilding partnerships or limited liability companies. Our participation in these entities may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 8% to 50%, depending on the investment, with no controlling interest held in any of these investments.
Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands):
June 30, 2024December 31, 2023
Assets
Cash$35,303 $35,308 
Receivables95,482 38,839 
Real estate inventories414,568 450,097 
Other assets6,461 27,632 
Total assets$551,814 $551,876 
Liabilities and equity
Debt obligations and other liabilities$157,959 $155,616 
Company’s equity133,591 131,824 
Outside interests’ equity260,264 264,436 
Total liabilities and equity$551,814 $551,876 
 
Guarantees
The unconsolidated entities in which we hold an equity investment generally finance their activities with a combination of equity and secured project debt financing. We have, and in some cases our joint venture partner has, guaranteed portions of the loan obligations for some of the homebuilding partnerships or limited liability companies, which may include any or all of the following: (i) project completion; (ii) remargin obligations; and (iii) environmental indemnities.
In circumstances in which we have entered into joint and several guarantees with our joint venture partner, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed-upon share of the guaranteed obligations. In the event our joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, or otherwise fails to satisfy its obligations thereunder, we may be responsible for more than our proportionate share of any obligations under such guarantees.
As of June 30, 2024 and December 31, 2023, we have not recorded any liabilities for these obligations and guarantees, as the fair value of the related joint venture real estate assets exceeded the threshold where a remargin payment would be required and no other obligations under the guarantees existed as of such time. At June 30, 2024 and December 31, 2023, aggregate outstanding debt for unconsolidated entities, included in the “Debt obligations and other liabilities” line of the aggregated assets, liabilities and equity shown in the table above, was $130.3 million and $125.9 million, respectively.

Aggregated results of operations from unconsolidated entities (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Net sales$34,016 $37,757 $63,914 $59,895 
Other operating expense(31,294)(37,286)(61,351)(58,939)
Other income (expense), net831 (3)825 (6)
Net income $3,553 $468 $3,388 $950 
Company’s equity in income of unconsolidated entities$99 $42 $156 $269 
v3.24.2
Variable Interest Entities
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
Land and Lot Option Agreements
In the ordinary course of business, we enter into land and lot option agreements in order to procure land and residential lots for future development and the construction of homes. The use of such land and lot option agreements generally allows us to reduce the risks associated with direct land ownership and development, and reduces our capital and financial commitments. Pursuant to these land and lot option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. These deposits are recorded as land purchase and land option deposits under real estate inventories not owned on the accompanying consolidated balance sheets.
We analyze each of our land and lot option agreements and other similar contracts under the provisions of Accounting Standards Topic 810 (“ASC 810”), Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE.
Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is generally limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots.
The following provides a summary of our interests in land and lot option agreements (in thousands):
 June 30, 2024December 31, 2023
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$180,182 $1,486,614 N/A$159,164 $1,017,791 N/A
Other land option agreements14,094 205,988 N/A16,303 189,007 N/A
Total$194,276 $1,692,602 $— $175,467 $1,206,798 $— 
 
Unconsolidated VIEs represent land option agreements that were not consolidated because we were not the primary beneficiary. Other land option agreements were not with VIEs.
In addition to the deposits presented in the table above, our exposure to loss related to our land and lot option contracts consisted of capitalized pre-acquisition costs of $17.3 million and $9.5 million as of June 30, 2024 and December 31, 2023, respectively. These pre-acquisition costs are included in real estate inventories as land under development on our consolidated balance sheets.
v3.24.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
As of June 30, 2024 and December 31, 2023, $139.3 million of goodwill is included in goodwill and other intangible assets, net on each of the consolidated balance sheets, which was recorded in connection with our merger with Weyerhaeuser Real Estate Company (“WRECO”) in 2014. In addition, as of June 30, 2024 and December 31, 2023, we have one intangible asset with a carrying amount of $17.3 million comprised of a Tri Pointe Homes trade name, which has an indefinite useful life and is non-amortizing, resulting from the acquisition of WRECO in 2014.
Goodwill and other intangible assets are evaluated for impairment on an annual basis, or more frequently if indicators of impairment exist.
v3.24.2
Other Assets
 6 Months Ended
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consisted of the following (in thousands):
June 30, 2024December 31, 2023
Prepaid expenses$8,999 $8,462 
Refundable fees and other deposits8,285 8,726 
Development rights, held for future use or sale1,192 1,192 
Deferred loan costs—loans payable4,356 5,089 
Operating properties and equipment, net63,417 66,284 
Lease right-of-use assets65,054 66,404 
Income tax receivable9,645 — 
Other3,736 936 
Total$164,684 $157,093 
v3.24.2
Accrued Expenses and Other Liabilities
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
June 30, 2024December 31, 2023
Accrued payroll and related costs$40,420 $68,575 
Warranty reserves (Note 13)
107,196 106,993 
Estimated cost for completion of real estate inventories134,463 108,175 
Customer deposits58,411 43,991 
Accrued income taxes payable— 23,138 
Accrued interest5,908 8,470 
Other tax liability3,126 2,976 
Lease liabilities79,216 78,782 
Other8,497 12,431 
Total$437,237 $453,531 
v3.24.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Senior Notes, Loans Payable and Mortgage Repurchase Facilities Senior Notes, Loans Payable and Mortgage Repurchase Facilities
Senior Notes
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):
June 30, 2024December 31, 2023
5.875% Senior Notes due June 15, 2024
$— $450,000 
5.250% Senior Notes due June 1, 2027
300,000 300,000 
5.700% Senior Notes due June 15, 2028
350,000 350,000 
Discount and deferred loan costs(3,970)(5,751)
Total$646,030 $1,094,249 
 
In June 2020, Tri Pointe issued $350 million aggregate principal amount of 5.700% Senior Notes due 2028 (the “2028 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $345.2 million, after debt issuance costs and discounts. The 2028 Notes mature on June 15, 2028 and interest is paid semiannually in arrears on June 15 and December 15 of each year until maturity.
In June 2017, Tri Pointe issued $300 million aggregate principal amount of 5.250% Senior Notes due 2027 (the “2027 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $296.3 million, after debt issuance
costs and discounts. The 2027 Notes mature on June 1, 2027 and interest is paid semiannually in arrears on June 1 and December 1 of each year until maturity.

Tri Pointe and its wholly owned subsidiary, Tri Pointe Homes Holdings, Inc., were co-issuers of the $450 million aggregate principal amount 5.875% Senior Notes due 2024 (the “2024 Notes”). The 2024 Notes were issued at 98.15% of their aggregate principal amount in June of 2014. The net proceeds from the offering of the 2024 Notes was $429.0 million, after debt issuance costs and discounts. The 2024 Notes were scheduled to mature on June 15, 2024; however, on May 15, 2024, we redeemed the entire outstanding principal amount of the 2024 Notes at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon to the redemption date.
As of June 30, 2024 and December 31, 2023, there were $4.0 million and $5.2 million of capitalized debt financing costs, included in senior notes, net on our consolidated balance sheet, related to the Senior Notes that will amortize over the lives of the Senior Notes. Accrued interest related to the Senior Notes was $2.1 million and $3.2 million as of June 30, 2024 and December 31, 2023, respectively.
Loans Payable
The Company’s outstanding loans payable consisted of the following (in thousands):
June 30, 2024December 31, 2023
Term loan facility$250,000 $250,000 
Seller financed loans33,929 38,337 
Total$283,929 $288,337 
On December 15, 2023, we entered into a Fourth Modification Agreement (the “Fourth Modification”) to our Second Amended and Restated Credit Agreement dated as of March 29, 2019 (the “Credit Agreement”). The Fourth Modification, among other things, amends the Credit Agreement to exclude (i) certain indebtedness of the Company’s financial services subsidiaries for purposes of calculating the Company’s “Leverage Ratio” (as defined in the Credit Agreement), and (ii) the Company’s financial services subsidiaries from the determination of “Consolidated EBITDA” (as defined in the Credit Agreement), as well as any interest obligations of the Company’s financial services subsidiaries, for purposes of calculating the Company’s “Interest Coverage Ratio” (as defined in the Credit Agreement). The Credit Facility (as defined below), consists of a $750 million revolving credit facility (the “Revolving Facility”) and a $250 million term loan facility (the “Term Facility” and together with the Revolving Facility, the “Credit Facility”). Both the Revolving Facility and the Term Facility mature on June 29, 2027. We may increase the Credit Facility to not more than $1.2 billion in the aggregate, at our request, upon satisfaction of specified conditions. We may borrow under the Revolving Facility in the ordinary course of business to repay senior notes and fund our operations, including our land acquisition, land development and homebuilding activities. Borrowings under the Revolving Facility will be governed by, among other things, a borrowing base. Interest rates under the Revolving Facility will be based on the Secured Overnight Financing Rate (“SOFR”), plus a spread ranging from 1.25% to 1.90%, depending on the Company’s leverage ratio. Interest rates under the Term Facility will be based on SOFR, plus a spread ranging from 1.10% to 1.85%, depending on the Company’s leverage ratio.
As of June 30, 2024, we had no outstanding debt under the Revolving Facility and there was $707.3 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of June 30, 2024, we had $250 million of outstanding debt under the Term Facility with an interest rate of 6.51%. As of June 30, 2024, there were $4.4 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Credit Facility was $1.6 million as of both June 30, 2024 and December 31, 2023, respectively.
At June 30, 2024 and December 31, 2023, we had outstanding letters of credit of $42.7 million and $52.3 million, respectively. These letters of credit were issued to secure various financial obligations. We believe it is not probable that any outstanding letters of credit will be drawn upon.
As of June 30, 2024 and December 31, 2023, we had $33.9 million and $38.3 million, respectively, outstanding related to two seller-financed loans. All seller-financed loans are to acquire lots for the construction of homes. Principal on these loans are expected to be fully paid by the end of fiscal year 2025, provided certain achievements are met. One of the seller-financed loans, representing $32.6 million of the total balance as of June 30, 2024 and $37.4 million of the balance as of December 31, 2023, accrues interest at an imputed interest rate of 4.50% per annum. The second seller-financed loan represented $1.3 million of the total balance as of June 30, 2024 and $910,000 as of December 31, 2023, respectively.
Mortgage Repurchase Facilities
Between March 2024 and May 2024, Tri Pointe Connect entered into three Master Repurchase Agreements totaling $280 million (“Repurchase Agreements”). The Repurchase Agreements contain various affirmative and negative covenants applicable to Tri Pointe Connect, including thresholds related to net worth, net income, liquidity, and profitability. As of June 30, 2024, Tri Pointe Connect had $32.1 million of outstanding debt related to the Repurchase Agreements at a weighted-average interest rate of 6.6%, and $247.9 million of remaining capacity under the Repurchase Agreements. Tri Pointe Connect was in compliance with all covenants and requirements as of June 30, 2024.
The following table provides a summary of our Repurchase Agreements as of June 30, 2024 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$29,476 $80,000 
Term SOFR + 1.75%
3/11/2025Mortgage Loans
Warehouse B2,186 100,000 
Term SOFR + 1.75%
5/28/2025Mortgage Loans
Warehouse C (2)435 50,000 
Term SOFR + 1.75%
5/30/2025Mortgage Loans
Warehouse C (2)— 50,000 
Term SOFR + 1.75%
On Demand Mortgage Loans
Total$32,097 $280,000 
__________
(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of June 30, 2024, residential mortgage loans available-for-sale had an aggregate fair value of $32.9 million.
(2) Warehouse C is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.

Interest Incurred
During the three months ended June 30, 2024 and 2023, the Company incurred interest of $30.4 million and $37.4 million, respectively, related to all debt and land banking arrangements. Included in interest incurred are amortization of deferred financing and Senior Note discount costs of $1.3 million and $1.3 million for the three months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024 and 2023, the Company incurred interest of $66.5 million and $74.9 million, respectively, related to all debt and land banking arrangements and amortization of deferred financing and Senior Note discount costs of $2.5 million for both the six months ended June 30, 2024 and 2023, respectively. Accrued interest related to all outstanding debt at June 30, 2024 and December 31, 2023 was $5.9 million and $8.5 million, respectively. 
Covenant Requirements
The Senior Notes contain covenants that restrict our ability to, among other things, create liens or other encumbrances, enter into sale and leaseback transactions, or merge or sell all or substantially all of our assets. These limitations are subject to a number of qualifications and exceptions.
Under the Credit Facility, the Company is required to comply with certain financial covenants, including those relating to consolidated tangible net worth, leverage, liquidity or interest coverage, and a spec unit inventory test. The Credit Facility also requires that at least 95.0% of consolidated tangible net worth must be attributable to the Company and its guarantor subsidiaries, subject to certain grace periods.
The Company was in compliance with all applicable financial covenants as of June 30, 2024 and December 31, 2023.
v3.24.2
Fair Value Disclosures
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:
•Level 1—Quoted prices for identical instruments in active markets
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date
•Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
Fair Value of Financial Instruments
A summary of assets and liabilities at June 30, 2024 and December 31, 2023, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):
June 30, 2024December 31, 2023
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $633,545 $1,099,489 $1,066,835 
Term loan(2)
Level 2$250,000 $250,000 $250,000 $250,000 
Seller financed loans(3)
Level 2$33,929 $33,929 $38,337 $38,337 
Mortgage loans held for sale(4)
Level 2$32,936 $32,936 $— $— 
Mortgage repurchase facilities(5)
Level 2$32,096 $32,096 $— $— 
 __________
(1)The book value of the Senior Notes is net of discounts for December 31, 2023, excluding deferred loan costs of $5.2 million. The estimated fair value of the Senior Notes at June 30, 2024 and December 31, 2023 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of June 30, 2024 and December 31, 2023 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of June 30, 2024 and December 31, 2023 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.

At June 30, 2024 and December 31, 2023, the carrying value of cash and cash equivalents and receivables approximated fair value due to their short-term nature.
Fair Value of Nonfinancial Assets
Nonfinancial assets include items such as real estate inventories and long-lived assets that are measured at fair value on a nonrecurring basis when events and circumstances indicating the carrying value is not recoverable. The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
Six Months Ended June 30, 2024Year Ended December 31, 2023
HierarchyImpairment
Charge		Fair Value
Net of
Impairment		Impairment
Charge		Fair Value
Net of
Impairment
Real estate inventories (1)
Level 3$— $— $11,500 $39,970 
__________
(1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. Fair Value Net of Impairment represents the fair value of the real estate inventories, net of the impairment charge, as of the date that the fair value measurements were made. The carrying value for these real estate inventories subsequently changed from the fair value reflected due to activity that occurred since the measurement date.
The impairment charge recorded during the year ended December 31, 2023 related to one community in the West reporting segment where the carrying value exceeded the fair value based on a discounted cash flow analysis. For further details, see Note 5, Real Estate Inventories.
v3.24.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
Lawsuits, claims and proceedings have been and may be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices, environmental protection and financial services. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations.
We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. We accrue for these matters based on facts and circumstances specific to each matter and revise these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. Accordingly, it is possible that the ultimate outcome of any matter, if in excess of a related accrual or if no accrual was made, could be material to our financial statements. For matters as to which the Company believes a loss is probable and reasonably estimable, we had zero legal reserves as of June 30, 2024 and December 31, 2023, respectively.
Warranty
Warranty reserves are accrued as home deliveries occur. Our warranty reserves on homes delivered will vary based on product type and geographic area and also depending on state and local laws. The warranty reserve is included in accrued expenses and other liabilities on our consolidated balance sheets and represents expected future costs based on our historical experience over previous years. Estimated warranty costs are charged to cost of home sales in the period in which the related home sales revenue is recognized.
We maintain general liability insurance designed to protect us against a portion of our risk of loss from warranty and construction defect-related claims. We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations. However, such indemnity is significantly limited with respect to certain subcontractors that are added to our general liability insurance policy. 
Our warranty reserve and related estimated insurance recoveries are based on actuarial analysis that uses our historical claim and expense data, as well as industry data to estimate these overall costs and related recoveries. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. Our warranty reserve may also include an estimate of future fit and finish warranty claims to the extent not contemplated in the actuarial analysis. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a warranty or construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. There can be no assurance that the terms and limitations of the limited warranty will be effective against claims made by homebuyers, that we will be able to renew our insurance coverage or renew it at reasonable rates, that we will not be liable for damages, cost of repairs, and/or the expense of litigation surrounding possible construction defects, soil subsidence or building related claims or that claims will not arise out of uninsurable events or circumstances not covered by insurance and not subject to effective indemnification agreements with certain subcontractors.
We also record expected recoveries from insurance carriers based on actual insurance claims made and actuarially determined amounts that depend on various factors, including the above-described reserve estimates, our insurance policy coverage limits for the applicable policy years and historical recovery rates. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. Outstanding warranty insurance receivables was $66.0 million as of both June 30, 2024 and December 31, 2023. Warranty insurance receivables are recorded in receivables on the accompanying consolidated balance sheets.
Warranty reserve activity consisted of the following (in thousands):
 
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Warranty reserves, beginning of period$106,602 $101,527 $106,993 $104,375 
Warranty reserves accrued9,834 6,284 17,734 12,186 
Warranty expenditures(9,240)(8,568)(17,531)(17,318)
Warranty reserves, end of period$107,196 $99,243 $107,196 $99,243 
 
Performance Bonds
We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. The beneficiaries of the bonds are various municipalities. As of June 30, 2024 and December 31, 2023, the Company had outstanding surety bonds totaling $677.1 million and $697.2 million, respectively. As of June 30, 2024 and December 31, 2023, our estimated cost to complete obligations related to these surety bonds was $437.1 million and $435.9 million, respectively.
Lease Obligations
Under ASC 842 we recognize a right-of-use lease asset and a lease liability for contracts deemed to contain a lease at the inception of the contract. Our lease population is fully comprised of operating leases, which are now recorded at the net present value of future lease obligations existing at each balance sheet date. At the inception of a lease, or if a lease is subsequently modified, we determine whether the lease is an operating or financing lease. Key estimates involved with ASC 842 include the discount rate used to measure our future lease obligations and the lease term, where considerations include renewal options and intent to renew. Lease right-of-use assets are included in other assets and lease liabilities are included in accrued expenses and other liabilities on our consolidated balance sheet.
Operating Leases
We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms of up to ten years and generally provide renewal options. In most cases, we expect that, in the normal course of business, leases that expire will be renewed or replaced by other leases. Equipment leases are typically for terms of three to four years.
Ground Leases
In 1987, we obtained two 55-year ground leases of commercial property that provided for three renewal options of ten years each and one 45-year renewal option. We exercised the three 10-year extensions on one of these ground leases to extend the lease through 2071. The commercial buildings on these properties have been sold and the ground leases have been sublet to the buyers.
For one of these leases, we are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease has been subleased through 2041 to the buyers of the commercial buildings. For the second lease, the buyers of the buildings are responsible for making lease payments directly to the landowner, however, we have guaranteed the performance of the buyers/lessees. See below for additional information on leases (dollars in thousands):
Three Months Ended June 30, 2024Three Months Ended June 30, 2023Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Lease Cost
Operating lease cost (included in SG&A expense)$3,050 $2,408 $5,904 $5,253 
Ground lease cost (included in other operations expense)765 783 1,530 1,446 
Sublease income, operating leases— — — — 
Sublease income, ground leases (included in other operations revenue)(777)(795)(1,553)(1,468)
Net lease cost$3,038 $2,396 $5,881 $5,231 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,410 $2,443 $5,912 $4,872 
Ground lease cash flows (included in operating cash flows)$664 $664 $1,327 $1,327 
Right-of-use assets obtained in exchange for new operating lease liabilities$3,374 $89 $5,264 $2,016 
June 30, 2024December 31, 2023
Weighted-average discount rate:
Operating leases4.9 %4.9 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.96.3
Ground leases43.944.4
The future minimum lease payments under our operating leases are as follows (in thousands):
Property, Equipment and Other Leases
Ground Leases (1)
Remaining in 2024$5,697 $1,619 
202511,104 3,237 
202610,096 3,237 
20278,834 3,237 
20288,477 3,237 
Thereafter15,676 75,403 
Total lease payments$59,884 $89,970 
Less: Interest8,509 62,130 
Present value of operating lease liabilities$51,375 $27,840 
 __________
(1)    Ground leases are fully subleased through 2041, representing $56.1 million of the $90.0 million future ground lease obligations.
v3.24.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2022 Long-Term Incentive Plan
On April 20, 2022, our stockholders approved the Tri Pointe Homes, Inc. 2022 Long-Term Incentive Plan (the “2022 Plan”), which had been previously approved by our board of directors. The 2022 Plan replaced the Company’s prior stock compensation plan, the TRI Pointe Group, Inc. Amended and Restated 2013 Long-Term Incentive Plan (the “2013 Plan”). The 2022 Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The 2022 Plan will
automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2022 Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation.
The number of shares of our common stock that may be issued under the 2022 Plan is 7,500,000 shares. No new awards have been or will be granted under the 2013 Plan from and after February 23, 2022. Any awards outstanding under the 2013 Plan will remain subject to and be paid under the 2013 Plan, and any shares subject to outstanding awards under the 2013 Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the 2022 Plan.

To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2022 Plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally will again be available under the 2022 Plan. However, the 2022 Plan prohibits us from re-using shares that are tendered or surrendered to pay the exercise cost or tax obligation for stock options and stock appreciation rights.
As of June 30, 2024, there were 5,324,026 shares available for future grant under the 2022 Plan.
The following table presents compensation expense recognized related to all stock-based awards (in thousands):
 
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Total stock-based compensation$8,940 $4,162 $15,619 $8,023 
 
Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of June 30, 2024, total unrecognized stock-based compensation expense related to all stock-based awards was $56.9 million and the weighted average term over which the expense was expected to be recognized was 1.6 years.
Summary of Stock Option Activity
The following table presents a summary of stock option awards for the six months ended June 30, 2024:
OptionsWeighted
Average
Exercise
Price
Per Share		Weighted
Average
Remaining
Contractual
Life		Aggregate
Intrinsic
Value
(in thousands)
Options outstanding at December 31, 202366,043 $15.76 0.2$1,297 
Granted— — — — 
Exercised(66,043)$15.76 — — 
Forfeited— $— — — 
Options outstanding at June 30, 2024— $— $— $— 
Options exercisable at June 30, 2024— $— $— $— 
 
The intrinsic value of each stock option award outstanding or exercisable is the difference between the fair market value of the Company’s common stock at the end of the period and the exercise price of each stock option award to the extent it is considered “in-the-money”. A stock option award is considered to be “in-the-money” if the fair market value of the Company’s stock is greater than the exercise price of the stock option award. The aggregate intrinsic value of options outstanding and options exercisable represents the value that would have been received by the holders of stock option awards had they exercised their stock option award on the last trading day of the period and sold the underlying shares at the closing price on that day.

Summary of Restricted Stock Unit Activity
The following table presents a summary of time-based and performance-based RSUs for the six months ended June 30, 2024:
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20233,889,380 $22.71 
Granted1,125,140 $35.56 
Vested(1,219,664)$19.87 
Forfeited(236,952)$19.53 
Nonvested RSUs at June 30, 20243,557,904 $27.73 

On February 21, 2024, the Company granted an aggregate of 430,887 time-based RSUs to certain employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on February 21, 2024 was measured using a price of $35.51 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

On February 21, 2024, the Company granted an aggregate of 656,844 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, Chief Human Resources Officer and division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2024 to December 31, 2026. The fair value of these performance-based RSUs was measured using a price of $35.51 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.

On April 29, 2024, the Company granted an aggregate of 21,835 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to the non-employee directors vest in their entirety on the day immediately prior to the Company’s 2025 annual meeting of stockholders. The fair value of each RSU granted on April 24, 2024 was measured using a price of $37.78 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

For the six months ended June 30, 2024, the Company granted an aggregate of 15,574 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period.

On February 22, 2023, the Company granted an aggregate of 504,551 time-based RSUs to certain employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on February 22, 2023 was measured using a price of $23.21 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

On February 22, 2023, the Company granted an aggregate of 704,408 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, Chief Human Resources Officer and division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1, 2023 to December 31, 2025. The fair value of these performance-based RSUs was measured using a price of $23.21 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.

On May 1, 2023, the Company granted an aggregate of 29,150 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to the non-employee directors vest in their entirety on the day immediately prior to the Company’s 2024 annual meeting of stockholders. The fair value of each RSU granted on May 1, 2023 was measured using a price of $28.30 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.
On December 26, 2023, the Company granted an aggregate of 364,215 time-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer, and Chief Human Resources Officer. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on December 26, 2023 was measured using a price of $35.83 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

For the twelve months ended December 31, 2023, the Company granted an aggregate of 6,787 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period.
As RSUs vest for employees, a portion of the shares awarded is generally withheld to cover employee tax withholdings. As a result, the number of RSUs vested and the number of shares of Tri Pointe common stock issued will differ.
v3.24.2
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates for the years in which taxes are expected to be paid or recovered. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods and tax planning alternatives.
We had net deferred tax assets of $38.0 million as of both June 30, 2024 and December 31, 2023. We had a valuation allowance related to those net deferred tax assets of $3.4 million as of both June 30, 2024 and December 31, 2023. The Company will continue to evaluate both positive and negative evidence in determining the need for a valuation allowance against its deferred tax assets. Changes in positive and negative evidence, including differences between the Company’s future operating results and the estimates utilized in the determination of the valuation allowance, could result in changes in the Company’s estimate of the valuation allowance against its deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation allowance against the Company’s deferred tax assets.
Our provision for income taxes totaled $41.2 million and $21.5 million for the three months ended June 30, 2024 and 2023, respectively and $72.8 million and $48.8 million for the six months ended June 30, 2024 and 2023, respectively. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company did not have any uncertain tax positions recorded as of June 30, 2024 and December 31, 2023. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years. 
The Company files income tax returns in the U.S., including federal and multiple state and local jurisdictions. We are
currently under examination by California for the 2020 and 2021 tax years. The outcome of this examination is not yet determinable.
v3.24.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
We had no related party transactions for the six months ended June 30, 2024 and 2023.
v3.24.2
Supplemental Disclosure to Consolidated Statements of Cash Flows
 6 Months Ended
Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]  
Supplemental Disclosure to Consolidated Statements of Cash Flows Supplemental Disclosure to Consolidated Statements of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Six Months Ended June 30,
20242023
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$63 $(2,724)
Income taxes paid, net$105,485 $6,719 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$572 $— 
Amortization of senior note discount capitalized to real estate inventory$511 $523 
Amortization of deferred loan costs capitalized to real estate inventory$1,988 $1,980 
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 118,002 $ 60,724 $ 217,057 $ 135,466
v3.24.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 due to seasonal variations and other factors.
The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of June 30, 2024 and December 31, 2023 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation.
Unless the context otherwise requires, the terms “Tri Pointe”, “the Company”, “we”, “us”, and “our” used herein refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries.
Use of Estimates
The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
Cash and Cash Equivalents
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Concentration of Credit Risk
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Revenue Recognition
We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.
Home sales revenue
We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
Financial services revenues
Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
For the year ended December 31, 2023, our Tri Pointe Connect mortgage operations were conducted through a joint venture with an established mortgage lender. Tri Pointe Connect acted as a preferred mortgage loan broker to our homebuyers in all of the markets in which we operate, generating income from fees paid by third party lenders for the successful funding and closing of loans for homebuyers that originated through Tri Pointe Connect. For the year ended December 31, 2023, Tri Pointe Connect was fully consolidated in accordance with Accounting Standards Topic 810 (“ASC 810”), Consolidation, under the Financial Services section of our consolidated statements of operations, with the noncontrolling interest recorded on the consolidated statements of operations as net income attributable to noncontrolling interests.
Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded its operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing its own funds. We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders.
Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. Revenue from mortgage loan broker fees, loan origination fees, commitment fees and discount points are recognized at the time the mortgage loans are funded.
Title and escrow services operations
Tri Pointe Assurance provides title examinations for our homebuyers in the Carolinas and Colorado and both title examinations and escrow services for our homebuyers in Arizona, the District of Columbia, Maryland, Nevada, Texas, Washington and Virginia. Tri Pointe Assurance is a wholly owned subsidiary of Tri Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. Tri Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations.
Property and casualty insurance agency operations
Tri Pointe Advantage is a wholly owned subsidiary of Tri Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. Tri Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations.
Recently Issued Accounting Standards Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-07 will have on our financial statement disclosures.
In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for us for annual periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-09 will have on our financial statement disclosures.
Segment Information
In accordance with ASC Topic 280, Segment Reporting, in determining the most appropriate reportable segments within our homebuilding business, we have considered similar economic and other characteristics, including product types, average sales prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments and, as such, our homebuilding segments are reported under the following hierarchy:
West region: Arizona, California, Nevada and Washington
Central region: Colorado, Texas and Utah
East region: District of Columbia, Florida, Maryland, North Carolina, South Carolina and Virginia
In September 2023, we announced our expansion into the greater Salt Lake City region with the launch of a new division in Utah. In April 2024 we announced further expansion into Orlando, Florida, and the Coastal Carolinas area, which includes parts of Georgia and South Carolina. As of June 30, 2024, we had not yet commenced significant operations in these new markets, however we have controlled lots within Utah.
Our Tri Pointe Solutions financial services operation is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, our Tri Pointe Assurance title and escrow services operations, and our Tri Pointe Advantage property and casualty insurance agency operations. For further details, see Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies.
Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit, risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters. All of the expenses incurred by Corporate are allocated to each of the homebuilding reporting segments based on their respective percentage of revenues.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
Fair Value Measurements
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:
•Level 1—Quoted prices for identical instruments in active markets
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date
•Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
v3.24.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information Relating to Reportable Segments
Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenues
West $677,649 $525,796 $1,231,240 $1,006,737 
Central301,594 198,490 575,817 364,630 
East158,707 102,673 257,101 226,377 
Total homebuilding revenues1,137,950 826,959 2,064,158 1,597,744 
Financial services16,974 10,370 30,168 19,246 
Total$1,154,924 $837,329 $2,094,326 $1,616,990 
Income before income taxes
West$90,523 $52,496 $163,382 $125,407 
Central44,025 17,903 87,318 31,842 
East18,597 10,079 28,558 23,391 
Total homebuilding income before income taxes153,145 80,478 279,258 180,640 
Financial services6,084 2,965 10,551 6,010 
Total$159,229 $83,443 $289,809 $186,650 
 
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
June 30, 2024December 31, 2023
Real estate inventories
West$2,245,659 $2,209,113 
Central777,098 762,051 
East443,054 366,319 
Total$3,465,811 $3,337,483 
Total assets(1)
West$2,516,024 $2,557,608 
Central948,241 947,200 
East486,885 421,630 
Corporate558,891 941,824 
Total homebuilding assets4,510,041 4,868,262 
Financial services86,157 46,326 
Total$4,596,198 $4,914,588 
__________
(1)    Total assets as of June 30, 2024 and December 31, 2023 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of June 30, 2024 and December 31, 2023 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
v3.24.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Numerator:    
Net income available to common stockholders$118,002 $60,724 $217,057 $135,466 
Denominator:    
Basic weighted-average shares outstanding94,059,037 99,598,933 94,645,676 100,305,168 
Effect of dilutive shares:   
Stock options and unvested restricted stock units680,982 1,036,031 659,793 879,825 
Diluted weighted-average shares outstanding94,740,019 100,634,964 95,305,469 101,184,993 
Earnings per share    
Basic$1.25 $0.61 $2.29 $1.35 
Diluted$1.25 $0.60 $2.28 $1.34 
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share1,305,166 2,580,904 1,579,593 2,737,110 
v3.24.2
Receivables (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Receivables
Receivables consisted of the following (in thousands):
June 30, 2024December 31, 2023
Escrow proceeds and other accounts receivable, net$45,630 $158,622 
Warranty insurance receivable (Note 13)66,007 66,014 
Total receivables$111,637 $224,636 
v3.24.2
Real Estate Inventories (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
June 30, 2024December 31, 2023
Real estate inventories owned:
Homes completed or under construction$1,637,648 $1,402,762 
Land under development1,172,934 1,299,074 
Land held for future development155,293 153,615 
Model homes305,660 306,565 
Total real estate inventories owned3,271,535 3,162,016 
Real estate inventories not owned:
Land purchase and land option deposits194,276 175,467 
Total real estate inventories not owned194,276 175,467 
Total real estate inventories$3,465,811 $3,337,483 
Schedule of Interest Incurred, Capitalized and Expensed
Interest incurred, capitalized and expensed were as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Interest incurred$30,378 $37,394 $66,534 $74,873 
Interest capitalized(30,378)(37,394)(66,534)(74,873)
Interest expensed$— $— $— $— 
Capitalized interest in beginning inventory$226,957 $208,639 $221,647 $191,411 
Interest capitalized as a cost of inventory30,378 37,394 66,534 74,873 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(39,164)(25,681)(70,010)(45,932)
Capitalized interest in ending inventory$218,171 $220,352 $218,171 $220,352 
Schedule of Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Real estate inventory impairments$— $11,500 $— $11,500 
Land and lot option abandonments and pre-acquisition charges968 261 1,370 978 
Total$968 $11,761 $1,370 $12,478 
v3.24.2
Investments in Unconsolidated Entities (Tables)
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments
Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands):
June 30, 2024December 31, 2023
Assets
Cash$35,303 $35,308 
Receivables95,482 38,839 
Real estate inventories414,568 450,097 
Other assets6,461 27,632 
Total assets$551,814 $551,876 
Liabilities and equity
Debt obligations and other liabilities$157,959 $155,616 
Company’s equity133,591 131,824 
Outside interests’ equity260,264 264,436 
Total liabilities and equity$551,814 $551,876 
Aggregated results of operations from unconsolidated entities (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Net sales$34,016 $37,757 $63,914 $59,895 
Other operating expense(31,294)(37,286)(61,351)(58,939)
Other income (expense), net831 (3)825 (6)
Net income $3,553 $468 $3,388 $950 
Company’s equity in income of unconsolidated entities$99 $42 $156 $269 
v3.24.2
Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Interests in Land Option Agreements
The following provides a summary of our interests in land and lot option agreements (in thousands):
 June 30, 2024December 31, 2023
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$180,182 $1,486,614 N/A$159,164 $1,017,791 N/A
Other land option agreements14,094 205,988 N/A16,303 189,007 N/A
Total$194,276 $1,692,602 $— $175,467 $1,206,798 $— 
v3.24.2
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
June 30, 2024December 31, 2023
Prepaid expenses$8,999 $8,462 
Refundable fees and other deposits8,285 8,726 
Development rights, held for future use or sale1,192 1,192 
Deferred loan costs—loans payable4,356 5,089 
Operating properties and equipment, net63,417 66,284 
Lease right-of-use assets65,054 66,404 
Income tax receivable9,645 — 
Other3,736 936 
Total$164,684 $157,093 
v3.24.2
Accrued Expenses and Other Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
June 30, 2024December 31, 2023
Accrued payroll and related costs$40,420 $68,575 
Warranty reserves (Note 13)
107,196 106,993 
Estimated cost for completion of real estate inventories134,463 108,175 
Customer deposits58,411 43,991 
Accrued income taxes payable— 23,138 
Accrued interest5,908 8,470 
Other tax liability3,126 2,976 
Lease liabilities79,216 78,782 
Other8,497 12,431 
Total$437,237 $453,531 
v3.24.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Senior Notes, Loans Payable and Mortgage Repurchase Facilities
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):
June 30, 2024December 31, 2023
5.875% Senior Notes due June 15, 2024
$— $450,000 
5.250% Senior Notes due June 1, 2027
300,000 300,000 
5.700% Senior Notes due June 15, 2028
350,000 350,000 
Discount and deferred loan costs(3,970)(5,751)
Total$646,030 $1,094,249 
The Company’s outstanding loans payable consisted of the following (in thousands):
June 30, 2024December 31, 2023
Term loan facility$250,000 $250,000 
Seller financed loans33,929 38,337 
Total$283,929 $288,337 
Schedule of Repurchase Agreements
The following table provides a summary of our Repurchase Agreements as of June 30, 2024 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$29,476 $80,000 
Term SOFR + 1.75%
3/11/2025Mortgage Loans
Warehouse B2,186 100,000 
Term SOFR + 1.75%
5/28/2025Mortgage Loans
Warehouse C (2)435 50,000 
Term SOFR + 1.75%
5/30/2025Mortgage Loans
Warehouse C (2)— 50,000 
Term SOFR + 1.75%
On Demand Mortgage Loans
Total$32,097 $280,000 
__________
(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of June 30, 2024, residential mortgage loans available-for-sale had an aggregate fair value of $32.9 million.
(2) Warehouse C is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.
v3.24.2
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis
A summary of assets and liabilities at June 30, 2024 and December 31, 2023, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):
June 30, 2024December 31, 2023
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $633,545 $1,099,489 $1,066,835 
Term loan(2)
Level 2$250,000 $250,000 $250,000 $250,000 
Seller financed loans(3)
Level 2$33,929 $33,929 $38,337 $38,337 
Mortgage loans held for sale(4)
Level 2$32,936 $32,936 $— $— 
Mortgage repurchase facilities(5)
Level 2$32,096 $32,096 $— $— 
 __________
(1)The book value of the Senior Notes is net of discounts for December 31, 2023, excluding deferred loan costs of $5.2 million. The estimated fair value of the Senior Notes at June 30, 2024 and December 31, 2023 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of June 30, 2024 and December 31, 2023 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of June 30, 2024 and December 31, 2023 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
Schedule of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
Six Months Ended June 30, 2024Year Ended December 31, 2023
HierarchyImpairment
Charge		Fair Value
Net of
Impairment		Impairment
Charge		Fair Value
Net of
Impairment
Real estate inventories (1)
Level 3$— $— $11,500 $39,970 
__________
(1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. Fair Value Net of Impairment represents the fair value of the real estate inventories, net of the impairment charge, as of the date that the fair value measurements were made. The carrying value for these real estate inventories subsequently changed from the fair value reflected due to activity that occurred since the measurement date.
v3.24.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Warranty Reserves
Warranty reserve activity consisted of the following (in thousands):
 
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Warranty reserves, beginning of period$106,602 $101,527 $106,993 $104,375 
Warranty reserves accrued9,834 6,284 17,734 12,186 
Warranty expenditures(9,240)(8,568)(17,531)(17,318)
Warranty reserves, end of period$107,196 $99,243 $107,196 $99,243 
Schedule of Lease Costs and Other Information See below for additional information on leases (dollars in thousands):
Three Months Ended June 30, 2024Three Months Ended June 30, 2023Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Lease Cost
Operating lease cost (included in SG&A expense)$3,050 $2,408 $5,904 $5,253 
Ground lease cost (included in other operations expense)765 783 1,530 1,446 
Sublease income, operating leases— — — — 
Sublease income, ground leases (included in other operations revenue)(777)(795)(1,553)(1,468)
Net lease cost$3,038 $2,396 $5,881 $5,231 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,410 $2,443 $5,912 $4,872 
Ground lease cash flows (included in operating cash flows)$664 $664 $1,327 $1,327 
Right-of-use assets obtained in exchange for new operating lease liabilities$3,374 $89 $5,264 $2,016 
June 30, 2024December 31, 2023
Weighted-average discount rate:
Operating leases4.9 %4.9 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.96.3
Ground leases43.944.4
Schedule of Future Minimum Lease Payments
The future minimum lease payments under our operating leases are as follows (in thousands):
Property, Equipment and Other Leases
Ground Leases (1)
Remaining in 2024$5,697 $1,619 
202511,104 3,237 
202610,096 3,237 
20278,834 3,237 
20288,477 3,237 
Thereafter15,676 75,403 
Total lease payments$59,884 $89,970 
Less: Interest8,509 62,130 
Present value of operating lease liabilities$51,375 $27,840 
 __________
(1)    Ground leases are fully subleased through 2041, representing $56.1 million of the $90.0 million future ground lease obligations.
v3.24.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Expense Recognized Related to All Stock-Based Awards
The following table presents compensation expense recognized related to all stock-based awards (in thousands):
 
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Total stock-based compensation$8,940 $4,162 $15,619 $8,023 
Schedule of Stock Option Awards
The following table presents a summary of stock option awards for the six months ended June 30, 2024:
OptionsWeighted
Average
Exercise
Price
Per Share		Weighted
Average
Remaining
Contractual
Life		Aggregate
Intrinsic
Value
(in thousands)
Options outstanding at December 31, 202366,043 $15.76 0.2$1,297 
Granted— — — — 
Exercised(66,043)$15.76 — — 
Forfeited— $— — — 
Options outstanding at June 30, 2024— $— $— $— 
Options exercisable at June 30, 2024— $— $— $— 
Schedule of Restricted Stock Units
The following table presents a summary of time-based and performance-based RSUs for the six months ended June 30, 2024:
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20233,889,380 $22.71 
Granted1,125,140 $35.56 
Vested(1,219,664)$19.87 
Forfeited(236,952)$19.53 
Nonvested RSUs at June 30, 20243,557,904 $27.73 
v3.24.2
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)
 6 Months Ended
Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Disclosure to Consolidated Statement of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Six Months Ended June 30,
20242023
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$63 $(2,724)
Income taxes paid, net$105,485 $6,719 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$572 $— 
Amortization of senior note discount capitalized to real estate inventory$511 $523 
Amortization of deferred loan costs capitalized to real estate inventory$1,988 $1,980 
v3.24.2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details)
Jun. 30, 2024
state
Accounting Policies [Abstract]  
Number of states in which entity operates 10
v3.24.2
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
business_line
subsegment
Segment Reporting [Abstract]  
Number of principal businesses | business_line 2
Number of reportable homebuilding segments | subsegment 3
v3.24.2
Segment Information - Summary of Financial Information Relating to Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Segment Reporting Information          
Revenues $ 1,154,924 $ 837,329 $ 2,094,326 $ 1,616,990  
Income before income taxes 159,229 83,443 289,809 186,650  
Real estate inventories 3,465,811   3,465,811   $ 3,337,483
Total assets 4,596,198   4,596,198   4,914,588
Goodwill 139,300   139,300   139,300
Homebuilding Segment          
Segment Reporting Information          
Revenues 1,137,950 826,959 2,064,158 1,597,744  
Income before income taxes 153,145 80,478 279,258 180,640  
Real estate inventories 3,465,811   3,465,811   3,337,483
Total assets 4,510,041   4,510,041   4,868,262
Goodwill 139,300   139,300   139,300
Homebuilding Segment | Corporate          
Segment Reporting Information          
Total assets 558,891   558,891   941,824
Homebuilding Segment | West          
Segment Reporting Information          
Revenues 677,649 525,796 1,231,240 1,006,737  
Income before income taxes 90,523 52,496 163,382 125,407  
Goodwill 125,400   125,400   125,400
Homebuilding Segment | West | Operating Segments          
Segment Reporting Information          
Real estate inventories 2,245,659   2,245,659   2,209,113
Total assets 2,516,024   2,516,024   2,557,608
Homebuilding Segment | Central          
Segment Reporting Information          
Revenues 301,594 198,490 575,817 364,630  
Income before income taxes 44,025 17,903 87,318 31,842  
Goodwill 8,300   8,300   8,300
Homebuilding Segment | Central | Operating Segments          
Segment Reporting Information          
Real estate inventories 777,098   777,098   762,051
Total assets 948,241   948,241   947,200
Homebuilding Segment | East          
Segment Reporting Information          
Revenues 158,707 102,673 257,101 226,377  
Income before income taxes 18,597 10,079 28,558 23,391  
Goodwill 5,600   5,600   5,600
Homebuilding Segment | East | Operating Segments          
Segment Reporting Information          
Real estate inventories 443,054   443,054   366,319
Total assets 486,885   486,885   421,630
Financial services          
Segment Reporting Information          
Revenues 16,974 10,370 30,168 19,246  
Income before income taxes 6,084 $ 2,965 10,551 $ 6,010  
Financial services | Operating Segments          
Segment Reporting Information          
Total assets $ 86,157   $ 86,157   $ 46,326
v3.24.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:        
Net income available to common stockholders $ 118,002 $ 60,724 $ 217,057 $ 135,466
Net income available to common stockholders $ 118,002 $ 60,724 $ 217,057 $ 135,466
Denominator:        
Basic weighted-average shares outstanding (in shares) 94,059,037 99,598,933 94,645,676 100,305,168
Effect of dilutive shares:        
Stock options and unvested restricted stock units (in shares) 680,982 1,036,031 659,793 879,825
Diluted weighted-average shares outstanding (in shares) 94,740,019 100,634,964 95,305,469 101,184,993
Earnings per share        
Basic (in dollars per share) $ 1.25 $ 0.61 $ 2.29 $ 1.35
Diluted (in dollars per share) $ 1.25 $ 0.60 $ 2.28 $ 1.34
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (in shares) 1,305,166 2,580,904 1,579,593 2,737,110
v3.24.2
Receivables - Components of Receivables (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Receivables [Abstract]    
Escrow proceeds and other accounts receivable, net $ 45,630 $ 158,622
Warranty insurance receivable 66,007 66,014
Total receivables $ 111,637 $ 224,636
v3.24.2
Receivables - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Receivables [Abstract]    
Allowance for doubtful accounts $ 436 $ 436
v3.24.2
Real Estate Inventories - Summary of Real Estate Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real estate inventories owned:    
Homes completed or under construction $ 1,637,648 $ 1,402,762
Land under development 1,172,934 1,299,074
Land held for future development 155,293 153,615
Model homes 305,660 306,565
Total real estate inventories owned 3,271,535 3,162,016
Real estate inventories not owned:    
Land purchase and land option deposits 194,276 175,467
Total real estate inventories not owned 194,276 175,467
Total real estate inventories $ 3,465,811 $ 3,337,483
v3.24.2
Real Estate Inventories - Summary of Interest Incurred, Capitalized and Expensed (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Real Estate [Abstract]        
Interest incurred $ 30,378 $ 37,394 $ 66,534 $ 74,873
Interest capitalized (30,378) (37,394) (66,534) (74,873)
Interest expensed 0 0 0 0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]        
Capitalized interest in beginning inventory 226,957 208,639 221,647 191,411
Interest capitalized as a cost of inventory 30,378 37,394 66,534 74,873
Interest previously capitalized as a cost of inventory, included in cost of sales (39,164) (25,681) (70,010) (45,932)
Capitalized interest in ending inventory $ 218,171 $ 220,352 $ 218,171 $ 220,352
v3.24.2
Real Estate Inventories - Schedule of Real Estate Inventory Impairments and Land Option Abandonments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Real Estate [Abstract]        
Real estate inventory impairments $ 0 $ 11,500 $ 0 $ 11,500
Land and lot option abandonments and pre-acquisition charges 968 261 1,370 978
Total $ 968 $ 11,761 $ 1,370 $ 12,478
v3.24.2
Real Estate Inventories - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
community
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
community
Real Estate [Line Items]        
Real estate inventory impairments $ 0 $ 11,500 $ 0 $ 11,500
West        
Real Estate [Line Items]        
Real estate inventory impairments   $ 11,500   $ 11,500
West | Homebuilding Segment        
Real Estate [Line Items]        
Number of communities impaired | community   1   1
Real estate, impairment, discount rate   0.10   0.10
v3.24.2
Investments in Unconsolidated Entities - Narrative (Details) - Equity Method Investment, Nonconsolidated Investee or Group of Investees
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
investment
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]    
Number of equity investments | investment 14  
Long-term debt, gross | $ $ 130.3 $ 125.9
Minimum    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 8.00%  
Maximum    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 50.00%  
v3.24.2
Investments in Unconsolidated Entities - Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Assets          
Cash $ 492,940   $ 492,940   $ 868,953
Receivables 111,637   111,637   224,636
Real estate inventories 3,465,811   3,465,811   3,337,483
Other assets 164,684   164,684   157,093
Total assets 4,596,198   4,596,198   4,914,588
Liabilities and equity          
Company’s equity 3,139,484   3,139,484   3,010,958
Outside interests’ equity 12   12   2,680
Total liabilities and equity 4,596,198   4,596,198   4,914,588
Net income 118,002 $ 61,971 216,998 $ 137,828  
Equity Method Investment, Nonconsolidated Investee or Group of Investees          
Assets          
Cash 35,303   35,303   35,308
Receivables 95,482   95,482   38,839
Real estate inventories 414,568   414,568   450,097
Other assets 6,461   6,461   27,632
Total assets 551,814   551,814   551,876
Liabilities and equity          
Debt obligations and other liabilities 157,959   157,959   155,616
Company’s equity 133,591   133,591   131,824
Outside interests’ equity 260,264   260,264   264,436
Total liabilities and equity 551,814   551,814   $ 551,876
Net sales 34,016 37,757 63,914 59,895  
Other operating expense (31,294) (37,286) (61,351) (58,939)  
Other income (expense), net 831 (3) 825 (6)  
Net income 3,553 468 3,388 950  
Company’s equity in income of unconsolidated entities $ 99 $ 42 $ 156 $ 269  
v3.24.2
Variable Interest Entities - Summary of Interests in Land Option Agreements (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Variable Interest Entity    
Deposits $ 194,276 $ 175,467
Remaining Purchase Price 1,692,602 1,206,798
Consolidated Inventory Held by VIEs 0 0
Unconsolidated VIEs    
Variable Interest Entity    
Deposits 180,182 159,164
Remaining Purchase Price 1,486,614 1,017,791
Other land option agreements    
Variable Interest Entity    
Deposits 14,094 16,303
Remaining Purchase Price $ 205,988 $ 189,007
v3.24.2
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Other land option agreements    
Variable Interest Entity    
Capitalized pre-acquisition costs $ 17.3 $ 9.5
v3.24.2
Goodwill and Other Intangible Assets (Details)
$ in Millions
Jun. 30, 2024
USD ($)
intangible_asset
Dec. 31, 2023
USD ($)
intangible_asset
Schedule Of Intangible Assets And Goodwill    
Goodwill $ 139.3 $ 139.3
WRECO | Trade Names    
Schedule Of Intangible Assets And Goodwill    
Trade names, net carrying amount $ 17.3 $ 17.3
WRECO | Trade Names    
Schedule Of Intangible Assets And Goodwill    
Number of intangible assets | intangible_asset 1 1
v3.24.2
Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 8,999 $ 8,462
Refundable fees and other deposits 8,285 8,726
Development rights, held for future use or sale 1,192 1,192
Deferred loan costs—loans payable 4,356 5,089
Operating properties and equipment, net 63,417 66,284
Lease right-of-use assets $ 65,054 $ 66,404
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total Total
Income tax receivable $ 9,645 $ 0
Other 3,736 936
Total $ 164,684 $ 157,093
v3.24.2
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Payables and Accruals [Abstract]            
Accrued payroll and related costs $ 40,420   $ 68,575      
Warranty reserves 107,196 $ 106,602 106,993 $ 99,243 $ 101,527 $ 104,375
Estimated cost for completion of real estate inventories 134,463   108,175      
Customer deposits 58,411   43,991      
Accrued income taxes payable 0   23,138      
Accrued interest 5,908   8,470      
Other tax liability 3,126   2,976      
Lease liabilities $ 79,216   $ 78,782      
Operating Lease, Liability, Statement of Financial Position [Extensible List] Total   Total      
Other $ 8,497   $ 12,431      
Total $ 437,237   $ 453,531      
v3.24.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Senior Notes (Details) - Senior Notes - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2020
Jun. 30, 2017
Debt Instrument        
Discount and deferred loan costs $ (3,970) $ (5,751)    
Total $ 646,030 $ 1,094,249    
5.875% Senior Notes due June 15, 2024        
Debt Instrument        
Interest rate on senior note (percent) 5.875% 5.875%   5.875%
Aggregate outstanding debt $ 0 $ 450,000    
5.250% Senior Notes due June 1, 2027        
Debt Instrument        
Interest rate on senior note (percent) 5.25% 5.25%   5.25%
Aggregate outstanding debt $ 300,000 $ 300,000    
5.700% Senior Notes due June 15, 2028        
Debt Instrument        
Interest rate on senior note (percent) 5.70% 5.70% 5.70%  
Aggregate outstanding debt $ 350,000 $ 350,000    
v3.24.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Narrative (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
May 15, 2024
Dec. 15, 2023
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2024
USD ($)
loan
May 31, 2024
USD ($)
agreement
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
loan
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
loan
Debt Instrument                    
Deferred loan costs—loans payable         $ 4,356,000     $ 4,356,000   $ 5,089,000
Accrued interest         5,908,000     5,908,000   8,470,000
Loans payable         $ 283,929,000     $ 283,929,000   $ 288,337,000
Number of seller-financed loans | loan         2     2   2
Mortgage repurchase facilities         $ 32,096,000     $ 32,096,000   $ 0
Interest incurred         30,378,000   $ 37,394,000 66,534,000 $ 74,873,000  
Amortization of deferred financing costs         1,300,000   $ 1,300,000 2,500,000 $ 2,500,000  
Mortgage repurchase facilities                    
Debt Instrument                    
Maximum borrowing capacity under facility         280,000,000 $ 280,000,000   280,000,000    
Line of credit facility, current borrowing capacity         247,900,000     247,900,000    
Number of master repurchase agreements | agreement           3        
Mortgage repurchase facilities         $ 32,097,000     $ 32,097,000    
Repurchase agreement weighted average interest rate         6.60%     6.60%    
Senior notes                    
Debt Instrument                    
Deferred loan costs—loans payable         $ 4,000,000.0     $ 4,000,000.0   5,200,000
Accrued interest         2,100,000     2,100,000   3,200,000
Seller financed loans                    
Debt Instrument                    
Loans payable         $ 33,929,000     $ 33,929,000   $ 38,337,000
Seller financed loans | Seller-Financed Loans, Seller One                    
Debt Instrument                    
Interest rate on senior note (percent)         4.50%     4.50%   4.50%
Loans payable         $ 32,600,000     $ 32,600,000   $ 37,400,000
Second Seller Financed Loan | Seller-Financed Loans, Seller Two                    
Debt Instrument                    
Loans payable         $ 1,300,000     $ 1,300,000   $ 910,000
5.700% Senior Notes due June 15, 2028 | Senior notes                    
Debt Instrument                    
Aggregate principal amount     $ 350,000,000              
Interest rate on senior note (percent)     5.70%   5.70%     5.70%   5.70%
Debt issuance, percentage of aggregate principal (percent)     100.00%              
Proceeds from issuance of senior notes, net     $ 345,200,000              
5.250% Senior Notes due June 1, 2027 | Senior notes                    
Debt Instrument                    
Aggregate principal amount       $ 300,000,000            
Interest rate on senior note (percent)       5.25% 5.25%     5.25%   5.25%
Debt issuance, percentage of aggregate principal (percent)       100.00%            
Proceeds from issuance of senior notes, net       $ 296,300,000            
5.875% Senior Notes due June 15, 2024 | Senior notes                    
Debt Instrument                    
Aggregate principal amount       $ 450,000,000            
Interest rate on senior note (percent)       5.875% 5.875%     5.875%   5.875%
Debt issuance, percentage of aggregate principal (percent) 100.00%                  
Proceeds from issuance of senior notes, net       $ 429,000,000.0            
Notes issue price as a percentage of principal amount       98.15%            
Amended Revolving Credit Facility                    
Debt Instrument                    
Line of credit facility, potential maximum borrowing capacity under specified conditions   $ 1,200,000,000                
Amended Revolving Credit Facility | Revolving Credit Facility                    
Debt Instrument                    
Deferred loan costs—loans payable         $ 4,400,000     $ 4,400,000    
Accrued interest         1,600,000     1,600,000   $ 1,600,000
Maximum borrowing capacity under facility   $ 750,000,000                
Loans payable         0     0    
Line of credit facility, current borrowing capacity         707,300,000     707,300,000    
Amended Revolving Credit Facility | Revolving Credit Facility | Minimum                    
Debt Instrument                    
Debt instrument variable interest rate (percent)   1.25%                
Amended Revolving Credit Facility | Revolving Credit Facility | Maximum                    
Debt Instrument                    
Debt instrument variable interest rate (percent)   1.90%                
Amended Revolving Credit Facility | Letters of Credit                    
Debt Instrument                    
Outstanding letters of credit         42,700,000     42,700,000   52,300,000
Term loan facility | Term loan facility                    
Debt Instrument                    
Maximum borrowing capacity under facility   $ 250,000,000                
Loans payable         $ 250,000,000     $ 250,000,000   $ 250,000,000
Interest rate of outstanding debt (percent)         6.51%     6.51%    
Term loan facility | Term loan facility | Minimum                    
Debt Instrument                    
Debt instrument variable interest rate (percent)   1.10%                
Term loan facility | Term loan facility | Maximum                    
Debt Instrument                    
Debt instrument variable interest rate (percent)   1.85%                
Revolving Facility and Term Loan Facility                    
Debt Instrument                    
Consolidated tangible net worth attributed to Company required under covenants (percent)         95.00%     95.00%    
v3.24.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Outstanding Loans Payable (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Line of Credit Facility    
Loans payable $ 283,929 $ 288,337
Seller financed loans    
Line of Credit Facility    
Loans payable 33,929 38,337
Term loan facility | Term loan facility    
Line of Credit Facility    
Loans payable $ 250,000 $ 250,000
v3.24.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Mortgage Repurchase Facilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
May 31, 2024
Dec. 31, 2023
Participating Mortgage Loans [Line Items]      
Outstanding Balance $ 32,096   $ 0
Warehouse C      
Participating Mortgage Loans [Line Items]      
Facility Amount 100,000    
Mortgage repurchase facilities      
Participating Mortgage Loans [Line Items]      
Outstanding Balance 32,097    
Facility Amount 280,000 $ 280,000  
Mortgage loans held for sale 32,900    
Facility uncommitted amount 247,900    
Mortgage repurchase facilities | Warehouse A      
Participating Mortgage Loans [Line Items]      
Outstanding Balance 29,476    
Facility Amount $ 80,000    
Interest Rate 1.75%    
Mortgage repurchase facilities | Warehouse B      
Participating Mortgage Loans [Line Items]      
Outstanding Balance $ 2,186    
Facility Amount $ 100,000    
Interest Rate 1.75%    
Mortgage repurchase facilities | Warehouse C      
Participating Mortgage Loans [Line Items]      
Outstanding Balance $ 435    
Facility Amount $ 50,000    
Interest Rate 1.75%    
Mortgage repurchase facilities | Warehouse C      
Participating Mortgage Loans [Line Items]      
Outstanding Balance $ 0    
Facility Amount $ 50,000    
Interest Rate 1.75%    
Facility uncommitted amount $ 50,000    
v3.24.2
Fair Value Disclosures - Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred loan costs $ 4,356 $ 5,089
Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 32,936 0
Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 32,936 0
Term Loan | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 250,000 250,000
Term Loan | Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 250,000 250,000
Mortgage repurchase facilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 32,900  
Mortgage repurchase facilities | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage repurchase facilities 32,096 0
Mortgage repurchase facilities | Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage repurchase facilities 32,096 0
Senior notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred loan costs 4,000 5,200
Senior notes | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 650,000 1,099,489
Senior notes | Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 633,545 1,066,835
Seller financed loans | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 33,929 38,337
Seller financed loans | Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments $ 33,929 $ 38,337
v3.24.2
Fair Value Disclosures - Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
community
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Impairment Charge $ 0 $ 11,500 $ 0 $ 11,500  
Fair Value Net of Impairment 3,465,811   3,465,811   $ 3,337,483
West          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Number of communities impaired | community         1
Level 3 | Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Impairment Charge     0   $ 11,500
Fair Value Net of Impairment $ 0   $ 0   $ 39,970
v3.24.2
Commitments and Contingencies - Narrative (Details)
 12 Months Ended
Dec. 31, 1987
lease
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Commitment And Contingencies [Line Items]      
Legal reserves   $ 0 $ 0
Outstanding warranty insurance receivables   66,007,000 66,014,000
Estimated remaining liabilities related to surety bonds   $ 8,497,000 12,431,000
Office Leases      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years)   10 years  
Equipment Leases | Minimum      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years)   3 years  
Equipment Leases | Maximum      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years)   4 years  
Ground leases      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years) 55 years    
Number of properties subject to ground leases | lease 2    
Ground leases | Ten Year Renewal Option      
Commitment And Contingencies [Line Items]      
Number of lease renewal options | lease 3    
Term of lease extension (in years) 10 years    
Ground leases | Forty-five Year Renewal Option      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years) 45 years    
Number of properties subject to ground leases | lease 1    
Ground leases | Extension Through 2071      
Commitment And Contingencies [Line Items]      
Number of ground leases extended | lease 1    
Surety Bonds      
Commitment And Contingencies [Line Items]      
Outstanding surety bonds   $ 677,100,000 697,200,000
Estimated remaining liabilities related to surety bonds   $ 437,100,000 $ 435,900,000
v3.24.2
Commitments and Contingencies - Schedule of Warranty Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Movement in Standard Product Warranty Accrual        
Warranty reserves, beginning of period $ 106,602 $ 101,527 $ 106,993 $ 104,375
Warranty reserves accrued 9,834 6,284 17,734 12,186
Warranty expenditures (9,240) (8,568) (17,531) (17,318)
Warranty reserves, end of period $ 107,196 $ 99,243 $ 107,196 $ 99,243
v3.24.2
Commitments and Contingencies - Lease Costs and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Lessee, Lease, Description          
Net lease cost $ 3,038 $ 2,396 $ 5,881 $ 5,231  
Right-of-use assets obtained in exchange for new operating lease liabilities 3,374 89 5,264 2,016  
Operating leases          
Lessee, Lease, Description          
Lease cost 3,050 2,408 5,904 5,253  
Sublease income, ground leases (included in other operations revenue) 0 0 0 0  
Cash paid for amounts included in the measurement of lease liabilities $ 3,410 2,443 $ 5,912 4,872  
Weighted-average discount rate (percent) 4.90%   4.90%   4.90%
Weighted-average remaining lease term (in years) 5 years 10 months 24 days   5 years 10 months 24 days   6 years 3 months 18 days
Ground leases          
Lessee, Lease, Description          
Lease cost $ 765 783 $ 1,530 1,446  
Sublease income, ground leases (included in other operations revenue) (777) (795) (1,553) (1,468)  
Cash paid for amounts included in the measurement of lease liabilities $ 664 $ 664 $ 1,327 $ 1,327  
Weighted-average discount rate (percent) 10.20%   10.20%   10.20%
Weighted-average remaining lease term (in years) 43 years 10 months 24 days   43 years 10 months 24 days   44 years 4 months 24 days
v3.24.2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Lessee, Lease, Description    
Present value of operating lease liabilities $ 79,216 $ 78,782
Property, Equipment and Other Leases    
Lessee, Lease, Description    
Remaining in 2024 5,697  
2025 11,104  
2026 10,096  
2027 8,834  
2028 8,477  
Thereafter 15,676  
Total lease payments 59,884  
Less: Interest 8,509  
Present value of operating lease liabilities 51,375  
Ground Leases    
Lessee, Lease, Description    
Remaining in 2024 1,619  
2025 3,237  
2026 3,237  
2027 3,237  
2028 3,237  
Thereafter 75,403  
Total lease payments 89,970  
Less: Interest 62,130  
Present value of operating lease liabilities 27,840  
Payments to be received $ 56,100  
v3.24.2
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions
 6 Months Ended 12 Months Ended
Apr. 29, 2024
$ / shares
shares
Feb. 21, 2024
metric
$ / shares
shares
Dec. 26, 2023
$ / shares
shares
May 01, 2023
$ / shares
shares
Feb. 22, 2023
metric
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award              
Unrecognized stock based compensation related to all stock-based awards | $           $ 56.9  
Weighted average period, expense to recognized (in years)           1 year 7 months 6 days  
Number of separate performance metrics | metric   2     2    
Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares)           1,125,140  
Granted (in dollars per share) | $ / shares           $ 35.56  
Employees and Officers | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares)   430,887     504,551    
Award vesting period (in years)   3 years     3 years    
Granted (in dollars per share) | $ / shares   $ 35.51     $ 23.21    
Officers | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares)   656,844 364,215   704,408    
Award vesting period (in years)     3 years        
Granted (in dollars per share) | $ / shares   $ 35.51 $ 35.83   $ 23.21    
Officers | Restricted Stock Units (RSUs) | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award              
Vesting rights (percent)   0.00%     0.00%    
Officers | Restricted Stock Units (RSUs) | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award              
Vesting rights (percent)   100.00%     100.00%    
Officers | Restricted Stock Units (RSUs) | Homebuilding Revenue              
Share-based Compensation Arrangement by Share-based Payment Award              
Performance percentage (percent)   50.00%     50.00%    
Officers | Restricted Stock Units (RSUs) | Pre-tax Earnings              
Share-based Compensation Arrangement by Share-based Payment Award              
Performance percentage (percent)   50.00%     50.00%    
Non-employee Members on Board of Directors | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares) 21,835     29,150      
Granted (in dollars per share) | $ / shares $ 37.78     $ 28.30      
Employees | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares)           15,574  
Award vesting period (in years)           3 years  
Other Employees | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares)             6,787
Award vesting period (in years)             3 years
2022 Plan              
Share-based Compensation Arrangement by Share-based Payment Award              
Common stock authorized for incentive plan (in shares)           7,500,000  
Shares available for future grant (in shares)           5,324,026  
v3.24.2
Stock-Based Compensation - Summary of Compensation Expense Recognized Related to all Stock-Based Awards (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]        
Total stock-based compensation $ 8,940 $ 4,162 $ 15,619 $ 8,023
v3.24.2
Stock-Based Compensation - Summary of Stock Option Awards (Details) - Options - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Options    
Options outstanding at beginning of period (in shares) 66,043  
Granted (in shares) 0  
Exercised (in shares) (66,043)  
Forfeited (in shares) 0  
Options outstanding at end of period (in shares) 0 66,043
Options exercisable at end of period (in shares) 0  
Weighted Average Exercise Price Per Share    
Beginning balance (in dollars per share) $ 15.76  
Granted (in dollars per share) 0  
Exercised (in dollars per share) 15.76  
Forfeited (in dollars per share) 0  
Ending balance (in dollars per share) 0 $ 15.76
Exercisable at end of period (in dollars per share) $ 0  
Weighted average contractual life 0 years 2 months 12 days
Weighted average options exercisable 0 years  
Aggregate intrinsic value $ 0 $ 1,297
Aggregate intrinsic value, exercisable at end of period $ 0  
v3.24.2
Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
Restricted Stock Units  
Nonvested RSU's beginning balance (in shares) | shares 3,889,380
Granted (in shares) | shares 1,125,140
Vested (in shares) | shares (1,219,664)
Forfeited (in shares) | shares (236,952)
Nonvested RSU's ending balance (in shares) | shares 3,557,904
Weighted Average Grant Date Fair Value Per Share  
Beginning balance (in dollars per share) | $ / shares $ 22.71
Granted (in dollars per share) | $ / shares 35.56
Vested (in dollars per share) | $ / shares 19.87
Forfeited (in dollars per share) | $ / shares 19.53
Ending balance (in dollars per share) | $ / shares $ 27.73
v3.24.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]          
Deferred tax assets, net $ 37,996   $ 37,996   $ 37,996
Valuation allowance related to net deferred tax assets 3,400   3,400   $ 3,400
Provision for income taxes $ 41,227 $ 21,472 $ 72,811 $ 48,822  
v3.24.2
Related Party Transactions (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Related Party Transactions [Abstract]    
Related party transactions $ 0 $ 0
v3.24.2
Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Supplemental disclosure of cash flow information:    
Interest paid (capitalized), net $ 63 $ (2,724)
Income taxes paid, net 105,485 6,719
Supplemental disclosures of noncash activities:    
Increase in share repurchase excise tax accrual 572 0
Amortization of senior note discount capitalized to real estate inventory 511 523
Amortization of deferred loan costs capitalized to real estate inventory $ 1,988 $ 1,980