Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 16, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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		94,877,377
Amendment Flag	false
Document Fiscal year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001561680
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 943,998	$ 868,953
Receivables	125,133	224,636
Real estate inventories	3,422,883	3,337,483
Investments in unconsolidated entities	124,723	131,824
Goodwill and other intangible assets, net	156,603	156,603
Deferred tax assets, net	37,996	37,996
Other assets	158,639	157,093
Total assets	4,969,975	4,914,588
Liabilities
Accounts payable	51,736	64,833
Accrued expenses and other liabilities	485,052	453,531
Loans payable	288,337	288,337
Senior notes, net	1,095,192	1,094,249
Total liabilities	1,920,317	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 March 31, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized; 94,877,377 and 95,530,512 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	949	955
Additional paid-in capital	0	0
Retained earnings	3,048,697	3,010,003
Total stockholders’ equity	3,049,646	3,010,958
Noncontrolling interests	12	2,680
Total equity	3,049,658	3,013,638
Total liabilities and equity	$ 4,969,975	$ 4,914,588

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 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)	94,877,377	95,530,512
Common stock outstanding (in shares)	94,877,377	95,530,512

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues	$ 939,402	$ 779,661
Income before income taxes	130,580	103,207
Provision for income taxes	(31,584)	(27,350)
Net income	98,996	75,857
Net income attributable to noncontrolling interests	59	(1,115)
Net income available to common stockholders	$ 99,055	$ 74,742
Earnings per share
Basic (in dollars per share)	$ 1.04	$ 0.74
Diluted (in dollars per share)	$ 1.03	$ 0.73
Weighted average shares outstanding
Basic (in shares)	95,232,315	101,019,253
Diluted (in shares)	95,846,756	101,706,438
Homebuilding Segment
Revenues	$ 926,208	$ 770,785
Other operations expense	765	665
Sales and marketing	50,224	41,862
General and administrative	51,328	46,366
Homebuilding income from operations	110,830	92,331
Equity in income of unconsolidated entities	57	227
Other income, net	15,226	7,604
Homebuilding income before income taxes	126,113	100,162
Income before income taxes	126,113	100,162
Financial services
Revenues	13,194	8,876
Expenses	8,727	5,831
Financial services income before income taxes	4,467	3,045
Income before income taxes	4,467	3,045
Home sales revenue \| Homebuilding Segment
Revenues	918,353	768,405
Cost of home, land and lot sales	707,304	588,118
Land and lot sales revenue \| Homebuilding Segment
Revenues	7,068	1,706
Cost of home, land and lot sales	5,757	1,443
Other operations revenue \| Homebuilding Segment
Revenues	$ 787	$ 674

CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - 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	75,857	74,742			74,742	1,115
Shares issued under share-based awards (in shares)			729,094
Shares issued under share-based awards	232	232	$ 7	225
Tax withholding paid on behalf of employees for share-based awards	(9,780)	(9,780)		(9,780)
Stock-based compensation expense	3,861	3,861		3,861
Share repurchases (in shares)			(1,574,575)
Share repurchases	(37,821)	(37,821)	$ (15)	(37,806)
Distributions to noncontrolling interests, net	(2,395)					(2,395)
Reclass the negative APIC to retained earnings	0			39,815	(39,815)
Ending balance (in shares) at Mar. 31, 2023			100,172,227
Ending balance at Mar. 31, 2023	$ 2,866,485	2,863,623	$ 1,002	0	2,862,621	2,862
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	98,996	99,055			99,055	(59)
Shares issued under share-based awards (in shares)			789,650
Shares issued under share-based awards	1,041	1,041	$ 8	1,033
Tax withholding paid on behalf of employees for share-based awards	(16,572)	(16,572)		(16,572)
Stock-based compensation expense	6,679	6,679		6,679
Share repurchases, including excise tax (in shares)			(1,442,785)
Share repurchases, including excise tax	(50,247)	(50,247)	$ (14)	(50,233)
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			60,361	(60,361)
Ending balance (in shares) at Mar. 31, 2024	94,877,377		94,877,377
Ending balance at Mar. 31, 2024	$ 3,049,658	$ 3,049,646	$ 949	$ 0	$ 3,048,697	$ 12

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 98,996	$ 75,857
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,327	7,054
Equity in income of unconsolidated entities, net	(57)	(227)
Amortization of stock-based compensation	6,679	3,861
Charges for impairments and lot option abandonments	402	717
Gain on increase in carrying amount of investment	3,495	0
Changes in assets and liabilities:
Real estate inventories	(84,500)	31,965
Receivables	99,503	28,373
Other assets	(5,809)	(429)
Accounts payable	(13,097)	(4,780)
Accrued expenses and other liabilities	31,805	(6,752)
Net cash provided by operating activities	144,744	135,639
Cash flows from investing activities:
Purchases of property and equipment	(6,417)	(6,501)
Proceeds from investment	717	0
Net investments in unconsolidated entities	(8,213)	(2,951)
Distributions from unconsolidated entities	13,650	0
Net cash used in investing activities	(263)	(9,452)
Cash flows from financing activities:
Distributions to noncontrolling interests	(3,877)	(2,395)
Proceeds from issuance of common stock under share-based awards	1,041	232
Tax withholding paid on behalf of employees for share-based awards	(16,572)	(9,780)
Share repurchases, excluding excise tax	(50,028)	(37,610)
Net cash used in financing activities	(69,436)	(49,553)
Net increase in cash and cash equivalents	75,045	76,634
Cash and cash equivalents–beginning of period	868,953	889,664
Cash and cash equivalents–end of period	$ 943,998	$ 966,298

Organization, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 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 of North and South Carolina. As of March 31, 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 three months ended March 31, 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 March 31, 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 will transition to a mortgage lending entity that will act as a preferred mortgage lender to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing its own funds and funds made available pursuant to a credit facility with third party lenders. 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. 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

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

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, 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. As of March 31, 2024, we had not yet commenced significant operations in this new Central segment market, however we have controlled lots within this market. Subsequent to March 31, 2024, we announced further expansion into Orlando, Florida, and the Coastal Carolinas area of North and South Carolina. Our operations in Orlando and the Coastal Carolinas will be reported within our East segment.

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 March 31,
	2024		2023
Revenues
West	$	553,591	$	480,941
Central	274,223		166,140
East	98,394		123,704
Total homebuilding revenues	926,208		770,785
Financial services	13,194		8,876
Total	$	939,402	$	779,661

Income before income taxes
West	$	72,859	$	72,911
Central	43,293		13,939
East	9,961		13,312
Total homebuilding income before income taxes	126,113		100,162
Financial services	4,467		3,045
Total	$	130,580	$	103,207

Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):


	March 31, 2024		December 31, 2023
Real estate inventories
West	$	2,235,876	$	2,209,113
Central	772,857		762,051
East	414,150		366,319
Total	$	3,422,883	$	3,337,483

Total assets(1)
West	$	2,513,529	$	2,557,608
Central	934,029		947,200
East	466,633		421,630
Corporate	998,385		941,824
Total homebuilding assets	4,912,576		4,868,262
Financial services	57,399		46,326
Total	$	4,969,975	$	4,914,588

__________

(1) Total assets as of March 31, 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 March 31, 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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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 March 31,
	2024		2023
Numerator:
Net income available to common stockholders	$	99,055	$	74,742
Denominator:
Basic weighted-average shares outstanding	95,232,315		101,019,253
Effect of dilutive shares:
Stock options and unvested restricted stock units	614,441		687,185
Diluted weighted-average shares outstanding	95,846,756		101,706,438
Earnings per share
Basic	$	1.04	$	0.74
Diluted	$	1.03	$	0.73
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	2,510,864		2,671,754

Receivables

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Receivables

Receivables consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Escrow proceeds and other accounts receivable, net	$	59,120	$	158,622
Warranty insurance receivable (Note 13)	66,013		66,014
Total receivables	$	125,133	$	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 March 31, 2024 and December 31, 2023.

Real Estate Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Real Estate Inventories

Real estate inventories consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Real estate inventories owned:
Homes completed or under construction	$	1,526,569	$	1,402,762
Land under development	1,255,357		1,299,074
Land held for future development	154,279		153,615
Model homes	308,721		306,565
Total real estate inventories owned	3,244,926		3,162,016
Real estate inventories not owned:
Land purchase and land option deposits	177,957		175,467

Total real estate inventories not owned	177,957		175,467
Total real estate inventories	$	3,422,883	$	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 March 31,
	2024		2023
Interest incurred	$	36,156	$	37,479
Interest capitalized	(36,156)		(37,479)
Interest expensed	$	—	$	—
Capitalized interest in beginning inventory	$	221,647	$	191,411
Interest capitalized as a cost of inventory	36,156		37,479
Interest previously capitalized as a cost of inventory, included in cost of sales	(30,846)		(20,251)
Capitalized interest in ending inventory	$	226,957	$	208,639

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 March 31,
	2024		2023
Real estate inventory impairments	$	—	$	—
Land and lot option abandonments and pre-acquisition charges	402		717
Total	$	402	$	717

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.

Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Entities

As of March 31, 2024, we held equity investments in thirteen 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):


	March 31, 2024		December 31, 2023
Assets
Cash	$	37,061	$	35,308
Receivables	76,125		38,839
Real estate inventories	439,920		450,097
Other assets	6,324		27,632
Total assets	$	559,430	$	551,876
Liabilities and equity
Debt obligations and other liabilities	$	172,221	$	155,616
Company’s equity	124,723		131,824
Outside interests’ equity	262,486		264,436
Total liabilities and equity	$	559,430	$	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 March 31, 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 March 31, 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 $148.0 million and $125.9 million, respectively.

Aggregated results of operations from unconsolidated entities (in thousands):


	Three Months Ended March 31,
	2024		2023
Net sales	$	29,898	$	22,138
Other operating expense	(30,057)		(21,653)
Other income, net	(6)		(3)
Net income (loss)	$	(165)	$	482
Company’s equity in income (loss) of unconsolidated entities	$	57	$	227

Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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):


	March 31, 2024						December 31, 2023
	Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs		Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs

Unconsolidated VIEs	$	160,787	$	1,300,115	N/A		$	159,164	$	1,017,791	N/A
Other land option agreements	17,170		210,703		N/A		16,303		189,007		N/A
Total	$	177,957	$	1,510,818	$	—	$	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 $14.9 million and $9.5 million as of March 31, 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.

Goodwill and Other Intangible Assets	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets As of March 31, 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 March 31, 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.

Other Assets

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other assets consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Prepaid expenses	$	10,030	$	8,462
Refundable fees and other deposits	7,726		8,726
Development rights, held for future use or sale	1,192		1,192
Deferred loan costs—loans payable	4,716		5,089
Operating properties and equipment, net	65,338		66,284
Lease right-of-use assets	65,904		66,404

Other	3,733		936
Total	$	158,639	$	157,093

Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Accrued payroll and related costs	$	24,081	$	68,575
Warranty reserves (Note 13)	106,602		106,993
Estimated cost for completion of real estate inventories	124,550		108,175
Customer deposits	51,160		43,991

Accrued income taxes payable	54,705		23,138

Accrued interest	24,191		8,470

Other tax liability	3,451		2,976
Lease liabilities	78,049		78,782
Other	18,263		12,431
Total	$	485,052	$	453,531

Senior Notes and Loans Payable

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Senior Notes and Loans Payable

Senior Notes

The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
5.875% Senior Notes due June 15, 2024	$	450,000	$	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	(4,808)		(5,751)
Total	$	1,095,192	$	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., are 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 mature on June 15, 2024, with interest payable semiannually in arrears on June 15 and December 15 of each year until maturity.

As of March 31, 2024, there were $4.6 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 $18.8 million and $3.2 million as of March 31, 2024 and December 31, 2023, respectively.

Loans Payable

The Company’s outstanding loans payable consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Term loan facility	$	250,000	$	250,000
Seller financed loans	38,337		38,337
Total	$	288,337	$	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 March 31, 2024, we had no outstanding debt under the Revolving Facility and there was $703.2 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of March 31, 2024, we had $250 million of outstanding debt under the Term Facility with an interest rate of 6.51%. As of March 31, 2024, there were $4.7 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 $1.8 million and $1.6 million as of March 31, 2024 and December 31, 2023, respectively.

At March 31, 2024 and December 31, 2023, we had outstanding letters of credit of $46.8 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 March 31, 2024 and December 31, 2023, we had $38.3 million 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 2024, provided certain achievements are met. One of the seller-financed loans, representing $37.4 million of the total balance as of both March 31, 2024 and December 31, 2023, respectively, accrues interest at an imputed interest rate of 4.50% per annum. The second seller-financed loan represented $910,000 of the total balance as of March 31, 2024 and December 31, 2023, respectively.

Interest Incurred

During the three months ended March 31, 2024 and 2023, the Company incurred interest of $36.2 million and $37.5 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 $1.2 million for the three months ended March 31, 2024 and 2023, respectively. Accrued interest related to all outstanding debt at March 31, 2024 and December 31, 2023 was $24.2 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 March 31, 2024 and December 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Disclosures

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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 March 31, 2024 and December 31, 2023, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):


		March 31, 2024				December 31, 2023
	Hierarchy	Book Value		Fair Value		Book Value		Fair Value
Senior Notes(1)	Level 2	$	1,099,766	$	1,085,910	$	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	$	38,337	$	38,337	$	38,337	$	38,337

__________

(1)The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $4.6 million and $5.2 million as of March 31, 2024 and December 31, 2023, respectively. The estimated fair value of the Senior Notes at March 31, 2024 and December 31, 2023 is based on quoted market prices.

(2)The estimated fair value of the Term Loan Facility as of March 31, 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 March 31, 2024 and December 31, 2023 approximated book value due to the short term nature of these loans.

At March 31, 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):


		Three Months Ended March 31, 2024				Year Ended December 31, 2023
	Hierarchy	Impairment 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

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 March 31, 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 March 31, 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 March 31,
	2024		2023
Warranty reserves, beginning of period	$	106,993	$	104,375
Warranty reserves accrued	7,900		5,902

Warranty expenditures	(8,291)		(8,750)
Warranty reserves, end of period	$	106,602	$	101,527

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 March 31, 2024 and December 31, 2023, the Company had outstanding surety bonds totaling $677.5 million and $697.2 million, respectively. As of March 31, 2024 and December 31, 2023, our estimated cost to complete obligations related to these surety bonds was $423.5 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 March 31, 2024		Three Months Ended March 31, 2023
Lease Cost
Operating lease cost (included in SG&A expense)	$	2,854	$	2,845
Ground lease cost (included in other operations expense)	765		663
Sublease income, operating leases	—		—
Sublease income, ground leases (included in other operations revenue)	(776)		(673)
Net lease cost	$	2,843	$	2,835

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)	$	2,502	$	2,429
Ground lease cash flows (included in operating cash flows)	$	846	$	663
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,890	$	1,927


	March 31, 2024		December 31, 2023
Weighted-average discount rate:
Operating leases	4.9	%	4.9	%
Ground leases	10.2	%	10.2	%
Weighted-average remaining lease term (in years):
Operating leases	6.0		6.3
Ground leases	44.1		44.4

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	$	8,468	$	2,428
2025	10,783		3,237
2026	9,574		3,237
2027	8,232		3,237
2028	7,857		3,237
Thereafter	13,667		75,403
Total lease payments	$	58,581	$	90,779
Less: Interest	8,463		62,848
Present value of operating lease liabilities	$	50,118	$	27,931

__________

(1) Ground leases are fully subleased through 2041, representing $56.9 million of the $90.8 million future ground lease obligations.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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 SARs.

As of March 31, 2024, there were 5,337,358 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 March 31,
	2024		2023
Total stock-based compensation	$	6,679	$	3,861

Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of March 31, 2024, total unrecognized stock-based compensation expense related to all stock-based awards was $62.5 million and the weighted average term over which the expense was expected to be recognized was 1.7 years.

Summary of Stock Option Activity

The following table presents a summary of stock option awards for the three months ended March 31, 2024:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2023	66,043	$	15.76	0.2		$	1,297
Granted	—	—		—		—
Exercised	(66,043)	$	15.76	—		—
Forfeited	—	$	—	—		—
Options outstanding at March 31, 2024	—	$	—	$	—	$	—
Options exercisable at March 31, 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 three months ended March 31, 2024:


	Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
Nonvested RSUs at December 31, 2023	3,889,380	$	22.71
Granted	1,089,680	$	35.51
Vested	(1,187,914)	$	19.65
Forfeited	(225,326)	$	19.05
Nonvested RSUs at March 31, 2024	3,565,820	$	27.64

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.

The Company granted an aggregate of 1,949 time-based RSUs to certain employees in March, 2024. 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 prices of $35.04 and $36.59 per share, respectively, which were 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.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 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 March 31, 2024 and December 31, 2023. We had a valuation allowance related to those net deferred tax assets of $3.4 million as of both March 31, 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 $31.6 million and $27.4 million for the three months ended March 31, 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 March 31, 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We had no related party transactions for the three months ended March 31, 2024 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Disclosure to Consolidated Statements of Cash Flows

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure to Consolidated Statements of Cash Flows

The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):


	Three Months Ended March 31,
	2024		2023
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$	(17,024)	$	(15,866)
Income taxes paid, net	$	—	$	329
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual	$	217	$	211
Amortization of senior note discount capitalized to real estate inventory	$	277	$	259
Amortization of deferred loan costs capitalized to real estate inventory	$	1,026	$	986

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 99,055	$ 74,742

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 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

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	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 three months ended March 31, 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 March 31, 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	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	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.
Concentration of Credit Risk	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	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 will transition to a mortgage lending entity that will act as a preferred mortgage lender to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing its own funds and funds made available pursuant to a credit facility with third party lenders. 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. 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	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, 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. As of March 31, 2024, we had not yet commenced significant operations in this new Central segment market, however we have controlled lots within this market. Subsequent to March 31, 2024, we announced further expansion into Orlando, Florida, and the Coastal Carolinas area of North and South Carolina. Our operations in Orlando and the Coastal Carolinas will be reported within our East segment. 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

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 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 March 31,
	2024		2023
Revenues
West	$	553,591	$	480,941
Central	274,223		166,140
East	98,394		123,704
Total homebuilding revenues	926,208		770,785
Financial services	13,194		8,876
Total	$	939,402	$	779,661

Income before income taxes
West	$	72,859	$	72,911
Central	43,293		13,939
East	9,961		13,312
Total homebuilding income before income taxes	126,113		100,162
Financial services	4,467		3,045
Total	$	130,580	$	103,207

Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):


	March 31, 2024		December 31, 2023
Real estate inventories
West	$	2,235,876	$	2,209,113
Central	772,857		762,051
East	414,150		366,319
Total	$	3,422,883	$	3,337,483

Total assets(1)
West	$	2,513,529	$	2,557,608
Central	934,029		947,200
East	466,633		421,630
Corporate	998,385		941,824
Total homebuilding assets	4,912,576		4,868,262
Financial services	57,399		46,326
Total	$	4,969,975	$	4,914,588

__________

(1) Total assets as of March 31, 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 March 31, 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.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 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 March 31,
	2024		2023
Numerator:
Net income available to common stockholders	$	99,055	$	74,742
Denominator:
Basic weighted-average shares outstanding	95,232,315		101,019,253
Effect of dilutive shares:
Stock options and unvested restricted stock units	614,441		687,185
Diluted weighted-average shares outstanding	95,846,756		101,706,438
Earnings per share
Basic	$	1.04	$	0.74
Diluted	$	1.03	$	0.73
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share	2,510,864		2,671,754

Receivables (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Receivables

Receivables consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Escrow proceeds and other accounts receivable, net	$	59,120	$	158,622
Warranty insurance receivable (Note 13)	66,013		66,014
Total receivables	$	125,133	$	224,636

Real Estate Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Real Estate Inventories

Real estate inventories consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Real estate inventories owned:
Homes completed or under construction	$	1,526,569	$	1,402,762
Land under development	1,255,357		1,299,074
Land held for future development	154,279		153,615
Model homes	308,721		306,565
Total real estate inventories owned	3,244,926		3,162,016
Real estate inventories not owned:
Land purchase and land option deposits	177,957		175,467

Total real estate inventories not owned	177,957		175,467
Total real estate inventories	$	3,422,883	$	3,337,483

Schedule of Interest Incurred, Capitalized and Expensed

Interest incurred, capitalized and expensed were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Interest incurred	$	36,156	$	37,479
Interest capitalized	(36,156)		(37,479)
Interest expensed	$	—	$	—
Capitalized interest in beginning inventory	$	221,647	$	191,411
Interest capitalized as a cost of inventory	36,156		37,479
Interest previously capitalized as a cost of inventory, included in cost of sales	(30,846)		(20,251)
Capitalized interest in ending inventory	$	226,957	$	208,639

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 March 31,
	2024		2023
Real estate inventory impairments	$	—	$	—
Land and lot option abandonments and pre-acquisition charges	402		717
Total	$	402	$	717

Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 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):


	March 31, 2024		December 31, 2023
Assets
Cash	$	37,061	$	35,308
Receivables	76,125		38,839
Real estate inventories	439,920		450,097
Other assets	6,324		27,632
Total assets	$	559,430	$	551,876
Liabilities and equity
Debt obligations and other liabilities	$	172,221	$	155,616
Company’s equity	124,723		131,824
Outside interests’ equity	262,486		264,436
Total liabilities and equity	$	559,430	$	551,876

Aggregated results of operations from unconsolidated entities (in thousands):


	Three Months Ended March 31,
	2024		2023
Net sales	$	29,898	$	22,138
Other operating expense	(30,057)		(21,653)
Other income, net	(6)		(3)
Net income (loss)	$	(165)	$	482
Company’s equity in income (loss) of unconsolidated entities	$	57	$	227

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 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):


	March 31, 2024						December 31, 2023
	Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs		Deposits		Remaining Purchase Price		Consolidated Inventory Held by VIEs

Unconsolidated VIEs	$	160,787	$	1,300,115	N/A		$	159,164	$	1,017,791	N/A
Other land option agreements	17,170		210,703		N/A		16,303		189,007		N/A
Total	$	177,957	$	1,510,818	$	—	$	175,467	$	1,206,798	$	—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Other Assets (Tables)

3 Months Ended

Mar. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Prepaid expenses	$	10,030	$	8,462
Refundable fees and other deposits	7,726		8,726
Development rights, held for future use or sale	1,192		1,192
Deferred loan costs—loans payable	4,716		5,089
Operating properties and equipment, net	65,338		66,284
Lease right-of-use assets	65,904		66,404

Other	3,733		936
Total	$	158,639	$	157,093

Accrued Expenses and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Accrued payroll and related costs	$	24,081	$	68,575
Warranty reserves (Note 13)	106,602		106,993
Estimated cost for completion of real estate inventories	124,550		108,175
Customer deposits	51,160		43,991

Accrued income taxes payable	54,705		23,138

Accrued interest	24,191		8,470

Other tax liability	3,451		2,976
Lease liabilities	78,049		78,782
Other	18,263		12,431
Total	$	485,052	$	453,531

Senior Notes and Loans Payable (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Senior Notes and Outstanding Loans Payable

The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
5.875% Senior Notes due June 15, 2024	$	450,000	$	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	(4,808)		(5,751)
Total	$	1,095,192	$	1,094,249

The Company’s outstanding loans payable consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Term loan facility	$	250,000	$	250,000
Seller financed loans	38,337		38,337
Total	$	288,337	$	288,337

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2024 and December 31, 2023, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands):


		March 31, 2024				December 31, 2023
	Hierarchy	Book Value		Fair Value		Book Value		Fair Value
Senior Notes(1)	Level 2	$	1,099,766	$	1,085,910	$	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	$	38,337	$	38,337	$	38,337	$	38,337

__________

(1)The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $4.6 million and $5.2 million as of March 31, 2024 and December 31, 2023, respectively. The estimated fair value of the Senior Notes at March 31, 2024 and December 31, 2023 is based on quoted market prices.

(2)The estimated fair value of the Term Loan Facility as of March 31, 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 March 31, 2024 and December 31, 2023 approximated book value due to the short term nature of these loans.

Summary 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):


		Three Months Ended March 31, 2024				Year Ended December 31, 2023
	Hierarchy	Impairment 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.

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Warranty Reserves

Warranty reserve activity consisted of the following (in thousands):


	Three Months Ended March 31,
	2024		2023
Warranty reserves, beginning of period	$	106,993	$	104,375
Warranty reserves accrued	7,900		5,902

Warranty expenditures	(8,291)		(8,750)
Warranty reserves, end of period	$	106,602	$	101,527

Schedule of Lease Costs and Other Information

See below for additional information on leases (dollars in thousands):


	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Lease Cost
Operating lease cost (included in SG&A expense)	$	2,854	$	2,845
Ground lease cost (included in other operations expense)	765		663
Sublease income, operating leases	—		—
Sublease income, ground leases (included in other operations revenue)	(776)		(673)
Net lease cost	$	2,843	$	2,835

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)	$	2,502	$	2,429
Ground lease cash flows (included in operating cash flows)	$	846	$	663
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,890	$	1,927


	March 31, 2024		December 31, 2023
Weighted-average discount rate:
Operating leases	4.9	%	4.9	%
Ground leases	10.2	%	10.2	%
Weighted-average remaining lease term (in years):
Operating leases	6.0		6.3
Ground leases	44.1		44.4

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	$	8,468	$	2,428
2025	10,783		3,237
2026	9,574		3,237
2027	8,232		3,237
2028	7,857		3,237
Thereafter	13,667		75,403
Total lease payments	$	58,581	$	90,779
Less: Interest	8,463		62,848
Present value of operating lease liabilities	$	50,118	$	27,931

__________

(1) Ground leases are fully subleased through 2041, representing $56.9 million of the $90.8 million future ground lease obligations.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 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 March 31,
	2024		2023
Total stock-based compensation	$	6,679	$	3,861

Schedule of Stock Option Awards

The following table presents a summary of stock option awards for the three months ended March 31, 2024:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2023	66,043	$	15.76	0.2		$	1,297
Granted	—	—		—		—
Exercised	(66,043)	$	15.76	—		—
Forfeited	—	$	—	—		—
Options outstanding at March 31, 2024	—	$	—	$	—	$	—
Options exercisable at March 31, 2024	—	$	—	$	—	$	—

Schedule of Restricted Stock Units

The following table presents a summary of time-based and performance-based RSUs for the three months ended March 31, 2024:


	Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
Nonvested RSUs at December 31, 2023	3,889,380	$	22.71
Granted	1,089,680	$	35.51
Vested	(1,187,914)	$	19.65
Forfeited	(225,326)	$	19.05
Nonvested RSUs at March 31, 2024	3,565,820	$	27.64

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)

3 Months Ended

Mar. 31, 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):


	Three Months Ended March 31,
	2024		2023
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$	(17,024)	$	(15,866)
Income taxes paid, net	$	—	$	329
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual	$	217	$	211
Amortization of senior note discount capitalized to real estate inventory	$	277	$	259
Amortization of deferred loan costs capitalized to real estate inventory	$	1,026	$	986

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	Mar. 31, 2024 state
Accounting Policies [Abstract]
Number of states in which entity operates	10

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2024 business_line subsegment
Segment Reporting [Abstract]
Number of principal businesses \| business_line	2
Number of reportable homebuilding segments \| subsegment	3

Segment Information - Summary of Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information
Revenues	$ 939,402	$ 779,661
Income before income taxes	130,580	103,207
Real estate inventories	3,422,883		$ 3,337,483
Total assets	4,969,975		4,914,588
Goodwill	139,300		139,300
Homebuilding Segment
Segment Reporting Information
Revenues	926,208	770,785
Income before income taxes	126,113	100,162
Real estate inventories	3,422,883		3,337,483
Total assets	4,912,576		4,868,262
Goodwill	139,300		139,300
Homebuilding Segment \| Corporate
Segment Reporting Information
Total assets	998,385		941,824
Homebuilding Segment \| West
Segment Reporting Information
Revenues	553,591	480,941
Income before income taxes	72,859	72,911
Goodwill	125,400		125,400
Homebuilding Segment \| West \| Operating Segments
Segment Reporting Information
Real estate inventories	2,235,876		2,209,113
Total assets	2,513,529		2,557,608
Homebuilding Segment \| Central
Segment Reporting Information
Revenues	274,223	166,140
Income before income taxes	43,293	13,939
Goodwill	8,300		8,300
Homebuilding Segment \| Central \| Operating Segments
Segment Reporting Information
Real estate inventories	772,857		762,051
Total assets	934,029		947,200
Homebuilding Segment \| East
Segment Reporting Information
Revenues	98,394	123,704
Income before income taxes	9,961	13,312
Goodwill	5,600		5,600
Homebuilding Segment \| East \| Operating Segments
Segment Reporting Information
Real estate inventories	414,150		366,319
Total assets	466,633		421,630
Financial services
Segment Reporting Information
Revenues	13,194	8,876
Income before income taxes	4,467	$ 3,045
Financial services \| Operating Segments
Segment Reporting Information
Total assets	$ 57,399		$ 46,326

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income available to common stockholders	$ 99,055	$ 74,742
Net income available to common stockholders	$ 99,055	$ 74,742
Denominator:
Basic weighted-average shares outstanding (in shares)	95,232,315	101,019,253
Effect of dilutive shares:
Stock options and unvested restricted stock units (in shares)	614,441	687,185
Diluted weighted-average shares outstanding (in shares)	95,846,756	101,706,438
Earnings per share
Basic (in dollars per share)	$ 1.04	$ 0.74
Diluted (in dollars per share)	$ 1.03	$ 0.73
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (in shares)	2,510,864	2,671,754

Receivables - Components of Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Escrow proceeds and other accounts receivable, net	$ 59,120	$ 158,622
Warranty insurance receivable	66,013	66,014
Total receivables	$ 125,133	$ 224,636

Receivables - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Allowance for doubtful accounts	$ 436	$ 436

Real Estate Inventories - Summary of Real Estate Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate inventories owned:
Homes completed or under construction	$ 1,526,569	$ 1,402,762
Land under development	1,255,357	1,299,074
Land held for future development	154,279	153,615
Model homes	308,721	306,565
Total real estate inventories owned	3,244,926	3,162,016
Real estate inventories not owned:
Land purchase and land option deposits	177,957	175,467
Total real estate inventories not owned	177,957	175,467
Total real estate inventories	$ 3,422,883	$ 3,337,483

Real Estate Inventories - Summary of Interest Incurred, Capitalized and Expensed (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate [Abstract]
Interest incurred	$ 36,156	$ 37,479
Interest capitalized	(36,156)	(37,479)
Interest expensed	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in beginning inventory	221,647	191,411
Interest capitalized as a cost of inventory	36,156	37,479
Interest previously capitalized as a cost of inventory, included in cost of sales	(30,846)	(20,251)
Capitalized interest in ending inventory	$ 226,957	$ 208,639

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Real Estate Inventories - Schedule of Real Estate Inventory Impairments and Land Option Abandonments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate [Abstract]
Real estate inventory impairments	$ 0	$ 0
Land and lot option abandonments and pre-acquisition charges	402	717
Total	$ 402	$ 717

Investments in Unconsolidated Entities - Narrative (Details) - Equity Method Investment, Nonconsolidated Investee or Group of Investees $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) investment	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of equity investments \| investment	13
Long-term debt, gross \| $	$ 148.0	$ 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%

Investments in Unconsolidated Entities - Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Assets
Cash	$ 943,998		$ 868,953
Receivables	125,133		224,636
Real estate inventories	3,422,883		3,337,483
Other assets	158,639		157,093
Total assets	4,969,975		4,914,588
Liabilities and equity
Company’s equity	3,049,646		3,010,958
Outside interests’ equity	12		2,680
Total liabilities and equity	4,969,975		4,914,588
Net income	98,996	$ 75,857
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Cash	37,061		35,308
Receivables	76,125		38,839
Real estate inventories	439,920		450,097
Other assets	6,324		27,632
Total assets	559,430		551,876
Liabilities and equity
Debt obligations and other liabilities	172,221		155,616
Company’s equity	124,723		131,824
Outside interests’ equity	262,486		264,436
Total liabilities and equity	559,430		$ 551,876
Net sales	29,898	22,138
Other operations expense	(30,057)	(21,653)
Other income, net	(6)	(3)
Net income	(165)	482
Company’s equity in income (loss) of unconsolidated entities	$ 57	$ 227

Variable Interest Entities - Summary of Interests in Land Option Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity
Deposits	$ 177,957	$ 175,467
Remaining Purchase Price	1,510,818	1,206,798
Consolidated Inventory Held by VIEs	0	0
Unconsolidated VIEs
Variable Interest Entity
Deposits	160,787	159,164
Remaining Purchase Price	1,300,115	1,017,791
Other land option agreements
Variable Interest Entity
Deposits	17,170	16,303
Remaining Purchase Price	$ 210,703	$ 189,007

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other land option agreements
Variable Interest Entity
Capitalized pre-acquisition costs	$ 14.9	$ 9.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Other Intangible Assets (Details) $ in Millions	Mar. 31, 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

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 10,030	$ 8,462
Refundable fees and other deposits	7,726	8,726
Development rights, held for future use or sale	1,192	1,192
Deferred loan costs—loans payable	4,716	5,089
Operating properties and equipment, net	65,338	66,284
Lease right-of-use assets	65,904	66,404
Other	3,733	936
Total	$ 158,639	$ 157,093
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total	Total

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued payroll and related costs	$ 24,081	$ 68,575
Warranty reserves	106,602	106,993	$ 101,527	$ 104,375
Estimated cost for completion of real estate inventories	124,550	108,175
Customer deposits	51,160	43,991
Accrued income taxes payable	54,705	23,138
Accrued interest	24,191	8,470
Other tax liability	3,451	2,976
Lease liabilities	78,049	78,782
Other	18,263	12,431
Total	$ 485,052	$ 453,531
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total	Total

Senior Notes and Loans Payable - Schedule of Senior Notes (Details) - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2020	Jun. 30, 2017
Debt Instrument
Discount and deferred loan costs	$ (4,808)	$ (5,751)
Total	$ 1,095,192	$ 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	$ 450,000	$ 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Subparagraph (b)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Senior Notes and Loans Payable - Narrative (Details)		1 Months Ended		3 Months Ended
Senior Notes and Loans Payable - Narrative (Details)	Jun. 29, 2022	Jun. 30, 2020 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 15, 2023 USD ($)
Debt Instrument
Deferred loan costs—loans payable				$ 4,716,000		$ 5,089,000
Accrued interest				24,191,000		8,470,000
Loans payable				$ 288,337,000		$ 288,337,000
Number of seller-financed loans \| loan				2		2
Interest incurred				$ 36,156,000	$ 37,479,000
Amortization of deferred financing costs				1,300,000	$ 1,200,000
Senior notes
Debt Instrument
Deferred loan costs—loans payable				4,600,000		$ 5,200,000
Accrued interest				18,800,000		3,200,000
Seller financed loans
Debt Instrument
Loans payable				$ 38,337,000		$ 38,337,000
Seller financed loans \| Seller-Financed Loans, Seller One
Debt Instrument
Interest rate on senior note (percent)				4.50%		4.50%
Loans payable				$ 37,400,000		$ 37,400,000
Second Seller Financed Loan \| Seller-Financed Loans, Seller Two
Debt Instrument
Loans payable				$ 910,000		$ 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%
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%
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%
Proceeds from issuance of senior notes, net			$ 429,000,000
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				$ 4,700,000
Accrued interest				1,800,000		$ 1,600,000
Maximum borrowing capacity under facility							750,000,000
Loans payable				0
Line of credit facility, current borrowing capacity				703,200,000
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				46,800,000		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
Interest rate of outstanding debt (percent)				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%

Senior Notes and Loans Payable - Schedule of Outstanding Loans Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility
Loans payable	$ 288,337	$ 288,337
Seller financed loans
Line of Credit Facility
Loans payable	38,337	38,337
Term loan facility \| Term loan facility
Line of Credit Facility
Loans payable	$ 250,000	$ 250,000

Fair Value Disclosures - Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred loan costs	$ 4,716	$ 5,089
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
Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred loan costs	4,600	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	1,099,766	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	1,085,910	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	38,337	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	$ 38,337	$ 38,337

Fair Value Disclosures - Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) community
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment Charge	$ 0	$ 0
Fair Value Net of Impairment	3,422,883		$ 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		$ 39,970

Commitments and Contingencies - Narrative (Details)	12 Months Ended
Commitments and Contingencies - Narrative (Details)	Dec. 31, 1987 leaseRenewalOption lease	Dec. 31, 1987 leaseExtension lease	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Commitment And Contingencies [Line Items]
Legal reserves			$ 0	$ 0
Outstanding warranty insurance receivables			66,013,000	66,014,000
Estimated remaining liabilities related to surety bonds			$ 18,263,000	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	55 years
Number of properties subject to ground leases \| lease	2	2
Ground leases \| Ten Year Renewal Option
Commitment And Contingencies [Line Items]
Number of lease renewal options	3	3
Term of lease extension (in years)	10 years	10 years
Ground leases \| Forty-five Year Renewal Option
Commitment And Contingencies [Line Items]
Lease obligation original term (in years)	45 years	45 years
Number of properties subject to ground leases \| lease	1	1
Ground leases \| Extension Through 2071
Commitment And Contingencies [Line Items]
Number of ground leases extended \| leaseExtension		1
Surety Bonds
Commitment And Contingencies [Line Items]
Outstanding surety bonds			$ 677,500,000	697,200,000
Estimated remaining liabilities related to surety bonds			$ 423,500,000	$ 435,900,000

Commitments and Contingencies - Schedule of Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Standard Product Warranty Accrual
Warranty reserves, beginning of period	$ 106,993	$ 104,375
Warranty reserves accrued	7,900	5,902
Warranty expenditures	(8,291)	(8,750)
Warranty reserves, end of period	$ 106,602	$ 101,527

Commitments and Contingencies - Lease Costs and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee, Lease, Description
Net lease cost	$ 2,843	$ 2,835
Right-of-use assets obtained in exchange for new operating lease liabilities	1,890	1,927
Operating leases
Lessee, Lease, Description
Lease cost	2,854	2,845
Sublease income, ground leases (included in other operations revenue)	0	0
Cash paid for amounts included in the measurement of lease liabilities	$ 2,502	2,429
Weighted-average discount rate (percent)	4.90%		4.90%
Weighted-average remaining lease term (in years)	6 years		6 years 3 months 18 days
Ground leases
Lessee, Lease, Description
Lease cost	$ 765	663
Sublease income, ground leases (included in other operations revenue)	(776)	(673)
Cash paid for amounts included in the measurement of lease liabilities	$ 846	$ 663
Weighted-average discount rate (percent)	10.20%		10.20%
Weighted-average remaining lease term (in years)	44 years 1 month 6 days		44 years 4 months 24 days

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description
Present value of operating lease liabilities	$ 78,049	$ 78,782
Property, Equipment and Other Leases
Lessee, Lease, Description
Remaining in 2024	8,468
2025	10,783
2026	9,574
2027	8,232
2028	7,857
Thereafter	13,667
Total lease payments	58,581
Less: Interest	8,463
Present value of operating lease liabilities	50,118
Ground Leases
Lessee, Lease, Description
Remaining in 2024	2,428
2025	3,237
2026	3,237
2027	3,237
2028	3,237
Thereafter	75,403
Total lease payments	90,779
Less: Interest	62,848
Present value of operating lease liabilities	27,931
Payments to be received	$ 56,900

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions					1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 21, 2024	Dec. 26, 2023	May 01, 2023	Feb. 22, 2023	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized stock based compensation related to all stock-based awards					$ 62.5	$ 62.5
Weighted average period, expense to recognized (in years)						1 year 8 months 12 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)						1,089,680
Granted (in dollars per share)						$ 35.51
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)	$ 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)	$ 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%
Employees \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (in shares)					1,949
Award vesting period (in years)					3 years
Employees \| Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in dollars per share)					$ 36.59
Employees \| Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in dollars per share)					$ 35.04
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)			29,150
Granted (in dollars per share)			$ 28.30
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	7,500,000
Shares available for future grant (in shares)					5,337,358	5,337,358

Stock-Based Compensation - Summary of Compensation Expense Recognized Related to all Stock-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation	$ 6,679	$ 3,861

Stock-Based Compensation - Summary of Stock Option Awards (Details) - Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Options
Options outstanding at beginning of period (in shares)	66,043
Options granted (in shares)	0
Options exercised (in shares)	(66,043)
Options 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

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units
Nonvested RSU's beginning balance (in shares) \| shares	3,889,380
Granted (in shares) \| shares	1,089,680
Vested (in shares) \| shares	(1,187,914)
Forfeited (in shares) \| shares	(225,326)
Nonvested RSU's ending balance (in shares) \| shares	3,565,820
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 22.71
Granted (in dollars per share) \| $ / shares	35.51
Vested (in dollars per share) \| $ / shares	19.65
Forfeited (in dollars per share) \| $ / shares	19.05
Ending balance (in dollars per share) \| $ / shares	$ 27.64

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax assets, net	$ 37,996		$ 37,996
Valuation allowance related to net deferred tax assets	3,400		$ 3,400
Provision for income taxes	$ 31,584	$ 27,350

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Related Party Transactions (Details) - USD ($)	3 Months Ended
Related Party Transactions (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0

Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$ (17,024)	$ (15,866)
Income taxes paid, net	0	329
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual	217	211
Amortization of senior note discount capitalized to real estate inventory	277	259
Amortization of deferred loan costs capitalized to real estate inventory	$ 1,026	$ 986