TRI POINTE HOMES, INC., 10-Q filed on 4/24/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 21, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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 $0.01 per share  
Trading Symbol TPH  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   90,670,079
Amendment Flag false  
Document Fiscal year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001561680  
Current Fiscal Year End Date --12-31  
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 812,937 $ 970,045
Receivables 131,855 111,613
Real estate inventories 3,265,334 3,153,459
Investments in unconsolidated entities 170,379 173,924
Mortgage loans held for sale 79,443 115,001
Goodwill and other intangible assets, net 156,603 156,603
Deferred tax assets, net 45,975 45,975
Other assets 162,713 164,495
Total assets 4,825,239 4,891,115
Liabilities    
Accounts payable 75,798 68,228
Accrued expenses and other liabilities 443,566 465,563
Loans payable 267,774 270,970
Senior notes, net 646,791 646,534
Mortgage repurchase facilities 69,586 104,098
Total liabilities 1,503,515 1,555,393
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, 2025 and December 31, 2024, respectively 0 0
Common stock, $0.01 par value, 500,000,000 shares authorized;    90,669,862 and 92,451,729 shares issued and outstanding at   March 31, 2025 and December 31, 2024, respectively 907 925
Additional paid-in capital 0 0
Retained earnings 3,320,792 3,334,785
Total stockholders’ equity 3,321,699 3,335,710
Noncontrolling interests 25 12
Total equity 3,321,724 3,335,722
Total liabilities and equity $ 4,825,239 $ 4,891,115
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
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) 90,669,862 92,451,729
Common stock outstanding (in shares) 90,669,862 92,451,729
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Total revenues $ 740,928 $ 939,402
Other operations expense 794 765
Sales and marketing 42,942 50,224
General and administrative 57,675 51,328
Homebuilding income from operations 76,886 115,297
Equity in income of unconsolidated entities 495 57
Other income, net 9,129 15,226
Income before income taxes 86,510 130,580
Provision for income taxes (22,493) (31,584)
Net income 64,017 98,996
Net income attributable to noncontrolling interests 19 59
Net income available to common stockholders $ 64,036 $ 99,055
Earnings per share    
Basic (in dollars per share) $ 0.70 $ 1.04
Diluted (in dollars per share) $ 0.70 $ 1.03
Weighted average shares outstanding    
Basic (in shares) 91,638,960 95,232,315
Diluted (in shares) 92,077,680 95,846,756
Homebuilding Segment    
Total revenues $ 723,427 $ 926,208
Other operations expense 794 765
Sales and marketing 42,942 50,224
General and administrative 57,675 51,328
Homebuilding income from operations 72,002 110,830
Equity in income of unconsolidated entities 495 57
Other income, net 9,129 15,226
Homebuilding income before income taxes 81,626 126,113
Financial Services    
Total revenues 17,501 13,194
Expenses 12,617 8,727
Financial services income before income taxes 4,884 4,467
Home sales revenue    
Cost of home, land and lot sales 548,273 707,304
Home sales revenue | Homebuilding Segment    
Total revenues 720,786 918,353
Cost of home, land and lot sales 548,273 707,304
Land and lot sales revenue    
Cost of home, land and lot sales 1,741 5,757
Land and lot sales revenue | Homebuilding Segment    
Total revenues 1,821 7,068
Cost of home, land and lot sales 1,741 5,757
Other operations revenue | Homebuilding Segment    
Total revenues $ 820 $ 787
v3.25.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-in Capital
Retained Earnings
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023     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 (in shares)     (1,442,785)      
Share repurchases (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      
Ending balance at Mar. 31, 2024 $ 3,049,658 3,049,646 $ 949 0 3,048,697 12
Beginning balance (in shares) at Dec. 31, 2024 92,451,729   92,451,729      
Beginning balance at Dec. 31, 2024 $ 3,335,722 3,335,710 $ 925 0 3,334,785 12
Increase (Decrease) in Stockholders' Equity            
Net income 64,017 64,036     64,036 (19)
Shares issued under share-based awards (in shares)     488,845      
Shares issued under share-based awards 0   $ 5 (5)    
Tax withholding paid on behalf of employees for share-based awards (9,921) (9,921)   (9,921)    
Stock-based compensation expense 7,556 7,556   7,556    
Share repurchases, including excise tax (in shares)     (2,270,712)      
Share repurchases, including excise tax (75,635) (75,635) $ (23) (75,612)    
Noncontrolling interest in consolidated subsidiary 32         32
Acquisition of joint venture minority interest (47) (47)     (47)  
Reclass the negative APIC to retained earnings $ 0     77,982 (77,982)  
Ending balance (in shares) at Mar. 31, 2025 90,669,862   90,669,862      
Ending balance at Mar. 31, 2025 $ 3,321,724 $ 3,321,699 $ 907 $ 0 $ 3,320,792 $ 25
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 64,017 $ 98,996
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 7,387 7,327
Equity in income of unconsolidated entities, net (495) (57)
Amortization of stock-based compensation 7,556 6,679
Charges for impairments and lot option abandonments 1,073 402
Fair value adjustment on mortgage loans held for sale 340 0
Gain on increase in carrying amount of investment 0 3,495
Returns on investments in unconsolidated entities, net 495 0
Changes in assets and liabilities:    
Real estate inventories (113,615) (84,500)
Mortgage loans held for sale 35,218 0
Receivables (20,242) 99,503
Other assets 1,007 (5,809)
Accounts payable 7,554 (13,097)
Accrued expenses and other liabilities (21,452) 31,805
Net cash (used in) provided by operating activities (31,157) 144,744
Cash flows from investing activities:    
Purchases of property and equipment (8,105) (6,417)
Proceeds from investment 0 717
Net investments in unconsolidated entities (2,164) (8,213)
Distributions from unconsolidated entities 6,993 13,650
Net cash used in investing activities (3,276) (263)
Cash flows from financing activities:    
Borrowings from loans payable 1,600 0
Repayment of loans payable and senior notes (4,796) 0
Borrowings on mortgage repurchase facilities 288,018 0
Repayments on mortgage repurchase facilities (322,530) 0
Distributions to noncontrolling interests 0 (3,877)
Proceeds from issuance of common stock under share-based awards 0 1,041
Tax withholding paid on behalf of employees for share-based awards (9,921) (16,572)
Share repurchases, excluding excise tax (75,046) (50,028)
Net cash used in financing activities (122,675) (69,436)
Net decrease in cash and cash equivalents (157,108) 75,045
Cash and cash equivalents–beginning of period 970,045 868,953
Cash and cash equivalents–end of period $ 812,937 $ 943,998
v3.25.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
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 twelve states, including Arizona, California, Colorado, Florida, Maryland, Nevada, North Carolina, South Carolina, Texas, Virginia, Utah and Washington, and the District of Columbia. In April 2024, we announced our expansion into the Coastal Carolinas region, which includes parts of South Carolina and Georgia. While we have an established presence in South Carolina, we have not yet commenced operations in Georgia as of March 31, 2025.
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, 2024. 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, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 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, 2025 and December 31, 2024 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.
Reclassifications
Certain amounts for prior years have been reclassified to conform to the current period presentation.
Use of Estimates
The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
Cash and Cash Equivalents and Concentration of Credit Risk

We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Revenue Recognition
We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.
Home sales revenue
We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
Financial services revenues
Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
For the year ended December 31, 2023, our Tri Pointe Connect mortgage operations were conducted through a joint venture with an established mortgage lender. Tri Pointe Connect acted as a preferred mortgage loan broker to our homebuyers in all of the markets in which we operate, generating income from fees paid by third party lenders for the successful funding and closing of loans for homebuyers that originated through Tri Pointe Connect. For the year ended December 31, 2023, Tri Pointe Connect was fully consolidated in accordance with Accounting Standards Topic 810 (“ASC 810”), Consolidation, under the Financial Services section of our consolidated statements of operations, with the noncontrolling interest recorded on the consolidated statements of operations as net income attributable to noncontrolling interests.
Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing our own funds. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders.
Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. When we act as a mortgage loan broker and originate loans with third party lenders, mortgage loan broker fees and mortgage loan origination fees are recognized at the time the mortgage loans are funded. When we provide mortgage financing, we recognize fees on mortgage loan originations upon loan origination.
Mortgage loans held for sale
We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. As of March 31, 2025, mortgage loans held for sale had an aggregate estimated fair value of $79.4 million and an aggregate outstanding principal balance of $79.1 million. For the three months ended March 31, 2025, we recorded $340,000 of unrealized gains, in Financial Services revenue, related to our mortgage loans held for sale as of March 31, 2025.
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.
New Accounting Standards
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 adopted ASU 2023-07 in the fourth quarter of 2024 and we applied the amendments retrospectively to all prior periods presented in our consolidated financial statements. See Note 2, Segment Information in the Notes to the Consolidated Financial Statements.
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 will become effective for our fiscal year ending December 31, 2025. We are currently evaluating the impact of this new standard, however, we do not expect the adoption of ASU 2023-09 to have a material impact on our Consolidated Financial Statements.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate two principal businesses: homebuilding and financial services.
Tri Pointe Homes is engaged in the business of acquiring and developing land and constructing and selling single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting, we have aggregated our geographical homebuilding segments under the aggregation criteria outlined. In determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. In addition, our determination of reporting segments considered how our chief operating decision maker evaluates operating performance and capital allocation. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments which are reported under the following hierarchy:
West region: Arizona, California, Nevada and Washington
Central region: Colorado, Texas and Utah
East region: District of Columbia, Florida, Maryland, North Carolina, South Carolina and Virginia
In April 2024, we announced our expansion into the Coastal Carolinas region, which includes parts of South Carolina and Georgia. While we have an established presence in South Carolina, we have not yet commenced operations in Georgia as of March 31, 2025.
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. These financial services businesses have been aggregated in accordance with the criteria outlined in ASC 280, considering their similar economic and operational characteristics. For further details, see Note 1, Organization 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 and 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.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization 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.
Our Chief Executive Officer (CEO) is our Chief Operating Decision Maker (CODM) and reviews segment performance to make resource allocation decisions. The CODM evaluates each segment based on revenue, operating profit, and other key homebuilding metrics to guide strategic decisions.
Total revenues, significant expenses and income before income taxes for each of our reportable segments were as follows (in thousands):

Three Months Ended March 31, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$400,522 $210,522 $109,742 $720,786 $— $— $720,786 
Land and lot sales revenue421 1,400 — 1,821 — — 1,821 
Other operations revenue806 10 4 820 — — 820 
Financial services revenue— — — — 17,501 — 17,501 
Total revenues401,749 211,932 109,746 723,427 17,501 — 740,928 
Cost of home sales(305,626)(160,037)(81,140)(546,803)— (1,470)(548,273)
Cost of land and lot sales(553)(1,188)— (1,741)— — (1,741)
Other operations expense(794)— — (794)— — (794)
Sales and marketing(22,769)(13,337)(6,373)(42,479)— (463)(42,942)
General and administrative(18,326)(8,801)(7,754)(34,881)— (22,794)(57,675)
Financial services expense— — — — (12,617)— (12,617)
Income from operations53,681 28,569 14,479 96,729 4,884 (24,727)76,886 
Equity in income (loss) of unconsolidated entities2 493 — 495 — — 495 
Other income, net90 304 4 398 — 8,731 9,129 
Income (loss) before income taxes$53,773 $29,366 $14,483 $97,622 $4,884 $(15,996)$86,510 
Three Months Ended March 31, 2024
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$547,422 $272,538 $98,393 $918,353 $— $— $918,353 
Land and lot sales revenue5,389 1,679 — 7,068 — — 7,068 
Other operations revenue780 6 1 787 — — 787 
Financial services revenue— — — — 13,194 — 13,194 
Total revenues553,591 274,223 98,394 926,208 13,194 — 939,402 
Cost of home sales(425,732)(204,055)(75,519)(705,306)— (1,998)(707,304)
Cost of land and lot sales(4,596)(1,161)— (5,757)— — (5,757)
Other operations expense(765)— — (765)— — (765)
Sales and marketing(27,239)(16,396)(6,230)(49,865)— (359)(50,224)
General and administrative(18,099)(7,057)(5,888)(31,044)— (20,284)(51,328)
Financial services expense— — — — (8,727)— (8,727)
Income from operations77,160 45,554 10,757 133,471 4,467 (22,641)115,297 
Equity in income (loss) of unconsolidated entities(9)5 61 57 — — 57 
Other income, net553 134 3 690 — 14,536 15,226 
Income (loss) before income taxes$77,704 $45,693 $10,821 $134,218 $4,467 $(8,105)$130,580 


 
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, 2025December 31, 2024
Real estate inventories
West$1,976,883 $1,928,257 
Central805,172 791,171 
East483,279 434,031 
Total$3,265,334 $3,153,459 
Total assets(1)
West$2,256,291 $2,186,696 
Central1,026,775 1,014,811 
East528,310 473,874 
Corporate867,451 1,041,646 
Total homebuilding assets4,678,827 4,717,027 
Financial services146,412 174,088 
Total$4,825,239 $4,891,115 
__________
(1)    Total assets as of March 31, 2025 and December 31, 2024 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, 2025 and December 31, 2024 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
 Three Months Ended March 31,
 20252024
Numerator:  
Net income available to common stockholders$64,036 $99,055 
Denominator:  
Basic weighted-average shares outstanding91,638,960 95,232,315 
Effect of dilutive shares: 
Stock options and unvested restricted stock units438,720 614,441 
Diluted weighted-average shares outstanding92,077,680 95,846,756 
Earnings per share  
Basic$0.70 $1.04 
Diluted$0.70 $1.03 
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share1,964,127 2,510,864 
v3.25.1
Receivables
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Receivables Receivables
Receivables consisted of the following (in thousands):
March 31, 2025December 31, 2024
Escrow proceeds and other accounts receivable, net$63,552 $43,074 
Warranty insurance receivable (Note 13)68,303 68,539 
Total receivables$131,855 $111,613 
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, 2025 and December 31, 2024.
v3.25.1
Real Estate Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Real Estate Inventories Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
March 31, 2025December 31, 2024
Real estate inventories owned:
Homes completed or under construction$1,395,030 $1,294,928 
Land under development1,204,744 1,174,564 
Land held for future development158,184 157,348 
Model homes287,670 285,550 
Total real estate inventories owned3,045,628 2,912,390 
Real estate inventories not owned:
Land purchase and land option deposits219,706 241,069 
Total real estate inventories not owned219,706 241,069 
Total real estate inventories$3,265,334 $3,153,459 
 
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,
 20252024
Interest incurred$21,319 $36,156 
Interest capitalized(21,319)(36,156)
Interest expensed$— $— 
Capitalized interest in beginning inventory$186,370 $221,647 
Interest capitalized as a cost of inventory21,319 36,156 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(23,153)(30,846)
Capitalized interest in ending inventory$184,536 $226,957 
 
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,
 20252024
Real estate inventory impairments$— $— 
Land and lot option abandonments and pre-acquisition charges1,073 402 
Total$1,073 $402 
There were no real estate inventory impairment charges recorded during the three months ended March 31, 2025 or 2024.
In addition to owning land and residential lots, we also have option agreements to purchase land and lots at a future date. We have option deposits and capitalized pre-acquisition costs associated with the optioned land and lots. When the economics of a project no longer support acquisition of the land or lots under option, we may elect not to move forward with the acquisition. Option deposits and capitalized pre-acquisition costs associated with the assets under option may be forfeited at that time. 
Real estate inventory impairments and land option abandonments are recorded in cost of home sales in the consolidated statements of operations.
v3.25.1
Investments in Unconsolidated Entities
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities Investments in Unconsolidated Entities
As of March 31, 2025, we held equity investments in fifteen 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 homebuilding investments. In addition, we have one consolidated financial services joint venture in which we own an 80% interest. This joint venture is included in our consolidated financial statements, and the noncontrolling interest is presented separately.
Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands):
March 31, 2025December 31, 2024
Assets
Cash$21,578 $35,130 
Receivables1,794 1,777 
Real estate inventories661,185 628,729 
Other assets7,259 7,198 
Total assets$691,816 $672,834 
Liabilities and equity
Debt obligations and other liabilities$219,960 $198,543 
Company’s equity170,379 173,924 
Outside interests’ equity301,477 300,367 
Total liabilities and equity$691,816 $672,834 
 
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, 2025 and December 31, 2024, 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, 2025 and December 31, 2024, 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 $201.8 million and $185.8 million, respectively.

Aggregated results of operations from unconsolidated entities (in thousands):
 Three Months Ended March 31,
 20252024
Net sales$17,910 $29,898 
Other operating expense(13,881)(30,057)
Other income (expense), net5 (6)
Net income $4,034 $(165)
Company’s equity in income of unconsolidated entities$495 $57 
The aggregate results of operations from unconsolidated entities include related party transactions with the Company. When we purchase land from a joint venture in which we are a partner, such transactions are reflected as net sales in the joint ventures’ operating results, with any profit eliminated in the consolidated financial statements. Additionally, when we act as the general partner or managing member, we earn an immaterial, market-based administrative fee for services provided, which is reflected as other operating expense in the joint ventures’ operating results, and as other income (expense) on our consolidated statements of operations.
v3.25.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
Land and Lot Option Agreements
In the ordinary course of business, we enter into land and lot option agreements in order to procure land and residential lots for future development and the construction of homes. The use of such land and lot option agreements generally allows us to reduce the risks associated with direct land ownership and development, and reduces our capital and financial commitments. Pursuant to these land and lot option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. These deposits are recorded as land purchase and land option deposits under real estate inventories not owned on the accompanying consolidated balance sheets.
We analyze each of our land and lot option agreements and other similar contracts under the provisions of Accounting Standards Topic 810 (“ASC 810”), Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE.
Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is generally limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots.
The following provides a summary of our interests in land and lot option agreements (in thousands):
 March 31, 2025December 31, 2024
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$208,277 $1,905,336 N/A$224,319 $1,976,828 N/A
Other land option agreements11,429 178,489 N/A16,750 231,059 N/A
Total$219,706 $2,083,825 $— $241,069 $2,207,887 $— 
 
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 $10.0 million and $9.3 million as of March 31, 2025 and December 31, 2024, respectively. These pre-acquisition costs are included in real estate inventories as land under development on our consolidated balance sheets.
v3.25.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
As of March 31, 2025 and December 31, 2024, $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, 2025 and December 31, 2024, we have one intangible asset with a carrying amount of $17.3 million comprised of a Tri Pointe Homes trade name, which has an indefinite useful life and is non-amortizing, resulting from the acquisition of WRECO in 2014.
Goodwill and other intangible assets are evaluated for impairment on an annual basis, or more frequently if indicators of impairment exist.
v3.25.1
Other Assets
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consisted of the following (in thousands):
March 31, 2025December 31, 2024
Prepaid expenses$12,109 $11,600 
Refundable fees and other deposits17,702 19,772 
Development rights, held for future use or sale845 845 
Deferred loan costs—loans payable3,277 3,637 
Operating properties and equipment, net58,948 58,219 
Lease right-of-use assets65,140 66,273 
Other4,692 4,149 
Total$162,713 $164,495 
v3.25.1
Accrued Expenses and Other Liabilities
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
March 31, 2025December 31, 2024
Accrued payroll and related costs$28,729 $77,609 
Warranty reserves (Note 13)
113,865 116,150 
Estimated cost for completion of real estate inventories111,635 117,927 
Customer deposits44,755 41,439 
Accrued income taxes payable31,559 8,791 
Accrued interest13,319 4,891 
Other tax liability3,489 2,521 
Lease liabilities76,711 78,067 
Other19,504 18,168 
Total$443,566 $465,563 
v3.25.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Senior Notes, Loans Payable and Mortgage Repurchase Facilities Senior Notes, Loans Payable and Mortgage Repurchase Facilities
Senior Notes
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):
March 31, 2025December 31, 2024
5.250% Senior Notes due June 1, 2027
$300,000 $300,000 
5.700% Senior Notes due June 15, 2028
350,000 350,000 
Deferred loan costs(3,209)(3,466)
Total$646,791 $646,534 
 
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.
As of March 31, 2025 and December 31, 2024, there were $3.2 million and $3.5 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 $11.1 million and $2.1 million as of March 31, 2025 and December 31, 2024, respectively.
Loans Payable
The Company’s outstanding loans payable consisted of the following (in thousands):
March 31, 2025December 31, 2024
Term loan facility$250,000 $250,000 
Seller financed loans17,774 20,970 
Total$267,774 $270,970 
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, 2025, we had no outstanding debt under the Revolving Facility and there was $678.0 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of March 31, 2025, we had $250 million of outstanding debt under the Term Facility with an interest rate of 5.51%. As of March 31, 2025, there were $3.3 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 $1.5 million as of both March 31, 2025 and December 31, 2024, respectively.
At March 31, 2025 and December 31, 2024, we had outstanding letters of credit of $72.0 million and $55.6 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, 2025 and December 31, 2024, we had $17.8 million and $21.0 million, respectively, outstanding related to three seller-financed loans as of March 31, 2025 and two seller-financed loans as of December 31, 2024. All seller-financed loans are to acquire lots for the construction of homes. Principal on these loans are expected to be fully paid by the end of fiscal year 2025, provided certain achievements are met. One of the seller-financed loans, representing $16.1 million of the total balance as of March 31, 2025 and $20.8 million of the balance as of December 31, 2024, accrues interest at an imputed interest rate of 4.50% per annum. The remaining seller-financed loans represented $1.7 million of the total balance as of March 31, 2025 and $150,000 as of December 31, 2024, respectively.
Interest Incurred
During the three months ended March 31, 2025 and 2024, we incurred interest of $21.3 million and $36.2 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 $617,000 and $1.3 million for the three months ended March 31, 2025 and 2024, respectively. Accrued interest related to all outstanding debt at March 31, 2025 and December 31, 2024 was $13.3 million and $4.9 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, 2025 and December 31, 2024.
Mortgage Repurchase Facilities
As of March 31, 2025, Tri Pointe Connect has two active Master Repurchase Agreements totaling $180 million (“Repurchase Agreements”). The Repurchase Agreements contain various affirmative and negative covenants applicable to Tri Pointe Connect, including thresholds related to net worth, net income, liquidity, and profitability. As of March 31, 2025, Tri Pointe Connect had $69.6 million of outstanding debt related to the Repurchase Agreements at a weighted-average interest rate of 6.2%, and $110.4 million of remaining capacity under the Repurchase Agreements. Tri Pointe Connect was in compliance with all covenants and requirements as of March 31, 2025.
The following table provides a summary of Tri Pointe Connect’s Repurchase Agreements as of March 31, 2025 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$35,912 $80,000 
Term SOFR + 1.75%
3/11/2025Mortgage Loans
Warehouse B (2)33,674 50,000 
Term SOFR + 1.75%
5/30/2025Mortgage Loans
Warehouse B (2)— 50,000 
Term SOFR + 1.75%
On DemandMortgage Loans
Total$69,586 $180,000 
__________
(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of March 31, 2025, mortgage loans held for sale had an aggregate fair value of $79.4 million.
(2) Warehouse B is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.
v3.25.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:
•Level 1—Quoted prices for identical instruments in active markets
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date
•Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
Fair Value of Financial Instruments
A summary of assets and liabilities at March 31, 2025 and December 31, 2024, related to our financial instruments, is set forth below (in thousands):
March 31, 2025December 31, 2024
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $642,455 $650,000 $642,690 
Term loan(2)
Level 2$250,000 $250,000 $250,000 $250,000 
Seller financed loans(3)
Level 2$17,774 $17,774 $20,970 $20,970 
Mortgage loans held for sale(4)
Level 2$79,443 $79,443 $115,001 $115,001 
Mortgage repurchase facilities(5)
Level 2$69,586 $69,586 $104,098 $104,098 
 __________
(1)The book value of the Senior Notes excludes deferred loan costs of $3.2 million and $3.5 million as of March 31, 2025 and December 31, 2024, respectively. The estimated fair value of the Senior Notes at March 31, 2025 and December 31, 2024 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of March 31, 2025 and December 31, 2024 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, 2025 and December 31, 2024 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.

At March 31, 2025 and December 31, 2024, 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. No carrying values were adjusted to fair value for the three months ended March 31, 2025 or the year ended December 31, 2024.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
Lawsuits, claims and proceedings have been and may be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices, environmental protection and financial services. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations.
We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. We accrue for these matters based on facts and circumstances specific to each matter and revise these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. Accordingly, it is possible that the ultimate outcome of any matter, if in excess of a related accrual or if no accrual was made, could be material to our financial statements. For matters as to which the Company believes a loss is probable and reasonably estimable, we had zero legal reserves as of March 31, 2025 and December 31, 2024, 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 $68.3 million and $68.5 million as of March 31, 2025 and December 31, 2024, respectively. 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,
 20252024
Warranty reserves, beginning of period$116,150 $106,993 
Warranty reserves accrued7,188 7,900 
Warranty expenditures(9,473)(8,291)
Warranty reserves, end of period$113,865 $106,602 
 
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, 2025 and December 31, 2024, the Company had outstanding surety bonds totaling $678.9 million and $654.1 million, respectively. As of March 31, 2025 and December 31, 2024, our estimated cost to complete obligations related to these surety bonds was $482.0 million and $443.9 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, 2025Three Months Ended March 31, 2024
Lease Cost
Operating lease cost (included in SG&A expense)$3,222 $2,854 
Ground lease cost (included in other operations expense)794 765 
Sublease income, operating leases— — 
Sublease income, ground leases (included in other operations revenue)(805)(776)
Net lease cost$3,211 $2,843 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,234 $2,502 
Ground lease cash flows (included in operating cash flows)$663 $846 
Right-of-use assets obtained in exchange for new operating lease liabilities$830 $1,890 
March 31, 2025December 31, 2024
Weighted-average discount rate:
Operating leases5.0 %5.0 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.55.6
Ground leases43.243.4
The future minimum lease payments under our operating leases are as follows (in thousands):
Property, Equipment and Other Leases
Ground Leases (1)
Remaining in 2025$7,777 $2,428 
202611,171 3,237 
202710,529 3,237 
20289,736 3,237 
20298,071 3,237 
Thereafter9,230 72,165 
Total lease payments$56,514 $87,541 
Less: Interest7,356 59,988 
Present value of operating lease liabilities$49,158 $27,553 
 __________
(1)    Ground leases are fully subleased through 2041, representing $53.7 million of the $87.5 million future ground lease obligations.
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2022 Long-Term Incentive Plan
On April 20, 2022, our stockholders approved the Tri Pointe Homes, Inc. 2022 Long-Term Incentive Plan (the “2022 Plan”), which had been previously approved by our board of directors. The 2022 Plan replaced the Company’s prior stock compensation plan, the TRI Pointe Group, Inc. Amended and Restated 2013 Long-Term Incentive Plan (the “2013 Plan”). The 2022 Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The 2022 Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2022 Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation.
The number of shares of our common stock that may be issued under the 2022 Plan is 7,500,000 shares. No new awards have been or will be granted under the 2013 Plan from and after February 23, 2022. Any awards outstanding under the 2013 Plan will remain subject to and be paid under the 2013 Plan, and any shares subject to outstanding awards under the 2013 Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the 2022 Plan.

To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2022 Plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally will again be available under the 2022 Plan. However, the 2022 Plan prohibits us from re-using shares that are tendered or surrendered to pay the exercise cost or tax obligation for stock options and stock appreciation rights.
As of March 31, 2025, there were 4,664,829 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,
 20252024
Total stock-based compensation$7,556 $6,679 
 
Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of March 31, 2025, total unrecognized stock-based compensation expense related to all stock-based awards was $63.0 million and the weighted average term over which the expense was expected to be recognized was 1.9 years.

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, 2025:
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20243,431,275 $27.45 
Granted1,269,565 $30.89 
Vested(791,189)$24.41 
Forfeited(586,908)$22.28 
Nonvested RSUs at March 31, 20253,322,743 $30.66 

On February 19, 2025, the Company granted an aggregate of 509,446 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 19, 2025 was measured using a price of $30.89 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 19, 2025, the Company granted an aggregate of 760,119 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Executive Vice President and 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, 2025 to December 31, 2027. The fair value of these performance-based RSUs was measured using a price of $30.89 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.

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

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

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

For the year ended December 31, 2024, the Company granted an aggregate of 17,082 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period.
As RSUs vest for employees, a portion of the shares awarded is generally withheld to cover employee tax withholdings. As a result, the number of RSUs vested and the number of shares of Tri Pointe common stock issued will differ.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
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 $46.0 million as of both March 31, 2025 and December 31, 2024. We had a valuation allowance related to those net deferred tax assets of $3.4 million as of both March 31, 2025 and December 31, 2024. 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 $22.5 million and $31.6 million for the three months ended March 31, 2025 and 2024, respectively. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company did not have any uncertain tax positions recorded as of March 31, 2025 and December 31, 2024. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years. 
The Company files income tax returns in the U.S., including federal and multiple state and local jurisdictions.
v3.25.1
Supplemental Disclosure to Consolidated Statements of Cash Flows
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Disclosure to Consolidated Statements of Cash Flows Supplemental Disclosure to Consolidated Statements of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20252024
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$(9,046)$(17,024)
Income taxes paid, net$518 $— 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$589 $217 
Amortization of senior note discount capitalized to real estate inventory$— $277 
Amortization of deferred loan costs capitalized to real estate inventory$618 $1,026 
Increase in noncontrolling interests$32 $— 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 64,036 $ 99,055
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. 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, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 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, 2025 and December 31, 2024 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.
Reclassifications
Certain amounts for prior years have been reclassified to conform to the current period presentation.
Use of Estimates
The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
Cash and Cash Equivalents and Concentration of Credit Risk
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Revenue Recognition
We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.
Home sales revenue
We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
Financial services revenues
Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
For the year ended December 31, 2023, our Tri Pointe Connect mortgage operations were conducted through a joint venture with an established mortgage lender. Tri Pointe Connect acted as a preferred mortgage loan broker to our homebuyers in all of the markets in which we operate, generating income from fees paid by third party lenders for the successful funding and closing of loans for homebuyers that originated through Tri Pointe Connect. For the year ended December 31, 2023, Tri Pointe Connect was fully consolidated in accordance with Accounting Standards Topic 810 (“ASC 810”), Consolidation, under the Financial Services section of our consolidated statements of operations, with the noncontrolling interest recorded on the consolidated statements of operations as net income attributable to noncontrolling interests.
Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing our own funds. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders.
Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. When we act as a mortgage loan broker and originate loans with third party lenders, mortgage loan broker fees and mortgage loan origination fees are recognized at the time the mortgage loans are funded. When we provide mortgage financing, we recognize fees on mortgage loan originations upon loan origination.
Mortgage loans held for sale
We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. As of March 31, 2025, mortgage loans held for sale had an aggregate estimated fair value of $79.4 million and an aggregate outstanding principal balance of $79.1 million. For the three months ended March 31, 2025, we recorded $340,000 of unrealized gains, in Financial Services revenue, related to our mortgage loans held for sale as of March 31, 2025.
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.
New Accounting Standards
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 adopted ASU 2023-07 in the fourth quarter of 2024 and we applied the amendments retrospectively to all prior periods presented in our consolidated financial statements. See Note 2, Segment Information in the Notes to the Consolidated Financial Statements.
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 will become effective for our fiscal year ending December 31, 2025. We are currently evaluating the impact of this new standard, however, we do not expect the adoption of ASU 2023-09 to have a material impact on our Consolidated Financial Statements.
Segment Information
Tri Pointe Homes is engaged in the business of acquiring and developing land and constructing and selling single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting, we have aggregated our geographical homebuilding segments under the aggregation criteria outlined. In determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. In addition, our determination of reporting segments considered how our chief operating decision maker evaluates operating performance and capital allocation. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments which are reported under the following hierarchy:
West region: Arizona, California, Nevada and Washington
Central region: Colorado, Texas and Utah
East region: District of Columbia, Florida, Maryland, North Carolina, South Carolina and Virginia
In April 2024, we announced our expansion into the Coastal Carolinas region, which includes parts of South Carolina and Georgia. While we have an established presence in South Carolina, we have not yet commenced operations in Georgia as of March 31, 2025.
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. These financial services businesses have been aggregated in accordance with the criteria outlined in ASC 280, considering their similar economic and operational characteristics. For further details, see Note 1, Organization 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 and 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.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization 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.
Our Chief Executive Officer (CEO) is our Chief Operating Decision Maker (CODM) and reviews segment performance to make resource allocation decisions. The CODM evaluates each segment based on revenue, operating profit, and other key homebuilding metrics to guide strategic decisions.
Fair Value Measurements
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:
•Level 1—Quoted prices for identical instruments in active markets
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date
•Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information Relating to Reportable Segments
Total revenues, significant expenses and income before income taxes for each of our reportable segments were as follows (in thousands):

Three Months Ended March 31, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$400,522 $210,522 $109,742 $720,786 $— $— $720,786 
Land and lot sales revenue421 1,400 — 1,821 — — 1,821 
Other operations revenue806 10 4 820 — — 820 
Financial services revenue— — — — 17,501 — 17,501 
Total revenues401,749 211,932 109,746 723,427 17,501 — 740,928 
Cost of home sales(305,626)(160,037)(81,140)(546,803)— (1,470)(548,273)
Cost of land and lot sales(553)(1,188)— (1,741)— — (1,741)
Other operations expense(794)— — (794)— — (794)
Sales and marketing(22,769)(13,337)(6,373)(42,479)— (463)(42,942)
General and administrative(18,326)(8,801)(7,754)(34,881)— (22,794)(57,675)
Financial services expense— — — — (12,617)— (12,617)
Income from operations53,681 28,569 14,479 96,729 4,884 (24,727)76,886 
Equity in income (loss) of unconsolidated entities2 493 — 495 — — 495 
Other income, net90 304 4 398 — 8,731 9,129 
Income (loss) before income taxes$53,773 $29,366 $14,483 $97,622 $4,884 $(15,996)$86,510 
Three Months Ended March 31, 2024
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$547,422 $272,538 $98,393 $918,353 $— $— $918,353 
Land and lot sales revenue5,389 1,679 — 7,068 — — 7,068 
Other operations revenue780 6 1 787 — — 787 
Financial services revenue— — — — 13,194 — 13,194 
Total revenues553,591 274,223 98,394 926,208 13,194 — 939,402 
Cost of home sales(425,732)(204,055)(75,519)(705,306)— (1,998)(707,304)
Cost of land and lot sales(4,596)(1,161)— (5,757)— — (5,757)
Other operations expense(765)— — (765)— — (765)
Sales and marketing(27,239)(16,396)(6,230)(49,865)— (359)(50,224)
General and administrative(18,099)(7,057)(5,888)(31,044)— (20,284)(51,328)
Financial services expense— — — — (8,727)— (8,727)
Income from operations77,160 45,554 10,757 133,471 4,467 (22,641)115,297 
Equity in income (loss) of unconsolidated entities(9)5 61 57 — — 57 
Other income, net553 134 3 690 — 14,536 15,226 
Income (loss) before income taxes$77,704 $45,693 $10,821 $134,218 $4,467 $(8,105)$130,580 
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, 2025December 31, 2024
Real estate inventories
West$1,976,883 $1,928,257 
Central805,172 791,171 
East483,279 434,031 
Total$3,265,334 $3,153,459 
Total assets(1)
West$2,256,291 $2,186,696 
Central1,026,775 1,014,811 
East528,310 473,874 
Corporate867,451 1,041,646 
Total homebuilding assets4,678,827 4,717,027 
Financial services146,412 174,088 
Total$4,825,239 $4,891,115 
__________
(1)    Total assets as of March 31, 2025 and December 31, 2024 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, 2025 and December 31, 2024 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
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,
 20252024
Numerator:  
Net income available to common stockholders$64,036 $99,055 
Denominator:  
Basic weighted-average shares outstanding91,638,960 95,232,315 
Effect of dilutive shares: 
Stock options and unvested restricted stock units438,720 614,441 
Diluted weighted-average shares outstanding92,077,680 95,846,756 
Earnings per share  
Basic$0.70 $1.04 
Diluted$0.70 $1.03 
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share1,964,127 2,510,864 
v3.25.1
Receivables (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Receivables
Receivables consisted of the following (in thousands):
March 31, 2025December 31, 2024
Escrow proceeds and other accounts receivable, net$63,552 $43,074 
Warranty insurance receivable (Note 13)68,303 68,539 
Total receivables$131,855 $111,613 
v3.25.1
Real Estate Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
March 31, 2025December 31, 2024
Real estate inventories owned:
Homes completed or under construction$1,395,030 $1,294,928 
Land under development1,204,744 1,174,564 
Land held for future development158,184 157,348 
Model homes287,670 285,550 
Total real estate inventories owned3,045,628 2,912,390 
Real estate inventories not owned:
Land purchase and land option deposits219,706 241,069 
Total real estate inventories not owned219,706 241,069 
Total real estate inventories$3,265,334 $3,153,459 
Schedule of Interest Incurred, Capitalized and Expensed
Interest incurred, capitalized and expensed were as follows (in thousands):
 Three Months Ended March 31,
 20252024
Interest incurred$21,319 $36,156 
Interest capitalized(21,319)(36,156)
Interest expensed$— $— 
Capitalized interest in beginning inventory$186,370 $221,647 
Interest capitalized as a cost of inventory21,319 36,156 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(23,153)(30,846)
Capitalized interest in ending inventory$184,536 $226,957 
Schedule of Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
 Three Months Ended March 31,
 20252024
Real estate inventory impairments$— $— 
Land and lot option abandonments and pre-acquisition charges1,073 402 
Total$1,073 $402 
v3.25.1
Investments in Unconsolidated Entities (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
Assets
Cash$21,578 $35,130 
Receivables1,794 1,777 
Real estate inventories661,185 628,729 
Other assets7,259 7,198 
Total assets$691,816 $672,834 
Liabilities and equity
Debt obligations and other liabilities$219,960 $198,543 
Company’s equity170,379 173,924 
Outside interests’ equity301,477 300,367 
Total liabilities and equity$691,816 $672,834 
Aggregated results of operations from unconsolidated entities (in thousands):
 Three Months Ended March 31,
 20252024
Net sales$17,910 $29,898 
Other operating expense(13,881)(30,057)
Other income (expense), net5 (6)
Net income $4,034 $(165)
Company’s equity in income of unconsolidated entities$495 $57 
v3.25.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$208,277 $1,905,336 N/A$224,319 $1,976,828 N/A
Other land option agreements11,429 178,489 N/A16,750 231,059 N/A
Total$219,706 $2,083,825 $— $241,069 $2,207,887 $— 
v3.25.1
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
March 31, 2025December 31, 2024
Prepaid expenses$12,109 $11,600 
Refundable fees and other deposits17,702 19,772 
Development rights, held for future use or sale845 845 
Deferred loan costs—loans payable3,277 3,637 
Operating properties and equipment, net58,948 58,219 
Lease right-of-use assets65,140 66,273 
Other4,692 4,149 
Total$162,713 $164,495 
v3.25.1
Accrued Expenses and Other Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
March 31, 2025December 31, 2024
Accrued payroll and related costs$28,729 $77,609 
Warranty reserves (Note 13)
113,865 116,150 
Estimated cost for completion of real estate inventories111,635 117,927 
Customer deposits44,755 41,439 
Accrued income taxes payable31,559 8,791 
Accrued interest13,319 4,891 
Other tax liability3,489 2,521 
Lease liabilities76,711 78,067 
Other19,504 18,168 
Total$443,566 $465,563 
v3.25.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Senior Notes, Loans Payable and Mortgage Repurchase Facilities
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):
March 31, 2025December 31, 2024
5.250% Senior Notes due June 1, 2027
$300,000 $300,000 
5.700% Senior Notes due June 15, 2028
350,000 350,000 
Deferred loan costs(3,209)(3,466)
Total$646,791 $646,534 
The Company’s outstanding loans payable consisted of the following (in thousands):
March 31, 2025December 31, 2024
Term loan facility$250,000 $250,000 
Seller financed loans17,774 20,970 
Total$267,774 $270,970 
Schedule of Repurchase Agreements
The following table provides a summary of Tri Pointe Connect’s Repurchase Agreements as of March 31, 2025 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$35,912 $80,000 
Term SOFR + 1.75%
3/11/2025Mortgage Loans
Warehouse B (2)33,674 50,000 
Term SOFR + 1.75%
5/30/2025Mortgage Loans
Warehouse B (2)— 50,000 
Term SOFR + 1.75%
On DemandMortgage Loans
Total$69,586 $180,000 
__________
(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of March 31, 2025, mortgage loans held for sale had an aggregate fair value of $79.4 million.
(2) Warehouse B is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.
v3.25.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024, related to our financial instruments, is set forth below (in thousands):
March 31, 2025December 31, 2024
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $642,455 $650,000 $642,690 
Term loan(2)
Level 2$250,000 $250,000 $250,000 $250,000 
Seller financed loans(3)
Level 2$17,774 $17,774 $20,970 $20,970 
Mortgage loans held for sale(4)
Level 2$79,443 $79,443 $115,001 $115,001 
Mortgage repurchase facilities(5)
Level 2$69,586 $69,586 $104,098 $104,098 
 __________
(1)The book value of the Senior Notes excludes deferred loan costs of $3.2 million and $3.5 million as of March 31, 2025 and December 31, 2024, respectively. The estimated fair value of the Senior Notes at March 31, 2025 and December 31, 2024 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of March 31, 2025 and December 31, 2024 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, 2025 and December 31, 2024 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Warranty Reserves
Warranty reserve activity consisted of the following (in thousands):
 
 Three Months Ended March 31,
 20252024
Warranty reserves, beginning of period$116,150 $106,993 
Warranty reserves accrued7,188 7,900 
Warranty expenditures(9,473)(8,291)
Warranty reserves, end of period$113,865 $106,602 
Schedule of Lease Costs and Other Information See below for additional information on leases (dollars in thousands):
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Lease Cost
Operating lease cost (included in SG&A expense)$3,222 $2,854 
Ground lease cost (included in other operations expense)794 765 
Sublease income, operating leases— — 
Sublease income, ground leases (included in other operations revenue)(805)(776)
Net lease cost$3,211 $2,843 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,234 $2,502 
Ground lease cash flows (included in operating cash flows)$663 $846 
Right-of-use assets obtained in exchange for new operating lease liabilities$830 $1,890 
March 31, 2025December 31, 2024
Weighted-average discount rate:
Operating leases5.0 %5.0 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.55.6
Ground leases43.243.4
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 2025$7,777 $2,428 
202611,171 3,237 
202710,529 3,237 
20289,736 3,237 
20298,071 3,237 
Thereafter9,230 72,165 
Total lease payments$56,514 $87,541 
Less: Interest7,356 59,988 
Present value of operating lease liabilities$49,158 $27,553 
 __________
(1)    Ground leases are fully subleased through 2041, representing $53.7 million of the $87.5 million future ground lease obligations.
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
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,
 20252024
Total stock-based compensation$7,556 $6,679 
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, 2025:
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20243,431,275 $27.45 
Granted1,269,565 $30.89 
Vested(791,189)$24.41 
Forfeited(586,908)$22.28 
Nonvested RSUs at March 31, 20253,322,743 $30.66 
v3.25.1
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Disclosure to Consolidated Statement of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20252024
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$(9,046)$(17,024)
Income taxes paid, net$518 $— 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$589 $217 
Amortization of senior note discount capitalized to real estate inventory$— $277 
Amortization of deferred loan costs capitalized to real estate inventory$618 $1,026 
Increase in noncontrolling interests$32 $— 
v3.25.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
state
Mar. 31, 2024
USD ($)
Short-Term Debt [Line Items]    
Number of states in which entity operates | state 12  
Aggregate outstanding principal value $ 79,100  
Fair value adjustment on mortgage loans held for sale 340 $ 0
Mortgage repurchase facilities    
Short-Term Debt [Line Items]    
Mortgage loans held for sale $ 79,400  
v3.25.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
business_line
Segment Reporting Information  
Number of principal businesses | business_line 2
Homebuilding Segment  
Segment Reporting Information  
Number of reportable homebuilding segments | segment 3
v3.25.1
Segment Information - Schedule of Expenses And Income Before Income Taxes for each of Our Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information    
Revenue $ 740,928 $ 939,402
Other operating expense (794) (765)
Sales and marketing (42,942) (50,224)
General and administrative (57,675) (51,328)
Income from operations 76,886 115,297
Equity in income (loss) of unconsolidated entities 495 57
Other income, net 9,129 15,226
Income (loss) before income taxes 86,510 130,580
Homebuilding Segment    
Segment Reporting Information    
Revenue 723,427 926,208
Other operating expense (794) (765)
Sales and marketing (42,942) (50,224)
General and administrative (57,675) (51,328)
Income from operations 72,002 110,830
Equity in income (loss) of unconsolidated entities 495 57
Other income, net 9,129 15,226
Financial Services    
Segment Reporting Information    
Revenue 17,501 13,194
Financial services expense (12,617) (8,727)
Home sales revenue    
Segment Reporting Information    
Cost of home, land and lot sales (548,273) (707,304)
Home sales revenue | Homebuilding Segment    
Segment Reporting Information    
Revenue 720,786 918,353
Cost of home, land and lot sales (548,273) (707,304)
Land and lot sales revenue    
Segment Reporting Information    
Cost of home, land and lot sales (1,741) (5,757)
Land and lot sales revenue | Homebuilding Segment    
Segment Reporting Information    
Revenue 1,821 7,068
Cost of home, land and lot sales (1,741) (5,757)
Other operations revenue | Homebuilding Segment    
Segment Reporting Information    
Revenue 820 787
Operating Segments | Homebuilding Segment    
Segment Reporting Information    
Revenue 723,427 926,208
Other operating expense (794) (765)
Sales and marketing (42,479) (49,865)
General and administrative (34,881) (31,044)
Financial services expense 0 0
Income from operations 96,729 133,471
Equity in income (loss) of unconsolidated entities 495 57
Other income, net 398 690
Income (loss) before income taxes 97,622 134,218
Operating Segments | Financial Services    
Segment Reporting Information    
Revenue 17,501 13,194
Other operating expense 0 0
Sales and marketing 0 0
General and administrative 0 0
Financial services expense (12,617) (8,727)
Income from operations 4,884 4,467
Equity in income (loss) of unconsolidated entities 0 0
Other income, net 0 0
Income (loss) before income taxes 4,884 4,467
Operating Segments | West    
Segment Reporting Information    
Revenue 401,749 553,591
Other operating expense (794) (765)
Sales and marketing (22,769) (27,239)
General and administrative (18,326) (18,099)
Financial services expense 0 0
Income from operations 53,681 77,160
Equity in income (loss) of unconsolidated entities 2 (9)
Other income, net 90 553
Income (loss) before income taxes 53,773 77,704
Operating Segments | Central    
Segment Reporting Information    
Revenue 211,932 274,223
Other operating expense 0 0
Sales and marketing (13,337) (16,396)
General and administrative (8,801) (7,057)
Financial services expense 0 0
Income from operations 28,569 45,554
Equity in income (loss) of unconsolidated entities 493 5
Other income, net 304 134
Income (loss) before income taxes 29,366 45,693
Operating Segments | East    
Segment Reporting Information    
Revenue 109,746 98,394
Other operating expense 0 0
Sales and marketing (6,373) (6,230)
General and administrative (7,754) (5,888)
Financial services expense 0 0
Income from operations 14,479 10,757
Equity in income (loss) of unconsolidated entities 0 61
Other income, net 4 3
Income (loss) before income taxes 14,483 10,821
Operating Segments | Home sales revenue | Homebuilding Segment    
Segment Reporting Information    
Revenue 720,786 918,353
Cost of home, land and lot sales (546,803) (705,306)
Operating Segments | Home sales revenue | Financial Services    
Segment Reporting Information    
Revenue 0 0
Cost of home, land and lot sales 0 0
Operating Segments | Home sales revenue | West    
Segment Reporting Information    
Cost of home, land and lot sales (305,626) (425,732)
Operating Segments | Home sales revenue | West | Homebuilding Segment    
Segment Reporting Information    
Revenue 400,522 547,422
Operating Segments | Home sales revenue | Central    
Segment Reporting Information    
Cost of home, land and lot sales (160,037) (204,055)
Operating Segments | Home sales revenue | Central | Homebuilding Segment    
Segment Reporting Information    
Revenue 210,522 272,538
Operating Segments | Home sales revenue | East    
Segment Reporting Information    
Cost of home, land and lot sales (81,140) (75,519)
Operating Segments | Home sales revenue | East | Homebuilding Segment    
Segment Reporting Information    
Revenue 109,742 98,393
Operating Segments | Land and lot sales revenue | Homebuilding Segment    
Segment Reporting Information    
Revenue 1,821 7,068
Cost of home, land and lot sales (1,741) (5,757)
Operating Segments | Land and lot sales revenue | Financial Services    
Segment Reporting Information    
Revenue 0 0
Cost of home, land and lot sales 0 0
Operating Segments | Land and lot sales revenue | West    
Segment Reporting Information    
Cost of home, land and lot sales (553) (4,596)
Operating Segments | Land and lot sales revenue | West | Homebuilding Segment    
Segment Reporting Information    
Revenue 421 5,389
Operating Segments | Land and lot sales revenue | Central    
Segment Reporting Information    
Cost of home, land and lot sales (1,188) (1,161)
Operating Segments | Land and lot sales revenue | Central | Homebuilding Segment    
Segment Reporting Information    
Revenue 1,400 1,679
Operating Segments | Land and lot sales revenue | East    
Segment Reporting Information    
Cost of home, land and lot sales 0 0
Operating Segments | Land and lot sales revenue | East | Homebuilding Segment    
Segment Reporting Information    
Revenue 0 0
Operating Segments | Other operations revenue | Homebuilding Segment    
Segment Reporting Information    
Revenue 820 787
Operating Segments | Other operations revenue | Financial Services    
Segment Reporting Information    
Revenue 0 0
Operating Segments | Other operations revenue | West | Homebuilding Segment    
Segment Reporting Information    
Revenue 806 780
Operating Segments | Other operations revenue | Central | Homebuilding Segment    
Segment Reporting Information    
Revenue 10 6
Operating Segments | Other operations revenue | East | Homebuilding Segment    
Segment Reporting Information    
Revenue 4 1
Corporate    
Segment Reporting Information    
Revenue 0 0
Other operating expense 0 0
Sales and marketing (463) (359)
General and administrative (22,794) (20,284)
Financial services expense 0 0
Income from operations (24,727) (22,641)
Equity in income (loss) of unconsolidated entities 0 0
Other income, net 8,731 14,536
Income (loss) before income taxes (15,996) (8,105)
Corporate | Home sales revenue    
Segment Reporting Information    
Revenue 0 0
Cost of home, land and lot sales (1,470) (1,998)
Corporate | Land and lot sales revenue    
Segment Reporting Information    
Revenue 0 0
Cost of home, land and lot sales 0 0
Corporate | Other operations revenue    
Segment Reporting Information    
Revenue $ 0 $ 0
v3.25.1
Segment Information - Schedule of Financial Information Relating to Reportable Segments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting Information    
Real estate inventories $ 3,265,334 $ 3,153,459
Total assets 4,825,239 4,891,115
Goodwill 139,300 139,300
Homebuilding Segment    
Segment Reporting Information    
Real estate inventories 3,265,334 3,153,459
Total assets 4,678,827 4,717,027
Goodwill 139,300 139,300
Homebuilding Segment | Corporate    
Segment Reporting Information    
Total assets 867,451 1,041,646
Homebuilding Segment | West    
Segment Reporting Information    
Goodwill 125,400 125,400
Homebuilding Segment | West | Operating Segments    
Segment Reporting Information    
Real estate inventories 1,976,883 1,928,257
Total assets 2,256,291 2,186,696
Homebuilding Segment | Central    
Segment Reporting Information    
Goodwill 8,300 8,300
Homebuilding Segment | Central | Operating Segments    
Segment Reporting Information    
Real estate inventories 805,172 791,171
Total assets 1,026,775 1,014,811
Homebuilding Segment | East    
Segment Reporting Information    
Goodwill 5,600 5,600
Homebuilding Segment | East | Operating Segments    
Segment Reporting Information    
Real estate inventories 483,279 434,031
Total assets 528,310 473,874
Financial Services | Operating Segments    
Segment Reporting Information    
Total assets $ 146,412 $ 174,088
v3.25.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income available to common stockholders $ 64,036 $ 99,055
Net income available to common stockholders $ 64,036 $ 99,055
Denominator:    
Basic weighted-average shares outstanding (in shares) 91,638,960 95,232,315
Effect of dilutive shares:    
Stock options and unvested restricted stock units (in shares) 438,720 614,441
Diluted weighted-average shares outstanding (in shares) 92,077,680 95,846,756
Earnings per share    
Basic (in dollars per share) $ 0.70 $ 1.04
Diluted (in dollars per share) $ 0.70 $ 1.03
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (in shares) 1,964,127 2,510,864
v3.25.1
Receivables - Schedule of Components of Receivables (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Escrow proceeds and other accounts receivable, net $ 63,552 $ 43,074
Warranty insurance receivable 68,303 68,539
Total receivables $ 131,855 $ 111,613
v3.25.1
Receivables - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Allowance for doubtful accounts $ 436 $ 436
v3.25.1
Real Estate Inventories - Schedule of Real Estate Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate inventories owned:    
Homes completed or under construction $ 1,395,030 $ 1,294,928
Land under development 1,204,744 1,174,564
Land held for future development 158,184 157,348
Model homes 287,670 285,550
Total real estate inventories owned 3,045,628 2,912,390
Real estate inventories not owned:    
Land purchase and land option deposits 219,706 241,069
Total real estate inventories not owned 219,706 241,069
Total real estate inventories $ 3,265,334 $ 3,153,459
v3.25.1
Real Estate Inventories - Schedule of Interest Incurred, Capitalized and Expensed (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Real Estate [Abstract]    
Interest incurred $ 21,319 $ 36,156
Interest capitalized (21,319) (36,156)
Interest expensed 0 0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]    
Capitalized interest in beginning inventory 186,370 221,647
Interest capitalized as a cost of inventory 21,319 36,156
Interest previously capitalized as a cost of inventory, included in cost of sales (23,153) (30,846)
Capitalized interest in ending inventory $ 184,536 $ 226,957
v3.25.1
Real Estate Inventories - Schedule of Real Estate Inventory Impairments and Land Option Abandonments (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Real Estate [Abstract]    
Real estate inventory impairments $ 0 $ 0
Land and lot option abandonments and pre-acquisition charges 1,073,000 402,000
Total $ 1,073,000 $ 402,000
v3.25.1
Real Estate Inventories - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Inventory Disclosure [Abstract]    
Real estate inventory impairments $ 0 $ 0
v3.25.1
Investments in Unconsolidated Entities - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
investment
Dec. 31, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]    
Number of financial services 1  
Investment percentage, joint venture 80.00%  
Equity Method Investment, Nonconsolidated Investee or Group of Investees    
Schedule of Equity Method Investments [Line Items]    
Number of equity investments 15  
Long-term debt, gross | $ $ 201.8 $ 185.8
Minimum | Equity Method Investment, Nonconsolidated Investee or Group of Investees    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 8.00%  
Maximum | Equity Method Investment, Nonconsolidated Investee or Group of Investees    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 50.00%  
v3.25.1
Investments in Unconsolidated Entities - Schedule of Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Assets      
Cash $ 812,937   $ 970,045
Receivables 131,855   111,613
Real estate inventories 3,265,334   3,153,459
Other assets 162,713   164,495
Total assets 4,825,239   4,891,115
Liabilities and equity      
Company’s equity 3,321,699   3,335,710
Outside interests’ equity 25   12
Total liabilities and equity 4,825,239   4,891,115
Other operating expense (794) $ (765)  
Net income 64,017 98,996  
Equity in income (loss) of unconsolidated entities 495 57  
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Assets      
Cash 21,578   35,130
Receivables 1,794   1,777
Real estate inventories 661,185   628,729
Other assets 7,259   7,198
Total assets 691,816   672,834
Liabilities and equity      
Debt obligations and other liabilities 219,960   198,543
Company’s equity 170,379   173,924
Outside interests’ equity 301,477   300,367
Total liabilities and equity 691,816   $ 672,834
Net sales 17,910 29,898  
Other operating expense (13,881) (30,057)  
Other income (expense), net 5 (6)  
Net income 4,034 (165)  
Equity in income (loss) of unconsolidated entities $ 495 $ 57  
v3.25.1
Variable Interest Entities - Schedule of Interests in Land Option Agreements (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity    
Deposits $ 219,706 $ 241,069
Remaining Purchase Price 2,083,825 2,207,887
Consolidated Inventory Held by VIEs 0 0
Unconsolidated VIEs    
Variable Interest Entity    
Deposits 208,277 224,319
Remaining Purchase Price 1,905,336 1,976,828
Other land option agreements    
Variable Interest Entity    
Deposits 11,429 16,750
Remaining Purchase Price $ 178,489 $ 231,059
v3.25.1
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Other land option agreements    
Variable Interest Entity    
Capitalized pre-acquisition costs $ 10.0 $ 9.3
v3.25.1
Goodwill and Other Intangible Assets (Details)
$ in Millions
Mar. 31, 2025
USD ($)
intangible_asset
Dec. 31, 2024
USD ($)
intangible_asset
Schedule Of Intangible Assets And Goodwill    
Goodwill $ 139.3 $ 139.3
WRECO | Trade Names    
Schedule Of Intangible Assets And Goodwill    
Trade names, net carrying amount $ 17.3 $ 17.3
WRECO | Trade Names    
Schedule Of Intangible Assets And Goodwill    
Number of intangible assets | intangible_asset 1 1
v3.25.1
Other Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 12,109 $ 11,600
Refundable fees and other deposits 17,702 19,772
Development rights, held for future use or sale 845 845
Deferred loan costs—loans payable 3,277 3,637
Operating properties and equipment, net 58,948 58,219
Lease right-of-use assets $ 65,140 $ 66,273
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total Total
Other $ 4,692 $ 4,149
Total $ 162,713 $ 164,495
v3.25.1
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]        
Accrued payroll and related costs $ 28,729 $ 77,609    
Warranty reserves (Note 13) 113,865 116,150 $ 106,602 $ 106,993
Estimated cost for completion of real estate inventories 111,635 117,927    
Customer deposits 44,755 41,439    
Accrued income taxes payable 31,559 8,791    
Accrued interest 13,319 4,891    
Other tax liability 3,489 2,521    
Lease liabilities $ 76,711 $ 78,067    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Total Total    
Other $ 19,504 $ 18,168    
Total $ 443,566 $ 465,563    
v3.25.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Senior Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2020
Jun. 30, 2017
Debt Instrument        
Deferred loan costs $ (3,277) $ (3,637)    
Senior Notes        
Debt Instrument        
Deferred loan costs (3,209) (3,466)    
Total $ 646,791 $ 646,534    
Senior Notes | 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    
Senior Notes | 5.700% Senior Notes due June 15, 2028        
Debt Instrument        
Interest rate on senior note (percent) 5.70% 5.70% 5.70%  
Aggregate outstanding debt $ 350,000 $ 350,000    
v3.25.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Narrative (Details)
 1 Months Ended 3 Months Ended
Dec. 15, 2023
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2017
USD ($)
Mar. 31, 2025
USD ($)
loan
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
loan
Debt Instrument            
Deferred loan costs—loans payable       $ 3,277,000   $ 3,637,000
Accrued interest       13,319,000   4,891,000
Loans payable       $ 267,774,000   $ 270,970,000
Number of seller-financed loans | loan       3   3
Interest incurred       $ 21,319,000 $ 36,156,000  
Amortization of deferred financing costs       617,000 $ 1,300,000  
Mortgage repurchase facilities       69,586,000   $ 104,098,000
Mortgage repurchase facilities            
Debt Instrument            
Maximum borrowing capacity under facility       180,000,000    
Line of credit facility, current borrowing capacity       110,400,000    
Mortgage repurchase facilities       $ 69,586,000    
Repurchase agreement weighted average interest rate       6.20%    
Senior notes            
Debt Instrument            
Deferred loan costs—loans payable       $ 3,209,000   3,466,000
Accrued interest       11,100,000   2,100,000
Seller financed loans            
Debt Instrument            
Loans payable       $ 17,774,000   $ 20,970,000
Seller financed loans | Seller-Financed Loans, Seller One            
Debt Instrument            
Interest rate on senior note (percent)       4.50%   4.50%
Loans payable       $ 16,100,000   $ 20,800,000
Second Seller Financed Loan | Seller-Financed Loans, Seller Two            
Debt Instrument            
Loans payable       $ 1,700,000   $ 150,000
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      
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       $ 3,300,000    
Accrued interest       1,500,000   $ 1,500,000
Maximum borrowing capacity under facility $ 750,000,000          
Loans payable       0    
Line of credit facility, current borrowing capacity       678,000,000.0    
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       72,000,000.0   55,600,000
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)       5.51%    
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%    
v3.25.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Outstanding Loans Payable (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Line of Credit Facility    
Total $ 267,774 $ 270,970
Seller financed loans    
Line of Credit Facility    
Total 17,774 20,970
Term loan facility | Term loan facility    
Line of Credit Facility    
Total $ 250,000 $ 250,000
v3.25.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Mortgage Repurchase Facilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Participating Mortgage Loans [Line Items]    
Outstanding Balance $ 69,586 $ 104,098
Warehouse B    
Participating Mortgage Loans [Line Items]    
Facility Amount 100,000  
Mortgage repurchase facilities    
Participating Mortgage Loans [Line Items]    
Outstanding Balance 69,586  
Facility Amount 180,000  
Mortgage loans held for sale 79,400  
Facility uncommitted amount 110,400  
Mortgage repurchase facilities | Warehouse A    
Participating Mortgage Loans [Line Items]    
Outstanding Balance 35,912  
Facility Amount $ 80,000  
Interest Rate 1.75%  
Mortgage repurchase facilities | Warehouse B    
Participating Mortgage Loans [Line Items]    
Outstanding Balance $ 33,674  
Facility Amount $ 50,000  
Interest Rate 1.75%  
Mortgage repurchase facilities | Warehouse B    
Participating Mortgage Loans [Line Items]    
Outstanding Balance $ 0  
Facility Amount $ 50,000  
Interest Rate 1.75%  
Facility uncommitted amount $ 50,000  
v3.25.1
Fair Value Disclosures (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred loan costs $ 3,277 $ 3,637
Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 79,443 115,001
Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 79,443 115,001
Mortgage repurchase facilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 79,400  
Mortgage repurchase facilities | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage repurchase facilities 69,586 104,098
Mortgage repurchase facilities | Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage repurchase facilities 69,586 104,098
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 3,209 3,466
Senior notes | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 650,000 650,000
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 642,455 642,690
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 17,774 20,970
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 $ 17,774 $ 20,970
v3.25.1
Commitments and Contingencies - Narrative (Details)
 12 Months Ended
Dec. 31, 1987
lease
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Commitment And Contingencies [Line Items]      
Legal reserves   $ 0 $ 0
Outstanding warranty insurance receivables   68,303,000 68,539,000
Estimated remaining liabilities related to surety bonds   $ 19,504,000 18,168,000
Office Leases      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years)   10 years  
Equipment Leases | Minimum      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years)   3 years  
Equipment Leases | Maximum      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years)   4 years  
Ground leases      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years) 55 years    
Number of properties subject to ground leases | lease 2    
Ground leases | Ten Year Renewal Option      
Commitment And Contingencies [Line Items]      
Number of lease renewal options | lease 3    
Term of lease extension (in years) 10 years    
Ground leases | Forty-five Year Renewal Option      
Commitment And Contingencies [Line Items]      
Lease obligation original term (in years) 45 years    
Number of properties subject to ground leases | lease 1    
Ground leases | Extension Through 2071      
Commitment And Contingencies [Line Items]      
Number of ground leases extended | lease 1    
Surety Bonds      
Commitment And Contingencies [Line Items]      
Outstanding surety bonds   $ 678,900,000 654,100,000
Estimated remaining liabilities related to surety bonds   $ 482,000,000.0 $ 443,900,000
v3.25.1
Commitments and Contingencies - Schedule of Warranty Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Movement in Standard Product Warranty Accrual    
Warranty reserves, beginning of period $ 116,150 $ 106,993
Warranty reserves accrued 7,188 7,900
Warranty expenditures (9,473) (8,291)
Warranty reserves, end of period $ 113,865 $ 106,602
v3.25.1
Commitments and Contingencies - Schedule of Lease Costs and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Lessee, Lease, Description      
Net lease cost $ 3,211 $ 2,843  
Right-of-use assets obtained in exchange for new operating lease liabilities 830 1,890  
Operating leases      
Lessee, Lease, Description      
Lease cost 3,222 2,854  
Sublease income 0 0  
Cash paid for amounts included in the measurement of lease liabilities $ 3,234 2,502  
Weighted-average discount rate (percent) 5.00%   5.00%
Weighted-average remaining lease term (in years) 5 years 6 months   5 years 7 months 6 days
Ground leases      
Lessee, Lease, Description      
Lease cost $ 794 765  
Sublease income (805) (776)  
Cash paid for amounts included in the measurement of lease liabilities $ 663 $ 846  
Weighted-average discount rate (percent) 10.20%   10.20%
Weighted-average remaining lease term (in years) 43 years 2 months 12 days   43 years 4 months 24 days
v3.25.1
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description    
Present value of operating lease liabilities $ 76,711 $ 78,067
Property, Equipment and Other Leases    
Lessee, Lease, Description    
Remaining in 2025 7,777  
2026 11,171  
2027 10,529  
2028 9,736  
2029 8,071  
Thereafter 9,230  
Total lease payments 56,514  
Less: Interest 7,356  
Present value of operating lease liabilities 49,158  
Ground Leases    
Lessee, Lease, Description    
Remaining in 2025 2,428  
2026 3,237  
2027 3,237  
2028 3,237  
2029 3,237  
Thereafter 72,165  
Total lease payments 87,541  
Less: Interest 59,988  
Present value of operating lease liabilities 27,553  
Payments to be received $ 53,700  
v3.25.1
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Feb. 19, 2025
$ / shares
shares
Apr. 29, 2024
$ / shares
shares
Feb. 21, 2024
metric
$ / shares
shares
Feb. 19, 2024
metric
$ / shares
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award            
Unrecognized stock based compensation related to all stock-based awards | $         $ 63.0  
Weighted average period, expense to recognized (in years)         1 year 10 months 24 days  
Number of separate performance metrics | metric     2 2    
Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award            
Restricted stock units, granted (in shares)         1,269,565  
Granted (in dollars per share) | $ / shares         $ 30.89  
Employees and Officers | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award            
Restricted stock units, granted (in shares) 509,446   430,887 760,119    
Award vesting period (in years) 3 years   3 years      
Granted (in dollars per share) | $ / shares $ 30.89   $ 35.51      
Officers | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award            
Restricted stock units, granted (in shares)     656,844      
Granted (in dollars per share) | $ / shares     $ 35.51 $ 30.89    
Officers | Restricted Stock Units (RSUs) | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award            
Vesting rights (percent)     0.00%      
Officers | Restricted Stock Units (RSUs) | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award            
Vesting rights (percent)     100.00%      
Officers | Restricted Stock Units (RSUs) | Homebuilding Revenue            
Share-based Compensation Arrangement by Share-based Payment Award            
Performance percentage (percent)     50.00%      
Officers | Restricted Stock Units (RSUs) | Pre-tax Earnings            
Share-based Compensation Arrangement by Share-based Payment Award            
Performance percentage (percent)     50.00%      
Non-employee Members on Board of Directors | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award            
Restricted stock units, granted (in shares)   21,835        
Granted (in dollars per share) | $ / shares   $ 37.78        
Employees | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award            
Restricted stock units, granted (in shares)           17,082
Award vesting period (in years)           3 years
2022 Plan            
Share-based Compensation Arrangement by Share-based Payment Award            
Common stock authorized for incentive plan (in shares)         7,500,000  
Shares available for future grant (in shares)         4,664,829  
v3.25.1
Stock-Based Compensation - Schedule of Compensation Expense Recognized Related to all Stock-Based Awards (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Total stock-based compensation $ 7,556 $ 6,679
v3.25.1
Stock-Based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Restricted Stock Units  
Nonvested RSU's beginning balance (in shares) | shares 3,431,275
Granted (in shares) | shares 1,269,565
Vested (in shares) | shares (791,189)
Forfeited (in shares) | shares (586,908)
Nonvested RSU's ending balance (in shares) | shares 3,322,743
Weighted Average Grant Date Fair Value Per Share  
Beginning balance (in dollars per share) | $ / shares $ 27.45
Granted (in dollars per share) | $ / shares 30.89
Vested (in dollars per share) | $ / shares 24.41
Forfeited (in dollars per share) | $ / shares 22.28
Ending balance (in dollars per share) | $ / shares $ 30.66
v3.25.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]      
Deferred tax assets, net $ 45,975   $ 45,975
Valuation allowance related to net deferred tax assets 3,400   $ 3,400
Provision for income taxes $ 22,493 $ 31,584  
v3.25.1
Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Supplemental disclosure of cash flow information:    
Interest paid (capitalized), net $ (9,046) $ (17,024)
Income taxes paid, net 518 0
Supplemental disclosures of noncash activities:    
Increase in share repurchase excise tax accrual 589 217
Amortization of senior note discount capitalized to real estate inventory 0 277
Amortization of deferred loan costs capitalized to real estate inventory 618 $ 1,026
Increase in noncontrolling interests $ 32