TRI POINTE HOMES, INC., 10-Q filed on 8/13/2026
Quarterly Report
v3.26.1
COVER - shares
 6 Months Ended
Jun. 30, 2026
Jul. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
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 None  
Trading Symbol None  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   100
Amendment Flag false  
Document Fiscal year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001561680  
Current Fiscal Year End Date --12-31  
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 462,085 $ 982,814
Receivables 175,514 147,250
Real estate inventories 3,436,045 3,178,248
Investments in unconsolidated entities 245,695 183,075
Mortgage loans held for sale 86,881 98,514
Goodwill and other intangible assets, net 156,603 156,603
Deferred tax assets, net 43,132 43,132
Other assets 211,811 187,899
Total assets 4,817,766 4,977,535
Liabilities    
Accounts payable 79,848 41,693
Accrued expenses and other liabilities 420,675 425,289
Loans payable 450,600 456,468
Senior notes, net 648,135 647,586
Mortgage repurchase facilities 77,459 90,570
Total liabilities 1,676,717 1,661,606
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, $0.01 par value, 100 and 500,000,000 shares authorized and    100 and 84,478,836 shares issued and outstanding at   June 30, 2026 and December 31, 2025, respectively 0 844
Additional paid-in capital 0 0
Retained earnings 3,140,839 3,314,990
Total stockholders’ equity 3,140,839 3,315,834
Noncontrolling interests 210 95
Total equity 3,141,049 3,315,929
Total liabilities and equity $ 4,817,766 $ 4,977,535
Common stock authorized (in shares) 100 500,000,000
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 100 500,000,000
Common stock issued (in shares) 100 84,478,836
Common stock outstanding (in shares) 100 84,478,836
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Total revenues $ 702,072 $ 902,413 $ 1,223,461 $ 1,643,341
Other operations expense 812 793 1,625 1,587
Sales and marketing 45,333 50,171 83,220 93,113
General and administrative 177,205 60,803 230,164 118,478
Homebuilding (loss) income from operations (97,181) 76,705 (91,561) 153,591
Equity in (loss) income of unconsolidated entities (24) 471 (112) 966
Transaction expense (73,779)   (79,656)  
Other income, net 5,652 7,174 12,888 16,303
(Loss) income before income taxes (165,332) 84,350 (158,441) 170,860
Benefit (provision) for income taxes 7,646 (23,640) 7,565 (46,133)
Net (loss) income (157,686) 60,710 (150,876) 124,727
Net (income) loss attributable to noncontrolling interests (12) 38 (36) 57
Net (loss) income available to common stockholders (157,698) 60,748 (150,912) 124,784
Homebuilding Operations        
Total revenues 685,966 884,010 1,193,862 1,607,437
Other operations expense 812 793 1,625 1,587
Sales and marketing 45,333 50,171 83,220 93,113
General and administrative 177,205 60,803 230,164 118,478
Homebuilding (loss) income from operations (99,611) 72,360 (95,419) 144,362
Equity in (loss) income of unconsolidated entities (24) 471 (112) 966
Transaction expense (73,779) 0 (79,656) 0
Other income, net 5,652 7,174 12,888 16,303
Homebuilding (loss) income before income taxes (167,762) 80,005 (162,299) 161,631
Financial Services        
Total revenues 16,106 18,403 29,599 35,904
Expenses 13,676 14,058 25,741 26,675
Financial services income before income taxes 2,430 4,345 3,858 9,229
Home sales revenue        
Cost of home, land and lot sales 562,022 696,630 973,088 1,244,903
Home sales revenue | Homebuilding Operations        
Total revenues 685,118 879,832 1,191,614 1,600,618
Cost of home, land and lot sales 562,022 696,630 973,088 1,244,903
Land and lot sales revenue        
Cost of home, land and lot sales 205 3,253 1,184 4,994
Land and lot sales revenue | Homebuilding Operations        
Total revenues 23 3,364 598 5,185
Cost of home, land and lot sales 205 3,253 1,184 4,994
Other operations revenue | Homebuilding Operations        
Total revenues $ 825 $ 814 $ 1,650 $ 1,634
v3.26.1
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, 2024     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 (loss) 124,727 124,784     124,784 (57)
Shares issued under stock-based awards (in shares)     513,476      
Shares issued under stock-based awards 0   $ 5 (5)    
Tax withholding paid on behalf of employees for stock-based awards (9,957) (9,957)   (9,957)    
Stock-based compensation expense 16,159 16,159   16,159    
Share repurchases (in shares)     (5,458,694)      
Share repurchases (176,510) (176,688) $ (55) (176,633)   178
Acquisition of joint venture minority interest (47) (47)     (47)  
Reclass the negative APIC to retained earnings 0     170,436 (170,436)  
Ending balance (in shares) at Jun. 30, 2025     87,506,511      
Ending balance at Jun. 30, 2025 3,290,094 3,289,961 $ 875 0 3,289,086 133
Beginning balance (in shares) at Mar. 31, 2025     90,669,862      
Beginning balance at Mar. 31, 2025 3,321,724 3,321,699 $ 907 0 3,320,792 25
Increase (Decrease) in Stockholders' Equity            
Net income (loss) 60,710 60,748     60,748 (38)
Shares issued under stock-based awards (in shares)     24,631      
Tax withholding paid on behalf of employees for stock-based awards (36) (36)   (36)    
Stock-based compensation expense 8,603 8,603   8,603    
Share repurchases (in shares)     (3,187,982)      
Share repurchases (101,053) (101,053) $ (32) (101,021)    
Noncontrolling interest in consolidated subsidiary 146         146
Reclass the negative APIC to retained earnings 0     92,454 (92,454)  
Ending balance (in shares) at Jun. 30, 2025     87,506,511      
Ending balance at Jun. 30, 2025 $ 3,290,094 3,289,961 $ 875 0 3,289,086 133
Beginning balance (in shares) at Dec. 31, 2025 84,478,836   84,478,836      
Beginning balance at Dec. 31, 2025 $ 3,315,929 3,315,834 $ 844 0 3,314,990 95
Increase (Decrease) in Stockholders' Equity            
Net income (loss) (150,876) (150,912)     (150,912) 36
Shares issued under stock-based awards (in shares)     686,656      
Shares issued under stock-based awards 0   $ 7 (7)    
Tax withholding paid on behalf of employees for stock-based awards (17,566) (17,566)   (17,566)    
Stock-based compensation expense 4,989 4,989   4,989    
Reclassification of previously recognized stock-based compensation from additional paid-in capital to accrued liabilities 1,841 1,841   1,841    
Reclassification of previously recognized stock-based compensation related to awards settled at the Merger (9,665) (9,665)   (9,665)    
Noncontrolling interest in consolidated subsidiary 79         79
Effect of merger transaction (in shares)     (85,165,392)      
Effect of merger transaction 0   $ (851)   851  
Reclass the negative APIC to retained earnings $ 0     24,090 (24,090)  
Ending balance (in shares) at Jun. 30, 2026 100   100      
Ending balance at Jun. 30, 2026 $ 3,141,049 3,140,839 $ 0 0 3,140,839 210
Beginning balance (in shares) at Mar. 31, 2026     85,135,803      
Beginning balance at Mar. 31, 2026 3,307,162 3,307,043 $ 851 0 3,306,192 119
Increase (Decrease) in Stockholders' Equity            
Net income (loss) (157,686) (157,698)     (157,698) 12
Shares issued under stock-based awards (in shares)     29,689      
Tax withholding paid on behalf of employees for stock-based awards (32) (32)   (32)    
Stock-based compensation expense 3,032 3,032   3,032    
Reclassification of previously recognized stock-based compensation from additional paid-in capital to accrued liabilities (1,841) (1,841)   (1,841)    
Reclassification of previously recognized stock-based compensation related to awards settled at the Merger (9,665) (9,665)   (9,665)    
Noncontrolling interest in consolidated subsidiary 79         79
Effect of merger transaction (in shares)     (85,165,392)      
Effect of merger transaction 0   $ (851)   851  
Reclass the negative APIC to retained earnings $ 0     8,506 (8,506)  
Ending balance (in shares) at Jun. 30, 2026 100   100      
Ending balance at Jun. 30, 2026 $ 3,141,049 $ 3,140,839 $ 0 $ 0 $ 3,140,839 $ 210
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net (loss) income $ (150,876) $ 124,727
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 15,203 15,044
Equity in loss (income) of unconsolidated entities, net 112 (966)
Amortization of stock-based compensation 4,989 16,159
Settlement of previously recognized stock-based compensation (9,665) 0
Charges for impairments and lot option abandonments 20,802 14,169
Fair value adjustment on mortgage loans held for sale 825 215
Returns on investments in unconsolidated entities, net 0 966
Changes in assets and liabilities:    
Real estate inventories (286,066) (159,656)
Mortgage loans held for sale 10,808 9,924
Receivables (28,264) (54,103)
Other assets (29,762) (24,172)
Accounts payable 38,154 13,352
Accrued expenses and other liabilities (3,200) (61,075)
Net cash used in operating activities (416,940) (105,416)
Cash flows from investing activities:    
Purchases of property and equipment (13,643) (18,296)
Investments in unconsolidated entities (68,380) (32,483)
Distributions from unconsolidated entities 14,700 11,230
Net cash used in investing activities (67,323) (39,549)
Cash flows from financing activities:    
Borrowings from loans payable 0 1,600
Repayment of loans payable and senior notes (5,868) (9,649)
Debt issuance costs 0 (4,246)
Borrowings on mortgage repurchase facilities 611,264 697,084
Repayments on mortgage repurchase facilities (624,375) (702,160)
Contributions from noncontrolling interests 79 0
Tax withholding paid on behalf of employees for stock-based awards (17,566) (9,957)
Share repurchases, excluding excise tax 0 (175,110)
Net cash used in financing activities (36,466) (202,438)
Net decrease in cash and cash equivalents (520,729) (347,403)
Cash and cash equivalents–beginning of period 982,814 970,045
Cash and cash equivalents–end of period $ 462,085 $ 622,642
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
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, with a presence in thirteen states, including Arizona, California, Colorado, Florida, Georgia, 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.
On May 14, 2026, the Company completed the previously announced merger transaction (the “Merger”) with Sumitomo Forestry Co., Ltd. (“Sumitomo Forestry”) and Teton NewCo, Inc. (“Merger Sub”), pursuant to which Merger Sub merged with and into the Company, with the Company surviving the merger as an indirect wholly owned subsidiary of Sumitomo Forestry. Upon completion of the Merger, each issued and outstanding share of the Company’s common stock was converted into the right to receive $47.00 in cash, without interest and subject to applicable withholding taxes, and the Company’s common stock ceased trading on the New York Stock Exchange. For further details, see Note 16, Merger Transaction.
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, 2025. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 due to seasonal variations and other factors.
The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of June 30, 2026 and December 31, 2025 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-market 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 are 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
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 June 30, 2026, mortgage loans held for sale had an aggregate estimated fair value of $86.9 million and an aggregate outstanding principal balance of $86.9 million. For the three months ended June 30, 2026, we recorded an unrealized loss of $178,000, and for the six months ended June 30, 2026, we recorded an unrealized loss of $825,000. These amounts were included in Financial Services revenue and relate to the mortgage loans held for sale as of June 30, 2026.
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.
Transaction Expense
On February 13, 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Sumitomo Forestry and Merger Sub. On May 14, 2026, the Merger was completed, and Merger Sub merged with and into the Company, with the Company surviving the Merger as an indirect wholly owned subsidiary of Sumitomo Forestry. Transaction expense related to the Merger for the three and six months ended June 30, 2026 was $73.8 million and $79.7 million, respectively, and is included in the consolidated statements of operations. In addition, general and administrative expense for the three and six months ended June 30, 2026 included approximately $122.1 million of costs incurred in connection with the Sumitomo Forestry transaction, including accelerated vesting of restricted stock units and other transaction-related compensation costs. Financial services expense for the three and six months ended June 30, 2026 also included approximately $907,000 of costs incurred in connection with the Sumitomo Forestry transaction related to these same items. Substantially all costs associated with the Merger have been recognized, and the Company does not expect to incur significant additional costs related to the Merger.
New Accounting Standards
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is effective for our annual report covering the fiscal year beginning January 1, 2027, and for interim periods beginning January 1, 2028. We are currently evaluating the impact this new standard will have on our financial statement disclosures.
v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
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, Georgia, Maryland, North Carolina, South Carolina and Virginia
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 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 June 30, 2026
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$364,251 $206,933 $113,934 $685,118 $— $— $685,118 
Land and lot sales revenue23 — — 23 — — 23 
Other operations revenue825 — — 825 — — 825 
Financial services revenue— — — — 16,106 — 16,106 
Total revenues365,099 206,933 113,934 685,966 16,106 — 702,072 
Cost of home sales(303,806)(163,712)(93,092)(560,610)— (1,412)(562,022)
Cost of land and lot sales(205)— — (205)— — (205)
Other operations expense(812)— — (812)— — (812)
Sales and marketing(22,628)(15,409)(7,082)(45,119)— (214)(45,333)
General and administrative(27,980)(14,122)(11,898)(54,000)— (123,205)(177,205)
Financial services expense— — — — (13,676)— (13,676)
Income (loss) from operations9,668 13,690 1,862 25,220 2,430 (124,831)(97,181)
Equity in income (loss) of unconsolidated entities(13)(10)(1)(24)— — (24)
Transaction expense— — — — — (73,779)(73,779)
Other income, net19 133 5 157 — 5,495 5,652 
Income (loss) before income taxes$9,674 $13,813 $1,866 $25,353 $2,430 $(193,115)$(165,332)
Three Months Ended June 30, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$470,305 $262,593 $146,934 $879,832 $— $— $879,832 
Land and lot sales revenue3,364 — — 3,364 — — 3,364 
Other operations revenue805 8 1 814 — — 814 
Financial services revenue— — — — 18,403 — 18,403 
Total revenues474,474 262,601 146,935 884,010 18,403 — 902,413 
Cost of home sales(372,305)(208,977)(113,536)(694,818)— (1,812)(696,630)
Cost of land and lot sales(3,253)— — (3,253)— — (3,253)
Other operations expense(793)— — (793)— — (793)
Sales and marketing(24,560)(17,227)(7,833)(49,620)— (551)(50,171)
General and administrative(18,647)(9,285)(8,134)(36,066)— (24,737)(60,803)
Financial services expense— — — — (14,058)— (14,058)
Income (loss) from operations54,916 27,112 17,432 99,460 4,345 (27,100)76,705 
Equity in income (loss) of unconsolidated entities65 406 — 471 — — 471 
Other income, net148 146 — 294 — 6,880 7,174 
Income (loss) before income taxes$55,129 $27,664 $17,432 $100,225 $4,345 $(20,220)$84,350 
Six Months Ended June 30, 2026
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$630,184 $361,208 $200,222 $1,191,614 $— $— $1,191,614 
Land and lot sales revenue23 575 — 598 — — 598 
Other operations revenue1,650 — — 1,650 — — 1,650 
Financial services revenue— — — — 29,599 — 29,599 
Total revenues631,857 361,783 200,222 1,193,862 29,599 — 1,223,461 
Cost of home sales(521,009)(288,338)(160,898)(970,245)— (2,843)(973,088)
Cost of land and lot sales(510)(674)— (1,184)— — (1,184)
Other operations expense(1,625)— — (1,625)— — (1,625)
Sales and marketing(41,766)(27,749)(13,293)(82,808)— (412)(83,220)
General and administrative(44,824)(22,909)(19,739)(87,472)— (142,692)(230,164)
Financial services expense— — — — (25,741)— (25,741)
Income (loss) from operations22,123 22,113 6,292 50,528 3,858 (145,947)(91,561)
Equity in income (loss) of unconsolidated entities(17)(10)(85)(112)— — (112)
Transaction expense— — — — — (79,656)(79,656)
Other income, net26 407 22 455 — 12,433 12,888 
Income (loss) before income taxes$22,132 $22,510 $6,229 $50,871 $3,858 $(213,170)$(158,441)

Six Months Ended June 30, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$870,827 $473,115 $256,676 $1,600,618 $— $— $1,600,618 
Land and lot sales revenue3,785 1,400 — 5,185 — — 5,185 
Other operations revenue1,611 18 5 1,634 — — 1,634 
Financial services revenue— — — — 35,904 — 35,904 
Total revenues876,223 474,533 256,681 1,607,437 35,904 — 1,643,341 
Cost of home sales(677,931)(369,014)(194,676)(1,241,621)— (3,282)(1,244,903)
Cost of land and lot sales(3,806)(1,188)— (4,994)— — (4,994)
Other operations expense(1,587)— — (1,587)— — (1,587)
Sales and marketing(47,329)(30,564)(14,206)(92,099)— (1,014)(93,113)
General and administrative(36,973)(18,086)(15,888)(70,947)— (47,531)(118,478)
Financial services expense— — — — (26,675)— (26,675)
Income (loss) from operations108,597 55,681 31,911 196,189 9,229 (51,827)153,591 
Equity in income (loss) of unconsolidated entities67 899 — 966 — — 966 
Other income, net238 450 4 692 — 15,611 16,303 
Income (loss) before income taxes$108,902 $57,030 $31,915 $197,847 $9,229 $(36,216)$170,860 

 
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
June 30, 2026December 31, 2025
Real estate inventories
West$2,085,090 $1,902,818 
Central850,042 794,189 
East500,913 481,241 
Total$3,436,045 $3,178,248 
Total assets(1)
West$2,413,069 $2,187,263 
Central1,126,422 1,038,430 
East557,260 530,401 
Corporate573,544 1,064,313 
Total homebuilding assets4,670,295 4,820,407 
Financial services147,471 157,128 
Total$4,817,766 $4,977,535 
__________
(1)    Total assets as of June 30, 2026 and December 31, 2025 include $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of June 30, 2026 and December 31, 2025 include our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 7, Goodwill and Other Intangible Assets.
v3.26.1
Receivables
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Receivables Receivables
Receivables consisted of the following (in thousands):
June 30, 2026December 31, 2025
Escrow proceeds and other accounts receivable, net$106,597 $78,229 
Warranty insurance receivable (Note 12)68,917 69,021 
Total receivables$175,514 $147,250 

Receivables are evaluated for collectability and allowances for potential losses are established or maintained on applicable receivables based on an expected credit loss approach. Receivables were net of allowances for doubtful accounts of $436,000 as of both June 30, 2026 and December 31, 2025.
v3.26.1
Real Estate Inventories
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Real Estate Inventories Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
June 30, 2026December 31, 2025
Real estate inventories owned:
Homes completed or under construction$1,380,027 $1,038,990 
Land under development1,336,072 1,445,671 
Land held for future development160,702 159,627 
Model homes324,748 304,742 
Total real estate inventories owned3,201,549 2,949,030 
Real estate inventories not owned:
Land purchase and land option deposits215,505 209,642 
Consolidated inventory not owned18,991 19,576 
Total real estate inventories not owned234,496 229,218 
Total real estate inventories$3,436,045 $3,178,248 
 
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 includes deposits related to land purchase and land and lot option agreements. For further details on deposits, see Note 6, Variable Interest Entities. In addition, real estate inventories not owned includes land sold under a land bank financing arrangement for which we retained a repurchase option.
Interest incurred, capitalized and expensed were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest incurred$18,326 $20,374 $36,911 $41,693 
Interest capitalized(18,326)(20,374)(36,911)(41,693)
Interest expensed$— $— $— $— 
Capitalized interest in beginning inventory$163,415 $184,536 $161,300 $186,370 
Interest capitalized as a cost of inventory18,326 20,374 36,911 41,693 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(21,263)(25,578)(37,733)(48,731)
Capitalized interest in ending inventory$160,478 $179,332 $160,478 $179,332 
 
Interest is capitalized to real estate inventory during development and other qualifying activities. During all periods presented, we capitalized all interest incurred to real estate inventory in accordance with ASC Topic 835, Interest, as our qualified assets exceeded our debt. Interest that is capitalized to real estate inventory is included in cost of home sales or cost of land and lot sales as related units or lots are delivered. Interest that is expensed as incurred is included in other (expense) income, net.
Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Real estate inventory impairments$8,435 $11,000 $8,435 $11,000 
Land and lot option abandonments and pre-acquisition charges11,299 2,096 12,367 3,169 
Total$19,734 $13,096 $20,802 $14,169 
Impairments of real estate inventory relate primarily to projects or communities that include homes completed or under construction. During the three and six months ended June 30, 2026, we recorded real estate inventory impairment charges of $8.4 million, comprised of $6.5 million in the West reporting segment, and $1.9 million in the East reporting segment. These impairment charges related to active communities where the carrying value of the communities exceeded the fair value based on a discounted cash flows analysis, with the discount rates used to calculate fair value ranging from 10% to 12%. We considered both market risk and community-specific risk to arrive at a discount rate appropriate for the level of total risk associated with this community. During the three and six months ended June 30, 2025, we recorded a real estate inventory impairment charge of $11.0 million related to one active community in the West reporting segment where the carrying value of the community exceeded the fair value based on a discounted cash flows analysis. The impairment charge occurred in our second quarter reporting period, and the discount rate used to calculate fair value was 12%. We considered both market risk and community-specific risk to arrive at a discount rate appropriate for the level of total risk associated with this community.
In addition to owning land and residential lots, we also have option agreements to purchase land and lots at a future date. We have option deposits and capitalized pre-acquisition costs associated with the optioned land and lots. When the economics of a project no longer support acquisition of the land or lots under option, we may elect not to move forward with the acquisition. Option deposits and capitalized pre-acquisition costs associated with the assets under option may be forfeited at that time. During the three and six months ended June 30, 2026, land and lot option abandonments and pre-acquisition charges included a $9.0 million charge related to optioned lots for a community in the West reporting segment where we elected not to move forward with the acquisition.
Real estate inventory impairments and land option abandonments are recorded in cost of home sales in the consolidated statements of operations.
v3.26.1
Investments in Unconsolidated Entities
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities Investments in Unconsolidated Entities
As of June 30, 2026, we held equity investments in seventeen 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):
June 30, 2026December 31, 2025
Assets
Cash$28,308 $34,867 
Receivables1,595 446 
Real estate inventories890,735 695,084 
Other assets269 615 
Total assets$920,907 $731,012 
Liabilities and equity
Debt obligations and other liabilities$291,548 $217,956 
Company’s equity245,695 183,075 
Outside interests’ equity383,664 329,981 
Total liabilities and equity$920,907 $731,012 
 
Guarantees
The unconsolidated entities in which we hold an equity investment generally finance their activities with a combination of equity and secured project debt financing. We have, and in some cases our joint venture partner has, guaranteed portions of the loan obligations for some of the homebuilding partnerships or limited liability companies, which may include any or all of the following: (i) project completion; (ii) remargin obligations; and (iii) environmental indemnities.
In circumstances in which we have entered into joint and several guarantees with our joint venture partner, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed-upon share of the guaranteed obligations. In the event our joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, or otherwise fails to satisfy its obligations thereunder, we may be responsible for more than our proportionate share of any obligations under such guarantees.
As of June 30, 2026 and December 31, 2025, we have not recorded any liabilities for these obligations and guarantees, as the fair value of the related joint venture real estate assets exceeded the threshold where a remargin payment would be required and no other obligations under the guarantees existed as of such time. At June 30, 2026 and December 31, 2025, 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 $252.3 million and $177.6 million, respectively.

Aggregated results of operations from unconsolidated entities (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net sales$20,790 $52,629 $40,169 $70,539 
Other operating expense(20,967)(54,050)(40,425)(67,931)
Other income (expense), net(7)(5)(216)— 
Net (loss) income $(184)$(1,426)$(472)$2,608 
Company’s equity in (loss) income of unconsolidated entities$(24)$471 $(112)$966 
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.
v3.26.1
Variable Interest Entities
 6 Months Ended
Jun. 30, 2026
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, Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE.
Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is generally limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots.
The following provides a summary of our interests in land and lot option agreements (in thousands):
June 30, 2026December 31, 2025
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$209,734 $1,896,535 N/A$201,640 $1,960,508 N/A
Other land option agreements5,771 52,657 N/A8,002 108,850 N/A
Total$215,505 $1,949,192 $— $209,642 $2,069,358 $— 
 
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 $16.2 million and $13.1 million as of June 30, 2026 and December 31, 2025, respectively. These pre-acquisition costs are included in real estate inventories as land under development on our consolidated balance sheets. Depending on the terms of the applicable contracts, we may also have additional exposure to loss related to development obligations.
v3.26.1
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
As of June 30, 2026 and December 31, 2025, $139.3 million of goodwill is included in goodwill and other intangible assets, net on each of the consolidated balance sheets, which was recorded in connection with our merger with Weyerhaeuser Real Estate Company (“WRECO”) in 2014. In addition, as of June 30, 2026 and December 31, 2025, 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.
v3.26.1
Other Assets
 6 Months Ended
Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consisted of the following (in thousands):
June 30, 2026December 31, 2025
Prepaid expenses$14,060 $12,377 
Refundable fees and other deposits22,594 18,913 
Development rights, held for future use or sale— 845 
Deferred loan costs—loans payable6,145 7,181 
Operating properties and equipment, net59,767 61,212 
Lease right-of-use assets72,586 75,840 
Income tax receivable31,143 6,377 
Other5,516 5,154 
Total$211,811 $187,899 
v3.26.1
Accrued Expenses and Other Liabilities
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Accrued payroll and related costs$37,477 $50,938 
Warranty reserves (Note 12)
127,482 124,103 
Estimated cost for completion of real estate inventories97,900 92,623 
Customer deposits35,707 23,757 
Liabilities related to inventory not owned18,991 19,576 
Accrued income taxes payable— 2,764 
Accrued interest4,094 4,714 
Other tax liability1,159 3,910 
Lease liabilities85,678 88,386 
Other12,187 14,518 
Total$420,675 $425,289 
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Senior Notes, Loans Payable and Mortgage Repurchase Facilities Senior Notes, Loans Payable and Mortgage Repurchase Facilities
Senior Notes
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):
June 30, 2026December 31, 2025
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(1,865)(2,414)
Total$648,135 $647,586 
 
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 June 30, 2026 and December 31, 2025, there were $1.9 million and $2.4 million, respectively, of capitalized debt financing costs, included in senior notes, net on our consolidated balance sheets, related to the Senior Notes that will amortize over the terms of the Senior Notes. Accrued interest related to the Senior Notes was $2.1 million and $2.1 million as of June 30, 2026 and December 31, 2025, respectively.
Loans Payable
The Company’s outstanding loans payable consisted of the following (in thousands):
June 30, 2026December 31, 2025
Term loan facility$450,000 $450,000 
Seller financed loans600 6,468 
Total$450,600 $456,468 
On April 30, 2025, we entered into a Fifth Modification Agreement (the “Fifth Modification”) to our Second Amended and Restated Credit Agreement dated as of March 29, 2019 (the “Credit Agreement”). The Fifth Modification, among other things, amends the Credit Agreement to (i) increase the maximum amount of the revolving credit facility (the “Revolving Facility”) under the Credit Agreement from $750.0 million to $850.0 million, with the ability to increase the aggregate amount of the Revolving Facility up to $1.2 billion under certain circumstances, (ii) extend the maturity date of the Revolving Facility to April 30, 2030, (iii) permit three one-year extension requests for the maturity date of the Revolving Facility under certain circumstances, and (iv) modify certain financial covenants. Following the Fifth Modification, The Credit Facility (as defined below), consisted of an $850 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”). The Term Facility was scheduled to mature on June 29, 2027 while the Revolving Facility matures on April 30, 2030. 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.
On September 18, 2025, we entered into a Sixth Modification Agreement (the “Sixth Modification”) to the Credit Agreement. The Sixth Modification increased the Term Facility from $250.0 million to $450.0 million and divided it into two tranches: (i) Term Facility Tranche A, which matures on September 29, 2027 and includes extension options for up to two additional one-year periods under certain conditions, and (ii) Term Facility Tranche B, which comprised $10.0 million as of June 30, 2026 and continues to mature on June 29, 2027.
On April 16, 2026, we entered into a Seventh Modification Agreement (the “Seventh Modification”) to the Credit
Agreement. The Seventh Modification (i) provides that the administrative agent and the lenders consent to, and waive any
default or event of default that would otherwise arise as a result of, the consummation by the Company of the transactions
contemplated by Merger Agreement; and (ii) effective upon the consummation of the transactions contemplated by the Merger
Agreement, amends the Credit Agreement to revise the definition of “Change in Control” to include the failure of Sumitomo
Forestry to directly or indirectly (a) own more than 50% of the outstanding shares of voting stock of the Company or (b)
possess the power to direct or cause the direction of the management, policies, or activities of the Company.
As of June 30, 2026, we had no outstanding debt under the Revolving Facility and there was $821.0 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of June 30, 2026, we had $450 million of outstanding debt under the Term Facility with an interest rate of 4.82%. As of June 30, 2026, there were $6.1 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Credit Facility was $1.8 million and $2.4 million as of June 30, 2026 and December 31, 2025, respectively.
At June 30, 2026 and December 31, 2025, we had outstanding letters of credit of $29.0 million and $51.9 million, respectively. These letters of credit were issued to secure various financial obligations. We believe it is not probable that any outstanding letters of credit will be drawn upon.
As of June 30, 2026, we had $600,000 outstanding related to one seller-financed loan, and as of December 31, 2025, we had $6.5 million outstanding related to two seller-financed loans. All seller-financed loans are to acquire lots for the construction of homes. Principal on our outstanding loan is expected to be fully paid by the end of fiscal year 2026, provided certain achievements are met.
Interest Incurred
During the three months ended June 30, 2026 and 2025, we incurred interest of $18.3 million and $20.4 million, respectively, related to all debt and land banking arrangements. Included in interest incurred are amortization of deferred financing costs of $794,000 and $650,000 for the three months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026 and 2025, we incurred interest of $36.9 million and $41.7 million, respectively, related to all debt and land banking arrangements. Included in interest incurred are amortization of deferred financing costs of $1.6 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively. Accrued interest related to all outstanding debt at June 30, 2026 and December 31, 2025 was $4.1 million and $4.7 million, respectively. 
Mortgage Repurchase Facilities
As of June 30, 2026, Tri Pointe Connect had two active Master Repurchase Agreements totaling $200 million (“Repurchase Agreements”). The Repurchase Agreements contain various affirmative and negative covenants applicable to Tri Pointe Connect, including thresholds related to net worth, net income, liquidity, and profitability. As of June 30, 2026, Tri Pointe Connect had $77.5 million of outstanding debt related to the Repurchase Agreements at a weighted-average interest rate of 5.7%, and $122.5 million of remaining capacity under the Repurchase Agreements. Tri Pointe Connect was in compliance with all covenants and requirements as of June 30, 2026.
The following table provides a summary of Tri Pointe Connect’s Repurchase Agreements as of June 30, 2026 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$40,606 $100,000 
Term SOFR + 1.75%
5/28/2027Mortgage Loans
Warehouse B (2)36,853 50,000 
Term SOFR + 1.75%
7/26/2027Mortgage Loans
Warehouse B (2)— 50,000 
Term SOFR + 1.75%
On DemandMortgage Loans
Total$77,459 $200,000 
__________
(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of June 30, 2026, mortgage loans held for sale had an aggregate fair value of $86.9 million.
(2) Warehouse B is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.

At December 31, 2025, outstanding borrowings under the Company’s repurchase facilities totaled $90.6 million, with an aggregate facility amount of $200.0 million.
Covenant Requirements
The Senior Notes contain covenants that restrict our ability to, among other things, create liens or other encumbrances, enter into sale and leaseback transactions, or merge or sell all or substantially all of our assets. These limitations are subject to a number of qualifications and exceptions.
Under the Credit Facility, the Company is required to comply with certain financial covenants, including those relating to consolidated tangible net worth, leverage, liquidity or interest coverage, and a spec unit inventory test. The Credit Facility also requires that at least 95.0% of consolidated tangible net worth must be attributable to the Company and its guarantor subsidiaries, subject to certain grace periods.
The Company was in compliance with all applicable financial covenants as of June 30, 2026 and December 31, 2025.
v3.26.1
Fair Value Disclosures
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Fair Value Measurements
ASC Topic 820, Fair Value Measurement, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:
•Level 1—Quoted prices for identical instruments in active markets
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date
•Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
Fair Value of Financial Instruments
A summary of assets and liabilities at June 30, 2026 and December 31, 2025, related to our financial instruments, is set forth below (in thousands):
June 30, 2026December 31, 2025
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $650,001 $650,000 $657,888 
Term Loan Facility(2)
Level 2$450,000 $450,000 $450,000 $450,000 
Seller financed loans(3)
Level 2$600 $600 $6,468 $6,468 
Mortgage loans held for sale(4)
Level 2$86,881 $86,881 $98,514 $98,514 
Mortgage repurchase facilities(5)
Level 2$77,459 $77,459 $90,570 $90,570 
 __________
(1)The book value of the Senior Notes excludes deferred loan costs of $1.9 million and $2.4 million as of June 30, 2026 and December 31, 2025, respectively. The estimated fair value of the Senior Notes at June 30, 2026 and December 31, 2025 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of June 30, 2026 and December 31, 2025 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of June 30, 2026 and December 31, 2025 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.

At June 30, 2026 and December 31, 2025, the carrying value of cash and cash equivalents and receivables approximated fair value due to their short-term nature.
Fair Value of Nonfinancial Assets
Nonfinancial assets include items such as real estate inventories and long-lived assets that are measured at fair value on a nonrecurring basis when events and circumstances indicating the carrying value is not recoverable. The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
Six Months Ended June 30, 2026Year Ended December 31, 2025
HierarchyImpairment
Charge		Fair Value
Net of
Impairment		Impairment
Charge		Fair Value
Net of
Impairment
Real estate inventories (1)
Level 3$8,435 $25,059 $31,097 $106,315 
__________
(1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. Fair Value Net of Impairment represents the fair value of the real estate inventories, net of the impairment charge, as of the date that the fair value measurements were made. The carrying value for these real estate inventories subsequently changed from the fair value reflected due to activity that occurred since the measurement date.
We recorded real estate inventory impairment charges of $8.4 million during the three and six months ended June 30, 2026. These impairment charges related to active communities where the carrying value of the communities exceeded their fair value based on a discounted cash flows analysis with the discount rates used to calculate fair value ranging from 10% to 12%. We considered both market risk and community-specific risk to arrive at a discount rate appropriate for the level of total risk associated with these communities.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
Lawsuits, claims and proceedings have been and may be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices, environmental protection and financial services. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations.
We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. We accrue for these matters based on facts and circumstances specific to each matter and revise these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. Accordingly, it is possible that the ultimate outcome of any matter, if in excess of a related accrual or if no accrual was made, could be material to our financial statements. For matters as to which the Company believes a loss is probable and reasonably estimable, we had zero legal reserves as of June 30, 2026 and December 31, 2025, 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 $68.9 million and $69.0 million as of June 30, 2026 and December 31, 2025, 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 June 30,Six Months Ended June 30,
2026202520262025
Warranty reserves, beginning of period$125,422 $113,865 $124,103 $116,150 
Warranty reserves accrued7,314 9,344 12,642 16,532 
Warranty expenditures(5,254)(14,804)(9,263)(24,277)
Warranty reserves, end of period$127,482 $108,405 $127,482 $108,405 
 
Performance Bonds
We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. The beneficiaries of the bonds are various municipalities. As of June 30, 2026 and December 31, 2025, the Company had outstanding surety bonds totaling $665.3 million and $634.9 million, respectively. As of June 30, 2026 and December 31, 2025, our estimated cost to complete obligations related to these surety bonds was $630.8 million and $492.4 million, respectively.
Lease Obligations
Under ASC 842, Leases (“ASC 842”), we recognize a right-of-use lease asset and a lease liability for contracts deemed to contain a lease at the inception of the contract. Our lease population is fully comprised of operating leases, which are now recorded at the net present value of future lease obligations existing at each balance sheet date. At the inception of a lease, or if a lease is subsequently modified, we determine whether the lease is an operating or financing lease. Key estimates involved with ASC 842 include the discount rate used to measure our future lease obligations and the lease term, where considerations include renewal options and intent to renew. Lease right-of-use assets are included in other assets and lease liabilities are included in accrued expenses and other liabilities on our consolidated balance sheet.
Operating Leases
We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms of up to ten years and generally provide renewal options. In most cases, we expect that, in the normal course of business, leases that expire will be renewed or replaced by other leases. Equipment leases are typically for terms of three to four years.
Ground Leases
In 1987, we obtained two 55-year ground leases of commercial property that provided for three renewal options of ten years each and one 45-year renewal option. We exercised the three 10-year extensions on one of these ground leases to extend the lease through 2071. The commercial buildings on these properties have been sold and the ground leases have been sublet to the buyers.
For one of these leases, we are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease has been subleased through 2041 to the buyers of the commercial buildings. For the second lease, the buyers of the buildings are responsible for making lease payments directly to the landowner, however, we have guaranteed the performance of the buyers/lessees. See below for additional information on leases (dollars in thousands):
Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Lease Cost
Operating lease cost (included in SG&A expense)$3,494 $3,411 $7,031 $6,633 
Ground lease cost (included in other operations expense)812 793 1,625 1,587 
Sublease income, operating leases— — — — 
Sublease income, ground leases (included in other operations revenue)(824)(805)(1,649)(1,610)
Net lease cost$3,482 $3,399 $7,007 $6,610 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,809 $3,439 $7,514 $6,673 
Ground lease cash flows (included in operating cash flows)$664 $664 $1,327 $1,327 
Right-of-use assets obtained in exchange for new operating lease liabilities$2,647 $17,095 $2,816 $17,925 
June 30, 2026December 31, 2025
Weighted-average discount rate:
Operating leases5.3 %5.4 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.35.7
Ground leases42.142.5
The future minimum lease payments under our operating leases are as follows (in thousands):
Property, Equipment and Other Leases
Ground Leases (1)
Remaining in 2026$6,546 $1,619 
202714,223 3,237 
202813,876 3,237 
202912,361 3,237 
20308,803 3,237 
Thereafter12,013 68,926 
Total lease payments$67,822 $83,493 
Less: Interest9,167 56,471 
Present value of operating lease liabilities$58,655 $27,022 
 __________
(1)    Ground leases are fully subleased through 2041, representing $49.7 million of the $83.5 million future ground lease obligations.
v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
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 provided for the grant of stock-based
awards, including options to purchase shares of common stock, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The total number of shares of our common stock initially reserved under the 2022 Plan was 7,500,000 shares. In connection with the completion of the Merger on May 14, 2026, the 2022 Plan was terminated. The administrative provisions of the 2022 Plan remain in effect solely to the extent necessary to administer awards that were converted into cash-settled awards in connection with the Merger, as described below.
Merger Transaction

On May 14, 2026, in connection with the completion of the Merger, each outstanding share of the Company’s common stock was converted into the right to receive $47.00 per share in cash. Pursuant to the Merger Agreement, outstanding equity awards under the 2022 Plan were settled or modified depending on the terms of the applicable awards. Awards that vested or became vested upon the closing of the Merger were canceled and settled in cash based on the Merger Consideration, while certain outstanding unvested 2026 awards were canceled and converted into cash-settled awards that continue to vest in accordance with their original vesting terms. The conversion of the outstanding unvested awards was accounted for as a modification under ASC 718, and following the modification date, such awards are accounted for as liability-classified awards.

Compensation expense related to stock-based awards is included in general and administrative expense in the accompanying consolidated statements of operations. During the three months ended June 30, 2026, the Company recognized $88.1 million of compensation expense related to stock-based awards, consisting of $83.9 million of transaction vesting expense recognized in connection with the settlement of awards upon completion of the Merger, $3.0 million of compensation expense related to stock-based awards prior to the Merger, and $1.2 million of compensation expense related to liability-classified awards following the Merger.
The following table presents compensation expense recognized related to stock-based awards, including transaction vesting expense recognized in connection with the Merger (in thousands):
 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Stock-based compensation $3,032 $8,603 $4,989 $16,159 
Transaction vesting compensation83,877 — 83,877 — 
Stock-based and transaction vesting compensation86,909 8,603 88,866 16,159 
Liability-classified compensation1,170 — 1,170 — 
Total compensation expense$88,079 $8,603 $90,036 $16,159 
 
In connection with the Merger, the Company reclassified $11.5 million of cumulative compensation cost from additional paid-in capital, consisting of $9.7 million related to awards settled in cash upon completion of the Merger and $1.8 million related to awards modified and converted to liability-classified awards. The $9.7 million was reclassified in connection with settlement of the related awards, while the $1.8 million was reclassified from additional paid-in capital to accrued liabilities upon modification of the awards. These reclassifications did not result in additional compensation expense.

As of June 30, 2026, there was no unrecognized compensation expense related to awards settled in connection with the Merger. As of June 30, 2026, the Company had $3.0 million of liabilities related to cash-settled awards included in accrued expenses and other liabilities. Unrecognized compensation cost related to the outstanding liability-classified awards was $23.9 million and is expected to be recognized over a weighted-average period of 1.6 years.

Summary of Restricted Stock Unit Activity
The following table presents a summary of activity for restricted stock units ("RSUs") for the six months ended June 30, 2026. Upon completion of the Merger on May 14, 2026, awards that vested or became vested at closing were settled in cash based on the $47.00 per share Merger Consideration, and the remaining unvested 2026 awards were converted to cash-settled awards. As a result, no RSUs remained outstanding as of June 30, 2026.
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20253,122,349 $30.42 
Granted595,389 $46.30 
Vested(1,125,986)$25.97 
Forfeited(27,814)$28.43 
Settled at Merger(1,990,032)33.15 
Converted to cash-settled awards(573,906)46.30 
Nonvested RSUs at June 30, 2026— $— 

Following the Merger, the Company’s remaining outstanding awards consist of cash-settled awards accounted for as liability-classified awards under ASC 718. The outstanding liability-classified awards continue to vest in accordance with their original vesting terms and will be settled in cash at a fixed amount of $47.00 per underlying share upon vesting. Accordingly, no shares of the Company’s common stock will be issued upon settlement of these awards.

The following paragraphs describe the terms of awards granted during 2026 prior to the Merger.

For the six months ended June 30, 2026, the Company granted an aggregate of 2,584 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on the anniversary of the grant date over a three-year period. The fair value of the RSUs granted was measured using the closing stock prices on the applicable date of each grant. In connection with the Merger, certain of these awards became vested and were settled in cash based on the $47.00 per share Merger Consideration, while the remaining unvested awards were converted to cash-settled awards that continue to vest in accordance with their original vesting terms. Any remaining compensation cost related to awards that vested upon completion of the Merger was recognized at that time, while compensation cost related to awards that remained unvested continues to be recognized over the remaining requisite service period.

On April 17, 2026, the Company granted an aggregate of 18,670 time-based RSUs to the non-employee members of its Board of Directors. The RSUs were scheduled to vest in their entirety on the day immediately prior to the Company’s 2027 annual meeting of stockholders, subject to continued service as a director. The awards also provide for accelerated vesting upon a change in control and, accordingly, became fully vested and were settled in cash upon completion of the Merger. The grant-date fair value of each RSU was based on the closing price of the Company’s common stock of $46.86 per share on April 17, 2026.

On February 17, 2026, the Company granted an aggregate of 574,135 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 17, 2026 was measured using a price of $46.30 per share, which was the closing stock price on the date of grant. In connection with the Merger, the outstanding unvested awards were converted into cash-settled awards based on the Merger Consideration of $47.00 per share and continue to vest in accordance with their original vesting terms. Following the modification, the awards are accounted for as liability-classified awards under ASC 718.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
As a result of the Merger described in Note 16, Merger Transaction, and effective May 14, 2026, the Company is included in the Sumitomo Forestry America, Inc. consolidated tax group for U.S. federal income tax purposes. Although the Company’s post-merger results are included in the Sumitomo Forestry America, Inc. consolidated return, our income tax provision is calculated primarily as though we were a separate taxpayer for the full year.
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 $43.1 million as of both June 30, 2026 and December 31, 2025. We had a valuation allowance related to those net deferred tax assets of $3.7 million and $3.4 million as of June 30, 2026 and December 31, 2025, respectively. 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 benefit for income taxes totaled $7.6 million for both the three and six months ended June 30, 2026, respectively. Our provision for income taxes totaled $23.6 million and $46.1 million for the three and six months ended June 30, 2025, respectively. The year-over-year decrease in our provision for income taxes for the three and six months ended June 30, 2026, is primarily due to non-deductible executive compensation and non-deductible transaction costs related to the Merger Transaction.
The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company did not have any uncertain tax positions recorded as of June 30, 2026 and December 31, 2025. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years. 
The Company files income tax returns in the U.S., including federal and multiple state and local jurisdictions.
v3.26.1
Supplemental Disclosure to Consolidated Statements of Cash Flows
 6 Months Ended
Jun. 30, 2026
Supplemental Cash Flow Elements [Abstract]  
Supplemental Disclosure to Consolidated Statements of Cash Flows upplemental Disclosure to Consolidated Statements of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Six Months Ended June 30,
20262025
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$(964)$(1,142)
Income taxes paid, net$20,208 $60,487 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$— $1,578 
Amortization of deferred loan costs capitalized to real estate inventory$1,584 $1,268 
Increase in noncontrolling interests$— $131 
Reclassification of previously recognized stock-based compensation from additional paid-in capital to accrued liabilities
$1,841 $— 
v3.26.1
Merger Transaction
 6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Merger Transaction Merger Transaction
On February 13, 2026, we entered into the Merger Agreement with Sumitomo Forestry and Merger Sub. Under the terms of the Merger Agreement, at the effective time of the Merger on May 14, 2026 (the “Effective Time”), each issued and outstanding share of our common stock was converted into the right to receive $47.00 in cash, without interest (the “Merger Consideration”), except for shares that were (A)(1) held by us as treasury stock; (2) held directly by Sumitomo Forestry or Merger Sub; or (3) held by any direct or indirect wholly owned subsidiary of Sumitomo Forestry or Merger Sub, in each case, immediately prior to the Effective Time (“Owned Company Shares”), or (B) held by a holder who had not voted in favor of the adoption of the Merger Agreement, and had properly and validly demanded appraisal for such shares in accordance, and who complied in all respects, with Section 262 of the DGCL. Further, at the Effective Time, each Owned Company Share was automatically cancelled and ceased to exist, and no consideration or payment was delivered in exchange therefor or in respect thereof, and each share held by any direct or indirect wholly owned subsidiary of the Company was, if any, converted into such number of shares of common stock of the surviving corporation with an aggregate value immediately after the consummation of the Merger equal to the Merger Consideration.
Additionally, at the Effective Time, (i) each RSU granted under the 2022 Plan granted prior to 2026 and each RSU held by any of our non-employee directors, in each case whether vested or unvested, that was outstanding as of immediately prior to the Effective Time was fully vested, cancelled and automatically converted into the right to receive an amount in cash
(without interest and subject to deduction for any required tax withholdings) equal to the product of (A) the aggregate number of shares of common stock subject to such RSU, and (B) the Merger Consideration; (ii) each RSU that was not subject to the preceding clause (i) above that was outstanding as of immediately prior to the Effective Time was cancelled and automatically converted into and substituted with a cash award representing the right to receive, upon each applicable vesting date for such RSU (or if earlier, upon a severance-eligible termination of employment), and subject to the same time-vesting terms and conditions that applied to such RSU (other than vesting terms providing for accelerated vesting in connection with the Merger), as in effect immediately prior to such conversion, an amount in cash (without interest and subject to deduction for any required tax withholdings) equal to the product of (A) the aggregate number of shares of common stock subject to such RSU that would have vested on such vesting date had such RSU remained outstanding through such vesting date, and (B) the Merger Consideration; and (iii) each performance stock unit (“PSU”) granted under the 2022 Plan, whether vested or unvested, that was outstanding as of immediately prior to the Effective Time was fully vested, cancelled, and automatically converted into the right to receive an amount in cash (without interest, and subject to deduction for any required tax withholdings) equal to the product of (A) the aggregate number of shares of common stock subject to such PSU (at maximum performance) and (B) the Merger Consideration.
In connection with the consummation of the Merger, our common stock was de-listed from The New York Stock Exchange and de-registered under the Exchange Act.
The foregoing description of the Merger Agreement and the Transactions does not purport to be complete, and is subject, and qualified in its entirety by reference, to the full text of the Merger Agreement, which has been filed herewith as Exhibit 2.1 and is incorporated by reference herein.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
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
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
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, 2025. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 due to seasonal variations and other factors.
The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of June 30, 2026 and December 31, 2025 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.
Consolidation
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, 2025. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 due to seasonal variations and other factors.
The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of June 30, 2026 and December 31, 2025 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-market 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 are 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
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 June 30, 2026, mortgage loans held for sale had an aggregate estimated fair value of $86.9 million and an aggregate outstanding principal balance of $86.9 million. For the three months ended June 30, 2026, we recorded an unrealized loss of $178,000, and for the six months ended June 30, 2026, we recorded an unrealized loss of $825,000. These amounts were included in Financial Services revenue and relate to the mortgage loans held for sale as of June 30, 2026.
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 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. ASU 2024-03 is effective for our annual report covering the fiscal year beginning January 1, 2027, and for interim periods beginning January 1, 2028. We are currently evaluating the impact this new standard will have on our financial statement disclosures.
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, Georgia, Maryland, North Carolina, South Carolina and Virginia
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 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 Measurement, 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
v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$364,251 $206,933 $113,934 $685,118 $— $— $685,118 
Land and lot sales revenue23 — — 23 — — 23 
Other operations revenue825 — — 825 — — 825 
Financial services revenue— — — — 16,106 — 16,106 
Total revenues365,099 206,933 113,934 685,966 16,106 — 702,072 
Cost of home sales(303,806)(163,712)(93,092)(560,610)— (1,412)(562,022)
Cost of land and lot sales(205)— — (205)— — (205)
Other operations expense(812)— — (812)— — (812)
Sales and marketing(22,628)(15,409)(7,082)(45,119)— (214)(45,333)
General and administrative(27,980)(14,122)(11,898)(54,000)— (123,205)(177,205)
Financial services expense— — — — (13,676)— (13,676)
Income (loss) from operations9,668 13,690 1,862 25,220 2,430 (124,831)(97,181)
Equity in income (loss) of unconsolidated entities(13)(10)(1)(24)— — (24)
Transaction expense— — — — — (73,779)(73,779)
Other income, net19 133 5 157 — 5,495 5,652 
Income (loss) before income taxes$9,674 $13,813 $1,866 $25,353 $2,430 $(193,115)$(165,332)
Three Months Ended June 30, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$470,305 $262,593 $146,934 $879,832 $— $— $879,832 
Land and lot sales revenue3,364 — — 3,364 — — 3,364 
Other operations revenue805 8 1 814 — — 814 
Financial services revenue— — — — 18,403 — 18,403 
Total revenues474,474 262,601 146,935 884,010 18,403 — 902,413 
Cost of home sales(372,305)(208,977)(113,536)(694,818)— (1,812)(696,630)
Cost of land and lot sales(3,253)— — (3,253)— — (3,253)
Other operations expense(793)— — (793)— — (793)
Sales and marketing(24,560)(17,227)(7,833)(49,620)— (551)(50,171)
General and administrative(18,647)(9,285)(8,134)(36,066)— (24,737)(60,803)
Financial services expense— — — — (14,058)— (14,058)
Income (loss) from operations54,916 27,112 17,432 99,460 4,345 (27,100)76,705 
Equity in income (loss) of unconsolidated entities65 406 — 471 — — 471 
Other income, net148 146 — 294 — 6,880 7,174 
Income (loss) before income taxes$55,129 $27,664 $17,432 $100,225 $4,345 $(20,220)$84,350 
Six Months Ended June 30, 2026
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$630,184 $361,208 $200,222 $1,191,614 $— $— $1,191,614 
Land and lot sales revenue23 575 — 598 — — 598 
Other operations revenue1,650 — — 1,650 — — 1,650 
Financial services revenue— — — — 29,599 — 29,599 
Total revenues631,857 361,783 200,222 1,193,862 29,599 — 1,223,461 
Cost of home sales(521,009)(288,338)(160,898)(970,245)— (2,843)(973,088)
Cost of land and lot sales(510)(674)— (1,184)— — (1,184)
Other operations expense(1,625)— — (1,625)— — (1,625)
Sales and marketing(41,766)(27,749)(13,293)(82,808)— (412)(83,220)
General and administrative(44,824)(22,909)(19,739)(87,472)— (142,692)(230,164)
Financial services expense— — — — (25,741)— (25,741)
Income (loss) from operations22,123 22,113 6,292 50,528 3,858 (145,947)(91,561)
Equity in income (loss) of unconsolidated entities(17)(10)(85)(112)— — (112)
Transaction expense— — — — — (79,656)(79,656)
Other income, net26 407 22 455 — 12,433 12,888 
Income (loss) before income taxes$22,132 $22,510 $6,229 $50,871 $3,858 $(213,170)$(158,441)

Six Months Ended June 30, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$870,827 $473,115 $256,676 $1,600,618 $— $— $1,600,618 
Land and lot sales revenue3,785 1,400 — 5,185 — — 5,185 
Other operations revenue1,611 18 5 1,634 — — 1,634 
Financial services revenue— — — — 35,904 — 35,904 
Total revenues876,223 474,533 256,681 1,607,437 35,904 — 1,643,341 
Cost of home sales(677,931)(369,014)(194,676)(1,241,621)— (3,282)(1,244,903)
Cost of land and lot sales(3,806)(1,188)— (4,994)— — (4,994)
Other operations expense(1,587)— — (1,587)— — (1,587)
Sales and marketing(47,329)(30,564)(14,206)(92,099)— (1,014)(93,113)
General and administrative(36,973)(18,086)(15,888)(70,947)— (47,531)(118,478)
Financial services expense— — — — (26,675)— (26,675)
Income (loss) from operations108,597 55,681 31,911 196,189 9,229 (51,827)153,591 
Equity in income (loss) of unconsolidated entities67 899 — 966 — — 966 
Other income, net238 450 4 692 — 15,611 16,303 
Income (loss) before income taxes$108,902 $57,030 $31,915 $197,847 $9,229 $(36,216)$170,860 
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
June 30, 2026December 31, 2025
Real estate inventories
West$2,085,090 $1,902,818 
Central850,042 794,189 
East500,913 481,241 
Total$3,436,045 $3,178,248 
Total assets(1)
West$2,413,069 $2,187,263 
Central1,126,422 1,038,430 
East557,260 530,401 
Corporate573,544 1,064,313 
Total homebuilding assets4,670,295 4,820,407 
Financial services147,471 157,128 
Total$4,817,766 $4,977,535 
__________
(1)    Total assets as of June 30, 2026 and December 31, 2025 include $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of June 30, 2026 and December 31, 2025 include our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 7, Goodwill and Other Intangible Assets.
v3.26.1
Receivables (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Receivables
Receivables consisted of the following (in thousands):
June 30, 2026December 31, 2025
Escrow proceeds and other accounts receivable, net$106,597 $78,229 
Warranty insurance receivable (Note 12)68,917 69,021 
Total receivables$175,514 $147,250 
v3.26.1
Real Estate Inventories (Tables)
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Schedule of Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
June 30, 2026December 31, 2025
Real estate inventories owned:
Homes completed or under construction$1,380,027 $1,038,990 
Land under development1,336,072 1,445,671 
Land held for future development160,702 159,627 
Model homes324,748 304,742 
Total real estate inventories owned3,201,549 2,949,030 
Real estate inventories not owned:
Land purchase and land option deposits215,505 209,642 
Consolidated inventory not owned18,991 19,576 
Total real estate inventories not owned234,496 229,218 
Total real estate inventories$3,436,045 $3,178,248 
Schedule of Interest Incurred, Capitalized and Expensed
Interest incurred, capitalized and expensed were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest incurred$18,326 $20,374 $36,911 $41,693 
Interest capitalized(18,326)(20,374)(36,911)(41,693)
Interest expensed$— $— $— $— 
Capitalized interest in beginning inventory$163,415 $184,536 $161,300 $186,370 
Interest capitalized as a cost of inventory18,326 20,374 36,911 41,693 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(21,263)(25,578)(37,733)(48,731)
Capitalized interest in ending inventory$160,478 $179,332 $160,478 $179,332 
Schedule of Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Real estate inventory impairments$8,435 $11,000 $8,435 $11,000 
Land and lot option abandonments and pre-acquisition charges11,299 2,096 12,367 3,169 
Total$19,734 $13,096 $20,802 $14,169 
v3.26.1
Investments in Unconsolidated Entities (Tables)
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments
Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands):
June 30, 2026December 31, 2025
Assets
Cash$28,308 $34,867 
Receivables1,595 446 
Real estate inventories890,735 695,084 
Other assets269 615 
Total assets$920,907 $731,012 
Liabilities and equity
Debt obligations and other liabilities$291,548 $217,956 
Company’s equity245,695 183,075 
Outside interests’ equity383,664 329,981 
Total liabilities and equity$920,907 $731,012 
Aggregated results of operations from unconsolidated entities (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net sales$20,790 $52,629 $40,169 $70,539 
Other operating expense(20,967)(54,050)(40,425)(67,931)
Other income (expense), net(7)(5)(216)— 
Net (loss) income $(184)$(1,426)$(472)$2,608 
Company’s equity in (loss) income of unconsolidated entities$(24)$471 $(112)$966 
v3.26.1
Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Interests in Land and Lot Option Agreements
The following provides a summary of our interests in land and lot option agreements (in thousands):
June 30, 2026December 31, 2025
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$209,734 $1,896,535 N/A$201,640 $1,960,508 N/A
Other land option agreements5,771 52,657 N/A8,002 108,850 N/A
Total$215,505 $1,949,192 $— $209,642 $2,069,358 $— 
v3.26.1
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
June 30, 2026December 31, 2025
Prepaid expenses$14,060 $12,377 
Refundable fees and other deposits22,594 18,913 
Development rights, held for future use or sale— 845 
Deferred loan costs—loans payable6,145 7,181 
Operating properties and equipment, net59,767 61,212 
Lease right-of-use assets72,586 75,840 
Income tax receivable31,143 6,377 
Other5,516 5,154 
Total$211,811 $187,899 
v3.26.1
Accrued Expenses and Other Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
June 30, 2026December 31, 2025
Accrued payroll and related costs$37,477 $50,938 
Warranty reserves (Note 12)
127,482 124,103 
Estimated cost for completion of real estate inventories97,900 92,623 
Customer deposits35,707 23,757 
Liabilities related to inventory not owned18,991 19,576 
Accrued income taxes payable— 2,764 
Accrued interest4,094 4,714 
Other tax liability1,159 3,910 
Lease liabilities85,678 88,386 
Other12,187 14,518 
Total$420,675 $425,289 
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Senior Notes, Loans Payable and Mortgage Repurchase Facilities
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):
June 30, 2026December 31, 2025
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(1,865)(2,414)
Total$648,135 $647,586 
The Company’s outstanding loans payable consisted of the following (in thousands):
June 30, 2026December 31, 2025
Term loan facility$450,000 $450,000 
Seller financed loans600 6,468 
Total$450,600 $456,468 
Schedule of Repurchase Agreements
The following table provides a summary of Tri Pointe Connect’s Repurchase Agreements as of June 30, 2026 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$40,606 $100,000 
Term SOFR + 1.75%
5/28/2027Mortgage Loans
Warehouse B (2)36,853 50,000 
Term SOFR + 1.75%
7/26/2027Mortgage Loans
Warehouse B (2)— 50,000 
Term SOFR + 1.75%
On DemandMortgage Loans
Total$77,459 $200,000 
__________
(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of June 30, 2026, mortgage loans held for sale had an aggregate fair value of $86.9 million.
(2) Warehouse B is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.
v3.26.1
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis
A summary of assets and liabilities at June 30, 2026 and December 31, 2025, related to our financial instruments, is set forth below (in thousands):
June 30, 2026December 31, 2025
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $650,001 $650,000 $657,888 
Term Loan Facility(2)
Level 2$450,000 $450,000 $450,000 $450,000 
Seller financed loans(3)
Level 2$600 $600 $6,468 $6,468 
Mortgage loans held for sale(4)
Level 2$86,881 $86,881 $98,514 $98,514 
Mortgage repurchase facilities(5)
Level 2$77,459 $77,459 $90,570 $90,570 
 __________
(1)The book value of the Senior Notes excludes deferred loan costs of $1.9 million and $2.4 million as of June 30, 2026 and December 31, 2025, respectively. The estimated fair value of the Senior Notes at June 30, 2026 and December 31, 2025 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of June 30, 2026 and December 31, 2025 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of June 30, 2026 and December 31, 2025 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
Schedule of Fair Value Measurements, Nonrecurring The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
Six Months Ended June 30, 2026Year Ended December 31, 2025
HierarchyImpairment
Charge		Fair Value
Net of
Impairment		Impairment
Charge		Fair Value
Net of
Impairment
Real estate inventories (1)
Level 3$8,435 $25,059 $31,097 $106,315 
__________
(1) Fair value of real estate inventories, net of impairment charges represents only those assets whose carrying values were adjusted to fair value in the respective periods presented. Fair Value Net of Impairment represents the fair value of the real estate inventories, net of the impairment charge, as of the date that the fair value measurements were made. The carrying value for these real estate inventories subsequently changed from the fair value reflected due to activity that occurred since the measurement date.
v3.26.1
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Warranty Reserves
Warranty reserve activity consisted of the following (in thousands):
 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Warranty reserves, beginning of period$125,422 $113,865 $124,103 $116,150 
Warranty reserves accrued7,314 9,344 12,642 16,532 
Warranty expenditures(5,254)(14,804)(9,263)(24,277)
Warranty reserves, end of period$127,482 $108,405 $127,482 $108,405 
Schedule of Lease Costs and Other Information See below for additional information on leases (dollars in thousands):
Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Lease Cost
Operating lease cost (included in SG&A expense)$3,494 $3,411 $7,031 $6,633 
Ground lease cost (included in other operations expense)812 793 1,625 1,587 
Sublease income, operating leases— — — — 
Sublease income, ground leases (included in other operations revenue)(824)(805)(1,649)(1,610)
Net lease cost$3,482 $3,399 $7,007 $6,610 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,809 $3,439 $7,514 $6,673 
Ground lease cash flows (included in operating cash flows)$664 $664 $1,327 $1,327 
Right-of-use assets obtained in exchange for new operating lease liabilities$2,647 $17,095 $2,816 $17,925 
June 30, 2026December 31, 2025
Weighted-average discount rate:
Operating leases5.3 %5.4 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.35.7
Ground leases42.142.5
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 2026$6,546 $1,619 
202714,223 3,237 
202813,876 3,237 
202912,361 3,237 
20308,803 3,237 
Thereafter12,013 68,926 
Total lease payments$67,822 $83,493 
Less: Interest9,167 56,471 
Present value of operating lease liabilities$58,655 $27,022 
 __________
(1)    Ground leases are fully subleased through 2041, representing $49.7 million of the $83.5 million future ground lease obligations.
v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
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 stock-based awards, including transaction vesting expense recognized in connection with the Merger (in thousands):
 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Stock-based compensation $3,032 $8,603 $4,989 $16,159 
Transaction vesting compensation83,877 — 83,877 — 
Stock-based and transaction vesting compensation86,909 8,603 88,866 16,159 
Liability-classified compensation1,170 — 1,170 — 
Total compensation expense$88,079 $8,603 $90,036 $16,159 
Schedule of Restricted Stock Units
The following table presents a summary of activity for restricted stock units ("RSUs") for the six months ended June 30, 2026. Upon completion of the Merger on May 14, 2026, awards that vested or became vested at closing were settled in cash based on the $47.00 per share Merger Consideration, and the remaining unvested 2026 awards were converted to cash-settled awards. As a result, no RSUs remained outstanding as of June 30, 2026.
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20253,122,349 $30.42 
Granted595,389 $46.30 
Vested(1,125,986)$25.97 
Forfeited(27,814)$28.43 
Settled at Merger(1,990,032)33.15 
Converted to cash-settled awards(573,906)46.30 
Nonvested RSUs at June 30, 2026— $— 
v3.26.1
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)
 6 Months Ended
Jun. 30, 2026
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Disclosure to Consolidated Statement of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Six Months Ended June 30,
20262025
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$(964)$(1,142)
Income taxes paid, net$20,208 $60,487 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$— $1,578 
Amortization of deferred loan costs capitalized to real estate inventory$1,584 $1,268 
Increase in noncontrolling interests$— $131 
Reclassification of previously recognized stock-based compensation from additional paid-in capital to accrued liabilities
$1,841 $— 
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
May 14, 2026
$ / shares
May 13, 2026
$ / shares
Feb. 17, 2026
$ / shares
Jun. 30, 2026
USD ($)
state
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
state
Jun. 30, 2025
USD ($)
Short-Term Debt [Line Items]              
Number of states in which entity operates | state       13   13  
Transferred equity interests value (in dollars per share) | $ / shares $ 47.00 $ 47.00 $ 47.00        
Aggregate outstanding principal value       $ 86,900   $ 86,900  
Fair value adjustment on mortgage loans held for sale       (178)   (825) $ (215)
Transaction expense       73,779   79,656  
General and administrative       177,205 $ 60,803 230,164 $ 118,478
Sumitomo Forestry Co., Ltd.              
Short-Term Debt [Line Items]              
Transaction expense       73,800   79,700  
General and administrative       122,100   122,100  
Financial services expense       907   907  
Mortgage repurchase facilities              
Short-Term Debt [Line Items]              
Mortgage loans held for sale       $ 86,900   $ 86,900  
v3.26.1
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2026
business_line
segment
Segment Reporting  
Number of principal businesses | business_line 2
Homebuilding Operations  
Segment Reporting  
Number of reportable homebuilding segments | segment 3
v3.26.1
Segment Information - Schedule of Expenses and Income Before Income Taxes for each Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting        
Total revenues $ 702,072 $ 902,413 $ 1,223,461 $ 1,643,341
Other operations expense (812) (793) (1,625) (1,587)
Sales and marketing (45,333) (50,171) (83,220) (93,113)
General and administrative (177,205) (60,803) (230,164) (118,478)
Income (loss) from operations (97,181) 76,705 (91,561) 153,591
Equity in income (loss) of unconsolidated entities (24) 471 (112) 966
Transaction expense (73,779)   (79,656)  
Other income, net 5,652 7,174 12,888 16,303
(Loss) income before income taxes (165,332) 84,350 (158,441) 170,860
Homebuilding Operations        
Segment Reporting        
Total revenues 685,966 884,010 1,193,862 1,607,437
Other operations expense (812) (793) (1,625) (1,587)
Sales and marketing (45,333) (50,171) (83,220) (93,113)
General and administrative (177,205) (60,803) (230,164) (118,478)
Income (loss) from operations (99,611) 72,360 (95,419) 144,362
Equity in income (loss) of unconsolidated entities (24) 471 (112) 966
Transaction expense (73,779) 0 (79,656) 0
Other income, net 5,652 7,174 12,888 16,303
Financial Services        
Segment Reporting        
Total revenues 16,106 18,403 29,599 35,904
Financial services expense (13,676) (14,058) (25,741) (26,675)
Home sales revenue        
Segment Reporting        
Cost of home, land and lot sales (562,022) (696,630) (973,088) (1,244,903)
Home sales revenue | Homebuilding Operations        
Segment Reporting        
Total revenues 685,118 879,832 1,191,614 1,600,618
Cost of home, land and lot sales (562,022) (696,630) (973,088) (1,244,903)
Land and lot sales revenue        
Segment Reporting        
Cost of home, land and lot sales (205) (3,253) (1,184) (4,994)
Land and lot sales revenue | Homebuilding Operations        
Segment Reporting        
Total revenues 23 3,364 598 5,185
Cost of home, land and lot sales (205) (3,253) (1,184) (4,994)
Other operations revenue | Homebuilding Operations        
Segment Reporting        
Total revenues 825 814 1,650 1,634
Operating Segments | Homebuilding Operations        
Segment Reporting        
Total revenues 685,966 884,010 1,193,862 1,607,437
Other operations expense (812) (793) (1,625) (1,587)
Sales and marketing (45,119) (49,620) (82,808) (92,099)
General and administrative (54,000) (36,066) (87,472) (70,947)
Financial services expense 0 0 0 0
Income (loss) from operations 25,220 99,460 50,528 196,189
Equity in income (loss) of unconsolidated entities (24) 471 (112) 966
Transaction expense 0   0  
Other income, net 157 294 455 692
(Loss) income before income taxes 25,353 100,225 50,871 197,847
Operating Segments | Financial Services        
Segment Reporting        
Total revenues 16,106 18,403 29,599 35,904
Other operations expense 0 0 0 0
Sales and marketing 0 0 0 0
General and administrative 0 0 0 0
Financial services expense (13,676) (14,058) (25,741) (26,675)
Income (loss) from operations 2,430 4,345 3,858 9,229
Equity in income (loss) of unconsolidated entities 0 0 0 0
Transaction expense 0   0  
Other income, net 0 0 0 0
(Loss) income before income taxes 2,430 4,345 3,858 9,229
Operating Segments | West        
Segment Reporting        
Total revenues 365,099 474,474 631,857 876,223
Other operations expense (812) (793) (1,625) (1,587)
Sales and marketing (22,628) (24,560) (41,766) (47,329)
General and administrative (27,980) (18,647) (44,824) (36,973)
Financial services expense 0 0 0 0
Income (loss) from operations 9,668 54,916 22,123 108,597
Equity in income (loss) of unconsolidated entities (13) 65 (17) 67
Transaction expense 0   0  
Other income, net 19 148 26 238
(Loss) income before income taxes 9,674 55,129 22,132 108,902
Operating Segments | Central        
Segment Reporting        
Total revenues 206,933 262,601 361,783 474,533
Other operations expense 0 0 0 0
Sales and marketing (15,409) (17,227) (27,749) (30,564)
General and administrative (14,122) (9,285) (22,909) (18,086)
Financial services expense 0 0 0 0
Income (loss) from operations 13,690 27,112 22,113 55,681
Equity in income (loss) of unconsolidated entities (10) 406 (10) 899
Transaction expense 0   0  
Other income, net 133 146 407 450
(Loss) income before income taxes 13,813 27,664 22,510 57,030
Operating Segments | East        
Segment Reporting        
Total revenues 113,934 146,935 200,222 256,681
Other operations expense 0 0 0 0
Sales and marketing (7,082) (7,833) (13,293) (14,206)
General and administrative (11,898) (8,134) (19,739) (15,888)
Financial services expense 0 0 0 0
Income (loss) from operations 1,862 17,432 6,292 31,911
Equity in income (loss) of unconsolidated entities (1) 0 (85) 0
Transaction expense 0   0  
Other income, net 5 0 22 4
(Loss) income before income taxes 1,866 17,432 6,229 31,915
Operating Segments | Home sales revenue | Homebuilding Operations        
Segment Reporting        
Total revenues 685,118 879,832 1,191,614 1,600,618
Cost of home, land and lot sales (560,610) (694,818) (970,245) (1,241,621)
Operating Segments | Home sales revenue | Financial Services        
Segment Reporting        
Total revenues 0 0 0 0
Cost of home, land and lot sales 0 0 0 0
Operating Segments | Home sales revenue | West        
Segment Reporting        
Cost of home, land and lot sales (303,806) (372,305) (521,009) (677,931)
Operating Segments | Home sales revenue | West | Homebuilding Operations        
Segment Reporting        
Total revenues 364,251 470,305 630,184 870,827
Operating Segments | Home sales revenue | Central        
Segment Reporting        
Cost of home, land and lot sales (163,712) (208,977) (288,338) (369,014)
Operating Segments | Home sales revenue | Central | Homebuilding Operations        
Segment Reporting        
Total revenues 206,933 262,593 361,208 473,115
Operating Segments | Home sales revenue | East        
Segment Reporting        
Cost of home, land and lot sales (93,092) (113,536) (160,898) (194,676)
Operating Segments | Home sales revenue | East | Homebuilding Operations        
Segment Reporting        
Total revenues 113,934 146,934 200,222 256,676
Operating Segments | Land and lot sales revenue | Homebuilding Operations        
Segment Reporting        
Total revenues 23 3,364 598 5,185
Cost of home, land and lot sales (205) (3,253) (1,184) (4,994)
Operating Segments | Land and lot sales revenue | Financial Services        
Segment Reporting        
Total revenues 0 0 0 0
Cost of home, land and lot sales 0 0 0 0
Operating Segments | Land and lot sales revenue | West        
Segment Reporting        
Cost of home, land and lot sales (205) (3,253) (510) (3,806)
Operating Segments | Land and lot sales revenue | West | Homebuilding Operations        
Segment Reporting        
Total revenues 23 3,364 23 3,785
Operating Segments | Land and lot sales revenue | Central        
Segment Reporting        
Cost of home, land and lot sales 0 0 (674) (1,188)
Operating Segments | Land and lot sales revenue | Central | Homebuilding Operations        
Segment Reporting        
Total revenues 0 0 575 1,400
Operating Segments | Land and lot sales revenue | East        
Segment Reporting        
Cost of home, land and lot sales 0 0 0 0
Operating Segments | Land and lot sales revenue | East | Homebuilding Operations        
Segment Reporting        
Total revenues 0 0 0 0
Operating Segments | Other operations revenue | Homebuilding Operations        
Segment Reporting        
Total revenues 825 814 1,650 1,634
Operating Segments | Other operations revenue | Financial Services        
Segment Reporting        
Total revenues 0 0 0 0
Operating Segments | Other operations revenue | West | Homebuilding Operations        
Segment Reporting        
Total revenues 825 805 1,650 1,611
Operating Segments | Other operations revenue | Central | Homebuilding Operations        
Segment Reporting        
Total revenues 0 8 0 18
Operating Segments | Other operations revenue | East | Homebuilding Operations        
Segment Reporting        
Total revenues 0 1 0 5
Corporate        
Segment Reporting        
Total revenues 0 0 0 0
Other operations expense 0 0 0 0
Sales and marketing (214) (551) (412) (1,014)
General and administrative (123,205) (24,737) (142,692) (47,531)
Financial services expense 0 0 0 0
Income (loss) from operations (124,831) (27,100) (145,947) (51,827)
Equity in income (loss) of unconsolidated entities 0 0 0 0
Transaction expense (73,779)   (79,656)  
Other income, net 5,495 6,880 12,433 15,611
(Loss) income before income taxes (193,115) (20,220) (213,170) (36,216)
Corporate | Home sales revenue        
Segment Reporting        
Total revenues 0 0 0 0
Cost of home, land and lot sales (1,412) (1,812) (2,843) (3,282)
Corporate | Land and lot sales revenue        
Segment Reporting        
Total revenues 0 0 0 0
Cost of home, land and lot sales 0 0 0 0
Corporate | Other operations revenue        
Segment Reporting        
Total revenues $ 0 $ 0 $ 0 $ 0
v3.26.1
Segment Information - Schedule of Financial Information Relating to Reportable Segments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Segment Reporting    
Real estate inventories $ 3,436,045 $ 3,178,248
Total assets 4,817,766 4,977,535
Goodwill 139,300 139,300
Homebuilding Operations    
Segment Reporting    
Real estate inventories 3,436,045 3,178,248
Total assets 4,670,295 4,820,407
Goodwill 139,300 139,300
Homebuilding Operations | Corporate    
Segment Reporting    
Total assets 573,544 1,064,313
Homebuilding Operations | West    
Segment Reporting    
Goodwill 125,400 125,400
Homebuilding Operations | West | Operating Segments    
Segment Reporting    
Real estate inventories 2,085,090 1,902,818
Total assets 2,413,069 2,187,263
Homebuilding Operations | Central    
Segment Reporting    
Goodwill 8,300 8,300
Homebuilding Operations | Central | Operating Segments    
Segment Reporting    
Real estate inventories 850,042 794,189
Total assets 1,126,422 1,038,430
Homebuilding Operations | East    
Segment Reporting    
Goodwill 5,600 5,600
Homebuilding Operations | East | Operating Segments    
Segment Reporting    
Real estate inventories 500,913 481,241
Total assets 557,260 530,401
Financial Services | Operating Segments    
Segment Reporting    
Total assets $ 147,471 $ 157,128
v3.26.1
Receivables - Schedule of Components of Receivables (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Receivables [Abstract]    
Escrow proceeds and other accounts receivable, net $ 106,597 $ 78,229
Warranty insurance receivable 68,917 69,021
Total receivables $ 175,514 $ 147,250
v3.26.1
Receivables - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Receivables [Abstract]    
Allowance for doubtful accounts $ 436 $ 436
v3.26.1
Real Estate Inventories - Schedule of Real Estate Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate inventories owned:    
Homes completed or under construction $ 1,380,027 $ 1,038,990
Land under development 1,336,072 1,445,671
Land held for future development 160,702 159,627
Model homes 324,748 304,742
Total real estate inventories owned 3,201,549 2,949,030
Real estate inventories not owned:    
Land purchase and land option deposits 215,505 209,642
Consolidated inventory not owned 18,991 19,576
Total real estate inventories not owned 234,496 229,218
Total real estate inventories $ 3,436,045 $ 3,178,248
v3.26.1
Real Estate Inventories - Schedule of Interest Incurred, Capitalized and Expensed (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Real Estate [Abstract]        
Interest incurred $ 18,326 $ 20,374 $ 36,911 $ 41,693
Interest capitalized (18,326) (20,374) (36,911) (41,693)
Interest expensed 0 0 0 0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]        
Capitalized interest in beginning inventory 163,415 184,536 161,300 186,370
Interest capitalized as a cost of inventory 18,326 20,374 36,911 41,693
Interest previously capitalized as a cost of inventory, included in cost of sales (21,263) (25,578) (37,733) (48,731)
Capitalized interest in ending inventory $ 160,478 $ 179,332 $ 160,478 $ 179,332
v3.26.1
Real Estate Inventories - Schedule of Real Estate Inventory Impairments and Land Option Abandonments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Real Estate [Abstract]        
Real estate inventory impairments $ 8,435 $ 11,000 $ 8,435 $ 11,000
Land and lot option abandonments and pre-acquisition charges 11,299 2,096 12,367 3,169
Total $ 19,734 $ 13,096 $ 20,802 $ 14,169
v3.26.1
Real Estate Inventories - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
community
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
community
Real Estate [Line Items]        
Real estate inventory impairments $ 8,435 $ 11,000 $ 8,435 $ 11,000
Land and lot option abandonments and pre-acquisition charges $ 11,299 2,096 12,367 $ 3,169
Homebuilding Operations | East        
Real Estate [Line Items]        
Real estate inventory impairments   $ 1,900    
Homebuilding Operations | West        
Real Estate [Line Items]        
Real estate inventory impairments     6,500  
Real estate, impairment, discount rate 0.12      
Number of impaired real estate properties | community   1   1
Land and lot option abandonments and pre-acquisition charges $ 9,000   $ 9,000  
Homebuilding Operations | West | Minimum        
Real Estate [Line Items]        
Real estate, impairment, discount rate     0.10  
Homebuilding Operations | West | Maximum        
Real Estate [Line Items]        
Real estate, impairment, discount rate     0.12  
v3.26.1
Investments in Unconsolidated Entities - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
investment
Dec. 31, 2025
USD ($)
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 17  
Long-term debt, gross | $ $ 252.3 $ 177.6
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%  
v3.26.1
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 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Assets          
Cash $ 462,085   $ 462,085   $ 982,814
Receivables 175,514   175,514   147,250
Real estate inventories 3,436,045   3,436,045   3,178,248
Other assets 211,811   211,811   187,899
Total assets 4,817,766   4,817,766   4,977,535
Liabilities and equity          
Company’s equity 3,140,839   3,140,839   3,315,834
Outside interests’ equity 210   210   95
Total liabilities and equity 4,817,766   4,817,766   4,977,535
Other operating expense (812) $ (793) (1,625) $ (1,587)  
Net (loss) income (157,686) 60,710 (150,876) 124,727  
Company’s equity in (loss) income of unconsolidated entities (24) 471 (112) 966  
Equity Method Investment, Nonconsolidated Investee or Group of Investees          
Assets          
Cash 28,308   28,308   34,867
Receivables 1,595   1,595   446
Real estate inventories 890,735   890,735   695,084
Other assets 269   269   615
Total assets 920,907   920,907   731,012
Liabilities and equity          
Debt obligations and other liabilities 291,548   291,548   217,956
Company’s equity 245,695   245,695   183,075
Outside interests’ equity 383,664   383,664   329,981
Total liabilities and equity 920,907   920,907   $ 731,012
Net sales 20,790 52,629 40,169 70,539  
Other operating expense (20,967) (54,050) (40,425) (67,931)  
Other income (expense), net (7) (5) (216) 0  
Net (loss) income (184) (1,426) (472) 2,608  
Company’s equity in (loss) income of unconsolidated entities $ (24) $ 471 $ (112) $ 966  
v3.26.1
Variable Interest Entities - Schedule of Interests in Land and Lot Option Agreements (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Variable Interest Entity    
Deposits $ 215,505 $ 209,642
Remaining Purchase Price 1,949,192 2,069,358
Consolidated Inventory Held by VIEs 0 0
Unconsolidated VIEs    
Variable Interest Entity    
Deposits 209,734 201,640
Remaining Purchase Price 1,896,535 1,960,508
Other land option agreements    
Variable Interest Entity    
Deposits 5,771 8,002
Remaining Purchase Price $ 52,657 $ 108,850
v3.26.1
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Other land option agreements    
Variable Interest Entity    
Capitalized pre-acquisition costs $ 16.2 $ 13.1
v3.26.1
Goodwill and Other Intangible Assets (Details)
$ in Millions
Jun. 30, 2026
USD ($)
intangible_asset
Dec. 31, 2025
USD ($)
intangible_asset
Schedule Of Intangible Assets And Goodwill    
Goodwill $ 139.3 $ 139.3
WRECO | Trade Names    
Schedule Of Intangible Assets And Goodwill    
Number of intangible assets | intangible_asset 1 1
Intangible asset carrying amount $ 17.3 $ 17.3
v3.26.1
Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 14,060 $ 12,377
Refundable fees and other deposits 22,594 18,913
Development rights, held for future use or sale 0 845
Deferred loan costs—loans payable 6,145 7,181
Operating properties and equipment, net 59,767 61,212
Lease right-of-use assets $ 72,586 $ 75,840
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total Total
Income tax receivable $ 31,143 $ 6,377
Other 5,516 5,154
Total $ 211,811 $ 187,899
v3.26.1
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]            
Accrued payroll and related costs $ 37,477   $ 50,938      
Warranty reserves 127,482 $ 125,422 124,103 $ 108,405 $ 113,865 $ 116,150
Estimated cost for completion of real estate inventories 97,900   92,623      
Customer deposits 35,707   23,757      
Liabilities related to inventory not owned 18,991   19,576      
Accrued income taxes payable 0   2,764      
Accrued interest 4,094   4,714      
Other tax liability 1,159   3,910      
Lease liabilities $ 85,678   $ 88,386      
Operating Lease, Liability, Statement of Financial Position [Extensible List] Total   Total      
Other $ 12,187   $ 14,518      
Total $ 420,675   $ 425,289      
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Senior Notes (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2020
Jun. 30, 2017
Debt Instrument        
Deferred loan costs $ (6,145) $ (7,181)    
Senior Notes        
Debt Instrument        
Deferred loan costs (1,865) (2,414)    
Total $ 648,135 $ 647,586    
Senior Notes | 5.250% Senior Notes due June 1, 2027        
Debt Instrument        
Interest rate on senior note 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 5.70% 5.70% 5.70%  
Aggregate outstanding debt $ 350,000 $ 350,000    
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Narrative (Details)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 18, 2025
USD ($)
option
tranche
Apr. 30, 2025
USD ($)
option
Jun. 30, 2020
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2026
USD ($)
loan
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
loan
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
loan
Apr. 16, 2026
Sep. 17, 2025
USD ($)
Apr. 29, 2025
USD ($)
Debt Instrument                        
Deferred loan costs—loans payable         $ 6,145,000   $ 6,145,000   $ 7,181,000      
Accrued interest         4,094,000   4,094,000   4,714,000      
Maximum borrowing capacity under facility                 200,000,000.0      
Outstanding shares of voting stock, more than, percentage                   50.00%    
Loans payable         $ 450,600,000   $ 450,600,000   $ 456,468,000      
Number of seller-financed loans | loan         2   2   2      
Interest incurred         $ 18,326,000 $ 20,374,000 $ 36,911,000 $ 41,693,000        
Amortization of deferred financing costs         794,000 $ 650,000 1,600,000 $ 1,300,000        
Mortgage repurchase facilities         77,459,000   77,459,000   $ 90,570,000      
Repurchase agreements outstanding                 90,600,000      
Mortgage repurchase facilities                        
Debt Instrument                        
Maximum borrowing capacity under facility         200,000,000   200,000,000          
Line of credit facility, current borrowing capacity         122,500,000   122,500,000          
Mortgage repurchase facilities         $ 77,459,000   $ 77,459,000          
Repurchase agreement weighted average interest rate         5.70%   5.70%          
Revolving Credit Facility                        
Debt Instrument                        
Maximum borrowing capacity under facility   $ 1,200,000,000                    
Number of extension options | option   3                    
Extension option period   1 year                    
Term Loan Facility                        
Debt Instrument                        
Number of extension options | option 2                      
Extension option period 1 year                      
Number of tranches | tranche 2                      
Senior notes                        
Debt Instrument                        
Deferred loan costs—loans payable         $ 1,865,000   $ 1,865,000   2,414,000      
Accrued interest         2,100,000   2,100,000   2,100,000      
Term loan facility | Revolving Credit Facility                        
Debt Instrument                        
Maximum borrowing capacity under facility   $ 250,000,000                    
Seller financed loans                        
Debt Instrument                        
Loans payable         $ 600,000   $ 600,000   $ 6,468,000      
5.700% Senior Notes due June 15, 2028 | Senior notes                        
Debt Instrument                        
Aggregate principal amount     $ 350,000,000                  
Interest rate on senior note     5.70%   5.70%   5.70%   5.70%      
Debt issuance, percentage of aggregate principal     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       5.25% 5.25%   5.25%   5.25%      
Debt issuance, percentage of aggregate principal       100.00%                
Proceeds from issuance of senior notes, net       $ 296,300,000                
Amended Revolving Credit Facility | Revolving Credit Facility                        
Debt Instrument                        
Deferred loan costs—loans payable         $ 6,100,000   $ 6,100,000          
Accrued interest         1,800,000   1,800,000   $ 2,400,000      
Maximum borrowing capacity under facility   $ 850,000,000.0                   $ 750,000,000.0
Loans payable         0   0          
Line of credit facility, current borrowing capacity         821,000,000.0   821,000,000.0          
Amended Revolving Credit Facility | Term Loan Facility                        
Debt Instrument                        
Maximum borrowing capacity under facility $ 450,000,000.0                   $ 250,000,000.0  
Amended Revolving Credit Facility | Letters of Credit                        
Debt Instrument                        
Outstanding letters of credit         29,000,000.0   29,000,000.0   51,900,000      
Amended Revolving Credit Facility | Minimum | Revolving Credit Facility                        
Debt Instrument                        
Debt instrument variable interest rate   1.25%                    
Amended Revolving Credit Facility | Maximum | Revolving Credit Facility                        
Debt Instrument                        
Debt instrument variable interest rate   1.90%                    
Amended Revolving Credit Facility | Tranche B Term Loan Facility | Term Loan Facility                        
Debt Instrument                        
Maximum borrowing capacity under facility         10,000,000.0   10,000,000.0          
Term loan facility | Term loan facility                        
Debt Instrument                        
Loans payable         $ 450,000,000   $ 450,000,000   $ 450,000,000      
Interest rate of outstanding debt         4.82%   4.82%          
Term loan facility | Term loan facility | Minimum                        
Debt Instrument                        
Debt instrument variable interest rate   1.10%                    
Term loan facility | Term loan facility | Maximum                        
Debt Instrument                        
Debt instrument variable interest rate   1.85%                    
Revolving Facility and Term Loan Facility                        
Debt Instrument                        
Consolidated tangible net worth attributed to Company required under covenants         95.00%   95.00%          
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Outstanding Loans Payable (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Line of Credit Facility    
Total $ 450,600 $ 456,468
Seller financed loans    
Line of Credit Facility    
Total 600 6,468
Term loan facility | Term loan facility    
Line of Credit Facility    
Total $ 450,000 $ 450,000
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Mortgage Repurchase Facilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Participating Mortgage Loans [Line Items]    
Outstanding Balance $ 77,459 $ 90,570
Facility Amount   $ 200,000
Warehouse B    
Participating Mortgage Loans [Line Items]    
Facility Amount 100,000  
Mortgage repurchase facilities    
Participating Mortgage Loans [Line Items]    
Outstanding Balance 77,459  
Facility Amount 200,000  
Mortgage loans held for sale 86,900  
Facility uncommitted amount 122,500  
Mortgage repurchase facilities | Warehouse A    
Participating Mortgage Loans [Line Items]    
Outstanding Balance 40,606  
Facility Amount $ 100,000  
Interest Rate 1.75%  
Mortgage repurchase facilities | Warehouse B    
Participating Mortgage Loans [Line Items]    
Outstanding Balance $ 36,853  
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  
v3.26.1
Fair Value Disclosures - Schedule of Assets and Liabilities Related to Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred loan costs $ 6,145 $ 7,181
Level 2 | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 86,881 98,514
Level 2 | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 86,881 98,514
Mortgage repurchase facilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 86,900  
Mortgage repurchase facilities | Level 2 | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage repurchase facilities 77,459 90,570
Mortgage repurchase facilities | Level 2 | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage repurchase facilities 77,459 90,570
Term Loan | Level 2 | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 450,000 450,000
Term Loan | Level 2 | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 450,000 450,000
Senior notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred loan costs 1,865 2,414
Senior notes | Level 2 | 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 | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 650,001 657,888
Seller financed loans | Level 2 | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 600 6,468
Seller financed loans | Level 2 | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments $ 600 $ 6,468
v3.26.1
Fair Value Disclosures - Schedule of Impairment Charges and Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Impairment Charge $ 8,435 $ 11,000 $ 8,435 $ 11,000  
Fair Value Net of Impairment 3,436,045   3,436,045   $ 3,178,248
Level 3 | Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Impairment Charge     8,435   31,097
Fair Value Net of Impairment $ 25,059   $ 25,059   $ 106,315
v3.26.1
Fair Value Disclosures - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impairment charges $ 8,435 $ 11,000 $ 8,435 $ 11,000
Homebuilding Operations | West        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impairment charges     $ 6,500  
Real estate, impairment, discount rate 0.12      
Homebuilding Operations | West | Minimum        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Real estate, impairment, discount rate     0.10  
Homebuilding Operations | West | Maximum        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Real estate, impairment, discount rate     0.12  
Homebuilding Operations | East        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Impairment charges   $ 1,900    
v3.26.1
Commitments and Contingencies - Narrative (Details)
 12 Months Ended
Dec. 31, 1987
lease
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Commitment And Contingencies [Line Items]      
Legal reserves   $ 0 $ 0
Outstanding warranty insurance receivables   68,917,000 69,021,000
Estimated remaining liabilities related to surety bonds   $ 12,187,000 14,518,000
Office Leases      
Commitment And Contingencies [Line Items]      
Lease obligation original term   10 years  
Equipment Leases | Minimum      
Commitment And Contingencies [Line Items]      
Lease obligation original term   3 years  
Equipment Leases | Maximum      
Commitment And Contingencies [Line Items]      
Lease obligation original term   4 years  
Ground leases      
Commitment And Contingencies [Line Items]      
Lease obligation original term 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 10 years    
Ground leases | Forty-five Year Renewal Option      
Commitment And Contingencies [Line Items]      
Lease obligation original term 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   $ 665,300,000 634,900,000
Estimated remaining liabilities related to surety bonds   $ 630,800,000 $ 492,400,000
v3.26.1
Commitments and Contingencies - Schedule of Warranty Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Movement in Standard Product Warranty Accrual        
Warranty reserves, beginning of period $ 125,422 $ 113,865 $ 124,103 $ 116,150
Warranty reserves accrued 7,314 9,344 12,642 16,532
Warranty expenditures (5,254) (14,804) (9,263) (24,277)
Warranty reserves, end of period $ 127,482 $ 108,405 $ 127,482 $ 108,405
v3.26.1
Commitments and Contingencies - Schedule of Lease Costs and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Lessee, Lease, Description          
Net lease cost $ 3,482 $ 3,399 $ 7,007 $ 6,610  
Right-of-use assets obtained in exchange for new operating lease liabilities 2,647 17,095 2,816 17,925  
Operating leases          
Lessee, Lease, Description          
Lease cost 3,494 3,411 7,031 6,633  
Sublease income 0 0 0 0  
Cash paid for amounts included in the measurement of lease liabilities $ 3,809 3,439 $ 7,514 6,673  
Weighted-average discount rate 5.30%   5.30%   5.40%
Weighted-average remaining lease term 5 years 3 months 18 days   5 years 3 months 18 days   5 years 8 months 12 days
Ground leases          
Lessee, Lease, Description          
Lease cost $ 812 793 $ 1,625 1,587  
Sublease income (824) (805) (1,649) (1,610)  
Cash paid for amounts included in the measurement of lease liabilities $ 664 $ 664 $ 1,327 $ 1,327  
Weighted-average discount rate 10.20%   10.20%   10.20%
Weighted-average remaining lease term 42 years 1 month 6 days   42 years 1 month 6 days   42 years 6 months
v3.26.1
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity    
Present value of operating lease liabilities $ 85,678 $ 88,386
Property, Equipment and Other Leases    
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity    
Remaining in 2026 6,546  
2027 14,223  
2028 13,876  
2029 12,361  
2030 8,803  
Thereafter 12,013  
Total lease payments 67,822  
Less: Interest 9,167  
Present value of operating lease liabilities 58,655  
Ground Leases    
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity    
Remaining in 2026 1,619  
2027 3,237  
2028 3,237  
2029 3,237  
2030 3,237  
Thereafter 68,926  
Total lease payments 83,493  
Less: Interest 56,471  
Present value of operating lease liabilities 27,022  
Payments to be received $ 49,700  
v3.26.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
May 14, 2026
May 13, 2026
Apr. 17, 2026
Feb. 17, 2026
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award                
Transferred equity interests value (in dollars per share) $ 47.00 $ 47.00   $ 47.00        
Compensation expense         $ 88,079 $ 8,603 $ 90,036 $ 16,159
Unrecognized stock based compensation related to all stock-based awards         23,900   $ 23,900  
Weighted average period, expense to recognized             1 year 7 months 6 days  
Stock-based compensation                
Share-based Compensation Arrangement by Share-based Payment Award                
Compensation expense         3,032 8,603 $ 4,989 16,159
Liability-classified compensation                
Share-based Compensation Arrangement by Share-based Payment Award                
Compensation expense         1,170 $ 0 $ 1,170 $ 0
Time Based Restricted Stock Units | Other Employees                
Share-based Compensation Arrangement by Share-based Payment Award                
Restricted stock units, granted (in shares)             2,584  
Award vesting period             3 years  
Time Based Restricted Stock Units | Board Of Directors                
Share-based Compensation Arrangement by Share-based Payment Award                
Restricted stock units, granted (in shares)     18,670          
Time Based Restricted Stock Units | Employees and Officers                
Share-based Compensation Arrangement by Share-based Payment Award                
Restricted stock units, granted (in shares)       574,135        
Restricted Stock Units (RSUs)                
Share-based Compensation Arrangement by Share-based Payment Award                
Restricted stock units, granted (in shares)             595,389  
Granted (in dollars per share)             $ 46.30  
Restricted Stock Units (RSUs) | Board Of Directors                
Share-based Compensation Arrangement by Share-based Payment Award                
Granted (in dollars per share)     $ 46.86          
Restricted Stock Units (RSUs) | Employees and Officers                
Share-based Compensation Arrangement by Share-based Payment Award                
Award vesting period       3 years        
Granted (in dollars per share)       $ 46.30        
Merger Transaction                
Share-based Compensation Arrangement by Share-based Payment Award                
Compensation expense         88,100   $ 11,500  
Transaction vesting expense         83,900      
Payments for merger related costs             9,700  
Merger Transaction | Stock-based compensation                
Share-based Compensation Arrangement by Share-based Payment Award                
Compensation expense         3,000      
Merger Transaction | Liability-classified compensation                
Share-based Compensation Arrangement by Share-based Payment Award                
Compensation expense         $ 1,200   1,800  
Merger Transaction | Cash Settled Awards                
Share-based Compensation Arrangement by Share-based Payment Award                
Compensation expense             $ 3,000  
2022 Plan                
Share-based Compensation Arrangement by Share-based Payment Award                
Common stock authorized for incentive plan (in shares)         7,500,000   7,500,000  
v3.26.1
Stock-Based Compensation - Schedule of Compensation Expense Recognized Related to all Stock-Based Awards (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award        
Total compensation expense $ 88,079 $ 8,603 $ 90,036 $ 16,159
Stock-based compensation        
Share-based Compensation Arrangement by Share-based Payment Award        
Total compensation expense 3,032 8,603 4,989 16,159
Transaction vesting compensation        
Share-based Compensation Arrangement by Share-based Payment Award        
Total compensation expense 83,877 0 83,877 0
Stock-based and transaction vesting compensation        
Share-based Compensation Arrangement by Share-based Payment Award        
Total compensation expense 86,909 8,603 88,866 16,159
Liability-classified compensation        
Share-based Compensation Arrangement by Share-based Payment Award        
Total compensation expense $ 1,170 $ 0 $ 1,170 $ 0
v3.26.1
Stock-Based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Restricted Stock Units  
Nonvested RSU's beginning balance (in shares) | shares 3,122,349
Granted (in shares) | shares 595,389
Vested (in shares) | shares (1,125,986)
Forfeited (in shares) | shares (27,814)
Settled at merger (in shares) | shares (1,990,032)
Converted to cash-settled awards (in shares) | shares (573,906)
Nonvested RSU's ending balance (in shares) | shares 0
Weighted Average Grant Date Fair Value Per Share  
Beginning balance (in dollars per share) | $ / shares $ 30.42
Granted (in dollars per share) | $ / shares 46.30
Vested (in dollars per share) | $ / shares 25.97
Forfeited (in dollars per share) | $ / shares 28.43
Settled at merger (in dollars per share) | $ / shares 33.15
Converted to cash-settled awards (in dollars per share) | $ / shares 46.30
Ending balance (in dollars per share) | $ / shares $ 0
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]          
Deferred tax assets, net $ 43,132   $ 43,132   $ 43,132
Valuation allowance related to net deferred tax assets 3,700   3,700   $ 3,400
Provision for income taxes $ (7,646) $ 23,640 $ (7,565) $ 46,133  
v3.26.1
Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Supplemental disclosure of cash flow information:        
Interest paid (capitalized), net     $ (964) $ (1,142)
Income taxes paid, net     20,208 60,487
Supplemental disclosures of noncash activities:        
Increase in share repurchase excise tax accrual     0 1,578
Amortization of deferred loan costs capitalized to real estate inventory     1,584 1,268
Increase in noncontrolling interests     0 131
Reclassification of previously recognized stock-based compensation from additional paid-in capital to accrued liabilities     1,841 0
Compensation expense $ 88,079 $ 8,603 $ 90,036 $ 16,159
v3.26.1
Merger Transaction (Details) - $ / shares
May 14, 2026
May 13, 2026
Feb. 17, 2026
Business Combination [Abstract]      
Transferred equity interests value (in dollars per share) $ 47.00 $ 47.00 $ 47.00