TRI POINTE HOMES, INC., 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
COVER - shares
 3 Months Ended
Mar. 31, 2026
Apr. 15, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 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 Common Stock, par value $0.01 per share  
Trading Symbol TPH  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   85,163,883
Amendment Flag false  
Document Fiscal year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001561680  
Current Fiscal Year End Date --12-31  
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 847,903 $ 982,814
Receivables 144,641 147,250
Real estate inventories 3,302,319 3,178,248
Investments in unconsolidated entities 217,019 183,075
Mortgage loans held for sale 66,152 98,514
Goodwill and other intangible assets, net 156,603 156,603
Deferred tax assets, net 43,132 43,132
Other assets 184,555 187,899
Total assets 4,962,324 4,977,535
Liabilities    
Accounts payable 63,155 41,693
Accrued expenses and other liabilities 428,366 425,289
Loans payable 456,468 456,468
Senior notes, net 647,858 647,586
Mortgage repurchase facilities 59,315 90,570
Total liabilities 1,655,162 1,661,606
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 0 0
Common stock, $0.01 par value, 500,000,000 shares authorized;    85,135,803 and 84,478,836 shares issued and outstanding at   March 31, 2026 and December 31, 2025, respectively 851 844
Additional paid-in capital 0 0
Retained earnings 3,306,192 3,314,990
Total stockholders’ equity 3,307,043 3,315,834
Noncontrolling interests 119 95
Total equity 3,307,162 3,315,929
Total liabilities and equity $ 4,962,324 $ 4,977,535
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock authorized (in shares) 50,000,000 50,000,000
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 500,000,000 500,000,000
Common stock issued (in shares) 85,135,803 84,478,836
Common stock outstanding (in shares) 85,135,803 84,478,836
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Total revenues $ 521,389 $ 740,928
Other operations expense 813 794
Sales and marketing 37,887 42,942
General and administrative 52,959 57,675
Homebuilding income from operations 5,620 76,886
Equity in (loss) income of unconsolidated entities (88) 495
Transaction expense (5,877)  
Other income, net 7,236 9,129
Income before income taxes 6,891 86,510
Provision for income taxes (81) (22,493)
Net income 6,810 64,017
Net (income) loss attributable to noncontrolling interests (24) 19
Net income available to common stockholders $ 6,786 $ 64,036
Earnings per share    
Basic (in dollars per share) $ 0.08 $ 0.70
Diluted (in dollars per share) $ 0.08 $ 0.70
Weighted average shares outstanding    
Basic (in shares) 84,796,116 91,638,960
Diluted (in shares) 85,176,744 92,077,680
Homebuilding Operations    
Total revenues $ 507,896 $ 723,427
Other operations expense 813 794
Sales and marketing 37,887 42,942
General and administrative 52,959 57,675
Homebuilding income from operations 4,192 72,002
Equity in (loss) income of unconsolidated entities (88) 495
Transaction expense (5,877) 0
Other income, net 7,236 9,129
Homebuilding income before income taxes 5,463 81,626
Financial Services    
Total revenues 13,493 17,501
Expenses 12,065 12,617
Financial services income before income taxes 1,428 4,884
Home sales revenue    
Cost of home, land and lot sales 411,066 548,273
Home sales revenue | Homebuilding Operations    
Total revenues 506,496 720,786
Cost of home, land and lot sales 411,066 548,273
Land and lot sales revenue    
Cost of home, land and lot sales 979 1,741
Land and lot sales revenue | Homebuilding Operations    
Total revenues 575 1,821
Cost of home, land and lot sales 979 1,741
Other operations revenue | Homebuilding Operations    
Total revenues $ 825 $ 820
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 64,017 64,036     64,036 (19)
Shares issued under share-based awards (in shares)     488,845      
Shares issued under share-based awards 0   $ 5 (5)    
Tax withholding paid on behalf of employees for share-based awards (9,921) (9,921)   (9,921)    
Stock-based compensation expense 7,556 7,556   7,556    
Share repurchases (in shares)     (2,270,712)      
Share repurchases (75,603) (75,635) $ (23) (75,612)   32
Acquisition of joint venture minority interest (47) (47)     (47)  
Reclass the negative APIC to retained earnings 0     77,982 (77,982)  
Ending balance (in shares) at Mar. 31, 2025     90,669,862      
Ending balance at Mar. 31, 2025 $ 3,321,724 3,321,699 $ 907 0 3,320,792 25
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 6,810 6,786     6,786 24
Shares issued under share-based awards (in shares)     656,967      
Shares issued under share-based awards 0   $ 7 (7)    
Tax withholding paid on behalf of employees for share-based awards (17,534) (17,534)   (17,534)    
Stock-based compensation expense 1,957 1,957   1,957    
Reclass the negative APIC to retained earnings $ 0     15,584 (15,584)  
Ending balance (in shares) at Mar. 31, 2026 85,135,803   85,135,803      
Ending balance at Mar. 31, 2026 $ 3,307,162 $ 3,307,043 $ 851 $ 0 $ 3,306,192 $ 119
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 6,810 $ 64,017
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 7,618 7,387
Equity in income of unconsolidated entities, net 88 (495)
Amortization of stock-based compensation 1,957 7,556
Charges for impairments and lot option abandonments 1,068 1,073
Fair value adjustment on mortgage loans held for sale 647 340
Returns on investments in unconsolidated entities, net 0 495
Changes in assets and liabilities:    
Real estate inventories (126,939) (113,615)
Mortgage loans held for sale 31,715 35,218
Receivables 2,609 (20,242)
Other assets (1,458) 1,007
Accounts payable 21,462 7,554
Accrued expenses and other liabilities 6,459 (21,452)
Net cash used in operating activities (47,964) (31,157)
Cash flows from investing activities:    
Purchases of property and equipment (6,716) (8,105)
Investments in unconsolidated entities (32,442) (2,164)
Distributions from unconsolidated entities 1,000 6,993
Net cash used in investing activities (38,158) (3,276)
Cash flows from financing activities:    
Borrowings from loans payable 0 1,600
Repayment of loans payable and senior notes 0 (4,796)
Borrowings on mortgage repurchase facilities 258,235 288,018
Repayments on mortgage repurchase facilities (289,490) (322,530)
Tax withholding paid on behalf of employees for share-based awards (17,534) (9,921)
Share repurchases, excluding excise tax 0 (75,046)
Net cash used in financing activities (48,789) (122,675)
Net decrease in cash and cash equivalents (134,911) (157,108)
Cash and cash equivalents–beginning of period 982,814 970,045
Cash and cash equivalents–end of period $ 847,903 $ 812,937
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 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 across twelve states, including Arizona, California, Colorado, Florida, Maryland, Nevada, North Carolina, South Carolina, Texas, Virginia, Utah and Washington, and the District of Columbia. In April 2024, we announced our expansion into the Coastal Carolinas region, which includes parts of South Carolina and Georgia. While we have an established presence in South Carolina, we have not yet commenced operations in Georgia as of March 31, 2026.
On February 13, 2026, the Company entered into the Agreement and Plan of Merger, dated February 13, 2026 (the “Merger Agreement”), with Sumitomo Forestry Co., Ltd., a Japanese corporation (kabushiki kaisha) (“Sumitomo Forestry”), and Teton NewCo, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Sumitomo Forestry (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and an indirect wholly owned subsidiary of Sumitomo Forestry (the “Merger”). For further details, see Note 17, 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 three months ended March 31, 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 March 31, 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 is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
Financial services revenues
Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing our own funds. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders.
Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. When we act as a mortgage loan broker and originate loans with third party lenders, mortgage loan broker fees and mortgage loan origination fees are recognized at the time the mortgage loans are funded. When we provide mortgage financing, we recognize fees on mortgage loan originations upon loan origination.
Mortgage loans held for sale
We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. As of March 31, 2026, mortgage loans held for sale had an aggregate estimated fair value of $66.2 million and an aggregate outstanding principal balance of $66.0 million. For the three months ended March 31, 2026, we recorded an unrealized loss of $647,000. These amounts were included in Financial Services revenue and relate to the mortgage loans held for sale as of March 31, 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 the Merger Agreement with Sumitomo Forestry and Merger Sub, pursuant to which the parties intend to effectuate the Merger. Transaction expense related to the Merger for the three months ended March 31, 2026 was $5.9 million and is included on the consolidated statements of operations. We expect to incur additional transaction-related costs in future periods in connection with the Merger, which is expected to close in the second quarter of 2026, subject to the conditions set forth in the Merger Agreement.
New Accounting Standards
In November 2024, the FASB issued ASU 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
 3 Months Ended
Mar. 31, 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, Maryland, North Carolina, South Carolina and Virginia
In April 2024, we announced our expansion into the Coastal Carolinas region, which includes parts of South Carolina and Georgia. While we have an established presence in South Carolina, we have not yet commenced operations in Georgia as of March 31, 2026.
Our Tri Pointe Solutions financial services operation is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, our Tri Pointe Assurance title and escrow services operations, and our Tri Pointe Advantage property and casualty insurance agency operations. These financial services businesses have been aggregated in accordance with the criteria outlined in ASC 280, considering their similar economic and operational characteristics. For further details, see Note 1, Organization and Summary of Significant Accounting Policies.
Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization and Summary of Significant Accounting Policies. Operational results of each reportable segment are
not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
Our Chief Executive Officer (“CEO”) is our Chief Operating Decision Maker (“CODM”) and reviews segment performance to make resource allocation decisions. The CODM evaluates each segment based on revenue, operating profit, and other key homebuilding metrics to guide strategic decisions.
Total revenues, significant expenses and income before income taxes for each of our reportable segments were as follows (in thousands):
Three Months Ended March 31, 2026
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$265,933 $154,275 $86,288 $506,496 $— $— $506,496 
Land and lot sales revenue— 575 — 575 — — 575 
Other operations revenue825 — — 825 — — 825 
Financial services revenue— — — — 13,493 — 13,493 
Total revenues266,758 154,850 86,288 507,896 13,493 — 521,389 
Cost of home sales(217,203)(124,626)(67,806)(409,635)— (1,431)(411,066)
Cost of land and lot sales(305)(674)— (979)— — (979)
Other operations expense(813)— — (813)— — (813)
Sales and marketing(19,138)(12,340)(6,211)(37,689)— (198)(37,887)
General and administrative(16,844)(8,787)(7,841)(33,472)— (19,487)(52,959)
Financial services expense— — — — (12,065)— (12,065)
Income from operations12,455 8,423 4,430 25,308 1,428 (21,116)5,620 
Equity in income (loss) of unconsolidated entities(4)— (84)(88)— — (88)
Transaction expense— — — — — (5,877)(5,877)
Other income, net7 274 17 298 — 6,938 7,236 
Income (loss) before income taxes$12,458 $8,697 $4,363 $25,518 $1,428 $(20,055)$6,891 
Three Months Ended March 31, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$400,522 $210,522 $109,742 $720,786 $— $— $720,786 
Land and lot sales revenue421 1,400 — 1,821 — — 1,821 
Other operations revenue806 10 4 820 — — 820 
Financial services revenue— — — — 17,501 — 17,501 
Total revenues401,749 211,932 109,746 723,427 17,501 — 740,928 
Cost of home sales(305,626)(160,037)(81,140)(546,803)— (1,470)(548,273)
Cost of land and lot sales(553)(1,188)— (1,741)— — (1,741)
Other operations expense(794)— — (794)— — (794)
Sales and marketing(22,769)(13,337)(6,373)(42,479)— (463)(42,942)
General and administrative(18,326)(8,801)(7,754)(34,881)— (22,794)(57,675)
Financial services expense— — — — (12,617)— (12,617)
Income from operations53,681 28,569 14,479 96,729 4,884 (24,727)76,886 
Equity in income (loss) of unconsolidated entities2 493 — 495 — — 495 
Other income, net90 304 4 398 — 8,731 9,129 
Income (loss) before income taxes$53,773 $29,366 $14,483 $97,622 $4,884 $(15,996)$86,510 





 
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
March 31, 2026December 31, 2025
Real estate inventories
West$1,989,254 $1,902,818 
Central823,491 794,189 
East489,574 481,241 
Total$3,302,319 $3,178,248 
Total assets(1)
West$2,269,352 $2,187,263 
Central1,096,630 1,038,430 
East541,455 530,401 
Corporate927,098 1,064,313 
Total homebuilding assets4,834,535 4,820,407 
Financial services127,789 157,128 
Total$4,962,324 $4,977,535 
__________
(1)    Total assets as of March 31, 2026 and December 31, 2025 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of March 31, 2026 and December 31, 2025 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
 Three Months Ended March 31,
 20262025
Numerator:  
Net income available to common stockholders$6,786 $64,036 
Denominator:  
Basic weighted-average shares outstanding84,796,116 91,638,960 
Effect of dilutive shares:  
Stock options and unvested restricted stock units380,628 438,720 
Diluted weighted-average shares outstanding85,176,744 92,077,680 
Earnings per share  
Basic$0.08 $0.70 
Diluted$0.08 $0.70 
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share1,985,572 1,964,127 
v3.26.1
Receivables
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Receivables Receivables
Receivables consisted of the following (in thousands):
March 31, 2026December 31, 2025
Escrow proceeds and other accounts receivable, net$75,724 $78,229 
Warranty insurance receivable (Note 13)68,917 69,021 
Total receivables$144,641 $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 March 31, 2026 and December 31, 2025.
v3.26.1
Real Estate Inventories
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Real Estate Inventories Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
March 31, 2026December 31, 2025
Real estate inventories owned:
Homes completed or under construction$1,128,003 $1,038,990 
Land under development1,445,073 1,445,671 
Land held for future development160,018 159,627 
Model homes323,424 304,742 
Total real estate inventories owned3,056,518 2,949,030 
Real estate inventories not owned:
Land purchase and land option deposits226,225 209,642 
Consolidated inventory not owned19,576 19,576 
Total real estate inventories not owned245,801 229,218 
Total real estate inventories$3,302,319 $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 7, 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 March 31,
 20262025
Interest incurred$18,585 $21,319 
Interest capitalized(18,585)(21,319)
Interest expensed$— $— 
Capitalized interest in beginning inventory$161,300 $186,370 
Interest capitalized as a cost of inventory18,585 21,319 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(16,470)(23,153)
Capitalized interest in ending inventory$163,415 $184,536 
 
Interest is capitalized to real estate inventory during development and other qualifying activities. During all periods presented, we capitalized all interest incurred to real estate inventory in accordance with ASC Topic 835, Interest, as our qualified assets exceeded our debt. Interest that is capitalized to real estate inventory is included in cost of home sales or cost of land and lot sales as related units or lots are delivered. Interest that is expensed as incurred is included in other (expense) income, net.
Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
 Three Months Ended March 31,
 20262025
Real estate inventory impairments$— $— 
Land and lot option abandonments and pre-acquisition charges1,068 1,073 
Total$1,068 $1,073 
There were no real estate inventory impairment charges recorded during the three months ended March 31, 2026 or 2025.
In addition to owning land and residential lots, we also have option agreements to purchase land and lots at a future date. We have option deposits and capitalized pre-acquisition costs associated with the optioned land and lots. When the economics of a project no longer support acquisition of the land or lots under option, we may elect not to move forward with the acquisition. Option deposits and capitalized pre-acquisition costs associated with the assets under option may be forfeited at that time. 
Real estate inventory impairments and land option abandonments are recorded in cost of home sales in the consolidated statements of operations.
v3.26.1
Investments in Unconsolidated Entities
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities Investments in Unconsolidated Entities
As of March 31, 2026, we held equity investments in sixteen active homebuilding partnerships or limited liability companies. Our participation in these entities may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 8% to 50%, depending on the investment, with no controlling interest held in any of these homebuilding investments. In addition, we have one consolidated financial services joint venture in which we own an 80% interest. This joint venture is included in our consolidated financial statements, and the noncontrolling interest is presented separately.
Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands):
March 31, 2026December 31, 2025
Assets
Cash$27,529 $34,867 
Receivables2,240 446 
Real estate inventories818,164 695,084 
Other assets513 615 
Total assets$848,446 $731,012 
Liabilities and equity
Debt obligations and other liabilities$283,339 $217,956 
Company’s equity217,019 183,075 
Outside interests’ equity348,088 329,981 
Total liabilities and equity$848,446 $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 March 31, 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 March 31, 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 $197.4 million and $177.6 million, respectively.

Aggregated results of operations from unconsolidated entities (in thousands):
 Three Months Ended March 31,
 20262025
Net sales$19,379 $17,910 
Other operating expense(19,458)(13,881)
Other income (expense), net(209)5 
Net (loss) income $(288)$4,034 
Company’s equity in (loss) income of unconsolidated entities$(88)$495 
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
 3 Months Ended
Mar. 31, 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 (“ASC 810”), Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE.
Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is generally limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots.
The following provides a summary of our interests in land and lot option agreements (in thousands):
 March 31, 2026December 31, 2025
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$218,809 $1,977,531 N/A$201,640 $1,960,508 N/A
Other land option agreements7,416 81,584 N/A8,002 108,850 N/A
Total$226,225 $2,059,115 $— $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 $13.4 million and $13.1 million as of March 31, 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.
v3.26.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
As of March 31, 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 March 31, 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
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consisted of the following (in thousands):
March 31, 2026December 31, 2025
Prepaid expenses$13,432 $12,377 
Refundable fees and other deposits19,816 18,913 
Development rights, held for future use or sale— 845 
Deferred loan costs—loans payable6,663 7,181 
Operating properties and equipment, net60,425 61,212 
Lease right-of-use assets72,458 75,840 
Income tax receivable6,377 6,377 
Other5,384 5,154 
Total$184,555 $187,899 
v3.26.1
Accrued Expenses and Other Liabilities
 3 Months Ended
Mar. 31, 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):
March 31, 2026December 31, 2025
Accrued payroll and related costs$28,140 $50,938 
Warranty reserves (Note 13)
125,422 124,103 
Estimated cost for completion of real estate inventories103,395 92,623 
Customer deposits33,198 23,757 
Liabilities related to inventory not owned19,576 19,576 
Accrued income taxes payable2,997 2,764 
Accrued interest13,323 4,714 
Other tax liability3,766 3,910 
Lease liabilities85,868 88,386 
Other12,681 14,518 
Total$428,366 $425,289 
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities
 3 Months Ended
Mar. 31, 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):
March 31, 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(2,142)(2,414)
Total$647,858 $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 March 31, 2026 and December 31, 2025, there were $2.1 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 $11.1 million and $2.1 million as of March 31, 2026 and December 31, 2025, respectively.
Loans Payable
The Company’s outstanding loans payable consisted of the following (in thousands):
March 31, 2026December 31, 2025
Term loan facility$450,000 $450,000 
Seller financed loans6,468 6,468 
Total$456,468 $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 March 31, 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 March 31, 2026, we had no outstanding debt under the Revolving Facility and there was $827.5 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of March 31, 2026, we had $450 million of outstanding debt under the Term Facility with an interest rate of 4.83%. As of March 31, 2026, there were $6.7 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Credit Facility was $1.9 million and $2.4 million as of March 31, 2026 and December 31, 2025, respectively.
At March 31, 2026 and December 31, 2025, we had outstanding letters of credit of $22.5 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 both March 31, 2026 and 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 these loans are expected to be fully paid by the end of fiscal year 2026, provided certain achievements are met. One of the seller-financed loans, representing $5.9 million of the total balance as of both March 31, 2026 and December 31, 2025, accrues interest at an imputed interest rate of 4.50% per annum. The remaining seller-financed loan represented $600,000 of the total balance as of both March 31, 2026 and December 31, 2025.
Interest Incurred
During the three months ended March 31, 2026 and 2025, we incurred interest of $18.6 million and $21.3 million, respectively, related to all debt and land banking arrangements. Included in interest incurred are amortization of deferred financing costs of $790,000 and $617,000 for the three months ended March 31, 2026 and 2025, respectively. Accrued interest related to all outstanding debt at March 31, 2026 and December 31, 2025 was $13.3 million and $4.7 million, respectively. 
Mortgage Repurchase Facilities
As of March 31, 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 March 31, 2026, Tri Pointe Connect had $59.3 million of outstanding debt related to the Repurchase Agreements at a weighted-average interest rate of 5.4%, and $140.7 million of remaining capacity under the Repurchase Agreements. Tri Pointe Connect was in compliance with all covenants and requirements as of March 31, 2026.
The following table provides a summary of Tri Pointe Connect’s Repurchase Agreements as of March 31, 2026 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$37,822 $100,000 
Term SOFR + 1.75%
5/31/2026Mortgage Loans
Warehouse B (2)21,493 50,000 
Term SOFR + 1.75%
7/28/2026Mortgage Loans
Warehouse B (2)— 50,000 
Term SOFR + 1.75%
On DemandMortgage Loans
Total$59,315 $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 March 31, 2026, mortgage loans held for sale had an aggregate fair value of $66.2 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 March 31, 2026 and December 31, 2025.
v3.26.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 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 March 31, 2026 and December 31, 2025, related to our financial instruments, is set forth below (in thousands):
March 31, 2026December 31, 2025
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $653,500 $650,000 $657,888 
Term Loan Facility(2)
Level 2$450,000 $450,000 $450,000 $450,000 
Seller financed loans(3)
Level 2$6,468 $6,468 $6,468 $6,468 
Mortgage loans held for sale(4)
Level 2$66,152 $66,152 $98,514 $98,514 
Mortgage repurchase facilities(5)
Level 2$59,315 $59,315 $90,570 $90,570 
 __________
(1)The book value of the Senior Notes excludes deferred loan costs of $2.1 million and $2.4 million as of March 31, 2026 and December 31, 2025, respectively. The estimated fair value of the Senior Notes at March 31, 2026 and December 31, 2025 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of March 31, 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 March 31, 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 March 31, 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):
Three Months Ended March 31, 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$— $— $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 $31.1 million during the year ended December 31, 2025, comprised of $11.0 million in the West reporting segment, $4.8 million in the Central reporting segment, and $15.3 million in the East reporting segment. 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 15%. 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
 3 Months Ended
Mar. 31, 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 March 31, 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 March 31, 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 March 31,
 20262025
Warranty reserves, beginning of period$124,103 $116,150 
Warranty reserves accrued5,328 7,188 
Warranty expenditures(4,009)(9,473)
Warranty reserves, end of period$125,422 $113,865 
 
Performance Bonds
We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. The beneficiaries of the bonds are various municipalities. As of March 31, 2026 and December 31, 2025, the Company had outstanding surety bonds totaling $644.1 million and $634.9 million, respectively. As of March 31, 2026 and December 31, 2025, our estimated cost to complete obligations related to these surety bonds was $528.9 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 March 31, 2026Three Months Ended March 31, 2025
Lease Cost
Operating lease cost (included in SG&A expense)$3,537 $3,222 
Ground lease cost (included in other operations expense)813 794 
Sublease income, operating leases— — 
Sublease income, ground leases (included in other operations revenue)(825)(805)
Net lease cost$3,525 $3,211 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,705 $3,234 
Ground lease cash flows (included in operating cash flows)$663 $663 
Right-of-use assets obtained in exchange for new operating lease liabilities$169 $830 
March 31, 2026December 31, 2025
Weighted-average discount rate:
Operating leases5.4 %5.4 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.55.7
Ground leases42.342.5
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$9,695 $2,428 
202713,661 3,237 
202813,297 3,237 
202911,766 3,237 
20308,190 3,237 
Thereafter11,595 68,928 
Total lease payments$68,204 $84,304 
Less: Interest9,470 57,170 
Present value of operating lease liabilities$58,734 $27,134 
 __________
(1)    Ground leases are fully subleased through 2041, representing $50.5 million of the $84.3 million future ground lease obligations.
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 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 replaced the Company’s prior stock compensation plan, the TRI Pointe Group, Inc. Amended and Restated 2013 Long-Term Incentive Plan (the “2013 Plan”). The 2022 Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The 2022 Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2022 Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation.
The total number of shares of our common stock initially reserved under the 2022 Plan was 7,500,000 shares.
To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2022 Plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally will again be available under the 2022 Plan. However, the 2022 Plan prohibits us from re-using shares that are tendered or surrendered to pay the exercise cost or tax obligation for stock options and stock appreciation rights.
As of March 31, 2026, there were 4,281,085 shares available for future grant under the 2022 Plan.
The following table presents compensation expense recognized related to all stock-based awards (in thousands):
 
 Three Months Ended March 31,
 20262025
Total stock-based compensation$1,957 $7,556 
 
Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of March 31, 2026, total unrecognized stock-based compensation expense related to all stock-based awards was $44.4 million and the weighted average term over which the expense was expected to be recognized was 1.4 years.

Summary of Restricted Stock Unit Activity
The following table presents a summary of time-based and performance-based RSUs for the three months ended March 31, 2026:
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20253,122,349 $30.42 
Granted575,329 $46.28 
Vested(1,095,599)$25.81 
Forfeited(23,374)$26.42 
Nonvested RSUs at March 31, 20262,578,705 $35.95 

On February 17, 2026, the Company granted an aggregate of 573,812 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. Each award will be expensed on a straight-line basis over the vesting period.

For the three months ended March 31, 2026, the Company granted an aggregate of 1,517 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period.

On February 19, 2025, the Company granted an aggregate of 509,446 time-based RSUs to certain employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on February 19, 2025 was measured using a price of $30.89 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

On February 19, 2025, the Company granted an aggregate of 760,119 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Executive Vice President and Chief Marketing Officer, Chief Human Resources Officer, and division presidents. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue of the applicable Company division, and (ii) 50% to pre-tax earnings of the applicable Company division. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the applicable Company division’s percentage attainment of specified threshold, target and maximum performance goals. The performance period for these performance-based RSUs is January 1,
2025 to December 31, 2027. The fair value of these performance-based RSUs was measured using a price of $30.89 per share, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period.

On May 5, 2025, the Company granted an aggregate of 27,820 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to the non-employee directors vest in their entirety on the day immediately prior to the Company’s 2026 annual meeting of stockholders. The fair value of each RSU granted on May 5, 2025 was measured using a price of $31.45 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

For the twelve months ended December 31, 2025, the Company granted an aggregate of 11,903 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period
As RSUs vest for employees, a portion of the shares awarded is generally withheld to cover employee tax withholdings. As a result, the number of RSUs vested and the number of shares of Tri Pointe common stock issued will differ.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates for the years in which taxes are expected to be paid or recovered. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods and tax planning alternatives.
We had net deferred tax assets of $43.1 million as of both March 31, 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 March 31, 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 provision for income taxes totaled $81,000 and $22.5 million for the three months ended March 31, 2026 and 2025, respectively. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company did not have any uncertain tax positions recorded as of March 31, 2026 and December 31, 2025. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years. 
The Company files income tax returns in the U.S., including federal and multiple state and local jurisdictions.
v3.26.1
Supplemental Disclosure to Consolidated Statements of Cash Flows
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Supplemental Disclosure to Consolidated Statements of Cash Flows upplemental Disclosure to Consolidated Statements of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20262025
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$(9,399)$(9,046)
Income taxes paid, net$— $518 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$— $589 
Amortization of deferred loan costs capitalized to real estate inventory$790 $618 
Increase in noncontrolling interests$— $32 
v3.26.1
Merger Transaction
 3 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Merger Transaction Merger Transaction
On February 13, 2026, we entered into the Merger Agreement with Sumitomo Forestry and Merger Sub, pursuant to which the parties intend to effectuate the Merger. As of the date of this Quarterly Report on Form 10-Q, the Merger has not yet been completed.
Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each issued and outstanding share of our common stock will be converted into the right to receive $47.00 in cash, without interest (the “Merger Consideration”), except for shares that are (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 has not voted in favor of the adoption of the Merger Agreement, and has properly and validly demanded appraisal for such shares in accordance, and who complies in all respects, with Section 262 of the DGCL (“Dissenting Shares”). Further, at the Effective Time, each Owned Company Share will automatically be cancelled and cease to exist, and no consideration or payment will be delivered in exchange therefor or in respect thereof, and each share held by any direct or indirect wholly owned subsidiary of the Company will, if any, be 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 restricted stock unit (“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 is outstanding as of immediately prior to the Effective Time will be 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 is not subject to the preceding clause (i) above that is outstanding as of immediately prior to the Effective Time will be 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 is outstanding as of immediately prior to the Effective Time will be 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.
At the Effective Time, all Dissenting Shares will be cancelled and cease to exist, and the holders of Dissenting Shares will only be entitled to the rights granted to them under Section 262 of the DGCL with respect to such Dissenting Shares. If the Merger is consummated, our common stock will be de-listed from The New York Stock Exchange and de-registered under the Exchange Act.
The completion of the Merger is subject to customary closing conditions, including, but not limited to, the (i) approval of the holders of a majority of the outstanding shares of common stock entitled to vote on such matters to adopt the Merger Agreement; (ii) expiration or termination of any waiting period (and extensions thereof) applicable to the Transactions under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”), and the rules and regulations promulgated thereunder; (iii) absence of any law, order or injunction enacted or issued after the date of the Merger Agreement restraining, enjoining or otherwise prohibiting the Merger; and (iv) absence of certain events comprising a material adverse effect on the Company’s business following the date of the Merger Agreement. As of the date of this Quarterly Report on Form 10-Q, the portions of the conditions to the Merger relating to stockholder approval of the Merger Agreement and the expiration or termination of the waiting period under the HSR Act have been satisfied. The Merger continues to be subject to the remaining conditions set forth in the Merger Agreement. The obligations of Sumitomo Forestry and Merger Sub to consummate the Merger are not subject to any financing condition.
From the execution of the Merger Agreement until the earlier to occur of the termination of the Merger Agreement and the Effective Time, we will be subject to customary “no-shop” restrictions on our ability to solicit alternative acquisition proposals from third parties and to provide information to, and participate in discussions and negotiations with, third parties regarding any alternative acquisition proposals, subject to a customary “fiduciary out” provision that allows us, under certain specified circumstances (prior to the receipt of stockholder approval of the Merger Agreement), to provide information to, and participate or engage in discussions or negotiations with, third parties with respect to an acquisition proposal if our board of directors determines in good faith (after consultation with our independent financial advisor and outside legal counsel) that such alternative acquisition proposal constitutes a superior proposal or would reasonably be expected to result in a superior proposal, and the failure to take such actions would be inconsistent with our directors’ fiduciary duties pursuant to applicable law. As of April 16, 2026, the Company’s stockholders approved the Merger Agreement at a special meeting and, accordingly, as of the
date of this Quarterly Report on Form 10-Q, the “fiduciary out” is no longer available to the Company.
The Merger Agreement contains certain termination rights for us, on the one hand, and Sumitomo Forestry and Merger Sub, on the other hand. Upon termination of the Merger Agreement under specified circumstances, we would be required to pay Sumitomo Forestry a termination fee of $82,336,000. Following the approval of the Merger Agreement by the Company’s stockholders on April 16, 2026, the Company is no longer permitted to terminate the Merger Agreement to enter into an alternative acquisition agreement or to effect a change of recommendation pursuant to the “fiduciary out” provisions of the Merger Agreement.
The Company also made customary representations and warranties in the Merger Agreement and agreed to customary covenants regarding the operation of our business prior to the consummation of the Merger. The Merger Agreement also provides that we, on the one hand, or Sumitomo Forestry and Merger Sub, on the other hand, may specifically enforce the obligations under the Merger Agreement, including the obligation to consummate the Merger if the conditions set forth in the Merger Agreement are satisfied. The parties to the Merger Agreement have also agreed to use their respective reasonable best efforts and take certain actions to obtain the requisite regulatory approvals for the Transactions.
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
Mar. 31, 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)
 3 Months Ended
Mar. 31, 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 three months ended March 31, 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 March 31, 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 is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
Financial services revenues
Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing our own funds. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders.
Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. When we act as a mortgage loan broker and originate loans with third party lenders, mortgage loan broker fees and mortgage loan origination fees are recognized at the time the mortgage loans are funded. When we provide mortgage financing, we recognize fees on mortgage loan originations upon loan origination.
Mortgage loans held for sale
We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. As of March 31, 2026, mortgage loans held for sale had an aggregate estimated fair value of $66.2 million and an aggregate outstanding principal balance of $66.0 million. For the three months ended March 31, 2026, we recorded an unrealized loss of $647,000. These amounts were included in Financial Services revenue and relate to the mortgage loans held for sale as of March 31, 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 ASU 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, Maryland, North Carolina, South Carolina and Virginia
In April 2024, we announced our expansion into the Coastal Carolinas region, which includes parts of South Carolina and Georgia. While we have an established presence in South Carolina, we have not yet commenced operations in Georgia as of March 31, 2026.
Our Tri Pointe Solutions financial services operation is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, our Tri Pointe Assurance title and escrow services operations, and our Tri Pointe Advantage property and casualty insurance agency operations. These financial services businesses have been aggregated in accordance with the criteria outlined in ASC 280, considering their similar economic and operational characteristics. For further details, see Note 1, Organization and Summary of Significant Accounting Policies.
Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization and Summary of Significant Accounting Policies. Operational results of each reportable segment are
not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
Our Chief Executive Officer (“CEO”) is our Chief Operating Decision Maker (“CODM”) and reviews segment performance to make resource allocation decisions. The CODM evaluates each segment based on revenue, operating profit, and other key homebuilding metrics to guide strategic decisions.
Fair Value Measurements
Fair Value Measurements
ASC Topic 820, Fair Value 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)
 3 Months Ended
Mar. 31, 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 March 31, 2026
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$265,933 $154,275 $86,288 $506,496 $— $— $506,496 
Land and lot sales revenue— 575 — 575 — — 575 
Other operations revenue825 — — 825 — — 825 
Financial services revenue— — — — 13,493 — 13,493 
Total revenues266,758 154,850 86,288 507,896 13,493 — 521,389 
Cost of home sales(217,203)(124,626)(67,806)(409,635)— (1,431)(411,066)
Cost of land and lot sales(305)(674)— (979)— — (979)
Other operations expense(813)— — (813)— — (813)
Sales and marketing(19,138)(12,340)(6,211)(37,689)— (198)(37,887)
General and administrative(16,844)(8,787)(7,841)(33,472)— (19,487)(52,959)
Financial services expense— — — — (12,065)— (12,065)
Income from operations12,455 8,423 4,430 25,308 1,428 (21,116)5,620 
Equity in income (loss) of unconsolidated entities(4)— (84)(88)— — (88)
Transaction expense— — — — — (5,877)(5,877)
Other income, net7 274 17 298 — 6,938 7,236 
Income (loss) before income taxes$12,458 $8,697 $4,363 $25,518 $1,428 $(20,055)$6,891 
Three Months Ended March 31, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$400,522 $210,522 $109,742 $720,786 $— $— $720,786 
Land and lot sales revenue421 1,400 — 1,821 — — 1,821 
Other operations revenue806 10 4 820 — — 820 
Financial services revenue— — — — 17,501 — 17,501 
Total revenues401,749 211,932 109,746 723,427 17,501 — 740,928 
Cost of home sales(305,626)(160,037)(81,140)(546,803)— (1,470)(548,273)
Cost of land and lot sales(553)(1,188)— (1,741)— — (1,741)
Other operations expense(794)— — (794)— — (794)
Sales and marketing(22,769)(13,337)(6,373)(42,479)— (463)(42,942)
General and administrative(18,326)(8,801)(7,754)(34,881)— (22,794)(57,675)
Financial services expense— — — — (12,617)— (12,617)
Income from operations53,681 28,569 14,479 96,729 4,884 (24,727)76,886 
Equity in income (loss) of unconsolidated entities2 493 — 495 — — 495 
Other income, net90 304 4 398 — 8,731 9,129 
Income (loss) before income taxes$53,773 $29,366 $14,483 $97,622 $4,884 $(15,996)$86,510 
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
March 31, 2026December 31, 2025
Real estate inventories
West$1,989,254 $1,902,818 
Central823,491 794,189 
East489,574 481,241 
Total$3,302,319 $3,178,248 
Total assets(1)
West$2,269,352 $2,187,263 
Central1,096,630 1,038,430 
East541,455 530,401 
Corporate927,098 1,064,313 
Total homebuilding assets4,834,535 4,820,407 
Financial services127,789 157,128 
Total$4,962,324 $4,977,535 
__________
(1)    Total assets as of March 31, 2026 and December 31, 2025 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of March 31, 2026 and December 31, 2025 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
 Three Months Ended March 31,
 20262025
Numerator:  
Net income available to common stockholders$6,786 $64,036 
Denominator:  
Basic weighted-average shares outstanding84,796,116 91,638,960 
Effect of dilutive shares:  
Stock options and unvested restricted stock units380,628 438,720 
Diluted weighted-average shares outstanding85,176,744 92,077,680 
Earnings per share  
Basic$0.08 $0.70 
Diluted$0.08 $0.70 
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share1,985,572 1,964,127 
v3.26.1
Receivables (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Receivables
Receivables consisted of the following (in thousands):
March 31, 2026December 31, 2025
Escrow proceeds and other accounts receivable, net$75,724 $78,229 
Warranty insurance receivable (Note 13)68,917 69,021 
Total receivables$144,641 $147,250 
v3.26.1
Real Estate Inventories (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
March 31, 2026December 31, 2025
Real estate inventories owned:
Homes completed or under construction$1,128,003 $1,038,990 
Land under development1,445,073 1,445,671 
Land held for future development160,018 159,627 
Model homes323,424 304,742 
Total real estate inventories owned3,056,518 2,949,030 
Real estate inventories not owned:
Land purchase and land option deposits226,225 209,642 
Consolidated inventory not owned19,576 19,576 
Total real estate inventories not owned245,801 229,218 
Total real estate inventories$3,302,319 $3,178,248 
Schedule of Interest Incurred, Capitalized and Expensed
Interest incurred, capitalized and expensed were as follows (in thousands):
 Three Months Ended March 31,
 20262025
Interest incurred$18,585 $21,319 
Interest capitalized(18,585)(21,319)
Interest expensed$— $— 
Capitalized interest in beginning inventory$161,300 $186,370 
Interest capitalized as a cost of inventory18,585 21,319 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(16,470)(23,153)
Capitalized interest in ending inventory$163,415 $184,536 
Schedule of Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
 Three Months Ended March 31,
 20262025
Real estate inventory impairments$— $— 
Land and lot option abandonments and pre-acquisition charges1,068 1,073 
Total$1,068 $1,073 
v3.26.1
Investments in Unconsolidated Entities (Tables)
 3 Months Ended
Mar. 31, 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):
March 31, 2026December 31, 2025
Assets
Cash$27,529 $34,867 
Receivables2,240 446 
Real estate inventories818,164 695,084 
Other assets513 615 
Total assets$848,446 $731,012 
Liabilities and equity
Debt obligations and other liabilities$283,339 $217,956 
Company’s equity217,019 183,075 
Outside interests’ equity348,088 329,981 
Total liabilities and equity$848,446 $731,012 
Aggregated results of operations from unconsolidated entities (in thousands):
 Three Months Ended March 31,
 20262025
Net sales$19,379 $17,910 
Other operating expense(19,458)(13,881)
Other income (expense), net(209)5 
Net (loss) income $(288)$4,034 
Company’s equity in (loss) income of unconsolidated entities$(88)$495 
v3.26.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 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):
 March 31, 2026December 31, 2025
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$218,809 $1,977,531 N/A$201,640 $1,960,508 N/A
Other land option agreements7,416 81,584 N/A8,002 108,850 N/A
Total$226,225 $2,059,115 $— $209,642 $2,069,358 $— 
v3.26.1
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
March 31, 2026December 31, 2025
Prepaid expenses$13,432 $12,377 
Refundable fees and other deposits19,816 18,913 
Development rights, held for future use or sale— 845 
Deferred loan costs—loans payable6,663 7,181 
Operating properties and equipment, net60,425 61,212 
Lease right-of-use assets72,458 75,840 
Income tax receivable6,377 6,377 
Other5,384 5,154 
Total$184,555 $187,899 
v3.26.1
Accrued Expenses and Other Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
March 31, 2026December 31, 2025
Accrued payroll and related costs$28,140 $50,938 
Warranty reserves (Note 13)
125,422 124,103 
Estimated cost for completion of real estate inventories103,395 92,623 
Customer deposits33,198 23,757 
Liabilities related to inventory not owned19,576 19,576 
Accrued income taxes payable2,997 2,764 
Accrued interest13,323 4,714 
Other tax liability3,766 3,910 
Lease liabilities85,868 88,386 
Other12,681 14,518 
Total$428,366 $425,289 
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities (Tables)
 3 Months Ended
Mar. 31, 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):
March 31, 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(2,142)(2,414)
Total$647,858 $647,586 
The Company’s outstanding loans payable consisted of the following (in thousands):
March 31, 2026December 31, 2025
Term loan facility$450,000 $450,000 
Seller financed loans6,468 6,468 
Total$456,468 $456,468 
Schedule of Repurchase Agreements
The following table provides a summary of Tri Pointe Connect’s Repurchase Agreements as of March 31, 2026 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$37,822 $100,000 
Term SOFR + 1.75%
5/31/2026Mortgage Loans
Warehouse B (2)21,493 50,000 
Term SOFR + 1.75%
7/28/2026Mortgage Loans
Warehouse B (2)— 50,000 
Term SOFR + 1.75%
On DemandMortgage Loans
Total$59,315 $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 March 31, 2026, mortgage loans held for sale had an aggregate fair value of $66.2 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)
 3 Months Ended
Mar. 31, 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 March 31, 2026 and December 31, 2025, related to our financial instruments, is set forth below (in thousands):
March 31, 2026December 31, 2025
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $653,500 $650,000 $657,888 
Term Loan Facility(2)
Level 2$450,000 $450,000 $450,000 $450,000 
Seller financed loans(3)
Level 2$6,468 $6,468 $6,468 $6,468 
Mortgage loans held for sale(4)
Level 2$66,152 $66,152 $98,514 $98,514 
Mortgage repurchase facilities(5)
Level 2$59,315 $59,315 $90,570 $90,570 
 __________
(1)The book value of the Senior Notes excludes deferred loan costs of $2.1 million and $2.4 million as of March 31, 2026 and December 31, 2025, respectively. The estimated fair value of the Senior Notes at March 31, 2026 and December 31, 2025 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of March 31, 2026 and December 31, 2025 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of March 31, 2026 and December 31, 2025 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
Schedule of Fair Value Measurements, Nonrecurring The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
Three Months Ended March 31, 2026Year Ended December 31, 2025
HierarchyImpairment
Charge		Fair Value
Net of
Impairment		Impairment
Charge		Fair Value
Net of
Impairment
Real estate inventories (1)
Level 3$— $— $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)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Warranty Reserves
Warranty reserve activity consisted of the following (in thousands):
 
 Three Months Ended March 31,
 20262025
Warranty reserves, beginning of period$124,103 $116,150 
Warranty reserves accrued5,328 7,188 
Warranty expenditures(4,009)(9,473)
Warranty reserves, end of period$125,422 $113,865 
Schedule of Lease Costs and Other Information See below for additional information on leases (dollars in thousands):
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Lease Cost
Operating lease cost (included in SG&A expense)$3,537 $3,222 
Ground lease cost (included in other operations expense)813 794 
Sublease income, operating leases— — 
Sublease income, ground leases (included in other operations revenue)(825)(805)
Net lease cost$3,525 $3,211 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,705 $3,234 
Ground lease cash flows (included in operating cash flows)$663 $663 
Right-of-use assets obtained in exchange for new operating lease liabilities$169 $830 
March 31, 2026December 31, 2025
Weighted-average discount rate:
Operating leases5.4 %5.4 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.55.7
Ground leases42.342.5
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$9,695 $2,428 
202713,661 3,237 
202813,297 3,237 
202911,766 3,237 
20308,190 3,237 
Thereafter11,595 68,928 
Total lease payments$68,204 $84,304 
Less: Interest9,470 57,170 
Present value of operating lease liabilities$58,734 $27,134 
 __________
(1)    Ground leases are fully subleased through 2041, representing $50.5 million of the $84.3 million future ground lease obligations.
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 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 all stock-based awards (in thousands):
 
 Three Months Ended March 31,
 20262025
Total stock-based compensation$1,957 $7,556 
Schedule of Restricted Stock Units
The following table presents a summary of time-based and performance-based RSUs for the three months ended March 31, 2026:
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20253,122,349 $30.42 
Granted575,329 $46.28 
Vested(1,095,599)$25.81 
Forfeited(23,374)$26.42 
Nonvested RSUs at March 31, 20262,578,705 $35.95 
v3.26.1
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Disclosure to Consolidated Statement of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Three Months Ended March 31,
20262025
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$(9,399)$(9,046)
Income taxes paid, net$— $518 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$— $589 
Amortization of deferred loan costs capitalized to real estate inventory$790 $618 
Increase in noncontrolling interests$— $32 
v3.26.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
state
Mar. 31, 2025
USD ($)
Short-Term Debt [Line Items]    
Number of states in which entity operates | state 12  
Aggregate outstanding principal value $ 66,000  
Fair value adjustment on mortgage loans held for sale (647) $ (340)
Transaction expense (5,877)  
Sumitomo Forestry Co., Ltd.    
Short-Term Debt [Line Items]    
Transaction expense (5,900)  
Mortgage repurchase facilities    
Short-Term Debt [Line Items]    
Mortgage loans held for sale $ 66,200  
v3.26.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
business_line
segment
Segment Reporting Information  
Number of principal businesses | business_line 2
Homebuilding Operations  
Segment Reporting Information  
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
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information    
Total revenues $ 521,389 $ 740,928
Other operations expense (813) (794)
Sales and marketing (37,887) (42,942)
General and administrative (52,959) (57,675)
Income from operations 5,620 76,886
Equity in income (loss) of unconsolidated entities (88) 495
Transaction expense (5,877)  
Other income, net 7,236 9,129
Income before income taxes 6,891 86,510
Homebuilding Operations    
Segment Reporting Information    
Total revenues 507,896 723,427
Other operations expense (813) (794)
Sales and marketing (37,887) (42,942)
General and administrative (52,959) (57,675)
Income from operations 4,192 72,002
Equity in income (loss) of unconsolidated entities (88) 495
Transaction expense (5,877) 0
Other income, net 7,236 9,129
Financial Services    
Segment Reporting Information    
Total revenues 13,493 17,501
Financial services expense (12,065) (12,617)
Home sales revenue    
Segment Reporting Information    
Cost of home, land and lot sales (411,066) (548,273)
Home sales revenue | Homebuilding Operations    
Segment Reporting Information    
Total revenues 506,496 720,786
Cost of home, land and lot sales (411,066) (548,273)
Land and lot sales revenue    
Segment Reporting Information    
Cost of home, land and lot sales (979) (1,741)
Land and lot sales revenue | Homebuilding Operations    
Segment Reporting Information    
Total revenues 575 1,821
Cost of home, land and lot sales (979) (1,741)
Other operations revenue | Homebuilding Operations    
Segment Reporting Information    
Total revenues 825 820
Operating Segments | Homebuilding Operations    
Segment Reporting Information    
Total revenues 507,896 723,427
Other operations expense (813) (794)
Sales and marketing (37,689) (42,479)
General and administrative (33,472) (34,881)
Financial services expense 0 0
Income from operations 25,308 96,729
Equity in income (loss) of unconsolidated entities (88) 495
Transaction expense 0  
Other income, net 298 398
Income before income taxes 25,518 97,622
Operating Segments | Financial Services    
Segment Reporting Information    
Total revenues 13,493 17,501
Other operations expense 0 0
Sales and marketing 0 0
General and administrative 0 0
Financial services expense (12,065) (12,617)
Income from operations 1,428 4,884
Equity in income (loss) of unconsolidated entities 0 0
Transaction expense 0  
Other income, net 0 0
Income before income taxes 1,428 4,884
Operating Segments | West    
Segment Reporting Information    
Total revenues 266,758 401,749
Other operations expense (813) (794)
Sales and marketing (19,138) (22,769)
General and administrative (16,844) (18,326)
Financial services expense 0 0
Income from operations 12,455 53,681
Equity in income (loss) of unconsolidated entities (4) 2
Transaction expense 0  
Other income, net 7 90
Income before income taxes 12,458 53,773
Operating Segments | Central    
Segment Reporting Information    
Total revenues 154,850 211,932
Other operations expense 0 0
Sales and marketing (12,340) (13,337)
General and administrative (8,787) (8,801)
Financial services expense 0 0
Income from operations 8,423 28,569
Equity in income (loss) of unconsolidated entities 0 493
Transaction expense 0  
Other income, net 274 304
Income before income taxes 8,697 29,366
Operating Segments | East    
Segment Reporting Information    
Total revenues 86,288 109,746
Other operations expense 0 0
Sales and marketing (6,211) (6,373)
General and administrative (7,841) (7,754)
Financial services expense 0 0
Income from operations 4,430 14,479
Equity in income (loss) of unconsolidated entities (84) 0
Transaction expense 0  
Other income, net 17 4
Income before income taxes 4,363 14,483
Operating Segments | Home sales revenue | Homebuilding Operations    
Segment Reporting Information    
Total revenues 506,496 720,786
Cost of home, land and lot sales (409,635) (546,803)
Operating Segments | Home sales revenue | Financial Services    
Segment Reporting Information    
Total revenues 0 0
Cost of home, land and lot sales 0 0
Operating Segments | Home sales revenue | West    
Segment Reporting Information    
Cost of home, land and lot sales (217,203) (305,626)
Operating Segments | Home sales revenue | West | Homebuilding Operations    
Segment Reporting Information    
Total revenues 265,933 400,522
Operating Segments | Home sales revenue | Central    
Segment Reporting Information    
Cost of home, land and lot sales (124,626) (160,037)
Operating Segments | Home sales revenue | Central | Homebuilding Operations    
Segment Reporting Information    
Total revenues 154,275 210,522
Operating Segments | Home sales revenue | East    
Segment Reporting Information    
Cost of home, land and lot sales (67,806) (81,140)
Operating Segments | Home sales revenue | East | Homebuilding Operations    
Segment Reporting Information    
Total revenues 86,288 109,742
Operating Segments | Land and lot sales revenue | Homebuilding Operations    
Segment Reporting Information    
Total revenues 575 1,821
Cost of home, land and lot sales (979) (1,741)
Operating Segments | Land and lot sales revenue | Financial Services    
Segment Reporting Information    
Total revenues 0 0
Cost of home, land and lot sales 0 0
Operating Segments | Land and lot sales revenue | West    
Segment Reporting Information    
Cost of home, land and lot sales (305) (553)
Operating Segments | Land and lot sales revenue | West | Homebuilding Operations    
Segment Reporting Information    
Total revenues 0 421
Operating Segments | Land and lot sales revenue | Central    
Segment Reporting Information    
Cost of home, land and lot sales (674) (1,188)
Operating Segments | Land and lot sales revenue | Central | Homebuilding Operations    
Segment Reporting Information    
Total revenues 575 1,400
Operating Segments | Land and lot sales revenue | East    
Segment Reporting Information    
Cost of home, land and lot sales 0 0
Operating Segments | Land and lot sales revenue | East | Homebuilding Operations    
Segment Reporting Information    
Total revenues 0 0
Operating Segments | Other operations revenue | Homebuilding Operations    
Segment Reporting Information    
Total revenues 825 820
Operating Segments | Other operations revenue | Financial Services    
Segment Reporting Information    
Total revenues 0 0
Operating Segments | Other operations revenue | West | Homebuilding Operations    
Segment Reporting Information    
Total revenues 825 806
Operating Segments | Other operations revenue | Central | Homebuilding Operations    
Segment Reporting Information    
Total revenues 0 10
Operating Segments | Other operations revenue | East | Homebuilding Operations    
Segment Reporting Information    
Total revenues 0 4
Corporate    
Segment Reporting Information    
Total revenues 0 0
Other operations expense 0 0
Sales and marketing (198) (463)
General and administrative (19,487) (22,794)
Financial services expense 0 0
Income from operations (21,116) (24,727)
Equity in income (loss) of unconsolidated entities 0 0
Transaction expense (5,877)  
Other income, net 6,938 8,731
Income before income taxes (20,055) (15,996)
Corporate | Home sales revenue    
Segment Reporting Information    
Total revenues 0 0
Cost of home, land and lot sales (1,431) (1,470)
Corporate | Land and lot sales revenue    
Segment Reporting Information    
Total revenues 0 0
Cost of home, land and lot sales 0 0
Corporate | Other operations revenue    
Segment Reporting Information    
Total revenues $ 0 $ 0
v3.26.1
Segment Information - Schedule of Financial Information Relating to Reportable Segments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information    
Real estate inventories $ 3,302,319 $ 3,178,248
Total assets 4,962,324 4,977,535
Goodwill 139,300 139,300
Homebuilding Operations    
Segment Reporting Information    
Real estate inventories 3,302,319 3,178,248
Total assets 4,834,535 4,820,407
Goodwill 139,300 139,300
Homebuilding Operations | Corporate    
Segment Reporting Information    
Total assets 927,098 1,064,313
Homebuilding Operations | West    
Segment Reporting Information    
Goodwill 125,400 125,400
Homebuilding Operations | West | Operating Segments    
Segment Reporting Information    
Real estate inventories 1,989,254 1,902,818
Total assets 2,269,352 2,187,263
Homebuilding Operations | Central    
Segment Reporting Information    
Goodwill 8,300 8,300
Homebuilding Operations | Central | Operating Segments    
Segment Reporting Information    
Real estate inventories 823,491 794,189
Total assets 1,096,630 1,038,430
Homebuilding Operations | East    
Segment Reporting Information    
Goodwill 5,600 5,600
Homebuilding Operations | East | Operating Segments    
Segment Reporting Information    
Real estate inventories 489,574 481,241
Total assets 541,455 530,401
Financial Services | Operating Segments    
Segment Reporting Information    
Total assets $ 127,789 $ 157,128
v3.26.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income available to common stockholders $ 6,786 $ 64,036
Net income available to common stockholders $ 6,786 $ 64,036
Denominator:    
Basic weighted-average shares outstanding (in shares) 84,796,116 91,638,960
Effect of dilutive shares:    
Stock options and unvested restricted stock units (in shares) 380,628 438,720
Diluted weighted-average shares outstanding (in shares) 85,176,744 92,077,680
Earnings per share    
Basic (in dollars per share) $ 0.08 $ 0.70
Diluted (in dollars per share) $ 0.08 $ 0.70
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (in shares) 1,985,572 1,964,127
v3.26.1
Receivables - Schedule of Components of Receivables (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Receivables [Abstract]    
Escrow proceeds and other accounts receivable, net $ 75,724 $ 78,229
Warranty insurance receivable 68,917 69,021
Total receivables $ 144,641 $ 147,250
v3.26.1
Receivables - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 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
Mar. 31, 2026
Dec. 31, 2025
Real estate inventories owned:    
Homes completed or under construction $ 1,128,003 $ 1,038,990
Land under development 1,445,073 1,445,671
Land held for future development 160,018 159,627
Model homes 323,424 304,742
Total real estate inventories owned 3,056,518 2,949,030
Real estate inventories not owned:    
Land purchase and land option deposits 226,225 209,642
Consolidated inventory not owned 19,576 19,576
Total real estate inventories not owned 245,801 229,218
Total real estate inventories $ 3,302,319 $ 3,178,248
v3.26.1
Real Estate Inventories - Schedule of Interest Incurred, Capitalized and Expensed (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Real Estate [Abstract]    
Interest incurred $ 18,585 $ 21,319
Interest capitalized (18,585) (21,319)
Interest expensed 0 0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]    
Capitalized interest in beginning inventory 161,300 186,370
Interest capitalized as a cost of inventory 18,585 21,319
Interest previously capitalized as a cost of inventory, included in cost of sales (16,470) (23,153)
Capitalized interest in ending inventory $ 163,415 $ 184,536
v3.26.1
Real Estate Inventories - Schedule of Real Estate Inventory Impairments and Land Option Abandonments (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Real Estate [Abstract]      
Real estate inventory impairments $ 0 $ 0 $ 31,100,000
Land and lot option abandonments and pre-acquisition charges 1,068,000 1,073,000  
Total $ 1,068,000 $ 1,073,000  
v3.26.1
Real Estate Inventories - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Real Estate [Abstract]      
Real estate inventory impairments $ 0 $ 0 $ 31,100,000
v3.26.1
Investments in Unconsolidated Entities - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 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 16  
Long-term debt, gross | $ $ 197.4 $ 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
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Assets      
Cash $ 847,903   $ 982,814
Receivables 144,641   147,250
Real estate inventories 3,302,319   3,178,248
Other assets 184,555   187,899
Total assets 4,962,324   4,977,535
Liabilities and equity      
Company’s equity 3,307,043   3,315,834
Outside interests’ equity 119   95
Total liabilities and equity 4,962,324   4,977,535
Other operating expense (813) $ (794)  
Net income 6,810 64,017  
Company’s equity in (loss) income of unconsolidated entities (88) 495  
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Assets      
Cash 27,529   34,867
Receivables 2,240   446
Real estate inventories 818,164   695,084
Other assets 513   615
Total assets 848,446   731,012
Liabilities and equity      
Debt obligations and other liabilities 283,339   217,956
Company’s equity 217,019   183,075
Outside interests’ equity 348,088   329,981
Total liabilities and equity 848,446   $ 731,012
Net sales 19,379 17,910  
Other operating expense (19,458) (13,881)  
Other income (expense), net (209) 5  
Net income (288) 4,034  
Company’s equity in (loss) income of unconsolidated entities $ (88) $ 495  
v3.26.1
Variable Interest Entities - Schedule of Interests in Land and Lot Option Agreements (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Variable Interest Entity    
Deposits $ 226,225 $ 209,642
Remaining Purchase Price 2,059,115 2,069,358
Consolidated Inventory Held by VIEs 0 0
Unconsolidated VIEs    
Variable Interest Entity    
Deposits 218,809 201,640
Remaining Purchase Price 1,977,531 1,960,508
Other land option agreements    
Variable Interest Entity    
Deposits 7,416 8,002
Remaining Purchase Price $ 81,584 $ 108,850
v3.26.1
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Other land option agreements    
Variable Interest Entity    
Capitalized pre-acquisition costs $ 13.4 $ 13.1
v3.26.1
Goodwill and Other Intangible Assets (Details)
$ in Millions
Mar. 31, 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
Mar. 31, 2026
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 13,432 $ 12,377
Refundable fees and other deposits 19,816 18,913
Development rights, held for future use or sale 0 845
Deferred loan costs—loans payable 6,663 7,181
Operating properties and equipment, net 60,425 61,212
Lease right-of-use assets $ 72,458 $ 75,840
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total Total
Income tax receivable $ 6,377 $ 6,377
Other 5,384 5,154
Total $ 184,555 $ 187,899
v3.26.1
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]        
Accrued payroll and related costs $ 28,140 $ 50,938    
Warranty reserves 125,422 124,103 $ 113,865 $ 116,150
Estimated cost for completion of real estate inventories 103,395 92,623    
Customer deposits 33,198 23,757    
Liabilities related to inventory not owned 19,576 19,576    
Accrued income taxes payable 2,997 2,764    
Accrued interest 13,323 4,714    
Other tax liability 3,766 3,910    
Lease liabilities $ 85,868 $ 88,386    
Operating Lease, Liability, Statement of Financial Position [Extensible List] Total Total    
Other $ 12,681 $ 14,518    
Total $ 428,366 $ 425,289    
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Senior Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2020
Jun. 30, 2017
Debt Instrument        
Deferred loan costs $ (6,663) $ (7,181)    
Senior Notes        
Debt Instrument        
Deferred loan costs (2,142) (2,414)    
Total $ 647,858 $ 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 12 Months Ended
Sep. 18, 2025
USD ($)
tranche
option
Apr. 30, 2025
USD ($)
option
Jun. 30, 2020
USD ($)
Jun. 30, 2017
USD ($)
Mar. 31, 2026
USD ($)
loan
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
loan
Apr. 16, 2026
Sep. 17, 2025
USD ($)
Apr. 29, 2025
USD ($)
Debt Instrument                    
Deferred loan costs—loans payable         $ 6,663,000   $ 7,181,000      
Accrued interest         13,323,000   4,714,000      
Maximum borrowing capacity under facility             200,000,000.0      
Loans payable         $ 456,468,000   $ 456,468,000      
Number of seller-financed loans | loan         2   2      
Interest incurred         $ 18,585,000 $ 21,319,000        
Amortization of deferred financing costs         790,000 $ 617,000        
Mortgage repurchase facilities         59,315,000   $ 90,570,000      
Repurchase agreements outstanding             90,600,000      
Subsequent Event                    
Debt Instrument                    
Outstanding shares of voting stock, more than, percentage               50.00%    
Mortgage repurchase facilities                    
Debt Instrument                    
Maximum borrowing capacity under facility         200,000,000          
Line of credit facility, current borrowing capacity         140,700,000          
Mortgage repurchase facilities         $ 59,315,000          
Repurchase agreement weighted average interest rate         5.40%          
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         $ 2,142,000   2,414,000      
Accrued interest         11,100,000   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         $ 6,468,000   $ 6,468,000      
Seller financed loans | Seller-Financed Loans, Seller One                    
Debt Instrument                    
Interest rate on senior note         4.50%   4.50%      
Loans payable         $ 5,900,000   $ 5,900,000      
Second Seller Financed Loan | Seller-Financed Loans, Seller Two                    
Debt Instrument                    
Loans payable         $ 600,000   $ 600,000      
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%      
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%      
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         $ 6,700,000          
Accrued interest         1,900,000   $ 2,400,000      
Maximum borrowing capacity under facility   $ 850,000,000.0               $ 750,000,000.0
Loans payable         0          
Line of credit facility, current borrowing capacity         827,500,000          
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         22,500,000   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          
Term loan facility | Term loan facility                    
Debt Instrument                    
Loans payable         $ 450,000,000   $ 450,000,000      
Interest rate of outstanding debt         4.83%          
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%          
v3.26.1
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Outstanding Loans Payable (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Line of Credit Facility    
Total $ 456,468 $ 456,468
Seller financed loans    
Line of Credit Facility    
Total 6,468 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
Mar. 31, 2026
Dec. 31, 2025
Participating Mortgage Loans [Line Items]    
Outstanding Balance $ 59,315 $ 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 59,315  
Facility Amount 200,000  
Mortgage loans held for sale 66,200  
Facility uncommitted amount 140,700  
Mortgage repurchase facilities | Warehouse A    
Participating Mortgage Loans [Line Items]    
Outstanding Balance 37,822  
Facility Amount $ 100,000  
Interest Rate 1.75%  
Mortgage repurchase facilities | Warehouse B    
Participating Mortgage Loans [Line Items]    
Outstanding Balance $ 21,493  
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
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred loan costs $ 6,663 $ 7,181
Level 2 | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 66,152 98,514
Level 2 | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 66,152 98,514
Mortgage repurchase facilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 66,200  
Mortgage repurchase facilities | Level 2 | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage repurchase facilities 59,315 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 59,315 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 2,142 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 653,500 657,888
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 6,468 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 $ 6,468 $ 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 ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment Charge $ 0 $ 0 $ 31,100,000
Fair Value Net of Impairment 3,302,319,000   3,178,248,000
Level 3 | Fair Value, Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment Charge 0   31,097,000
Fair Value Net of Impairment $ 0   $ 106,315,000
v3.26.1
Fair Value Disclosures - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment charges $ 0 $ 0 $ 31,100,000
Homebuilding Operations | West      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment charges     $ 11,000,000.0
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     0.15
Homebuilding Operations | Central      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment charges     $ 4,800,000
Homebuilding Operations | East      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment charges     $ 15,300,000
v3.26.1
Commitments and Contingencies - Narrative (Details)
 12 Months Ended
Dec. 31, 1987
lease
Mar. 31, 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   $ 12,681,000 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   $ 644,100,000 634,900,000
Estimated remaining liabilities related to surety bonds   $ 528,900,000 $ 492,400,000
v3.26.1
Commitments and Contingencies - Schedule of Warranty Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Movement in Standard Product Warranty Accrual    
Warranty reserves, beginning of period $ 124,103 $ 116,150
Warranty reserves accrued 5,328 7,188
Warranty expenditures (4,009) (9,473)
Warranty reserves, end of period $ 125,422 $ 113,865
v3.26.1
Commitments and Contingencies - Schedule of Lease Costs and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Lessee, Lease, Description      
Net lease cost $ 3,525 $ 3,211  
Right-of-use assets obtained in exchange for new operating lease liabilities 169 830  
Operating leases      
Lessee, Lease, Description      
Lease cost 3,537 3,222  
Sublease income 0 0  
Cash paid for amounts included in the measurement of lease liabilities $ 3,705 3,234  
Weighted-average discount rate 5.40%   5.40%
Weighted-average remaining lease term 5 years 6 months   5 years 8 months 12 days
Ground leases      
Lessee, Lease, Description      
Lease cost $ 813 794  
Sublease income (825) (805)  
Cash paid for amounts included in the measurement of lease liabilities $ 663 $ 663  
Weighted-average discount rate 10.20%   10.20%
Weighted-average remaining lease term 42 years 3 months 18 days   42 years 6 months
v3.26.1
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Lessee, Lease, Description    
Present value of operating lease liabilities $ 85,868 $ 88,386
Property, Equipment and Other Leases    
Lessee, Lease, Description    
Remaining in 2026 9,695  
2027 13,661  
2028 13,297  
2029 11,766  
2030 8,190  
Thereafter 11,595  
Total lease payments 68,204  
Less: Interest 9,470  
Present value of operating lease liabilities 58,734  
Ground Leases    
Lessee, Lease, Description    
Remaining in 2026 2,428  
2027 3,237  
2028 3,237  
2029 3,237  
2030 3,237  
Thereafter 68,928  
Total lease payments 84,304  
Less: Interest 57,170  
Present value of operating lease liabilities 27,134  
Payments to be received $ 50,500  
v3.26.1
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Feb. 17, 2026
$ / shares
shares
May 05, 2025
$ / shares
shares
Feb. 19, 2025
metric
$ / shares
shares
Mar. 31, 2026
USD ($)
$ / shares
shares
Dec. 31, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award          
Unrecognized stock based compensation related to all stock-based awards | $       $ 44.4  
Weighted average period, expense to recognized       1 year 4 months 24 days  
Number of separate performance metrics | metric     2    
Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award          
Restricted stock units, granted (in shares)       575,329  
Granted (in dollars per share) | $ / shares       $ 46.28  
Employees and Officers | Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award          
Restricted stock units, granted (in shares)     760,119 1,517  
Award vesting period 3 years   3 years 3 years  
Granted (in dollars per share) | $ / shares $ 46.30   $ 30.89    
Employees and Officers | Time Based Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award          
Restricted stock units, granted (in shares) 573,812   509,446    
Officers | Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award          
Granted (in dollars per share) | $ / shares     $ 30.89    
Officers | Restricted Stock Units (RSUs) | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award          
Vesting rights     0.00%    
Officers | Restricted Stock Units (RSUs) | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award          
Vesting rights     100.00%    
Officers | Restricted Stock Units (RSUs) | Homebuilding Revenue          
Share-based Compensation Arrangement by Share-based Payment Award          
Performance percentage     50.00%    
Officers | Restricted Stock Units (RSUs) | Pre-tax Earnings          
Share-based Compensation Arrangement by Share-based Payment Award          
Performance percentage     50.00%    
Non-employee members on Board of Directors | Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award          
Restricted stock units, granted (in shares)   27,820      
Granted (in dollars per share) | $ / shares   $ 31.45      
Employees | Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award          
Restricted stock units, granted (in shares)         11,903
Award vesting period         3 years
2022 Plan          
Share-based Compensation Arrangement by Share-based Payment Award          
Common stock authorized for incentive plan (in shares)       7,500,000  
Shares available for future grant (in shares)       4,281,085  
v3.26.1
Stock-Based Compensation - Schedule of Compensation Expense Recognized Related to all Stock-Based Awards (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Total stock-based compensation $ 1,957 $ 7,556
v3.26.1
Stock-Based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Restricted Stock Units  
Nonvested RSU's beginning balance (in shares) | shares 3,122,349
Granted (in shares) | shares 575,329
Vested (in shares) | shares (1,095,599)
Forfeited (in shares) | shares (23,374)
Nonvested RSU's ending balance (in shares) | shares 2,578,705
Weighted Average Grant Date Fair Value Per Share  
Beginning balance (in dollars per share) | $ / shares $ 30.42
Granted (in dollars per share) | $ / shares 46.28
Vested (in dollars per share) | $ / shares 25.81
Forfeited (in dollars per share) | $ / shares 26.42
Ending balance (in dollars per share) | $ / shares $ 35.95
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]      
Deferred tax assets, net $ 43,132   $ 43,132
Valuation allowance related to net deferred tax assets 3,700   $ 3,400
Provision for income taxes $ 81 $ 22,493  
v3.26.1
Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Supplemental disclosure of cash flow information:    
Interest paid (capitalized), net $ (9,399) $ (9,046)
Income taxes paid, net 0 518
Supplemental disclosures of noncash activities:    
Increase in share repurchase excise tax accrual 0 589
Amortization of deferred loan costs capitalized to real estate inventory 790 618
Increase in noncontrolling interests $ 0 $ 32
v3.26.1
Merger Transaction (Details)
$ / shares in Units, $ in Thousands
Feb. 13, 2026
USD ($)
$ / shares
Business Combination [Abstract]  
Transferred equity interests value (in dollars per share) | $ / shares $ 47.00
Termination fee | $ $ 82,336