TRI POINTE HOMES, INC., 10-Q filed on 7/24/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 16, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 1-35796  
Entity Registrant Name Tri Pointe Homes, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-1763235  
Entity Address, Address Line One 940 Southwood Blvd  
Entity Address, Address Line Two Suite 200  
Entity Address, City or Town Incline Village  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89451  
City Area Code 775  
Local Phone Number 413-1030  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol TPH  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   87,506,511
Amendment Flag false  
Document Fiscal year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001561680  
Current Fiscal Year End Date --12-31  
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 622,642 $ 970,045
Receivables 165,716 111,613
Real estate inventories 3,301,302 3,153,459
Investments in unconsolidated entities 194,089 173,924
Mortgage loans held for sale 104,862 115,001
Goodwill and other intangible assets, net 156,603 156,603
Deferred tax assets, net 45,975 45,975
Other assets 206,653 164,495
Total assets 4,797,842 4,891,115
Liabilities    
Accounts payable 81,448 68,228
Accrued expenses and other liabilities 417,304 465,563
Loans payable 262,921 270,970
Senior notes, net 647,053 646,534
Mortgage repurchase facilities 99,022 104,098
Total liabilities 1,507,748 1,555,393
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 0 0
Common stock, $0.01 par value, 500,000,000 shares authorized;    87,506,511 and 92,451,729 shares issued and outstanding at   June 30, 2025 and December 31, 2024, respectively 875 925
Additional paid-in capital 0 0
Retained earnings 3,289,086 3,334,785
Total stockholders’ equity 3,289,961 3,335,710
Noncontrolling interests 133 12
Total equity 3,290,094 3,335,722
Total liabilities and equity $ 4,797,842 $ 4,891,115
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock authorized (in shares) 50,000,000 50,000,000
Preferred stock issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 500,000,000 500,000,000
Common stock issued (in shares) 87,506,511 92,451,729
Common stock outstanding (in shares) 87,506,511 92,451,729
v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total revenues $ 902,413 $ 1,154,924 $ 1,643,341 $ 2,094,326
Other operations expense 793 765 1,587 1,530
Sales and marketing 50,171 56,804 93,113 107,028
General and administrative 60,803 67,747 118,478 119,075
Homebuilding income from operations 76,705 149,196 153,591 264,493
Equity in income of unconsolidated entities 471 99 966 156
Other income, net 7,174 9,934 16,303 25,160
Income before income taxes 84,350 159,229 170,860 289,809
Provision for income taxes (23,640) (41,227) (46,133) (72,811)
Net income 60,710 118,002 124,727 216,998
Net loss attributable to noncontrolling interests 38 0 57 59
Net income available to common stockholders $ 60,748 $ 118,002 $ 124,784 $ 217,057
Earnings per share        
Basic (in dollars per share) $ 0.68 $ 1.25 $ 1.38 $ 2.29
Diluted (in dollars per share) $ 0.68 $ 1.25 $ 1.38 $ 2.28
Weighted average shares outstanding        
Basic (in shares) 88,914,413 94,059,037 90,269,159 94,645,676
Diluted (in shares) 89,234,359 94,740,019 90,648,492 95,305,469
Homebuilding Operations        
Total revenues $ 884,010 $ 1,137,950 $ 1,607,437 $ 2,064,158
Other operations expense 793 765 1,587 1,530
Sales and marketing 50,171 56,804 93,113 107,028
General and administrative 60,803 67,747 118,478 119,075
Homebuilding income from operations 72,360 143,112 144,362 253,942
Equity in income of unconsolidated entities 471 99 966 156
Other income, net 7,174 9,934 16,303 25,160
Homebuilding income before income taxes 80,005 153,145 161,631 279,258
Financial Services        
Total revenues 18,403 16,974 35,904 30,168
Expenses 14,058 10,890 26,675 19,617
Financial services income before income taxes 4,345 6,084 9,229 10,551
Home sales revenue        
Cost of home, land and lot sales 696,630 865,681 1,244,903 1,572,985
Home sales revenue | Homebuilding Operations        
Total revenues 879,832 1,133,008 1,600,618 2,051,361
Cost of home, land and lot sales 696,630 865,681 1,244,903 1,572,985
Land and lot sales revenue        
Cost of home, land and lot sales 3,253 3,841 4,994 9,598
Land and lot sales revenue | Homebuilding Operations        
Total revenues 3,364 4,160 5,185 11,228
Cost of home, land and lot sales 3,253 3,841 4,994 9,598
Other operations revenue | Homebuilding Operations        
Total revenues $ 814 $ 782 $ 1,634 $ 1,569
v3.25.2
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-in Capital
Retained Earnings
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023     95,530,512      
Beginning balance at Dec. 31, 2023 $ 3,013,638 $ 3,010,958 $ 955 $ 0 $ 3,010,003 $ 2,680
Increase (Decrease) in Stockholders' Equity            
Net income (loss) 216,998 217,057     217,057 (59)
Shares issued under share-based awards (in shares)     820,553      
Shares issued under share-based awards 1,041 1,041 $ 8 1,033    
Tax withholding paid on behalf of employees for share-based awards (16,604) (16,604)   (16,604)    
Stock-based compensation expense 15,619 15,619   15,619    
Share repurchases (in shares)     (2,488,847)      
Share repurchases (87,319) (87,319) $ (24) (87,295)    
Distributions to noncontrolling interests, net (2,609)         (2,609)
Acquisition of joint venture minority interest (1,268) (1,268)   (1,268)    
Reclass the negative APIC to retained earnings 0     88,515 (88,515)  
Ending balance (in shares) at Jun. 30, 2024     93,862,218      
Ending balance at Jun. 30, 2024 3,139,496 3,139,484 $ 939 0 3,138,545 12
Beginning balance (in shares) at Mar. 31, 2024     94,877,377      
Beginning balance at Mar. 31, 2024 3,049,658 3,049,646 $ 949 0 3,048,697 12
Increase (Decrease) in Stockholders' Equity            
Net income (loss) 118,002 118,002     118,002  
Shares issued under share-based awards (in shares)     30,903      
Tax withholding paid on behalf of employees for share-based awards (32) (32)   (32)    
Stock-based compensation expense 8,940 8,940   8,940    
Share repurchases (in shares)     (1,046,062)      
Share repurchases (37,072) (37,072) $ (10) (37,062)    
Reclass the negative APIC to retained earnings 0     28,154 (28,154)  
Ending balance (in shares) at Jun. 30, 2024     93,862,218      
Ending balance at Jun. 30, 2024 $ 3,139,496 3,139,484 $ 939 0 3,138,545 12
Beginning balance (in shares) at Dec. 31, 2024 92,451,729   92,451,729      
Beginning balance at Dec. 31, 2024 $ 3,335,722 3,335,710 $ 925 0 3,334,785 12
Increase (Decrease) in Stockholders' Equity            
Net income (loss) 124,727 124,784     124,784 (57)
Shares issued under share-based awards (in shares)     513,476      
Shares issued under share-based awards 0   $ 5 (5)    
Tax withholding paid on behalf of employees for share-based awards (9,957) (9,957)   (9,957)    
Stock-based compensation expense 16,159 16,159   16,159    
Share repurchases (in shares)     (5,458,694)      
Share repurchases (176,688) (176,688) $ (55) (176,633)    
Noncontrolling interest in consolidated subsidiary 178         178
Acquisition of joint venture minority interest (47) (47)     (47)  
Reclass the negative APIC to retained earnings $ 0     170,436 (170,436)  
Ending balance (in shares) at Jun. 30, 2025 87,506,511   87,506,511      
Ending balance at Jun. 30, 2025 $ 3,290,094 3,289,961 $ 875 0 3,289,086 133
Beginning balance (in shares) at Mar. 31, 2025     90,669,862      
Beginning balance at Mar. 31, 2025 3,321,724 3,321,699 $ 907 0 3,320,792 25
Increase (Decrease) in Stockholders' Equity            
Net income (loss) 60,710 60,748     60,748 (38)
Shares issued under share-based awards (in shares)     24,631      
Tax withholding paid on behalf of employees for share-based awards (36) (36)   (36)    
Stock-based compensation expense 8,603 8,603   8,603    
Share repurchases (in shares)     (3,187,982)      
Share repurchases (101,053) (101,053) $ (32) (101,021)    
Noncontrolling interest in consolidated subsidiary 146         146
Reclass the negative APIC to retained earnings $ 0     92,454 (92,454)  
Ending balance (in shares) at Jun. 30, 2025 87,506,511   87,506,511      
Ending balance at Jun. 30, 2025 $ 3,290,094 $ 3,289,961 $ 875 $ 0 $ 3,289,086 $ 133
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 124,727 $ 216,998
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 15,044 15,024
Equity in income of unconsolidated entities, net (966) (156)
Amortization of stock-based compensation 16,159 15,619
Charges for impairments and lot option abandonments 14,169 1,370
Fair value adjustment on mortgage loans held for sale 215 0
Gain on increase in carrying amount of investment 0 (3,495)
Returns on investments in unconsolidated entities, net 966 0
Changes in assets and liabilities:    
Real estate inventories (159,656) (127,199)
Mortgage loans held for sale 9,924 (32,936)
Receivables (54,103) 112,999
Other assets (24,172) (5,688)
Accounts payable 13,352 (7,423)
Accrued expenses and other liabilities (61,075) (17,219)
Net cash (used in) provided by operating activities (105,416) 167,894
Cash flows from investing activities:    
Purchases of property and equipment (18,296) (12,547)
Proceeds from investment 0 717
Net investments in unconsolidated entities (32,483) (19,869)
Distributions from unconsolidated entities 11,230 16,289
Net cash used in investing activities (39,549) (15,410)
Cash flows from financing activities:    
Borrowings from loans payable 1,600 420
Repayment of loans payable and senior notes (9,649) (454,828)
Debt issuance costs (4,246) 0
Borrowings on mortgage repurchase facilities 697,084 68,963
Repayments on mortgage repurchase facilities (702,160) (36,867)
Distributions to noncontrolling interests 0 (3,877)
Proceeds from issuance of common stock under share-based awards 0 1,041
Tax withholding paid on behalf of employees for share-based awards (9,957) (16,604)
Share repurchases, excluding excise tax (175,110) (86,745)
Net cash used in financing activities (202,438) (528,497)
Net decrease in cash and cash equivalents (347,403) (376,013)
Cash and cash equivalents–beginning of period 970,045 868,953
Cash and cash equivalents–end of period $ 622,642 $ 492,940
v3.25.2
Organization, Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization, Basis of Presentation and Summary of Significant Accounting Policies
Organization
Tri Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes across twelve states, including Arizona, California, Colorado, Florida, Maryland, Nevada, North Carolina, South Carolina, Texas, Virginia, Utah and Washington, and the District of Columbia. In April 2024, we announced our expansion into the Coastal Carolinas region, which includes parts of South Carolina and Georgia. While we have an established presence in South Carolina, we have not yet commenced operations in Georgia as of June 30, 2025.
Basis of Presentation
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 due to seasonal variations and other factors.
The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of June 30, 2025 and December 31, 2024 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation.
Unless the context otherwise requires, the terms “Tri Pointe”, “the Company”, “we”, “us”, and “our” used herein refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries.
Reclassifications
Certain amounts for prior years have been reclassified to conform to the current period presentation.
Use of Estimates
The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
Cash and Cash Equivalents and Concentration of Credit Risk

We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Revenue Recognition
We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.
Home sales revenue
We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
Financial services revenues
Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing our own funds. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders.
Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. When we act as a mortgage loan broker and originate loans with third party lenders, mortgage loan broker fees and mortgage loan origination fees are recognized at the time the mortgage loans are funded. When we provide mortgage financing, we recognize fees on mortgage loan originations upon loan origination.
Mortgage loans held for sale
We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. As of June 30, 2025, mortgage loans held for sale had an aggregate estimated fair value of $104.9 million and an aggregate outstanding principal balance of $104.6 million. For the three months ended June 30, 2025, we recorded an unrealized gain of $125,000, and for the six months ended June 30, 2025, we recorded an unrealized loss of $215,000. These amounts were included in Financial Services revenue and relate to the mortgage loans held for sale as of June 30, 2025.
Title and escrow services operations
Tri Pointe Assurance provides title examinations for our homebuyers in the Carolinas and Colorado and both title examinations and escrow services for our homebuyers in Arizona, the District of Columbia, Maryland, Nevada, Texas, Washington and Virginia. Tri Pointe Assurance is a wholly owned subsidiary of Tri Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. Tri Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations.
Property and casualty insurance agency operations
Tri Pointe Advantage is a wholly owned subsidiary of Tri Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. Tri Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations.
New Accounting Standards
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. We adopted ASU 2023-07 in the fourth quarter of 2024 and we applied the amendments retrospectively to all prior periods presented in our consolidated financial statements. See Note 2, Segment Information in the Notes to the Consolidated Financial Statements.
In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 will become effective for our fiscal year ending December 31, 2025. We are currently evaluating the impact this new standard will have on our financial statement disclosures.
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.
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We operate two principal businesses: homebuilding and financial services.
Tri Pointe Homes is engaged in the business of acquiring and developing land and constructing and selling single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting, we have aggregated our geographical homebuilding segments under the aggregation criteria outlined. In determining the most appropriate reportable segments, we considered similar economic and other characteristics, including product types, average selling prices, gross profits, production processes, suppliers, subcontractors, regulatory environments, land acquisition results, and underlying demand and supply. In addition, our determination of reporting segments considered how our chief operating decision maker evaluates operating performance and capital allocation. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding reporting segments which are reported under the following hierarchy:
West region: Arizona, California, Nevada and Washington
Central region: Colorado, Texas and Utah
East region: District of Columbia, Florida, Maryland, North Carolina, South Carolina and Virginia
In April 2024, we announced our expansion into the Coastal Carolinas region, which includes parts of South Carolina and Georgia. While we have an established presence in South Carolina, we have not yet commenced operations in Georgia as of June 30, 2025.
Our Tri Pointe Solutions financial services operation is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, our Tri Pointe Assurance title and escrow services operations, and our Tri Pointe Advantage property and casualty insurance agency operations. These financial services businesses have been aggregated in accordance with the criteria outlined in ASC 280, considering their similar economic and operational characteristics. For further details, see Note 1, Organization and Summary of Significant Accounting Policies.
Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
Our Chief Executive Officer (CEO) is our Chief Operating Decision Maker (CODM) and reviews segment performance to make resource allocation decisions. The CODM evaluates each segment based on revenue, operating profit, and other key homebuilding metrics to guide strategic decisions.
Total revenues, significant expenses and income before income taxes for each of our reportable segments were as follows (in thousands):
Three Months Ended June 30, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$470,305 $262,593 $146,934 $879,832 $— $— $879,832 
Land and lot sales revenue3,364 — — 3,364 — — 3,364 
Other operations revenue805 8 1 814 — — 814 
Financial services revenue— — — — 18,403 — 18,403 
Total revenues474,474 262,601 146,935 884,010 18,403 — 902,413 
Cost of home sales(372,305)(208,977)(113,536)(694,818)— (1,812)(696,630)
Cost of land and lot sales(3,253)— — (3,253)— — (3,253)
Other operations expense(793)— — (793)— — (793)
Sales and marketing(24,560)(17,227)(7,833)(49,620)— (551)(50,171)
General and administrative(18,647)(9,285)(8,134)(36,066)— (24,737)(60,803)
Financial services expense— — — — (14,058)— (14,058)
Income from operations54,916 27,112 17,432 99,460 4,345 (27,100)76,705 
Equity in income (loss) of unconsolidated entities65 406 — 471 — — 471 
Other income, net148 146 — 294 — 6,880 7,174 
Income (loss) before income taxes$55,129 $27,664 $17,432 $100,225 $4,345 $(20,220)$84,350 
Three Months Ended June 30, 2024
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$674,391 $299,910 $158,707 $1,133,008 $— $— $1,133,008 
Land and lot sales revenue2,480 1,680 — 4,160 — — 4,160 
Other operations revenue778 4 — 782 — — 782 
Financial services revenue— — — — 16,974 — 16,974 
Total revenues677,649 301,594 158,707 1,137,950 16,974 — 1,154,924 
Cost of home sales(519,000)(222,313)(122,057)(863,370)— (2,311)(865,681)
Cost of land and lot sales(2,324)(1,517)— (3,841)— — (3,841)
Other operations expense(765)— — (765)— — (765)
Sales and marketing(30,579)(17,987)(8,003)(56,569)— (235)(56,804)
General and administrative(20,928)(9,659)(7,038)(37,625)— (30,122)(67,747)
Financial services expense— — — — (10,890)— (10,890)
Income from operations104,053 50,118 21,609 175,780 6,084 (32,668)149,196 
Equity in income (loss) of unconsolidated entities(9)164 (56)99 — — 99 
Other income, net159 5 51 215 — 9,719 9,934 
Income (loss) before income taxes$104,203 $50,287 $21,604 $176,094 $6,084 $(22,949)$159,229 
Six Months Ended June 30, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$870,827 $473,115 $256,676 $1,600,618 $— $— $1,600,618 
Land and lot sales revenue3,785 1,400 — 5,185 — — 5,185 
Other operations revenue1,611 18 5 1,634 — — 1,634 
Financial services revenue— — — — 35,904 — 35,904 
Total revenues876,223 474,533 256,681 1,607,437 35,904 — 1,643,341 
Cost of home sales(677,931)(369,014)(194,676)(1,241,621)— (3,282)(1,244,903)
Cost of land and lot sales(3,806)(1,188)— (4,994)— — (4,994)
Other operations expense(1,587)— — (1,587)— — (1,587)
Sales and marketing(47,329)(30,564)(14,206)(92,099)— (1,014)(93,113)
General and administrative(36,973)(18,086)(15,888)(70,947)— (47,531)(118,478)
Financial services expense— — — — (26,675)— (26,675)
Income from operations108,597 55,681 31,911 196,189 9,229 (51,827)153,591 
Equity in income (loss) of unconsolidated entities67 899 — 966 — — 966 
Other income, net238 450 4 692 — 15,611 16,303 
Income (loss) before income taxes$108,902 $57,030 $31,915 $197,847 $9,229 $(36,216)$170,860 
Six Months Ended June 30, 2024
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$1,221,812 $572,449 $257,100 $2,051,361 $— $— $2,051,361 
Land and lot sales revenue7,869 3,359 — 11,228 — — 11,228 
Other operations revenue1,558 10 1 1,569 — — 1,569 
Financial services revenue— — — — 30,168 — 30,168 
Total revenues1,231,239 575,818 257,101 2,064,158 30,168 — 2,094,326 
Cost of home sales(944,732)(426,368)(197,576)(1,568,676)— (4,309)(1,572,985)
Cost of land and lot sales(6,920)(2,678)— (9,598)— — (9,598)
Other operations expense(1,530)— — (1,530)— — (1,530)
Sales and marketing(57,818)(34,383)(14,233)(106,434)— (594)(107,028)
General and administrative(39,027)(16,716)(12,926)(68,669)— (50,406)(119,075)
Financial services expense— — — — (19,617)— (19,617)
Income from operations181,212 95,673 32,366 309,251 10,551 (55,309)264,493 
Equity in income (loss) of unconsolidated entities(18)169 5 156 — — 156 
Other income, net712 139 54 905 — 24,255 25,160 
Income (loss) before income taxes$181,906 $95,981 $32,425 $310,312 $10,551 $(31,054)$289,809 


 
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
June 30, 2025December 31, 2024
Real estate inventories
West$2,011,316 $1,928,257 
Central813,730 791,171 
East476,256 434,031 
Total$3,301,302 $3,153,459 
Total assets(1)
West$2,324,244 $2,186,696 
Central1,066,876 1,014,811 
East531,875 473,874 
Corporate697,258 1,041,646 
Total homebuilding assets4,620,253 4,717,027 
Financial services177,589 174,088 
Total$4,797,842 $4,891,115 
__________
(1)    Total assets as of June 30, 2025 and December 31, 2024 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of June 30, 2025 and December 31, 2024 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Numerator:    
Net income available to common stockholders$60,748 $118,002 $124,784 $217,057 
Denominator:    
Basic weighted-average shares outstanding88,914,413 94,059,037 90,269,159 94,645,676 
Effect of dilutive shares:   
Stock options and unvested restricted stock units319,946 680,982 379,333 659,793 
Diluted weighted-average shares outstanding89,234,359 94,740,019 90,648,492 95,305,469 
Earnings per share    
Basic$0.68 $1.25 $1.38 $2.29 
Diluted$0.68 $1.25 $1.38 $2.28 
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share2,176,699 1,305,166 2,070,413 1,579,593 
v3.25.2
Receivables
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Receivables Receivables
Receivables consisted of the following (in thousands):
June 30, 2025December 31, 2024
Escrow proceeds and other accounts receivable, net$101,270 $43,074 
Warranty insurance receivable (Note 13)64,446 68,539 
Total receivables$165,716 $111,613 
Receivables are evaluated for collectability and allowances for potential losses are established or maintained on applicable receivables based on an expected credit loss approach. Receivables were net of allowances for doubtful accounts of $436,000 as of both June 30, 2025 and December 31, 2024.
v3.25.2
Real Estate Inventories
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Real Estate Inventories Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
June 30, 2025December 31, 2024
Real estate inventories owned:
Homes completed or under construction$1,515,598 $1,294,928 
Land under development1,124,896 1,174,564 
Land held for future development159,022 157,348 
Model homes289,588 285,550 
Total real estate inventories owned3,089,104 2,912,390 
Real estate inventories not owned:
Land purchase and land option deposits212,198 241,069 
Total real estate inventories not owned212,198 241,069 
Total real estate inventories$3,301,302 $3,153,459 
 
Homes completed or under construction is comprised of costs associated with homes in various stages of construction and includes direct construction and related land acquisition and land development costs. Land under development primarily consists of land acquisition and land development costs, which include capitalized interest and real estate taxes, associated with land undergoing improvement activity. Land held for future development principally reflects land acquisition and land development costs related to land where development activity has not yet begun or has been suspended, but is expected to occur in the future.
Real estate inventories not owned represents deposits related to land purchase and land and lot option agreements. For further details, see Note 7, Variable Interest Entities.
Interest incurred, capitalized and expensed were as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Interest incurred$20,374 $30,378 $41,693 $66,534 
Interest capitalized(20,374)(30,378)(41,693)(66,534)
Interest expensed$— $— $— $— 
Capitalized interest in beginning inventory$184,536 $226,957 $186,370 $221,647 
Interest capitalized as a cost of inventory20,374 30,378 41,693 66,534 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(25,578)(39,164)(48,731)(70,010)
Capitalized interest in ending inventory$179,332 $218,171 $179,332 $218,171 
 
Interest is capitalized to real estate inventory during development and other qualifying activities. During all periods presented, we capitalized all interest incurred to real estate inventory in accordance with ASC Topic 835, Interest, as our qualified assets exceeded our debt. Interest that is capitalized to real estate inventory is included in cost of home sales or cost of land and lot sales as related units or lots are delivered. Interest that is expensed as incurred is included in other (expense) income, net.
Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Real estate inventory impairments$11,000 $— $11,000 $— 
Land and lot option abandonments and pre-acquisition charges2,096 968 3,169 1,370 
Total$13,096 $968 $14,169 $1,370 
Impairments of real estate inventory relate primarily to projects or communities that include homes completed or under construction. During the three and six months ended June 30, 2025, we recorded a real estate inventory impairment charge of $11.0 million related to one active community in the West reporting segment where the carrying value of the community exceeded the fair value based on a discounted cash flows analysis. The impairment charge occurred in our second quarter reporting period, and the discount rate used to calculate fair value was 12%. We considered both market risk and community-specific risk to arrive at a discount rate appropriate for the level of total risk associated with this community.There were no real estate inventory impairment charges recorded during the three or six months ended June 30, 2024.
In addition to owning land and residential lots, we also have option agreements to purchase land and lots at a future date. We have option deposits and capitalized pre-acquisition costs associated with the optioned land and lots. When the economics of a project no longer support acquisition of the land or lots under option, we may elect not to move forward with the acquisition. Option deposits and capitalized pre-acquisition costs associated with the assets under option may be forfeited at that time. 
Real estate inventory impairments and land option abandonments are recorded in cost of home sales in the consolidated statements of operations.
v3.25.2
Investments in Unconsolidated Entities
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities Investments in Unconsolidated Entities
As of June 30, 2025, 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):
June 30, 2025December 31, 2024
Assets
Cash$25,225 $35,130 
Receivables914 1,777 
Real estate inventories696,591 628,729 
Other assets6,636 7,198 
Total assets$729,366 $672,834 
Liabilities and equity
Debt obligations and other liabilities$214,884 $198,543 
Company’s equity194,089 173,924 
Outside interests’ equity320,393 300,367 
Total liabilities and equity$729,366 $672,834 
 
Guarantees
The unconsolidated entities in which we hold an equity investment generally finance their activities with a combination of equity and secured project debt financing. We have, and in some cases our joint venture partner has, guaranteed portions of
the loan obligations for some of the homebuilding partnerships or limited liability companies, which may include any or all of the following: (i) project completion; (ii) remargin obligations; and (iii) environmental indemnities.
In circumstances in which we have entered into joint and several guarantees with our joint venture partner, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed-upon share of the guaranteed obligations. In the event our joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, or otherwise fails to satisfy its obligations thereunder, we may be responsible for more than our proportionate share of any obligations under such guarantees.
As of June 30, 2025 and December 31, 2024, we have not recorded any liabilities for these obligations and guarantees, as the fair value of the related joint venture real estate assets exceeded the threshold where a remargin payment would be required and no other obligations under the guarantees existed as of such time. At June 30, 2025 and December 31, 2024, aggregate outstanding debt for unconsolidated entities, included in the “Debt obligations and other liabilities” line of the aggregated assets, liabilities and equity shown in the table above, was $181.5 million and $185.8 million, respectively.

Aggregated results of operations from unconsolidated entities (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Net sales$41,499 $34,016 $59,409 $63,914 
Other operating expense(12,226)(31,294)(26,107)(61,351)
Other income (expense), net(5)831 — 825 
Net income $29,268 $3,553 $33,302 $3,388 
Company’s equity in income of unconsolidated entities$471 $99 $966 $156 
The aggregate results of operations from unconsolidated entities include related party transactions with the Company. When we purchase land from a joint venture in which we are a partner, such transactions are reflected as net sales in the joint ventures’ operating results, with any profit eliminated in the consolidated financial statements. Additionally, when we act as the general partner or managing member, we earn an immaterial, market-based administrative fee for services provided, which is reflected as other operating expense in the joint ventures’ operating results, and as other income (expense) on our consolidated statements of operations.
v3.25.2
Variable Interest Entities
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
Land and Lot Option Agreements
In the ordinary course of business, we enter into land and lot option agreements in order to procure land and residential lots for future development and the construction of homes. The use of such land and lot option agreements generally allows us to reduce the risks associated with direct land ownership and development, and reduces our capital and financial commitments. Pursuant to these land and lot option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. These deposits are recorded as land purchase and land option deposits under real estate inventories not owned on the accompanying consolidated balance sheets.
We analyze each of our land and lot option agreements and other similar contracts under the provisions of Accounting Standards Topic 810 (“ASC 810”), Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE.
Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is generally limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on
behalf of the landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots.
The following provides a summary of our interests in land and lot option agreements (in thousands):
 June 30, 2025December 31, 2024
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$204,008 $1,930,370 N/A$224,319 $1,976,828 N/A
Other land option agreements8,190 91,861 N/A16,750 231,059 N/A
Total$212,198 $2,022,231 $— $241,069 $2,207,887 $— 
 
Unconsolidated VIEs represent land option agreements that were not consolidated because we were not the primary beneficiary. Other land option agreements were not with VIEs.
In addition to the deposits presented in the table above, our exposure to loss related to our land and lot option contracts consisted of capitalized pre-acquisition costs of $10.5 million and $9.3 million as of June 30, 2025 and December 31, 2024, respectively. These pre-acquisition costs are included in real estate inventories as land under development on our consolidated balance sheets.
v3.25.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
As of June 30, 2025 and December 31, 2024, $139.3 million of goodwill is included in goodwill and other intangible assets, net on each of the consolidated balance sheets, which was recorded in connection with our merger with Weyerhaeuser Real Estate Company (“WRECO”) in 2014. In addition, as of June 30, 2025 and December 31, 2024, we have one intangible asset with a carrying amount of $17.3 million comprised of a Tri Pointe Homes trade name, which has an indefinite useful life and is non-amortizing, resulting from the acquisition of WRECO in 2014.
Goodwill and other intangible assets are evaluated for impairment on an annual basis, or more frequently if indicators of impairment exist.
v3.25.2
Other Assets
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consisted of the following (in thousands):
June 30, 2025December 31, 2024
Prepaid expenses$15,830 $11,600 
Refundable fees and other deposits28,382 19,772 
Development rights, held for future use or sale845 845 
Deferred loan costs—loans payable7,134 3,637 
Operating properties and equipment, net61,410 58,219 
Lease right-of-use assets77,510 66,273 
Income tax receivable10,849 — 
Other4,693 4,149 
Total$206,653 $164,495 
v3.25.2
Accrued Expenses and Other Liabilities
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
June 30, 2025December 31, 2024
Accrued payroll and related costs$34,654 $77,609 
Warranty reserves (Note 13)
108,405 116,150 
Estimated cost for completion of real estate inventories112,621 117,927 
Customer deposits41,360 41,439 
Accrued income taxes payable4,458 8,791 
Accrued interest4,765 4,891 
Other tax liability2,516 2,521 
Lease liabilities90,269 78,067 
Other18,256 18,168 
Total$417,304 $465,563 
v3.25.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Senior Notes, Loans Payable and Mortgage Repurchase Facilities Senior Notes, Loans Payable and Mortgage Repurchase Facilities
Senior Notes
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):
June 30, 2025December 31, 2024
5.250% Senior Notes due June 1, 2027
$300,000 $300,000 
5.700% Senior Notes due June 15, 2028
350,000 350,000 
Deferred loan costs(2,947)(3,466)
Total$647,053 $646,534 
 
In June 2020, Tri Pointe issued $350 million aggregate principal amount of 5.700% Senior Notes due 2028 (the “2028 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $345.2 million, after debt issuance costs and discounts. The 2028 Notes mature on June 15, 2028 and interest is paid semiannually in arrears on June 15 and December 15 of each year until maturity.
In June 2017, Tri Pointe issued $300 million aggregate principal amount of 5.250% Senior Notes due 2027 (the “2027 Notes”) at 100.00% of their aggregate principal amount. Net proceeds of this issuance were $296.3 million, after debt issuance costs and discounts. The 2027 Notes mature on June 1, 2027 and interest is paid semiannually in arrears on June 1 and December 1 of each year until maturity.
As of June 30, 2025 and December 31, 2024, there were $2.9 million and $3.5 million of capitalized debt financing costs, included in senior notes, net on our consolidated balance sheet, related to the Senior Notes that will amortize over the lives of the Senior Notes. Accrued interest related to the Senior Notes was $2.1 million as of both June 30, 2025 and December 31, 2024, respectively.
Loans Payable
The Company’s outstanding loans payable consisted of the following (in thousands):
June 30, 2025December 31, 2024
Term loan facility$250,000 $250,000 
Seller financed loans12,921 20,970 
Total$262,921 $270,970 
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. The Credit Facility (as defined below), consists of a $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 matures 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.
As of June 30, 2025, we had no outstanding debt under the Revolving Facility and there was $785.7 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of June 30, 2025, we had $250 million of outstanding debt under the Term Facility with an interest rate of 5.49%. As of June 30, 2025, there were $7.1 million of capitalized debt financing costs, included in other assets on our consolidated balance sheet, related to the Credit Facility that will amortize over the remaining term of the Credit Facility. Accrued interest, including loan commitment fees, related to the Credit Facility was $1.5 million as of both June 30, 2025 and December 31, 2024, respectively.
At June 30, 2025 and December 31, 2024, we had outstanding letters of credit of $64.3 million and $55.6 million, respectively. These letters of credit were issued to secure various financial obligations. We believe it is not probable that any outstanding letters of credit will be drawn upon.
As of June 30, 2025 and December 31, 2024, we had $12.9 million and $21.0 million, respectively, outstanding related to two seller-financed loans as of June 30, 2025 and two seller-financed loans as of December 31, 2024. All seller-financed loans are to acquire lots for the construction of homes. Principal on these loans are expected to be fully paid by the end of fiscal year 2025, provided certain achievements are met. One of the seller-financed loans, representing $11.3 million of the total balance as of June 30, 2025 and $20.8 million of the balance as of December 31, 2024, accrues interest at an imputed interest rate of 4.50% per annum. The remaining seller-financed loans represented $1.6 million of the total balance as of June 30, 2025 and $150,000 as of December 31, 2024, respectively.
Interest Incurred
During the three months ended June 30, 2025 and 2024, we incurred interest of $20.4 million and $30.4 million, respectively, related to all debt and land banking arrangements. Included in interest incurred are amortization of deferred financing and Senior Note discount costs of $650,000 and $1.3 million for the three months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025 and 2024, the Company incurred interest of $41.7 million and $66.5 million, respectively, related to all debt and land banking arrangements and amortization of deferred financing and Senior Note discount costs of $1.3 million and $2.5 million, respectively. Accrued interest related to all outstanding debt at June 30, 2025 and December 31, 2024 was $4.8 million and $4.9 million, respectively. 
Mortgage Repurchase Facilities
As of June 30, 2025, Tri Pointe Connect had two active Master Repurchase Agreements totaling $200 million (“Repurchase Agreements”). The Repurchase Agreements contain various affirmative and negative covenants applicable to Tri Pointe Connect, including thresholds related to net worth, net income, liquidity, and profitability. As of June 30, 2025, Tri Pointe Connect had $99.0 million of outstanding debt related to the Repurchase Agreements at a weighted-average interest rate of 6.1%, and $101.0 million of remaining capacity under the Repurchase Agreements. Tri Pointe Connect was in compliance with all covenants and requirements as of June 30, 2025.
The following table provides a summary of Tri Pointe Connect’s Repurchase Agreements as of June 30, 2025 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$54,946 $100,000 
Term SOFR + 1.75%
4/22/2026Mortgage Loans
Warehouse B (2)44,076 50,000 
Term SOFR + 1.75%
7/30/2025Mortgage Loans
Warehouse B (2)— 50,000 
Term SOFR + 1.75%
On DemandMortgage Loans
Total$99,022 $200,000 
__________
(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of June 30, 2025, mortgage loans held for sale had an aggregate fair value of $104.9 million.
(2) Warehouse B is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.

On April 23, 2025, we amended our Warehouse A facility to increase the total commitment by $20 million to $100 million and to extend the expiration date to April 22, 2026. On May 30, 2025, we amended our Warehouse B facility to extend its expiration date to July 30, 2025.
Covenant Requirements
The Senior Notes contain covenants that restrict our ability to, among other things, create liens or other encumbrances, enter into sale and leaseback transactions, or merge or sell all or substantially all of our assets. These limitations are subject to a number of qualifications and exceptions.
Under the Credit Facility, the Company is required to comply with certain financial covenants, including those relating to consolidated tangible net worth, leverage, liquidity or interest coverage, and a spec unit inventory test. The Credit Facility also requires that at least 95.0% of consolidated tangible net worth must be attributable to the Company and its guarantor subsidiaries, subject to certain grace periods.
The Company was in compliance with all applicable financial covenants as of June 30, 2025 and December 31, 2024.
v3.25.2
Fair Value Disclosures
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:
•Level 1—Quoted prices for identical instruments in active markets
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date
•Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
Fair Value of Financial Instruments
A summary of assets and liabilities at June 30, 2025 and December 31, 2024, related to our financial instruments, is set forth below (in thousands):
June 30, 2025December 31, 2024
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $645,875 $650,000 $642,690 
Term loan(2)
Level 2$250,000 $250,000 $250,000 $250,000 
Seller financed loans(3)
Level 2$12,921 $12,921 $20,970 $20,970 
Mortgage loans held for sale(4)
Level 2$104,862 $104,862 $115,001 $115,001 
Mortgage repurchase facilities(5)
Level 2$99,022 $99,022 $104,098 $104,098 
 __________
(1)The book value of the Senior Notes excludes deferred loan costs of $2.9 million and $3.5 million as of June 30, 2025 and December 31, 2024, respectively. The estimated fair value of the Senior Notes at June 30, 2025 and December 31, 2024 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of June 30, 2025 and December 31, 2024 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of June 30, 2025 and December 31, 2024 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.

At June 30, 2025 and December 31, 2024, the carrying value of cash and cash equivalents and receivables approximated fair value due to their short-term nature.
Fair Value of Nonfinancial Assets
Nonfinancial assets include items such as real estate inventories and long-lived assets that are measured at fair value on a nonrecurring basis when events and circumstances indicating the carrying value is not recoverable. The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
Six Months Ended June 30, 2025Year Ended December 31, 2024
HierarchyImpairment
Charge		Fair Value
Net of
Impairment		Impairment
Charge		Fair Value
Net of
Impairment
Real estate inventories (1)
Level 3$11,000 $38,333 $— $— 
__________
(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,
The impairment charge recorded during the six months ended June 30, 2025 related to one community in the West Segment where the carrying value exceeded the fair value based on a discounted cash flow analysis. For further details, see Note 5, Real Estate Inventories.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
Lawsuits, claims and proceedings have been and may be instituted or asserted against us in the normal course of business, including actions brought on behalf of various classes of claimants. We are also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, employment practices, environmental protection and financial services. As a result, we are subject to periodic examinations or inquiry by agencies administering these laws and regulations.
We record a reserve for potential legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. We accrue for these matters based on facts and circumstances specific to each matter and revise these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, we generally cannot predict their ultimate resolution, related timing or eventual loss. Accordingly, it is possible that the ultimate outcome of any matter, if in excess of a related accrual or if no accrual was made, could be material to our financial statements. For matters as to which the Company believes a loss is probable and reasonably estimable, we had zero legal reserves as of June 30, 2025 and December 31, 2024, respectively.
Warranty
Warranty reserves are accrued as home deliveries occur. Our warranty reserves on homes delivered will vary based on product type and geographic area and also depending on state and local laws. The warranty reserve is included in accrued expenses and other liabilities on our consolidated balance sheets and represents expected future costs based on our historical experience over previous years. Estimated warranty costs are charged to cost of home sales in the period in which the related home sales revenue is recognized.
We maintain general liability insurance designed to protect us against a portion of our risk of loss from warranty and construction defect-related claims. We also generally require our subcontractors and design professionals to indemnify us for liabilities arising from their work, subject to various limitations. However, such indemnity is significantly limited with respect to certain subcontractors that are added to our general liability insurance policy. 
Our warranty reserve and related estimated insurance recoveries are based on actuarial analysis that uses our historical claim and expense data, as well as industry data to estimate these overall costs and related recoveries. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. Our warranty reserve may also include an estimate of future fit and finish warranty claims to the extent not contemplated in the actuarial analysis. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a warranty or construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of product we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. There can be no assurance that the terms and limitations of the limited warranty will be effective against claims made by homebuyers, that we will be able to renew our insurance coverage or renew it at reasonable rates, that we will not be liable for damages, cost of repairs, and/or the expense of litigation surrounding possible construction defects, soil subsidence or building related claims or that claims will not arise out of uninsurable events or circumstances not covered by insurance and not subject to effective indemnification agreements with certain subcontractors.
We also record expected recoveries from insurance carriers based on actual insurance claims made and actuarially determined amounts that depend on various factors, including the above-described reserve estimates, our insurance policy coverage limits for the applicable policy years and historical recovery rates. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated. Outstanding warranty insurance receivables was $64.4 million and $68.5 million as of June 30, 2025 and December 31, 2024, respectively. Warranty insurance receivables are recorded in receivables on the accompanying consolidated balance sheets.
Warranty reserve activity consisted of the following (in thousands):
 
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Warranty reserves, beginning of period$113,865 $106,602 $116,150 $106,993 
Warranty reserves accrued9,344 9,834 16,532 17,734 
Warranty expenditures(14,804)(9,240)(24,277)(17,531)
Warranty reserves, end of period$108,405 $107,196 $108,405 $107,196 
 
Performance Bonds
We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. The beneficiaries of the bonds are various municipalities. As of June 30, 2025 and December 31, 2024, the Company had outstanding surety bonds totaling $639.2 million and $654.1 million, respectively. As of June 30, 2025 and December 31, 2024, our estimated cost to complete obligations related to these surety bonds was $472.5 million and $443.9 million, respectively.
Lease Obligations
Under ASC 842 we recognize a right-of-use lease asset and a lease liability for contracts deemed to contain a lease at the inception of the contract. Our lease population is fully comprised of operating leases, which are now recorded at the net present value of future lease obligations existing at each balance sheet date. At the inception of a lease, or if a lease is subsequently modified, we determine whether the lease is an operating or financing lease. Key estimates involved with ASC 842 include the discount rate used to measure our future lease obligations and the lease term, where considerations include renewal options and intent to renew. Lease right-of-use assets are included in other assets and lease liabilities are included in accrued expenses and other liabilities on our consolidated balance sheet.
Operating Leases
We lease certain property and equipment under non-cancelable operating leases. Office leases are for terms of up to ten years and generally provide renewal options. In most cases, we expect that, in the normal course of business, leases that expire will be renewed or replaced by other leases. Equipment leases are typically for terms of three to four years.
Ground Leases
In 1987, we obtained two 55-year ground leases of commercial property that provided for three renewal options of ten years each and one 45-year renewal option. We exercised the three 10-year extensions on one of these ground leases to extend the lease through 2071. The commercial buildings on these properties have been sold and the ground leases have been sublet to the buyers.
For one of these leases, we are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease has been subleased through 2041 to the buyers of the commercial buildings. For the second lease, the buyers of the buildings are responsible for making lease payments directly to the landowner, however, we have guaranteed the performance of the buyers/lessees. See below for additional information on leases (dollars in thousands):
Three Months Ended June 30, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Lease Cost
Operating lease cost (included in SG&A expense)$3,411 $3,050 $6,633 $5,904 
Ground lease cost (included in other operations expense)793 765 1,587 1,530 
Sublease income, operating leases— — — — 
Sublease income, ground leases (included in other operations revenue)(805)(777)(1,610)(1,553)
Net lease cost$3,399 $3,038 $6,610 $5,881 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,439 $3,410 $6,673 $5,912 
Ground lease cash flows (included in operating cash flows)$664 $664 $1,327 $1,327 
Right-of-use assets obtained in exchange for new operating lease liabilities$17,095 $3,374 $17,925 $5,264 
June 30, 2025December 31, 2024
Weighted-average discount rate:
Operating leases5.3 %5.0 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.95.6
Ground leases43.043.4
The future minimum lease payments under our operating leases are as follows (in thousands):
Property, Equipment and Other Leases
Ground Leases (1)
Remaining in 2025$5,684 $1,619 
202613,477 3,237 
202713,072 3,237 
202812,723 3,237 
202911,218 3,237 
Thereafter17,784 72,165 
Total lease payments$73,958 $86,732 
Less: Interest11,141 59,280 
Present value of operating lease liabilities$62,817 $27,452 
 __________
(1)    Ground leases are fully subleased through 2041, representing $52.9 million of the $86.7 million future ground lease obligations.
v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2022 Long-Term Incentive Plan
On April 20, 2022, our stockholders approved the Tri Pointe Homes, Inc. 2022 Long-Term Incentive Plan (the “2022 Plan”), which had been previously approved by our board of directors. The 2022 Plan replaced the Company’s prior stock compensation plan, the TRI Pointe Group, Inc. Amended and Restated 2013 Long-Term Incentive Plan (the “2013 Plan”). The 2022 Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The 2022 Plan will
automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2022 Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation.
The number of shares of our common stock that may be issued under the 2022 Plan is 7,500,000 shares. No new awards have been or will be granted under the 2013 Plan from and after February 23, 2022. Any awards outstanding under the 2013 Plan will remain subject to and be paid under the 2013 Plan, and any shares subject to outstanding awards under the 2013 Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the 2022 Plan.

To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2022 Plan are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such award or the settlement of such award in cash, then such shares of our common stock generally will again be available under the 2022 Plan. However, the 2022 Plan prohibits us from re-using shares that are tendered or surrendered to pay the exercise cost or tax obligation for stock options and stock appreciation rights.
As of June 30, 2025, there were 4,781,991 shares available for future grant under the 2022 Plan.
The following table presents compensation expense recognized related to all stock-based awards (in thousands):
 
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Total stock-based compensation$8,603 $8,940 $16,159 $15,619 
 
Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of June 30, 2025, total unrecognized stock-based compensation expense related to all stock-based awards was $53.5 million and the weighted average term over which the expense was expected to be recognized was 1.7 years.

Summary of Restricted Stock Unit Activity
The following table presents a summary of time-based and performance-based RSUs for the six months ended June 30, 2025:
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20243,431,275 $27.45 
Granted1,298,709 $30.90 
Vested(816,499)$24.81 
Forfeited(618,545)$22.74 
Nonvested RSUs at June 30, 20253,294,940 $30.61 

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 six months ended June 30, 2025, the Company granted an aggregate of 1,324 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 21, 2024, the Company granted an aggregate of 430,887 time-based RSUs to certain employees and officers. The RSUs granted vest in equal installments annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on February 21, 2024 was measured using a price of $35.51 per share, which was the closing stock price on the date of grant. Each award will be expensed on a straight-line basis over the vesting period.

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

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

For the year ended December 31, 2024, the Company granted an aggregate of 17,082 time-based RSUs to certain employees not described above. The RSUs granted vest in equal installments annually beginning on anniversary of the grant date over a three-year period. The fair value of the RSUs granted were measured using the closing stock prices on the applicable date of each grant. Each award will be expensed on a straight-line basis over the vesting period.
As RSUs vest for employees, a portion of the shares awarded is generally withheld to cover employee tax withholdings. As a result, the number of RSUs vested and the number of shares of Tri Pointe common stock issued will differ.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We account for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates for the years in which taxes are expected to be paid or recovered. Each quarter we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under ASC 740. We are required to establish a valuation allowance for any portion of the asset we conclude is more likely than not to be unrealizable. Our assessment considers, among other things, the nature, frequency and severity of our current and cumulative losses, forecasts of our future taxable income, the duration of statutory carryforward periods and tax planning alternatives.
We had net deferred tax assets of $46.0 million as of both June 30, 2025 and December 31, 2024. We had a valuation allowance related to those net deferred tax assets of $3.4 million as of both June 30, 2025 and December 31, 2024. The Company will continue to evaluate both positive and negative evidence in determining the need for a valuation allowance against its deferred tax assets. Changes in positive and negative evidence, including differences between the Company’s future operating results and the estimates utilized in the determination of the valuation allowance, could result in changes in the Company’s estimate of the valuation allowance against its deferred tax assets. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation allowance against the Company’s deferred tax assets.
Our provision for income taxes totaled $23.6 million and $41.2 million for the three months ended June 30, 2025 and 2024, respectively and $46.1 million and $72.8 million for the six months ended June 30, 2025 and 2024, respectively. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company did not have any uncertain tax positions recorded as of June 30, 2025 and December 31, 2024. The Company has not been assessed interest or penalties by any major tax jurisdictions related to prior years. 
The Company files income tax returns in the U.S., including federal and multiple state and local jurisdictions.
v3.25.2
Supplemental Disclosure to Consolidated Statements of Cash Flows
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Disclosure to Consolidated Statements of Cash Flows Supplemental Disclosure to Consolidated Statements of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Six Months Ended June 30,
20252024
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$(1,142)$63 
Income taxes paid, net$60,487 $105,485 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$1,578 $572 
Amortization of senior note discount capitalized to real estate inventory$— $511 
Amortization of deferred loan costs capitalized to real estate inventory$1,268 $1,988 
Increase in noncontrolling interests$131 $— 
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 60,748 $ 118,002 $ 124,784 $ 217,057
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They should be read in conjunction with our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 due to seasonal variations and other factors.
The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of June 30, 2025 and December 31, 2024 represent the outside owners’ interests in the Company’s consolidated entities. All significant intercompany accounts have been eliminated upon consolidation.
Unless the context otherwise requires, the terms “Tri Pointe”, “the Company”, “we”, “us”, and “our” used herein refer to Tri Pointe Homes, Inc., a Delaware corporation, and its consolidated subsidiaries.
Reclassifications
Certain amounts for prior years have been reclassified to conform to the current period presentation.
Use of Estimates
The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from our estimates.
Cash and Cash Equivalents and Concentration of Credit Risk
We define cash and cash equivalents as cash on hand, demand deposits with financial institutions, and short-term liquid investments with a maturity date of less than three months from the date of acquisition, including U.S. Treasury bills and government money-mark funds with maturities of 90 days or less when purchased. The Company’s cash balances exceed federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Revenue Recognition
We recognize revenue in accordance with Accounting Standards Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Under ASC 606, we apply the following steps to determine the timing and amount of revenue to recognize: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.
Home sales revenue
We generate the majority of our total revenues from home sales, which consists of our core business operation of building and delivering completed homes to homebuyers. Home sales revenue and related profit is generally recognized when title to and possession of the home are transferred to the homebuyer at the home closing date. Our performance obligation to deliver the agreed-upon home is generally satisfied in less than one year from the original contract date. Included in home sales revenue are forfeited deposits, which occur when homebuyers cancel home purchase contracts that include a nonrefundable deposit. Both revenue from forfeited deposits and deferred revenue resulting from uncompleted performance obligations existing at the time we deliver new homes to our homebuyers are immaterial.
Financial services revenues
Tri Pointe Solutions is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations.
Mortgage financing operations
Effective February 1, 2024, we acquired the minority equity interest in the joint venture, upon which Tri Pointe Connect became a wholly owned subsidiary of the Company. In connection with this transaction, Tri Pointe Connect expanded operations to include mortgage lending services to our homebuyers in all of the markets in which we operate and provide mortgage financing by utilizing funds made available pursuant to repurchase agreements with third party lenders and by utilizing our own funds. Tri Pointe Connect will retain the ability to act as a mortgage loan broker for our homebuyers that originate loans with third party lenders.
Revenues from mortgage financing operations primarily represent mortgage loan broker fees paid by third party lenders, fees earned on mortgage loan originations and the realized and unrealized gains and losses associated with the sales and changes in the fair value of mortgage loans held for sale. When we act as a mortgage loan broker and originate loans with third party lenders, mortgage loan broker fees and mortgage loan origination fees are recognized at the time the mortgage loans are funded. When we provide mortgage financing, we recognize fees on mortgage loan originations upon loan origination.
Mortgage loans held for sale
We intend to sell all of the loans we originate in the secondary market within a short period of time after origination. As of June 30, 2025, mortgage loans held for sale had an aggregate estimated fair value of $104.9 million and an aggregate outstanding principal balance of $104.6 million. For the three months ended June 30, 2025, we recorded an unrealized gain of $125,000, and for the six months ended June 30, 2025, we recorded an unrealized loss of $215,000. These amounts were included in Financial Services revenue and relate to the mortgage loans held for sale as of June 30, 2025.
Title and escrow services operations
Tri Pointe Assurance provides title examinations for our homebuyers in the Carolinas and Colorado and both title examinations and escrow services for our homebuyers in Arizona, the District of Columbia, Maryland, Nevada, Texas, Washington and Virginia. Tri Pointe Assurance is a wholly owned subsidiary of Tri Pointe and acts as a title agency for First American Title Insurance Company. Revenue from our title and escrow services operations is fully recognized at the time of the consummation of the home sales transaction, at which time no further performance obligations are left to be satisfied. Tri Pointe Assurance revenue is included in the Financial Services section of our consolidated statements of operations.
Property and casualty insurance agency operations
Tri Pointe Advantage is a wholly owned subsidiary of Tri Pointe and provides property and casualty insurance agency services that help facilitate the closing process in all of the markets in which we operate. The total consideration for these services, including renewal options, is estimated upon the issuance of the initial insurance policy, subject to constraint. Tri Pointe Advantage revenue is included in the Financial Services section of our consolidated statements of operations.
New Accounting Standards
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. We adopted ASU 2023-07 in the fourth quarter of 2024 and we applied the amendments retrospectively to all prior periods presented in our consolidated financial statements. See Note 2, Segment Information in the Notes to the Consolidated Financial Statements.
In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid. ASU 2023-09 will become effective for our fiscal year ending December 31, 2025. We are currently evaluating the impact this new standard will have on our financial statement disclosures.
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 June 30, 2025.
Our Tri Pointe Solutions financial services operation is a reportable segment and is comprised of our Tri Pointe Connect mortgage financing operations, our Tri Pointe Assurance title and escrow services operations, and our Tri Pointe Advantage property and casualty insurance agency operations. These financial services businesses have been aggregated in accordance with the criteria outlined in ASC 280, considering their similar economic and operational characteristics. For further details, see Note 1, Organization and Summary of Significant Accounting Policies.
Corporate is a non-operating segment that develops and implements company-wide strategic initiatives and provides support to our homebuilding reporting segments by centralizing certain administrative functions, such as marketing, legal, accounting, treasury, insurance, internal audit and risk management, information technology and human resources, to benefit from economies of scale. Our Corporate non-operating segment also includes general and administrative expenses related to operating our corporate headquarters.
The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization and Summary of Significant Accounting Policies. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented.
Our Chief Executive Officer (CEO) is our Chief Operating Decision Maker (CODM) and reviews segment performance to make resource allocation decisions. The CODM evaluates each segment based on revenue, operating profit, and other key homebuilding metrics to guide strategic decisions.
Fair Value Measurements
Fair Value Measurements
ASC Topic 820, Fair Value Measurements and Disclosures, defines “fair value” as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories:
•Level 1—Quoted prices for identical instruments in active markets
•Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date
•Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information Relating to Reportable Segments
Total revenues, significant expenses and income before income taxes for each of our reportable segments were as follows (in thousands):
Three Months Ended June 30, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$470,305 $262,593 $146,934 $879,832 $— $— $879,832 
Land and lot sales revenue3,364 — — 3,364 — — 3,364 
Other operations revenue805 8 1 814 — — 814 
Financial services revenue— — — — 18,403 — 18,403 
Total revenues474,474 262,601 146,935 884,010 18,403 — 902,413 
Cost of home sales(372,305)(208,977)(113,536)(694,818)— (1,812)(696,630)
Cost of land and lot sales(3,253)— — (3,253)— — (3,253)
Other operations expense(793)— — (793)— — (793)
Sales and marketing(24,560)(17,227)(7,833)(49,620)— (551)(50,171)
General and administrative(18,647)(9,285)(8,134)(36,066)— (24,737)(60,803)
Financial services expense— — — — (14,058)— (14,058)
Income from operations54,916 27,112 17,432 99,460 4,345 (27,100)76,705 
Equity in income (loss) of unconsolidated entities65 406 — 471 — — 471 
Other income, net148 146 — 294 — 6,880 7,174 
Income (loss) before income taxes$55,129 $27,664 $17,432 $100,225 $4,345 $(20,220)$84,350 
Three Months Ended June 30, 2024
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$674,391 $299,910 $158,707 $1,133,008 $— $— $1,133,008 
Land and lot sales revenue2,480 1,680 — 4,160 — — 4,160 
Other operations revenue778 4 — 782 — — 782 
Financial services revenue— — — — 16,974 — 16,974 
Total revenues677,649 301,594 158,707 1,137,950 16,974 — 1,154,924 
Cost of home sales(519,000)(222,313)(122,057)(863,370)— (2,311)(865,681)
Cost of land and lot sales(2,324)(1,517)— (3,841)— — (3,841)
Other operations expense(765)— — (765)— — (765)
Sales and marketing(30,579)(17,987)(8,003)(56,569)— (235)(56,804)
General and administrative(20,928)(9,659)(7,038)(37,625)— (30,122)(67,747)
Financial services expense— — — — (10,890)— (10,890)
Income from operations104,053 50,118 21,609 175,780 6,084 (32,668)149,196 
Equity in income (loss) of unconsolidated entities(9)164 (56)99 — — 99 
Other income, net159 5 51 215 — 9,719 9,934 
Income (loss) before income taxes$104,203 $50,287 $21,604 $176,094 $6,084 $(22,949)$159,229 
Six Months Ended June 30, 2025
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$870,827 $473,115 $256,676 $1,600,618 $— $— $1,600,618 
Land and lot sales revenue3,785 1,400 — 5,185 — — 5,185 
Other operations revenue1,611 18 5 1,634 — — 1,634 
Financial services revenue— — — — 35,904 — 35,904 
Total revenues876,223 474,533 256,681 1,607,437 35,904 — 1,643,341 
Cost of home sales(677,931)(369,014)(194,676)(1,241,621)— (3,282)(1,244,903)
Cost of land and lot sales(3,806)(1,188)— (4,994)— — (4,994)
Other operations expense(1,587)— — (1,587)— — (1,587)
Sales and marketing(47,329)(30,564)(14,206)(92,099)— (1,014)(93,113)
General and administrative(36,973)(18,086)(15,888)(70,947)— (47,531)(118,478)
Financial services expense— — — — (26,675)— (26,675)
Income from operations108,597 55,681 31,911 196,189 9,229 (51,827)153,591 
Equity in income (loss) of unconsolidated entities67 899 — 966 — — 966 
Other income, net238 450 4 692 — 15,611 16,303 
Income (loss) before income taxes$108,902 $57,030 $31,915 $197,847 $9,229 $(36,216)$170,860 
Six Months Ended June 30, 2024
WestCentralEastHomebuilding OperationsFinancial ServicesCorporateConsolidated
Home sales revenue$1,221,812 $572,449 $257,100 $2,051,361 $— $— $2,051,361 
Land and lot sales revenue7,869 3,359 — 11,228 — — 11,228 
Other operations revenue1,558 10 1 1,569 — — 1,569 
Financial services revenue— — — — 30,168 — 30,168 
Total revenues1,231,239 575,818 257,101 2,064,158 30,168 — 2,094,326 
Cost of home sales(944,732)(426,368)(197,576)(1,568,676)— (4,309)(1,572,985)
Cost of land and lot sales(6,920)(2,678)— (9,598)— — (9,598)
Other operations expense(1,530)— — (1,530)— — (1,530)
Sales and marketing(57,818)(34,383)(14,233)(106,434)— (594)(107,028)
General and administrative(39,027)(16,716)(12,926)(68,669)— (50,406)(119,075)
Financial services expense— — — — (19,617)— (19,617)
Income from operations181,212 95,673 32,366 309,251 10,551 (55,309)264,493 
Equity in income (loss) of unconsolidated entities(18)169 5 156 — — 156 
Other income, net712 139 54 905 — 24,255 25,160 
Income (loss) before income taxes$181,906 $95,981 $32,425 $310,312 $10,551 $(31,054)$289,809 
Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands):
June 30, 2025December 31, 2024
Real estate inventories
West$2,011,316 $1,928,257 
Central813,730 791,171 
East476,256 434,031 
Total$3,301,302 $3,153,459 
Total assets(1)
West$2,324,244 $2,186,696 
Central1,066,876 1,014,811 
East531,875 473,874 
Corporate697,258 1,041,646 
Total homebuilding assets4,620,253 4,717,027 
Financial services177,589 174,088 
Total$4,797,842 $4,891,115 
__________
(1)    Total assets as of June 30, 2025 and December 31, 2024 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of June 30, 2025 and December 31, 2024 includes our Tri Pointe Homes trade name. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets.
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Numerator:    
Net income available to common stockholders$60,748 $118,002 $124,784 $217,057 
Denominator:    
Basic weighted-average shares outstanding88,914,413 94,059,037 90,269,159 94,645,676 
Effect of dilutive shares:   
Stock options and unvested restricted stock units319,946 680,982 379,333 659,793 
Diluted weighted-average shares outstanding89,234,359 94,740,019 90,648,492 95,305,469 
Earnings per share    
Basic$0.68 $1.25 $1.38 $2.29 
Diluted$0.68 $1.25 $1.38 $2.28 
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share2,176,699 1,305,166 2,070,413 1,579,593 
v3.25.2
Receivables (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Receivables
Receivables consisted of the following (in thousands):
June 30, 2025December 31, 2024
Escrow proceeds and other accounts receivable, net$101,270 $43,074 
Warranty insurance receivable (Note 13)64,446 68,539 
Total receivables$165,716 $111,613 
v3.25.2
Real Estate Inventories (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Real Estate Inventories
Real estate inventories consisted of the following (in thousands):
June 30, 2025December 31, 2024
Real estate inventories owned:
Homes completed or under construction$1,515,598 $1,294,928 
Land under development1,124,896 1,174,564 
Land held for future development159,022 157,348 
Model homes289,588 285,550 
Total real estate inventories owned3,089,104 2,912,390 
Real estate inventories not owned:
Land purchase and land option deposits212,198 241,069 
Total real estate inventories not owned212,198 241,069 
Total real estate inventories$3,301,302 $3,153,459 
Schedule of Interest Incurred, Capitalized and Expensed
Interest incurred, capitalized and expensed were as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Interest incurred$20,374 $30,378 $41,693 $66,534 
Interest capitalized(20,374)(30,378)(41,693)(66,534)
Interest expensed$— $— $— $— 
Capitalized interest in beginning inventory$184,536 $226,957 $186,370 $221,647 
Interest capitalized as a cost of inventory20,374 30,378 41,693 66,534 
Interest previously capitalized as a cost of
inventory, included in cost of sales
(25,578)(39,164)(48,731)(70,010)
Capitalized interest in ending inventory$179,332 $218,171 $179,332 $218,171 
Schedule of Real Estate Inventory Impairments and Land Option Abandonments
Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Real estate inventory impairments$11,000 $— $11,000 $— 
Land and lot option abandonments and pre-acquisition charges2,096 968 3,169 1,370 
Total$13,096 $968 $14,169 $1,370 
v3.25.2
Investments in Unconsolidated Entities (Tables)
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments
Aggregated assets, liabilities and equity of the entities we account for as equity-method investments are as follows (in thousands):
June 30, 2025December 31, 2024
Assets
Cash$25,225 $35,130 
Receivables914 1,777 
Real estate inventories696,591 628,729 
Other assets6,636 7,198 
Total assets$729,366 $672,834 
Liabilities and equity
Debt obligations and other liabilities$214,884 $198,543 
Company’s equity194,089 173,924 
Outside interests’ equity320,393 300,367 
Total liabilities and equity$729,366 $672,834 
Aggregated results of operations from unconsolidated entities (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Net sales$41,499 $34,016 $59,409 $63,914 
Other operating expense(12,226)(31,294)(26,107)(61,351)
Other income (expense), net(5)831 — 825 
Net income $29,268 $3,553 $33,302 $3,388 
Company’s equity in income of unconsolidated entities$471 $99 $966 $156 
v3.25.2
Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Interests in Land and Lot Option Agreements
The following provides a summary of our interests in land and lot option agreements (in thousands):
 June 30, 2025December 31, 2024
DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs		DepositsRemaining
Purchase
Price		Consolidated
Inventory
Held by VIEs
Unconsolidated VIEs$204,008 $1,930,370 N/A$224,319 $1,976,828 N/A
Other land option agreements8,190 91,861 N/A16,750 231,059 N/A
Total$212,198 $2,022,231 $— $241,069 $2,207,887 $— 
v3.25.2
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
June 30, 2025December 31, 2024
Prepaid expenses$15,830 $11,600 
Refundable fees and other deposits28,382 19,772 
Development rights, held for future use or sale845 845 
Deferred loan costs—loans payable7,134 3,637 
Operating properties and equipment, net61,410 58,219 
Lease right-of-use assets77,510 66,273 
Income tax receivable10,849 — 
Other4,693 4,149 
Total$206,653 $164,495 
v3.25.2
Accrued Expenses and Other Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
June 30, 2025December 31, 2024
Accrued payroll and related costs$34,654 $77,609 
Warranty reserves (Note 13)
108,405 116,150 
Estimated cost for completion of real estate inventories112,621 117,927 
Customer deposits41,360 41,439 
Accrued income taxes payable4,458 8,791 
Accrued interest4,765 4,891 
Other tax liability2,516 2,521 
Lease liabilities90,269 78,067 
Other18,256 18,168 
Total$417,304 $465,563 
v3.25.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Senior Notes, Loans Payable and Mortgage Repurchase Facilities
The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands):
June 30, 2025December 31, 2024
5.250% Senior Notes due June 1, 2027
$300,000 $300,000 
5.700% Senior Notes due June 15, 2028
350,000 350,000 
Deferred loan costs(2,947)(3,466)
Total$647,053 $646,534 
The Company’s outstanding loans payable consisted of the following (in thousands):
June 30, 2025December 31, 2024
Term loan facility$250,000 $250,000 
Seller financed loans12,921 20,970 
Total$262,921 $270,970 
Schedule of Repurchase Agreements
The following table provides a summary of Tri Pointe Connect’s Repurchase Agreements as of June 30, 2025 ($ in thousands):
FacilityOutstanding BalanceFacility AmountInterest RateExpiration DateCollateral (1)
Warehouse A$54,946 $100,000 
Term SOFR + 1.75%
4/22/2026Mortgage Loans
Warehouse B (2)44,076 50,000 
Term SOFR + 1.75%
7/30/2025Mortgage Loans
Warehouse B (2)— 50,000 
Term SOFR + 1.75%
On DemandMortgage Loans
Total$99,022 $200,000 
__________
(1) Mortgage loans held for sale consist of single-family residential loans collateralized by the underlying property. Generally, all of the loans originated by us are sold in the secondary mortgage market within 30 days after origination. As of June 30, 2025, mortgage loans held for sale had an aggregate fair value of $104.9 million.
(2) Warehouse B is a $100 million facility, of which $50 million is committed and $50 million is uncommitted.

On April 23, 2025, we amended our Warehouse A facility to increase the total commitment by $20 million to $100 million and to extend the expiration date to April 22, 2026. On May 30, 2025, we amended our Warehouse B facility to extend its expiration date to July 30, 2025.
v3.25.2
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis
A summary of assets and liabilities at June 30, 2025 and December 31, 2024, related to our financial instruments, is set forth below (in thousands):
June 30, 2025December 31, 2024
HierarchyBook ValueFair ValueBook ValueFair Value
Senior Notes(1)
Level 2$650,000 $645,875 $650,000 $642,690 
Term loan(2)
Level 2$250,000 $250,000 $250,000 $250,000 
Seller financed loans(3)
Level 2$12,921 $12,921 $20,970 $20,970 
Mortgage loans held for sale(4)
Level 2$104,862 $104,862 $115,001 $115,001 
Mortgage repurchase facilities(5)
Level 2$99,022 $99,022 $104,098 $104,098 
 __________
(1)The book value of the Senior Notes excludes deferred loan costs of $2.9 million and $3.5 million as of June 30, 2025 and December 31, 2024, respectively. The estimated fair value of the Senior Notes at June 30, 2025 and December 31, 2024 is based on quoted market prices.
(2)The estimated fair value of the Term Loan Facility as of June 30, 2025 and December 31, 2024 approximated book value due to the variable interest rate terms of this loan.
(3)The estimated fair value of our seller financed loans as of June 30, 2025 and December 31, 2024 approximated book value due to the short term nature of these loans.
(4)The estimated fair value for mortgage loans held for sale are determined based on quoted market prices, and are measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations.
(5)The estimated fair value of our mortgage repurchase facilities approximated book value due to the short term nature of these maturities.
Schedule of Fair Value Measurements, Nonrecurring The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands):
Six Months Ended June 30, 2025Year Ended December 31, 2024
HierarchyImpairment
Charge		Fair Value
Net of
Impairment		Impairment
Charge		Fair Value
Net of
Impairment
Real estate inventories (1)
Level 3$11,000 $38,333 $— $— 
__________
(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,
v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Warranty Reserves
Warranty reserve activity consisted of the following (in thousands):
 
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Warranty reserves, beginning of period$113,865 $106,602 $116,150 $106,993 
Warranty reserves accrued9,344 9,834 16,532 17,734 
Warranty expenditures(14,804)(9,240)(24,277)(17,531)
Warranty reserves, end of period$108,405 $107,196 $108,405 $107,196 
Schedule of Lease Costs and Other Information See below for additional information on leases (dollars in thousands):
Three Months Ended June 30, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Lease Cost
Operating lease cost (included in SG&A expense)$3,411 $3,050 $6,633 $5,904 
Ground lease cost (included in other operations expense)793 765 1,587 1,530 
Sublease income, operating leases— — — — 
Sublease income, ground leases (included in other operations revenue)(805)(777)(1,610)(1,553)
Net lease cost$3,399 $3,038 $6,610 $5,881 
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows (included in operating cash flows)$3,439 $3,410 $6,673 $5,912 
Ground lease cash flows (included in operating cash flows)$664 $664 $1,327 $1,327 
Right-of-use assets obtained in exchange for new operating lease liabilities$17,095 $3,374 $17,925 $5,264 
June 30, 2025December 31, 2024
Weighted-average discount rate:
Operating leases5.3 %5.0 %
Ground leases10.2 %10.2 %
Weighted-average remaining lease term (in years):
Operating leases5.95.6
Ground leases43.043.4
Schedule of Future Minimum Lease Payments
The future minimum lease payments under our operating leases are as follows (in thousands):
Property, Equipment and Other Leases
Ground Leases (1)
Remaining in 2025$5,684 $1,619 
202613,477 3,237 
202713,072 3,237 
202812,723 3,237 
202911,218 3,237 
Thereafter17,784 72,165 
Total lease payments$73,958 $86,732 
Less: Interest11,141 59,280 
Present value of operating lease liabilities$62,817 $27,452 
 __________
(1)    Ground leases are fully subleased through 2041, representing $52.9 million of the $86.7 million future ground lease obligations.
v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Expense Recognized Related to all Stock-Based Awards
The following table presents compensation expense recognized related to all stock-based awards (in thousands):
 
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Total stock-based compensation$8,603 $8,940 $16,159 $15,619 
Schedule of Restricted Stock Units
The following table presents a summary of time-based and performance-based RSUs for the six months ended June 30, 2025:
Restricted
Stock
Units		Weighted
Average
Grant Date
Fair Value
Per Share
Nonvested RSUs at December 31, 20243,431,275 $27.45 
Granted1,298,709 $30.90 
Vested(816,499)$24.81 
Forfeited(618,545)$22.74 
Nonvested RSUs at June 30, 20253,294,940 $30.61 
v3.25.2
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Disclosure to Consolidated Statement of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
Six Months Ended June 30,
20252024
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net$(1,142)$63 
Income taxes paid, net$60,487 $105,485 
Supplemental disclosures of noncash activities:
Increase in share repurchase excise tax accrual$1,578 $572 
Amortization of senior note discount capitalized to real estate inventory$— $511 
Amortization of deferred loan costs capitalized to real estate inventory$1,268 $1,988 
Increase in noncontrolling interests$131 $— 
v3.25.2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
state
Jun. 30, 2025
USD ($)
state
Jun. 30, 2024
USD ($)
Short-Term Debt [Line Items]      
Number of states in which entity operates | state 12 12  
Aggregate outstanding principal value $ 104,600 $ 104,600  
Fair value adjustment on mortgage loans held for sale 125 (215) $ 0
Mortgage repurchase facilities      
Short-Term Debt [Line Items]      
Mortgage loans held for sale $ 104,900 $ 104,900  
v3.25.2
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
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
v3.25.2
Segment Information - Schedule of Expenses and Income Before Income Taxes for each Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information        
Total revenues $ 902,413 $ 1,154,924 $ 1,643,341 $ 2,094,326
Other operations expense (793) (765) (1,587) (1,530)
Sales and marketing (50,171) (56,804) (93,113) (107,028)
General and administrative (60,803) (67,747) (118,478) (119,075)
Income from operations 76,705 149,196 153,591 264,493
Equity in income (loss) of unconsolidated entities 471 99 966 156
Other income, net 7,174 9,934 16,303 25,160
Income (loss) before income taxes 84,350 159,229 170,860 289,809
Homebuilding Operations        
Segment Reporting Information        
Total revenues 884,010 1,137,950 1,607,437 2,064,158
Other operations expense (793) (765) (1,587) (1,530)
Sales and marketing (50,171) (56,804) (93,113) (107,028)
General and administrative (60,803) (67,747) (118,478) (119,075)
Income from operations 72,360 143,112 144,362 253,942
Equity in income (loss) of unconsolidated entities 471 99 966 156
Other income, net 7,174 9,934 16,303 25,160
Financial Services        
Segment Reporting Information        
Total revenues 18,403 16,974 35,904 30,168
Financial services expense (14,058) (10,890) (26,675) (19,617)
Home sales revenue        
Segment Reporting Information        
Cost of home, land and lot sales (696,630) (865,681) (1,244,903) (1,572,985)
Home sales revenue | Homebuilding Operations        
Segment Reporting Information        
Total revenues 879,832 1,133,008 1,600,618 2,051,361
Cost of home, land and lot sales (696,630) (865,681) (1,244,903) (1,572,985)
Land and lot sales revenue        
Segment Reporting Information        
Cost of home, land and lot sales (3,253) (3,841) (4,994) (9,598)
Land and lot sales revenue | Homebuilding Operations        
Segment Reporting Information        
Total revenues 3,364 4,160 5,185 11,228
Cost of home, land and lot sales (3,253) (3,841) (4,994) (9,598)
Other operations revenue | Homebuilding Operations        
Segment Reporting Information        
Total revenues 814 782 1,634 1,569
Operating Segments | Homebuilding Operations        
Segment Reporting Information        
Total revenues 884,010 1,137,950 1,607,437 2,064,158
Other operations expense (793) (765) (1,587) (1,530)
Sales and marketing (49,620) (56,569) (92,099) (106,434)
General and administrative (36,066) (37,625) (70,947) (68,669)
Financial services expense 0 0 0 0
Income from operations 99,460 175,780 196,189 309,251
Equity in income (loss) of unconsolidated entities 471 99 966 156
Other income, net 294 215 692 905
Income (loss) before income taxes 100,225 176,094 197,847 310,312
Operating Segments | Financial Services        
Segment Reporting Information        
Total revenues 18,403 16,974 35,904 30,168
Other operations expense 0 0 0 0
Sales and marketing 0 0 0 0
General and administrative 0 0 0 0
Financial services expense (14,058) (10,890) (26,675) (19,617)
Income from operations 4,345 6,084 9,229 10,551
Equity in income (loss) of unconsolidated entities 0 0 0 0
Other income, net 0 0 0 0
Income (loss) before income taxes 4,345 6,084 9,229 10,551
Operating Segments | West        
Segment Reporting Information        
Total revenues 474,474 677,649 876,223 1,231,239
Other operations expense (793) (765) (1,587) (1,530)
Sales and marketing (24,560) (30,579) (47,329) (57,818)
General and administrative (18,647) (20,928) (36,973) (39,027)
Financial services expense 0 0 0 0
Income from operations 54,916 104,053 108,597 181,212
Equity in income (loss) of unconsolidated entities 65 (9) 67 (18)
Other income, net 148 159 238 712
Income (loss) before income taxes 55,129 104,203 108,902 181,906
Operating Segments | Central        
Segment Reporting Information        
Total revenues 262,601 301,594 474,533 575,818
Other operations expense 0 0 0 0
Sales and marketing (17,227) (17,987) (30,564) (34,383)
General and administrative (9,285) (9,659) (18,086) (16,716)
Financial services expense 0 0 0 0
Income from operations 27,112 50,118 55,681 95,673
Equity in income (loss) of unconsolidated entities 406 164 899 169
Other income, net 146 5 450 139
Income (loss) before income taxes 27,664 50,287 57,030 95,981
Operating Segments | East        
Segment Reporting Information        
Total revenues 146,935 158,707 256,681 257,101
Other operations expense 0 0 0 0
Sales and marketing (7,833) (8,003) (14,206) (14,233)
General and administrative (8,134) (7,038) (15,888) (12,926)
Financial services expense 0 0 0 0
Income from operations 17,432 21,609 31,911 32,366
Equity in income (loss) of unconsolidated entities 0 (56) 0 5
Other income, net 0 51 4 54
Income (loss) before income taxes 17,432 21,604 31,915 32,425
Operating Segments | Home sales revenue | Homebuilding Operations        
Segment Reporting Information        
Total revenues 879,832 1,133,008 1,600,618 2,051,361
Cost of home, land and lot sales (694,818) (863,370) (1,241,621) (1,568,676)
Operating Segments | Home sales revenue | Financial Services        
Segment Reporting Information        
Total revenues 0 0 0 0
Cost of home, land and lot sales 0 0 0 0
Operating Segments | Home sales revenue | West        
Segment Reporting Information        
Cost of home, land and lot sales (372,305) (519,000) (677,931) (944,732)
Operating Segments | Home sales revenue | West | Homebuilding Operations        
Segment Reporting Information        
Total revenues 470,305 674,391 870,827 1,221,812
Operating Segments | Home sales revenue | Central        
Segment Reporting Information        
Cost of home, land and lot sales (208,977) (222,313) (369,014) (426,368)
Operating Segments | Home sales revenue | Central | Homebuilding Operations        
Segment Reporting Information        
Total revenues 262,593 299,910 473,115 572,449
Operating Segments | Home sales revenue | East        
Segment Reporting Information        
Cost of home, land and lot sales (113,536) (122,057) (194,676) (197,576)
Operating Segments | Home sales revenue | East | Homebuilding Operations        
Segment Reporting Information        
Total revenues 146,934 158,707 256,676 257,100
Operating Segments | Land and lot sales revenue | Homebuilding Operations        
Segment Reporting Information        
Total revenues 3,364 4,160 5,185 11,228
Cost of home, land and lot sales (3,253) (3,841) (4,994) (9,598)
Operating Segments | Land and lot sales revenue | Financial Services        
Segment Reporting Information        
Total revenues 0 0 0 0
Cost of home, land and lot sales 0 0 0 0
Operating Segments | Land and lot sales revenue | West        
Segment Reporting Information        
Cost of home, land and lot sales (3,253) (2,324) (3,806) (6,920)
Operating Segments | Land and lot sales revenue | West | Homebuilding Operations        
Segment Reporting Information        
Total revenues 3,364 2,480 3,785 7,869
Operating Segments | Land and lot sales revenue | Central        
Segment Reporting Information        
Cost of home, land and lot sales 0 (1,517) (1,188) (2,678)
Operating Segments | Land and lot sales revenue | Central | Homebuilding Operations        
Segment Reporting Information        
Total revenues 0 1,680 1,400 3,359
Operating Segments | Land and lot sales revenue | East        
Segment Reporting Information        
Cost of home, land and lot sales 0 0 0 0
Operating Segments | Land and lot sales revenue | East | Homebuilding Operations        
Segment Reporting Information        
Total revenues 0 0 0 0
Operating Segments | Other operations revenue | Homebuilding Operations        
Segment Reporting Information        
Total revenues 814 782 1,634 1,569
Operating Segments | Other operations revenue | Financial Services        
Segment Reporting Information        
Total revenues 0 0 0 0
Operating Segments | Other operations revenue | West | Homebuilding Operations        
Segment Reporting Information        
Total revenues 805 778 1,611 1,558
Operating Segments | Other operations revenue | Central | Homebuilding Operations        
Segment Reporting Information        
Total revenues 8 4 18 10
Operating Segments | Other operations revenue | East | Homebuilding Operations        
Segment Reporting Information        
Total revenues 1 0 5 1
Corporate        
Segment Reporting Information        
Total revenues 0 0 0 0
Other operations expense 0 0 0 0
Sales and marketing (551) (235) (1,014) (594)
General and administrative (24,737) (30,122) (47,531) (50,406)
Financial services expense 0 0 0 0
Income from operations (27,100) (32,668) (51,827) (55,309)
Equity in income (loss) of unconsolidated entities 0 0 0 0
Other income, net 6,880 9,719 15,611 24,255
Income (loss) before income taxes (20,220) (22,949) (36,216) (31,054)
Corporate | Home sales revenue        
Segment Reporting Information        
Total revenues 0 0 0 0
Cost of home, land and lot sales (1,812) (2,311) (3,282) (4,309)
Corporate | Land and lot sales revenue        
Segment Reporting Information        
Total revenues 0 0 0 0
Cost of home, land and lot sales 0 0 0 0
Corporate | Other operations revenue        
Segment Reporting Information        
Total revenues $ 0 $ 0 $ 0 $ 0
v3.25.2
Segment Information - Schedule of Financial Information Relating to Reportable Segments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting Information    
Real estate inventories $ 3,301,302 $ 3,153,459
Total assets 4,797,842 4,891,115
Goodwill 139,300 139,300
Homebuilding Operations    
Segment Reporting Information    
Real estate inventories 3,301,302 3,153,459
Total assets 4,620,253 4,717,027
Goodwill 139,300 139,300
Homebuilding Operations | Corporate    
Segment Reporting Information    
Total assets 697,258 1,041,646
Homebuilding Operations | West    
Segment Reporting Information    
Goodwill 125,400 125,400
Homebuilding Operations | West | Operating Segments    
Segment Reporting Information    
Real estate inventories 2,011,316 1,928,257
Total assets 2,324,244 2,186,696
Homebuilding Operations | Central    
Segment Reporting Information    
Goodwill 8,300 8,300
Homebuilding Operations | Central | Operating Segments    
Segment Reporting Information    
Real estate inventories 813,730 791,171
Total assets 1,066,876 1,014,811
Homebuilding Operations | East    
Segment Reporting Information    
Goodwill 5,600 5,600
Homebuilding Operations | East | Operating Segments    
Segment Reporting Information    
Real estate inventories 476,256 434,031
Total assets 531,875 473,874
Financial Services | Operating Segments    
Segment Reporting Information    
Total assets $ 177,589 $ 174,088
v3.25.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net income available to common stockholders $ 60,748 $ 118,002 $ 124,784 $ 217,057
Net income available to common stockholders $ 60,748 $ 118,002 $ 124,784 $ 217,057
Denominator:        
Basic weighted-average shares outstanding (in shares) 88,914,413 94,059,037 90,269,159 94,645,676
Effect of dilutive shares:        
Stock options and unvested restricted stock units (in shares) 319,946 680,982 379,333 659,793
Diluted weighted-average shares outstanding (in shares) 89,234,359 94,740,019 90,648,492 95,305,469
Earnings per share        
Basic (in dollars per share) $ 0.68 $ 1.25 $ 1.38 $ 2.29
Diluted (in dollars per share) $ 0.68 $ 1.25 $ 1.38 $ 2.28
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (in shares) 2,176,699 1,305,166 2,070,413 1,579,593
v3.25.2
Receivables - Schedule of Components of Receivables (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Escrow proceeds and other accounts receivable, net $ 101,270 $ 43,074
Warranty insurance receivable 64,446 68,539
Total receivables $ 165,716 $ 111,613
v3.25.2
Receivables - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Allowance for doubtful accounts $ 436 $ 436
v3.25.2
Real Estate Inventories - Schedule of Real Estate Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate inventories owned:    
Homes completed or under construction $ 1,515,598 $ 1,294,928
Land under development 1,124,896 1,174,564
Land held for future development 159,022 157,348
Model homes 289,588 285,550
Total real estate inventories owned 3,089,104 2,912,390
Real estate inventories not owned:    
Land purchase and land option deposits 212,198 241,069
Total real estate inventories not owned 212,198 241,069
Total real estate inventories $ 3,301,302 $ 3,153,459
v3.25.2
Real Estate Inventories - Schedule of Interest Incurred, Capitalized and Expensed (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Real Estate [Abstract]        
Interest incurred $ 20,374 $ 30,378 $ 41,693 $ 66,534
Interest capitalized (20,374) (30,378) (41,693) (66,534)
Interest expensed 0 0 0 0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]        
Capitalized interest in beginning inventory 184,536 226,957 186,370 221,647
Interest capitalized as a cost of inventory 20,374 30,378 41,693 66,534
Interest previously capitalized as a cost of inventory, included in cost of sales (25,578) (39,164) (48,731) (70,010)
Capitalized interest in ending inventory $ 179,332 $ 218,171 $ 179,332 $ 218,171
v3.25.2
Real Estate Inventories - Schedule of Real Estate Inventory Impairments and Land Option Abandonments (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Real Estate [Abstract]        
Real estate inventory impairments $ 11,000,000 $ 0 $ 11,000,000 $ 0
Land and lot option abandonments and pre-acquisition charges 2,096,000 968,000 3,169,000 1,370,000
Total $ 13,096,000 $ 968,000 $ 14,169,000 $ 1,370,000
v3.25.2
Real Estate Inventories - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
community
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
community
Jun. 30, 2024
USD ($)
Real Estate [Line Items]        
Real estate inventory impairments | $ $ 11,000,000 $ 0 $ 11,000,000 $ 0
Homebuilding Operations | West        
Real Estate [Line Items]        
Number of impaired real estate properties | community 1   1  
Real estate, impairment, discount rate 0.12      
v3.25.2
Investments in Unconsolidated Entities - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
investment
Dec. 31, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]    
Number of financial services 1  
Investment percentage, joint venture 80.00%  
Equity Method Investment, Nonconsolidated Investee or Group of Investees    
Schedule of Equity Method Investments [Line Items]    
Number of equity investments 16  
Long-term debt, gross | $ $ 181.5 $ 185.8
Minimum | Equity Method Investment, Nonconsolidated Investee or Group of Investees    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 8.00%  
Maximum | Equity Method Investment, Nonconsolidated Investee or Group of Investees    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 50.00%  
v3.25.2
Investments in Unconsolidated Entities - Schedule of Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Assets          
Cash $ 622,642   $ 622,642   $ 970,045
Receivables 165,716   165,716   111,613
Real estate inventories 3,301,302   3,301,302   3,153,459
Other assets 206,653   206,653   164,495
Total assets 4,797,842   4,797,842   4,891,115
Liabilities and equity          
Company’s equity 3,289,961   3,289,961   3,335,710
Outside interests’ equity 133   133   12
Total liabilities and equity 4,797,842   4,797,842   4,891,115
Other operating expense (793) $ (765) (1,587) $ (1,530)  
Net income 60,710 118,002 124,727 216,998  
Equity in income (loss) of unconsolidated entities 471 99 966 156  
Equity Method Investment, Nonconsolidated Investee or Group of Investees          
Assets          
Cash 25,225   25,225   35,130
Receivables 914   914   1,777
Real estate inventories 696,591   696,591   628,729
Other assets 6,636   6,636   7,198
Total assets 729,366   729,366   672,834
Liabilities and equity          
Debt obligations and other liabilities 214,884   214,884   198,543
Company’s equity 194,089   194,089   173,924
Outside interests’ equity 320,393   320,393   300,367
Total liabilities and equity 729,366   729,366   $ 672,834
Net sales 41,499 34,016 59,409 63,914  
Other operating expense (12,226) (31,294) (26,107) (61,351)  
Other income (expense), net (5) 831 0 825  
Net income 29,268 3,553 33,302 3,388  
Equity in income (loss) of unconsolidated entities $ 471 $ 99 $ 966 $ 156  
v3.25.2
Variable Interest Entities - Schedule of Interests in Land and Lot Option Agreements (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity    
Deposits $ 212,198 $ 241,069
Remaining Purchase Price 2,022,231 2,207,887
Consolidated Inventory Held by VIEs 0 0
Unconsolidated VIEs    
Variable Interest Entity    
Deposits 204,008 224,319
Remaining Purchase Price 1,930,370 1,976,828
Other land option agreements    
Variable Interest Entity    
Deposits 8,190 16,750
Remaining Purchase Price $ 91,861 $ 231,059
v3.25.2
Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Other land option agreements    
Variable Interest Entity    
Capitalized pre-acquisition costs $ 10.5 $ 9.3
v3.25.2
Goodwill and Other Intangible Assets (Details)
$ in Millions
Jun. 30, 2025
USD ($)
intangible_asset
Dec. 31, 2024
USD ($)
intangible_asset
Schedule Of Intangible Assets And Goodwill    
Goodwill $ 139.3 $ 139.3
WRECO | Trade Names    
Schedule Of Intangible Assets And Goodwill    
Number of intangible assets | intangible_asset 1 1
Intangible asset carrying amount $ 17.3 $ 17.3
v3.25.2
Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 15,830 $ 11,600
Refundable fees and other deposits 28,382 19,772
Development rights, held for future use or sale 845 845
Deferred loan costs—loans payable 7,134 3,637
Operating properties and equipment, net 61,410 58,219
Lease right-of-use assets $ 77,510 $ 66,273
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total Total
Income tax receivable $ 10,849 $ 0
Other 4,693 4,149
Total $ 206,653 $ 164,495
v3.25.2
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]            
Accrued payroll and related costs $ 34,654   $ 77,609      
Warranty reserves 108,405 $ 113,865 116,150 $ 107,196 $ 106,602 $ 106,993
Estimated cost for completion of real estate inventories 112,621   117,927      
Customer deposits 41,360   41,439      
Accrued income taxes payable 4,458   8,791      
Accrued interest 4,765   4,891      
Other tax liability 2,516   2,521      
Lease liabilities $ 90,269   $ 78,067      
Operating Lease, Liability, Statement of Financial Position [Extensible List] Total   Total      
Other $ 18,256   $ 18,168      
Total $ 417,304   $ 465,563      
v3.25.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Senior Notes (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2020
Jun. 30, 2017
Debt Instrument        
Deferred loan costs $ (7,134) $ (3,637)    
Senior Notes        
Debt Instrument        
Deferred loan costs (2,947) (3,466)    
Total $ 647,053 $ 646,534    
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    
v3.25.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Narrative (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 30, 2025
USD ($)
option
Jun. 30, 2020
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2025
USD ($)
loan
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
loan
Jun. 30, 2024
USD ($)
Apr. 29, 2025
USD ($)
Dec. 31, 2024
USD ($)
loan
Debt Instrument                  
Deferred loan costs—loans payable       $ 7,134,000   $ 7,134,000     $ 3,637,000
Accrued interest       4,765,000   4,765,000     4,891,000
Loans payable       $ 262,921,000   $ 262,921,000     $ 270,970,000
Number of seller-financed loans | loan       2   2     2
Interest incurred       $ 20,374,000 $ 30,378,000 $ 41,693,000 $ 66,534,000    
Amortization of deferred financing costs       650,000 $ 1,300,000 1,300,000 $ 2,500,000    
Mortgage repurchase facilities       99,022,000   99,022,000     $ 104,098,000
Mortgage repurchase facilities                  
Debt Instrument                  
Maximum borrowing capacity under facility       200,000,000   200,000,000      
Line of credit facility, current borrowing capacity       101,000,000.0   101,000,000.0      
Mortgage repurchase facilities       $ 99,022,000   $ 99,022,000      
Repurchase agreement weighted average interest rate       6.10%   6.10%      
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                
Senior notes                  
Debt Instrument                  
Deferred loan costs—loans payable       $ 2,947,000   $ 2,947,000     3,466,000
Accrued interest       2,100,000   2,100,000     2,100,000
Term loan facility | Revolving Credit Facility                  
Debt Instrument                  
Maximum borrowing capacity under facility $ 250,000,000                
Seller financed loans                  
Debt Instrument                  
Loans payable       $ 12,921,000   $ 12,921,000     $ 20,970,000
Seller financed loans | Seller-Financed Loans, Seller One                  
Debt Instrument                  
Interest rate on senior note       4.50%   4.50%     4.50%
Loans payable       $ 11,300,000   $ 11,300,000     $ 20,800,000
Second Seller Financed Loan | Seller-Financed Loans, Seller Two                  
Debt Instrument                  
Loans payable       $ 1,600,000   $ 1,600,000     $ 150,000
5.700% Senior Notes due June 15, 2028 | Senior notes                  
Debt Instrument                  
Aggregate principal amount   $ 350,000,000              
Interest rate on senior note   5.70%   5.70%   5.70%     5.70%
Debt issuance, percentage of aggregate principal   100.00%              
Proceeds from issuance of senior notes, net   $ 345,200,000              
5.250% Senior Notes due June 1, 2027 | Senior notes                  
Debt Instrument                  
Aggregate principal amount     $ 300,000,000            
Interest rate on senior note     5.25% 5.25%   5.25%     5.25%
Debt issuance, percentage of aggregate principal     100.00%            
Proceeds from issuance of senior notes, net     $ 296,300,000            
Amended Revolving Credit Facility | Revolving Credit Facility                  
Debt Instrument                  
Deferred loan costs—loans payable       $ 7,100,000   $ 7,100,000      
Accrued interest       1,500,000   1,500,000     $ 1,500,000
Maximum borrowing capacity under facility $ 850,000,000             $ 750,000,000  
Loans payable       0   0      
Line of credit facility, current borrowing capacity       785,700,000   785,700,000      
Amended Revolving Credit Facility | Letters of Credit                  
Debt Instrument                  
Outstanding letters of credit       64,300,000   64,300,000     55,600,000
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%                
Term loan facility | Term loan facility                  
Debt Instrument                  
Loans payable       $ 250,000,000   $ 250,000,000     $ 250,000,000
Interest rate of outstanding debt       5.49%   5.49%      
Term loan facility | Term loan facility | Minimum                  
Debt Instrument                  
Debt instrument variable interest rate 1.10%                
Term loan facility | Term loan facility | Maximum                  
Debt Instrument                  
Debt instrument variable interest rate 1.85%                
Revolving Facility and Term Loan Facility                  
Debt Instrument                  
Consolidated tangible net worth attributed to Company required under covenants       95.00%   95.00%      
v3.25.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Outstanding Loans Payable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Line of Credit Facility    
Total $ 262,921 $ 270,970
Seller financed loans    
Line of Credit Facility    
Total 12,921 20,970
Term loan facility | Term loan facility    
Line of Credit Facility    
Total $ 250,000 $ 250,000
v3.25.2
Senior Notes, Loans Payable and Mortgage Repurchase Facilities - Schedule of Mortgage Repurchase Facilities (Details) - USD ($)
$ in Thousands
Apr. 23, 2025
Jun. 30, 2025
Dec. 31, 2024
Participating Mortgage Loans [Line Items]      
Outstanding Balance   $ 99,022 $ 104,098
Warehouse B      
Participating Mortgage Loans [Line Items]      
Facility Amount   100,000  
Mortgage repurchase facilities      
Participating Mortgage Loans [Line Items]      
Outstanding Balance   99,022  
Facility Amount   200,000  
Mortgage loans held for sale   104,900  
Facility uncommitted amount   101,000  
Mortgage repurchase facilities | Warehouse A      
Participating Mortgage Loans [Line Items]      
Outstanding Balance   54,946  
Facility Amount $ 100,000 $ 100,000  
Interest Rate   1.75%  
Line of Credit Facility, Maximum Borrowing Capacity Increase $ 20,000    
Mortgage repurchase facilities | Warehouse B      
Participating Mortgage Loans [Line Items]      
Outstanding Balance   $ 44,076  
Facility Amount   $ 50,000  
Interest Rate   1.75%  
Mortgage repurchase facilities | Warehouse B      
Participating Mortgage Loans [Line Items]      
Outstanding Balance   $ 0  
Facility Amount   $ 50,000  
Interest Rate   1.75%  
Facility uncommitted amount   $ 50,000  
v3.25.2
Fair Value Disclosures - Schedule of Assets and Liabilities Related to Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred loan costs $ 7,134 $ 3,637
Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 104,862 115,001
Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 104,862 115,001
Mortgage repurchase facilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 104,900  
Mortgage repurchase facilities | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage repurchase facilities 99,022 104,098
Mortgage repurchase facilities | Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage repurchase facilities 99,022 104,098
Term Loan | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 250,000 250,000
Term Loan | Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 250,000 250,000
Senior notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred loan costs 2,947 3,466
Senior notes | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 650,000 650,000
Senior notes | Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 645,875 642,690
Seller financed loans | Level 2 | Recurring | Book Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments 12,921 20,970
Seller financed loans | Level 2 | Recurring | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets and liabilities related to financial instruments $ 12,921 $ 20,970
v3.25.2
Fair Value Disclosures - Schedule of Impairment Charges and Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Impairment Charge $ 11,000,000 $ 0 $ 11,000,000 $ 0  
Fair Value Net of Impairment 3,301,302,000   3,301,302,000   $ 3,153,459,000
Level 3 | Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Impairment Charge     11,000,000   0
Fair Value Net of Impairment $ 38,333,000   $ 38,333,000   $ 0
v3.25.2
Fair Value Disclosures - Narrative (Details) - community
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
West | Homebuilding Operations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Number of impaired real estate properties 1 1
v3.25.2
Commitments and Contingencies - Narrative (Details)
 12 Months Ended
Dec. 31, 1987
lease
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Commitment And Contingencies [Line Items]      
Legal reserves   $ 0 $ 0
Outstanding warranty insurance receivables   64,446,000 68,539,000
Estimated remaining liabilities related to surety bonds   $ 18,256,000 18,168,000
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   $ 639,200,000 654,100,000
Estimated remaining liabilities related to surety bonds   $ 472,500,000 $ 443,900,000
v3.25.2
Commitments and Contingencies - Schedule of Warranty Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Movement in Standard Product Warranty Accrual        
Warranty reserves, beginning of period $ 113,865 $ 106,602 $ 116,150 $ 106,993
Warranty reserves accrued 9,344 9,834 16,532 17,734
Warranty expenditures (14,804) (9,240) (24,277) (17,531)
Warranty reserves, end of period $ 108,405 $ 107,196 $ 108,405 $ 107,196
v3.25.2
Commitments and Contingencies - Schedule of Lease Costs and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Lessee, Lease, Description          
Net lease cost $ 3,399 $ 3,038 $ 6,610 $ 5,881  
Right-of-use assets obtained in exchange for new operating lease liabilities 17,095 3,374 17,925 5,264  
Operating leases          
Lessee, Lease, Description          
Lease cost 3,411 3,050 6,633 5,904  
Sublease income 0 0 0 0  
Cash paid for amounts included in the measurement of lease liabilities $ 3,439 3,410 $ 6,673 5,912  
Weighted-average discount rate 5.30%   5.30%   5.00%
Weighted-average remaining lease term 5 years 10 months 24 days   5 years 10 months 24 days   5 years 7 months 6 days
Ground leases          
Lessee, Lease, Description          
Lease cost $ 793 765 $ 1,587 1,530  
Sublease income (805) (777) (1,610) (1,553)  
Cash paid for amounts included in the measurement of lease liabilities $ 664 $ 664 $ 1,327 $ 1,327  
Weighted-average discount rate 10.20%   10.20%   10.20%
Weighted-average remaining lease term 43 years   43 years   43 years 4 months 24 days
v3.25.2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Lessee, Lease, Description    
Present value of operating lease liabilities $ 90,269 $ 78,067
Property, Equipment and Other Leases    
Lessee, Lease, Description    
Remaining in 2025 5,684  
2026 13,477  
2027 13,072  
2028 12,723  
2029 11,218  
Thereafter 17,784  
Total lease payments 73,958  
Less: Interest 11,141  
Present value of operating lease liabilities 62,817  
Ground Leases    
Lessee, Lease, Description    
Remaining in 2025 1,619  
2026 3,237  
2027 3,237  
2028 3,237  
2029 3,237  
Thereafter 72,165  
Total lease payments 86,732  
Less: Interest 59,280  
Present value of operating lease liabilities 27,452  
Payments to be received $ 52,900  
v3.25.2
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions
 6 Months Ended 12 Months Ended
May 05, 2025
$ / shares
shares
Feb. 19, 2025
$ / shares
shares
Apr. 29, 2024
$ / shares
shares
Feb. 21, 2024
metric
$ / shares
shares
Feb. 19, 2024
metric
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award              
Unrecognized stock based compensation related to all stock-based awards | $           $ 53.5  
Weighted average period, expense to recognized           1 year 8 months 12 days  
Number of separate performance metrics | metric       2 2    
Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares)           1,298,709  
Granted (in dollars per share) | $ / shares           $ 30.90  
Employees and Officers | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares)   509,446   430,887 760,119    
Award vesting period   3 years   3 years      
Granted (in dollars per share) | $ / shares   $ 30.89   $ 35.51      
Officers | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares)       656,844      
Granted (in dollars per share) | $ / shares       $ 35.51 $ 30.89    
Officers | Restricted Stock Units (RSUs) | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award              
Vesting rights       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   21,835        
Granted (in dollars per share) | $ / shares $ 31.45   $ 37.78        
Employees | Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award              
Restricted stock units, granted (in shares)           1,324 17,082
Award vesting period           3 years 3 years
2022 Plan              
Share-based Compensation Arrangement by Share-based Payment Award              
Common stock authorized for incentive plan (in shares)           7,500,000  
Shares available for future grant (in shares)           4,781,991  
v3.25.2
Stock-Based Compensation - Schedule of Compensation Expense Recognized Related to all Stock-Based Awards (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]        
Total stock-based compensation $ 8,603 $ 8,940 $ 16,159 $ 15,619
v3.25.2
Stock-Based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Restricted Stock Units  
Nonvested RSU's beginning balance (in shares) | shares 3,431,275
Granted (in shares) | shares 1,298,709
Vested (in shares) | shares (816,499)
Forfeited (in shares) | shares (618,545)
Nonvested RSU's ending balance (in shares) | shares 3,294,940
Weighted Average Grant Date Fair Value Per Share  
Beginning balance (in dollars per share) | $ / shares $ 27.45
Granted (in dollars per share) | $ / shares 30.90
Vested (in dollars per share) | $ / shares 24.81
Forfeited (in dollars per share) | $ / shares 22.74
Ending balance (in dollars per share) | $ / shares $ 30.61
v3.25.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Deferred tax assets, net $ 45,975   $ 45,975   $ 45,975
Valuation allowance related to net deferred tax assets 3,400   3,400   $ 3,400
Provision for income taxes $ 23,640 $ 41,227 $ 46,133 $ 72,811  
v3.25.2
Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Supplemental disclosure of cash flow information:    
Interest paid (capitalized), net $ (1,142) $ 63
Income taxes paid, net 60,487 105,485
Supplemental disclosures of noncash activities:    
Increase in share repurchase excise tax accrual 1,578 572
Amortization of senior note discount capitalized to real estate inventory 0 511
Amortization of deferred loan costs capitalized to real estate inventory 1,268 $ 1,988
Increase in noncontrolling interests $ 131