v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company primarily operates in the homebuilding business and is organized and reported mainly by region. The Company’s four reportable segments consist of the three homebuilding segments—the Southeast, Mid-Atlantic and Midwest—as well as the Financial Services segment. The homebuilding segments produce the majority of their homebuilding revenues through the sale and delivery of completed homes. The Financial Services segment generates the majority of its revenues from originating and selling mortgages, and collecting premiums and fees for closing services and title insurance. The four reportable segments are comprised of the following:
•Southeast (Jacksonville, Orlando and Tampa, Florida and operations in the southeast coast of Florida and southwest Florida; Atlanta and Savannah, Georgia; Hilton Head and Bluffton, South Carolina; custom homes operations in northeast Florida)
•Mid-Atlantic (DC Metro; Nashville, Tennessee; Charlotte, Fayetteville, Raleigh and Wilmington, North Carolina; Charleston, Myrtle Beach and Greenville, South Carolina)
•Midwest (Austin, Dallas, Houston and San Antonio, Texas; Denver, Colorado; Phoenix, Arizona)
•Financial Services (primarily Jet HomeLoans, DF Title and Alliant Title)
The corporate component, which is not considered an operating segment, is reported separately as “corporate.” Certain corporate SG&A expenses are charged to the segments and eliminated in consolidation.
During the three months ended June 30, 2026, the chief operating decision makers group (“CODM”) was updated to include the Chief Operating Officer upon his appointment on June 1, 2026. The change did not result in a change to the Company’s operating segments, reportable segments or the measure of segment profit or loss used by the CODM.
The following table summarizes revenues, significant expenses and income before taxes by segment for the three months ended June 30, 2026 and 2025 (in thousands):
Southeast(1)
Mid-AtlanticMidwestFinancial Services
Corporate(2)
Consolidated
2026
Total revenues$388,356 $263,670 $355,118 $56,280 $— $1,063,424 
Homebuilding cost of sales333,046 225,291 305,445 — — 863,782 
Financial services expense(3)
— — — 45,239 — 45,239 
Selling, general and administrative expense45,352 35,806 43,484 — 3,798 128,440 
Other segment expense (income), net⁽⁴⁾121 452 90 (945)(10,601)(10,883)
Income before taxes$9,837 $2,121 $6,099 $11,986 $6,803 $36,846 
2025
Total revenues$367,572 $274,811 $457,197 $50,925 $— $1,150,505 
Homebuilding cost of sales301,715 225,569 390,587 — — 917,871 
Financial services expense(3)
— — — 40,058 — 40,058 
Selling, general and administrative expense49,414 34,145 50,294 — 846 134,699 
Other segment income, net(4)
(181)(71)(12,988)(1,082)(1,865)(16,187)
Income before taxes$16,624 $15,168 $29,304 $11,949 $1,019 $74,064 
(1)The Southeast segment excludes profits related to the manufacturing of panels used in homebuilding operations within the Southeast segment, which are eliminated in consolidation.
(2)Corporate includes operations and investments of the corporate component. Corporate SG&A primarily consists of depreciation of corporate assets, professional services fees, certain payroll costs and other general corporate expenses not allocated to the segments. Corporate other segment items primarily consist of interest income and expense, investment income, rental income and income from unconsolidated entities. During the three and six months ended June 30, 2026, changes in fair value of investments in equity securities resulted in unrealized gains of $8.2 million and $5.5 million, respectively, which are recognized within other income (expense), net on the Condensed Consolidated Statements of Operations. There was no such corporate investment income for the three and six months ended June 30, 2025.
(3)Financial services expense primarily consists of commissions, salaries and benefits.
(4)Other segment items related to the homebuilding segments primarily consist of interest income and expense, management fees and gains and losses on sales of fixed assets. Other segment items related to financial services primarily consist of investment income. For the three and six months ended June 30, 2025, amounts related to contingent consideration revaluation were reclassified into other segment items as there were no longer any contingent consideration arrangements as of December 31, 2025.
The following table summarizes revenues, significant expenses and income before taxes by segment for the six months ended June 30, 2026 and 2025 (in thousands):
Southeast(1)
Mid-AtlanticMidwestFinancial Services
Corporate(2)
Consolidated
2026
Total revenues$661,806 $495,284 $686,713 $107,460 $— $1,951,263 
Homebuilding cost of sales563,221 420,859 595,345 — — 1,579,425 
Financial services expense(3)
— — — 87,950 — 87,950 
Selling, general and administrative expense78,691 65,924 84,958 — 9,770 239,343 
Other segment expense (income), net(4)
325 1,163 (28)(1,545)(11,022)(11,107)
Income before taxes$19,569 $7,338 $6,438 $21,055 $1,252 $55,652 
2025
Total revenues$675,205 $512,886 $881,597 $70,688 $— $2,140,376 
Homebuilding cost of sales549,317 412,303 739,787 — — 1,701,407 
Financial services expense(3)
— — — 52,924 — 52,924 
Selling, general and administrative expense83,688 64,263 102,198 — 1,244 251,393 
Other segment (income) expense, net(4)(5)
(198)6,736 (12,206)(763)(4,146)(10,577)
Income before taxes$42,398 $29,584 $51,818 $18,527 $2,902 $145,229 
See notes (1) to (4) above under segment results for the three months ended June 30, 2026 and 2025.
(5)During the six months ended June 30, 2025, other segment items for the Mid-Atlantic segment included $6.7 million of accrued expense from March 2025 purchase price adjustments related to the Crescent Homes acquisition.
The following table summarizes total assets and goodwill by segment as of the periods indicated (in thousands):
Assets:Goodwill:
As of
June 30, 2026		As of
December 31, 2025		As of
June 30, 2026		As of
December 31, 2025
Southeast
$1,063,237 $1,010,715 $68,467 $68,467 
Mid-Atlantic952,647 904,598 144,959 144,959 
Midwest1,233,553 1,086,398 141,071 141,071 
Financial Services
362,104 347,791 22,864 22,864 
Corporate(1)
348,129 377,982 — — 
Consolidated$3,959,670 $3,727,484 $377,361 $377,361 
(1)Corporate assets are comprised of, but are not limited to, operating and restricted cash, deferred tax assets, prepaids and other assets not directly attributable to a reportable segment.