Inventories and Lot Deposits (Tables)

6 Months Ended

Jun. 30, 2026

Inventories consisted of the following as of the periods indicated (in thousands):


	As of June 30, 2026		As of December 31, 2025
Construction in process and finished homes	$	1,737,850	$	1,563,922
Finished lots and land(1)	322,287		268,849
Pre-acquisition land costs	267,642		192,891
Inventories	$	2,327,779	$	2,025,662

(1)As of June 30, 2026 and December 31, 2025, included $43.0 million and $70.0 million, respectively, of consolidated inventory not owned in relation to finished lot sales to land bank partners for which the Company is obligated to repurchase.

Schedule of Capitalized Inventory

Capitalized interest activity related to the Credit Agreement and Senior Notes, which is included in CIP and finished homes, is summarized in the table below for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Capitalized interest as of beginning of the period	$	58,325	$	42,783	$	55,664	$	37,723
Interest incurred	30,967		28,812		61,133		55,478
Interest expensed	(583)		—		(1,342)		—
Interest charged to homebuilding cost of sales	(31,647)		(27,961)		(58,393)		(49,567)
Capitalized interest as of end of the period	$	57,062	$	43,634	$	57,062	$	43,634