Tri Pointe Homes (TPH) 10-Q 22 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 12, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		118,424,242
Amendment Flag	false
Document Fiscal year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001561680
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 584,665	$ 621,295
Receivables	81,365	63,551
Real estate inventories	3,015,984	2,910,142
Investments in unconsolidated entities	68,212	75,056
Goodwill and other intangible assets, net	157,566	158,529
Deferred tax assets, net	44,389	47,525
Other assets	140,772	145,882
Total assets	4,092,953	4,021,980
Liabilities
Accounts payable	118,904	79,690
Accrued expenses and other liabilities	390,493	366,740
Loans payable	258,979	258,979
Senior notes, net	1,084,803	1,084,022
Total liabilities	1,853,179	1,789,431
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized;    118,824,242 and 121,882,778 shares issued and outstanding at    March 31, 2021 and December 31, 2020, respectively	1,188	1,219
Additional paid-in capital	281,591	345,137
Retained earnings	1,956,983	1,886,181
Total stockholders’ equity	2,239,762	2,232,537
Noncontrolling interests	12	12
Total equity	2,239,774	2,232,549
Total liabilities and equity	$ 4,092,953	$ 4,021,980

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	50,000,000	50,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	500,000,000	500,000,000
Common stock, shares issued (shares)	118,824,242	121,882,778
Common stock, shares outstanding (shares)	118,824,242	121,882,778

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other operations revenue	$ 663	$ 618
Total revenues	720,966	597,050
Other operations expense	624	624
Sales and marketing	40,460	42,637
General and administrative	41,349	39,837
Homebuilding income from operations	90,919	39,274
Equity in loss of unconsolidated entities	(13)	(14)
Other income, net	108	373
Homebuilding income before income taxes	91,014	39,633
Equity in income of unconsolidated entities	2,691	1,556
Financial services income before income taxes	3,389	2,071
Income before income taxes	94,403	41,704
Provision for income taxes	(23,601)	(9,821)
Net income	$ 70,802	$ 31,883
Earnings per share
Basic (in dollars per share)	$ 0.59	$ 0.24
Diluted (in dollars per share)	$ 0.59	$ 0.24
Weighted average shares outstanding
Basic (shares)	119,355,252	134,361,148
Diluted (shares)	120,086,573	135,038,481
Homebuilding
Total revenues	$ 718,861	$ 595,456
Income before income taxes	91,014	39,633
Home sales
Home sales and land and lot sales revenue	716,675	594,838
Cost of sales and expenses	545,356	472,882
Land and lots
Home sales and land and lot sales revenue	1,523	0
Cost of sales and expenses	153	202
Financial services
Total revenues	2,105	1,594
Cost of sales and expenses	$ 1,407	$ 1,079

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Total Stockholders’ Equity	Noncontrolling Interests
Beginning balance at Dec. 31, 2019	$ 2,186,542	$ 1,361	$ 581,195	$ 1,603,974	$ 2,186,530	$ 12
Beginning balance (shares) at Dec. 31, 2019		136,149,633
Increase (Decrease) in Stockholders' Equity
Net income	31,883			31,883	31,883
Shares issued under share-based awards	690	$ 7	683		690
Shares issued under share-based awards (shares)		645,671
Minimum tax withholding paid on behalf of employees for restricted stock units	(5,446)		(5,446)		(5,446)
Stock-based compensation expense	3,625		3,625		3,625
Share repurchases	(102,001)	$ (66)	(101,935)		(102,001)
Share repurchases (Shares)		(6,558,323)
Ending balance at Mar. 31, 2020	2,115,293	$ 1,302	478,122	1,635,857	2,115,281	12
Ending balance (shares) at Mar. 31, 2020		130,236,981
Beginning balance at Dec. 31, 2020	$ 2,232,549	$ 1,219	345,137	1,886,181	2,232,537	12
Beginning balance (shares) at Dec. 31, 2020	121,882,778	121,882,778
Increase (Decrease) in Stockholders' Equity
Net income	$ 70,802			70,802	70,802
Shares issued under share-based awards	2,817	$ 6	2,811		2,817
Shares issued under share-based awards (shares)		601,025
Minimum tax withholding paid on behalf of employees for restricted stock units	(4,622)		(4,622)		(4,622)
Stock-based compensation expense	3,656		3,656		3,656
Share repurchases	(65,428)	$ (37)	(65,391)		(65,428)
Share repurchases (Shares)		(3,659,561)
Ending balance at Mar. 31, 2021	$ 2,239,774	$ 1,188	$ 281,591	$ 1,956,983	$ 2,239,762	$ 12
Ending balance (shares) at Mar. 31, 2021	118,824,242	118,824,242

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 70,802	$ 31,883
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	7,130	5,456
Equity in income of unconsolidated entities, net	(2,677)	(1,542)
Deferred income taxes, net	3,136	3,638
Amortization of stock-based compensation	3,656	3,625
Charges for impairments and lot option abandonments	213	349
Changes in assets and liabilities:
Real estate inventories	(104,701)	(127,509)
Receivables	(17,814)	(14,425)
Other assets	5,967	1,154
Accounts payable	39,213	11,155
Accrued expenses and other liabilities	22,096	(5,589)
Returns on investments in unconsolidated entities, net	3,183	2,831
Net cash provided by (used in) operating activities	30,204	(88,974)
Cash flows from investing activities:
Purchases of property and equipment	(5,684)	(8,239)
Proceeds from sale of property and equipment	0	17
Returns of (investments in) unconsolidated entities, net	6,083	(929)
Net cash provided by (used in) investing activities	399	(9,151)
Cash flows from financing activities:
Borrowings from debt	0	500,000
Proceeds from issuance of common stock under share-based awards	2,817	690
Minimum tax withholding paid on behalf of employees for share-based awards	(4,622)	(5,446)
Share repurchases	(65,428)	(102,001)
Net cash (used in) provided by financing activities	(67,233)	393,243
Net (decrease) increase in cash and cash equivalents	(36,630)	295,118
Cash and cash equivalents–beginning of period	621,295	329,011
Cash and cash equivalents–end of period	$ 584,665	$ 624,129

Organization, Basis of Presenta

Organization, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Effective January 15, 2021, the Company changed its corporate name from “TRI Pointe Group, Inc.” to “Tri Pointe Homes, Inc.” As part of this name change, the Company consolidated its six regional homebuilding brands into one unified name—Tri Pointe Homes. For further details on the impact to our reporting segments, see Note 2, Segment Information. Tri Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes across ten states, including Arizona, California, Colorado, Maryland, Nevada, North Carolina, South Carolina, Texas, Virginia and Washington, and the District of Columbia. 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, 2020. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 due to seasonal variations and other factors, such as the effects of the novel coronavirus (“COVID-19”) and its potential impacts on our future results. The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of March 31, 2021 and December 31, 2020 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. Use of Estimates Our financial statements have been prepared in accordance with GAAP. 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. 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 is 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. Land and lot sales revenue We generate revenue from the sale of land and lots to third-parties in the ordinary course of business and these transactions are considered to meet the definition of contracts with customers. Similar to our home sales, revenue from land and lot sales is typically fully recognized when the land and lot sales transactions are consummated, at which time no further performance obligations are left to be satisfied. Some of our historical land and lot sales have included future profit participation rights. We will recognize future land and lot sales revenue in the periods in which all closing conditions are met, subject to the constraint on variable consideration related to profit participation rights, if such rights exist in the sales contract. Other operations revenue The majority of our homebuilding other operations revenue relates to a ground lease included in our West segment. We are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease is accounted for in accordance with ASC Topic 842, Leases . We do not recognize a material profit on this ground lease. 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 Tri Pointe Connect was formed as a joint venture with an established mortgage lender and is accounted for under the equity method of accounting. We record a percentage of income earned by Tri Pointe Connect based on our ownership percentage in this joint venture. Tri Pointe Connect activity appears as equity in income of unconsolidated entities under the Financial Services section of our consolidated statements of operations. 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, Texas, Maryland, Nevada 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. Adoption of New Accounting Standards In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted ASU 2019-12 on January 1, 2021 and our adoption did not have a material impact on our consolidated financial statements.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information We operate two principal businesses: homebuilding and financial se rvices. Effective January 15, 2021, we consolidated our six regional homebuilding brands into one unified name, Tri Pointe Homes, under which we continue to acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting , 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. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding operating and reporting segments, and as a result of such change, beginning with this report, we will report our homebuilding segments under the following hierarchy: West region: Arizona, California, Nevada and Washington Central region: Colorado and Texas East region: District of Columbia, Maryland, North Carolina, South Carolina and Virginia Prior to the consolidation of our six regional homebuilding brands into one unified name, Tri Pointe Homes, our homebuilding operations were comprised of the following six reportable segments: Maracay, consisting of operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; Tri Pointe Homes, consisting of operations in California, Colorado and the Carolinas; and Winchester Homes, consisting of operations in Maryland, Virginia and the District of Columbia. The realignment of our reporting segments did not have any impact on our historical consolidated results of operations and we have restated prior period segment information in this report to conform to the new segment reporting structure. 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. For further details, see Note 1, Organization, Basis of Presentation 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. All of the expenses incurred by Corporate are allocated to each of the homebuilding reporting segments based on their respective percentage of revenues. The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation 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. Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands): Three Months Ended March 31, 2021 2020 Revenues West $ 540,046 $ 416,542 Central 121,118 132,476 East 57,697 46,438 Total homebuilding revenues 718,861 595,456 Financial services 2,105 1,594 Total $ 720,966 $ 597,050 Income (loss) before taxes West $ 79,577 $ 35,854 Central 9,697 4,565 East 1,740 (786) Total homebuilding income before income taxes 91,014 39,633 Financial services 3,389 2,071 Total $ 94,403 $ 41,704 Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands): March 31, 2021 December 31, 2020 Real estate inventories West $ 2,340,906 $ 2,296,013 Central 414,815 386,204 East 260,263 227,925 Total $ 3,015,984 $ 2,910,142 Total assets (1) West $ 2,610,261 $ 2,556,961 Central 493,630 468,699 East 316,629 284,437 Corporate 633,176 672,536 Total homebuilding assets 4,053,696 3,982,633 Financial services 39,257 39,347 Total $ 4,092,953 $ 4,021,980 __________ (1) Total assets as of March 31, 2021 and December 31, 2020 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of March 31, 2021 and December 31, 2020 includes our Tri Pointe Homes trade name, which was historically included in our Tri Pointe Homes reportable segment. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net income $ 70,802 $ 31,883 Denominator: Basic weighted-average shares outstanding 119,355,252 134,361,148 Effect of dilutive shares: Stock options and unvested restricted stock units 731,321 677,333 Diluted weighted-average shares outstanding 120,086,573 135,038,481 Earnings per share Basic $ 0.59 $ 0.24 Diluted $ 0.59 $ 0.24 Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share 2,397,962 2,687,357

Receivables

Receivables	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following (in thousands): March 31, 2021 December 31, 2020 Escrow proceeds and other accounts receivable, net $ 34,846 $ 16,642 Warranty insurance receivable (Note 13) 46,519 46,909 Total receivables $ 81,365 $ 63,551 R eceivables 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 $476,000 and $39,000 as of March 31, 2021

Real Estate Inventories

Real Estate Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Real estate inventories owned: Homes completed or under construction $ 1,231,102 $ 1,006,980 Land under development 1,201,216 1,328,481 Land held for future development 214,241 212,939 Model homes 235,318 241,345 Total real estate inventories owned 2,881,877 2,789,745 Real estate inventories not owned: Land purchase and land option deposits 134,107 120,397 Total real estate inventories not owned 134,107 120,397 Total real estate inventories $ 3,015,984 $ 2,910,142 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 im provement 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, as well as consolidated inventory held by variable interest entities. For further details, see Note 7, Variable Interest Entities . Interest incurred, capitalized and expensed were as follows (in thousands): Three Months Ended March 31, 2021 2020 Interest incurred $ 21,179 $ 20,779 Interest capitalized (21,179) (20,779) Interest expensed $ — $ — Capitalized interest in beginning inventory $ 182,228 $ 192,356 Interest capitalized as a cost of inventory 21,179 20,779 Interest previously capitalized as a cost of inventory, included in cost of sales (20,678) (16,822) Capitalized interest in ending inventory $ 182,729 $ 196,313 Interest is capitalized to real estate inventory during development and other qualifying activities. During all periods presented, we capitalized all interest incurred to real estate inventory in accordance with ASC Topic 835, Interest, as our qualified assets exceeded our debt. Interest that is capitalized to real estate inventory is included in cost of home sales or cost of land and lot sales as related units or lots are delivered. Interest that is expensed as incurred is included in other (expense) income, net. Real Estate Inventory Impairments and Land Option Abandonments Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands): Three Months Ended March 31, 2021 2020 Real estate inventory impairments $ — $ — Land and lot option abandonments and pre-acquisition charges 213 349 Total $ 213 $ 349 Impairments of real estate inventory relate primarily to projects or communities that include homes completed or under construction. Within a project or community, there may be individual homes or parcels of land that are currently held for sale. Impairment charges recognized as a result of adjusting individual held-for-sale assets within a community to estimated fair value less cost to sell are also included in the total impairment charges. 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 and cost of land and lot sales on the consolidated statements of operations.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities As of March 31, 2021, we held equity investments in nine active homebuilding partnerships or limited liability companies and one financial services limited liability company. Our participation in these enti ties may be as a developer, a builder, or an investment partner. Our ownership percentage varies from 7% to 65%, depending on the investment, with no controlling interest held in any of these investments. Unconsolidated Financial Information Aggregated assets, liabilities and operating results of the entities we account for as equity-method investments are provided below. Because our ownership interest in these entities varies, a direct relationship does not exist between the information presented below and the amounts that are reflected on our consolidated balance sheets as our investments in unconsolidated entities or on our consolidated statements of operations as equity in income of unconsolidated entities. Assets and liabilities of unconsolidated entities (in thousands): March 31, 2021 December 31, 2020 Assets Cash $ 32,909 $ 15,430 Receivables 4,397 3,820 Real estate inventories 275,681 235,437 Other assets 539 546 Total assets $ 313,526 $ 255,233 Liabilities and equity Accounts payable and other liabilities $ 60,871 $ 43,534 Company’s equity 68,212 75,056 Outside interests’ equity 184,443 136,643 Total liabilities and equity $ 313,526 $ 255,233 Results of operations from unconsolidated entities (in thousands): Three Months Ended March 31, 2021 2020 Net sales $ 7,809 $ 5,970 Other operating expense (3,848) (3,756) Other income, net — (3) Net income $ 3,961 $ 2,211 Company’s equity in income of unconsolidated entities $ 2,678 $ 1,542

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities 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 ASC 810, Consolidation to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, if we are determined to be the primary beneficiary of the VIE, we will consolidate the VIE in our financial statements and reflect its assets as real estate inventory not owned included in our real estate inventories, its liabilities as debt (nonrecourse) held by VIEs in accrued expenses and other liabilities and the net equity of the VIE owners as noncontrolling interests on our consolidated balance sheets. In determining whether we are the primary beneficiary, we consider, among other things, whether we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Such activities would include, among other things, determining or limiting the scope or purpose of the VIE, selling or transferring property owned or controlled by the VIE, or arranging financing for the VIE. Creditors of the entities with which we have land and lot option agreements have no recourse against us. The maximum exposure to loss under our land and lot option agreements is generally limited to non-refundable option deposits and any capitalized pre-acquisition costs. In some cases, we have also contracted to complete development work at a fixed cost on behalf of the landowner and budget shortfalls and savings will be borne by us. Additionally, we have entered into land banking arrangements which require us to complete development work even if we terminate the option to procure land or lots. The following provides a summary of our interests in land and lot option agreements (in thousands): March 31, 2021 December 31, 2020 Deposits Remaining Consolidated Deposits Remaining Consolidated Consolidated VIEs $ — $ — $ — $ — $ — $ — Unconsolidated VIEs 96,206 646,958 N/A 81,723 599,025 N/A Other land option agreements 37,901 318,254 N/A 38,674 336,326 N/A Total $ 134,107 $ 965,212 $ — $ 120,397 $ 935,351 $ — 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 pre sented in the table above, our exposure to loss related to our land and lot option contracts consisted of capitalized pre-acquisition costs of $9.9 million and

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets As of March 31, 2021 and December 31, 2020, $139.3 million of goodwill is included in goodwill and other intangible assets, net on each of the consolidated balance sheets. We have two intangible assets as of March 31, 2021, comprised of an existing trade name from the acquisition of Maracay in 2006, which originally had a 20 year useful life, and a Tri Pointe Homes trade name resulting from the acquisition of WRECO in 2014, which has an indefinite useful life. In October 2020, in conjunction with the announcement of our move to a single brand, Tri Pointe Homes, we modified the useful life of the Maracay trade name to expire in June 2021. Goodwill and other intangible assets consisted of the following (in thousands): March 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Goodwill $ 139,304 $ — $ 139,304 $ 139,304 $ — $ 139,304 Trade names 27,979 (9,717) 18,262 27,979 (8,754) 19,225 Total $ 167,283 $ (9,717) $ 157,566 $ 167,283 $ (8,754) $ 158,529 The net carrying amount of our amortizing intangible asset related to the Maracay trade name was $963,000 and $1.9 million as of March 31, 2021 and December 31, 2020, respectively. Amortization expense related to this intangible asset was $963,000 and $134,000 for the three-month periods ended March 31, 2021 and 2020, respectively. Amortization of this intangible was charged to sales and marketing expense. The remaining useful life of the Maracay trade name was 0.5 year as of December 31, 2020 and will become fully amortized in the second quarter of 2021. Our $17.3 million indefinite life intangible asset related to the Tri Pointe Homes trade name is not amortizing. All trade names and goodwill are evaluated for impairment on an annual basis or more frequently if indicators of impairment exist.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consisted of the following (in thousands): March 31, 2021 December 31, 2020 Prepaid expenses $ 11,676 $ 14,984 Refundable fees and other deposits 20,955 22,029 Development rights, held for future use or sale 1,206 1,528 Deferred loan costs—loans payable 2,755 3,073 Operating properties and equipment, net 50,672 52,494 Lease right-of-use assets 50,455 48,798 Other 3,053 2,976 Total $ 140,772 $ 145,882

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued payroll and related costs $ 18,525 $ 48,893 Warranty reserves (Note 13) 94,793 94,475 Estimated cost for completion of real estate inventories 90,406 93,292 Customer deposits 55,741 43,602 Income tax liability to Weyerhaeuser 307 240 Accrued income taxes payable 33,689 13,329 Accrued interest 20,454 4,655 Other tax liability 2,934 2,180 Lease liabilities 54,674 53,239 Other 18,970 12,835 Total $ 390,493 $ 366,740

Senior Notes and Loans Payable

Senior Notes and Loans Payable	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Senior Notes and Loans Payable	Senior Notes and Loans Payable Senior Notes The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands): March 31, 2021 December 31, 2020 5.875% Senior Notes due June 15, 2024 $ 450,000 $ 450,000 5.250% Senior Notes due July 1, 2027 300,000 300,000 5.700% Senior Notes due June 15, 2028 350,000 350,000 Discount and deferred loan costs (15,197) (15,978) Total $ 1,084,803 $ 1,084,022 In June 2020, Tri Pointe issued $350 million aggregate principal amount of 5.700% Senior Notes due 2028 (the “2028 Notes”) a t 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 a nd 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. Tri Pointe and its wholly owned subsidiary Tri Pointe Homes Holdings, Inc. are co-issuers of the $450 million aggregate principal amount 5.875% Senior Notes due 2024 (the “2024 Notes”). The 2024 Notes were issued at 98.15% of their aggregate principal amount. The net proceeds from the offering of the 2024 Notes was $429.0 million, after debt issuance costs and discounts. The 2024 Notes mature on June 15, 2024, with interest payable semiannually in arrears on June 15 and December 15 of each year until maturity. As of March 31, 2021, there were $11.9 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 $18.8 million and $3.2 million as of March 31, 2021 and December 31, 2020, respectively. Loans Payable The Company’s outstanding loans payable consisted of the following (in thousands): March 31, 2021 December 31, 2020 Term loan facility $ 250,000 $ 250,000 Seller financed loans 8,979 8,979 Total $ 258,979 $ 258,979 On March 29, 2019, the Company entered into a Second Amended and Restated Credit Agreement, which amended and restated the Company’s Amended and Restated Credit Agreement, dated as of July 7, 2015. The Credit Facility (as defined below), which matures on March 29, 2023, consists of a $600 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 includes a 90-day delayed draw provision that allowed the Company to draw the full $250 million from the Term Facility in June 2019 in connection with the maturity of the 4.375% Senior Notes that matured on June 15, 2019. The Company may increase the Credit Facility to not more than $1 billion in the aggregate, at its request, upon satisfaction of specified conditions. The Revolving Facility contains a sublimit of $100 million for letters of credit. The Company may borrow under the Revolving Facility in the ordinary course of business to repay senior notes and fund its operations, including its land acquisition, land development and homebuilding activities. Borrowings under the Revolving Facility will be governed by, among other things, a borrowing base. Interest rates on borrowings under the Revolving Facility will be based on either a daily Eurocurrency base rate or a Eurocurrency rate, in either case, plus a spread ranging from 1.25% to 2.00%, depending on the Company’s leverage ratio. Interest rates on borrowings under the Term Facility will be based on either a daily Eurocurrency base rate or a Eurocurrency rate, in either case, plus a spread ranging from 1.10% to 1.85%, depending on the Company’s leverage ratio. As of March 31, 2021, we had no outstanding debt under the Revolving Facility and there w as $543.1 million of availability after considering the borrowing base provisions and outstanding letters of credit. As of March 31, 2021, we had $250 million outstanding debt under the Term Facility with an interest rate of 1.22%. As of March 31, 2021, there were $2.8 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 $536,000 and $617,000 as of March 31, 2021 and December 31, 2020, respectively. At March 31, 2021 and December 31, 2020, we had outstanding letters o f credit of $56.9 million and $64.1 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. Interest Incurred During the three months ended March 31, 2021 and 2020, the Company incurred interest of $21.2 million and $20.8 million, respectively, related to all debt during the period. Included in interest incurred are amortization of deferred financing and Senior Note discount costs of $1.1 million and $1.3 million for the three months ended March 31, 2021 and 2020, respectively. Accrued interest related to all outstanding debt at March 31, 2021 and December 31, 2020 was $20.5 million and $4.7 million, respectively. 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 97.0% of consolidated tangible net worth must be attributable to the Company and its guarantor subsidiaries, subject to certain grace periods. The Company was in compliance with all applicable financial covenants as of March 31, 2021 and December 31, 2020.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands): March 31, 2021 December 31, 2020 Hierarchy Book Value Fair Value Book Value Fair Value Senior Notes (1) Level 2 $ 1,096,722 $ 1,201,875 $ 1,096,494 $ 1,207,665 Term loan (2) Level 2 $ 250,000 $ 250,000 $ 250,000 $ 250,000 Seller financed loans (3) Level 2 $ 8,979 $ 8,979 $ 8,979 $ 8,979 __________ (1) The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $11.9 million and $12.5 million as of March 31, 2021 and December 31, 2020, respectively. The estimated fair value of the Senior Notes at March 31, 2021 and December 31, 2020 is based on quoted market prices. (2) The estimate d fair value of the Term Loan Facility as of March 31, 2021 and December 31, 2020 approximated book value due to the variable interest rate terms of this loan. (3) The estimated fair value of our seller financed loans as of March 31, 2021 and December 31, 2020 approximated book value due to the short term nature of these loans, both of which are scheduled to mature in 2021. At March 31, 2021 and December 31, 2020, the carrying value of cash and cash equivalents and receivables approximated fair value due to their short-term nature and variable interest rate terms. Fair Value of Nonfinancial Assets Nonfinancial assets include items such as real estate inventories and long-lived assets that are measured at fair value on a nonrecurring basis when events and circumstances indicating the carrying value is not recoverable. The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands): Three Months Ended March 31, 2021 Year Ended December 31, 2020 Hierarchy Impairment Fair Value Impairment Fair Value Real estate inventories (1) Level 3 $ — $ — $ 1,460 $ 2,243 __________ (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,

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 base d 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 and $1.3 million of legal reserves as of March 31, 2021 and December 31, 2020, 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 in surance recoveries could differ significantly from amounts currently estimated. Outstanding warranty insurance receivables were $46.5 million and $46.9 million as of March 31, 2021 and December 31, 2020, respectively. Warranty insurance receivables are recor ded in receivables on the accompanying consolidated balance sheets. Warranty reserve activity consisted of the following (in thousands): Three Months Ended March 31, 2021 2020 Warranty reserves, beginning of period $ 94,475 $ 76,607 Warranty reserves accrued 6,514 5,156 Warranty expenditures (6,196) (5,276) Warranty reserves, end of period $ 94,793 $ 76,487 Performance Bonds We obtain surety bonds in the normal course of business to ensure completion of certain infrastructure improvements of our projects. The beneficiaries of the bonds are various municipalities. As of March 31, 2021 and December 31, 2020, the Company had outstanding surety bonds totaling $608.9 million and $615.4 million, respectively. As of March 31, 2021 and December 31, 2020, our estimated cost to complete obligations related to these surety bonds was $356.9 million and $323.2 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 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 ten-year extensions on one of these ground leases to extend the lease through 2071. The commercial buildings on these properties have been sold and the ground leases have been sublet to the buyers. For one of these leases, we are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease has been subleased through 2041 to the buyers of the commercial buildings. For the second lease, the buyers of the buildings are responsible for making lease payments directly to the landowner, however, we have guaranteed the performance of the buyers/lessees. See below for additional information on leases (dollars in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Lease Cost Operating lease cost (included in SG&A expense) $ 2,481 $ 2,338 Ground lease cost (included in other operations expense) 624 624 Sublease income, operating leases — — Sublease income, ground leases (included in other operations revenue) (633) (618) Net lease cost $ 2,472 $ 2,344 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating lease cash flows (included in operating cash flows) $ 2,788 $ 2,014 Ground lease cash flows (included in operating cash flows) $ 635 $ 624 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,006 $ 20 March 31, 2021 December 31, 2020 Weighted-average discount rate: Operating leases 5.4 % 5.7 % Ground leases 10.2 % 10.2 % Weighted-average remaining lease term (in years): Operating leases 6.0 5.5 Ground leases 46.8 47.0 The future minimum lease payments under our operating leases are as follows (in thousands): Property, Equipment and Other Leases Ground Leases (1) Remaining in 2021 $ 7,092 $ 2,334 2022 6,235 3,112 2023 5,256 3,112 2024 3,520 3,112 2025 2,377 3,112 Thereafter 7,576 81,656 Total lease payments $ 32,056 $ 96,438 Less: Interest 5,120 68,700 Present value of operating lease liabilities $ 26,936 $ 27,738 __________ (1) Ground leases are fully subl eased through 2041, representing $64.1 million of the $96.4 million future ground lease obligations.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2013 Long-Term Incentive Plan The Company’s stock compensation plan, the 2013 Long-Term Incentive Plan (the “2013 Incentive Plan”), was adopted by Tri Pointe in January 2013 and amended, with the approval of our stockholders, in 2014 and 2015. In addition, our board of directors amended the 2013 Incentive Plan in 2014 to prohibit repricing (other than in connection with any equity restructuring or any change in capitalization) of outstanding options or stock appreciation rights without stockholder approval. The 2013 Incentive Plan provides for the grant of equity-based awards, including options to purchase shares of common stock, stock appreciation rights, bonus stock, restricted stock, restricted stock units (“RSUs”) and performance awards. The 2013 Incentive Plan will automatically expire on the tenth anniversary of its effective date. Our board of directors may terminate or amend the 2013 Incentive Plan at any time, subject to any requirement of stockholder approval required by applicable law, rule or regulation. As amended, the number of shares of our common stock that may be issued under the 2013 Incentive Plan is 11,727,833 shares. To the extent that shares of our common stock subject to an outstanding option, stock appreciation right, stock award or performance award granted under the 2013 Incentive 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 shall again be available under the 2013 Incentive Plan. As of March 31, 2021, there were 4,742,709 shares available for future grant under the 2013 Incentive Plan. The following table presents compensation expense recognized related to all stock-based awards (in thousands): Three Months Ended March 31, 2021 2020 Total stock-based compensation $ 3,656 $ 3,625 Stock-based compensation is charged to general and administrative expense on the accompanying consolidated statements of operations. As of March 31, 2021, total unrecognized stock-based compensation related to all stock-based awards was $33.6 million and the weighted average term over which the expense was expected to be recognized was 2.2 years. Summary of Stock Option Activity The following table presents a summary of stock option awards for the three months ended March 31, 2021: Options Weighted Weighted Aggregate Options outstanding at December 31, 2020 650,770 $ 15.78 2.5 $ 1,155 Granted — — — — Exercised (186,602) $ 16.07 — — Forfeited — $ — — — Options outstanding at March 31, 2021 464,168 $ 15.66 2.3 $ 2,254 Options exercisable at March 31, 2021 464,168 $ 15.66 2.3 $ 2,254 The intrinsic value of each stock option award outstanding or exercisable is the difference between the fair market value of the Company’s common stock at the end of the period and the exercise price of each stock option award to the extent it is considered “in-the-money”. A stock option award is considered to be “in-the-money” if the fair market value of the Company’s stock is greater than the exercise price of the stock option award. The aggregate intrinsic value of options outstanding and options exercisable represents the value that would have been received by the holders of stock option awards had they exercised their stock option award on the last trading day of the period and sold the underlying shares at the closing price on that day. Summary of Restricted Stock Unit Activity The following table presents a summary of RSUs for the three months ended March 31, 2021: Restricted Weighted Aggregate Nonvested RSUs at December 31, 2020 2,873,655 $ 15.35 $ 50,404 Granted 1,523,438 $ 18.68 — Vested (668,014) $ 15.58 — Forfeited (319,838) $ 12.81 — Nonvested RSUs at March 31, 2021 3,409,241 $ 17.03 $ 69,958 RSUs that vested, as reflected in the table above, during the three months ended March 31, 2021 include previously granted time-based RSUs. RSUs that were forfeited, as reflected in the table above, during the three months ended March 31, 2021 include performance-based RSUs and time-based RSUs that were forfeited for no consideration. On February 22, 2021, the Company granted an aggregate of 625,000 time-based RSUs to certain employees and officers. The RSUs granted vest in equal installment annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on February 22, 2021 was measured using a price of $18.26 per share 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 22, 2021, the Company granted an aggregate of 669,141 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer and Chief Human Resources Officer. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue, and (ii) 50% to pre-tax earnings. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the Company’s percentage attainment of specified threshold, target and maximum performance goals. Any award earned based on performance achieved may be increased or decreased by 25% based on the Company’s total stockholder return (“TSR'”) relative to its peer-group homebuilders. The performance period for these performance-based RSUs is January 1, 2021 to December 31, 2023. The fair value of these performance-based RSUs was determined to be $18.96 per share based on a Monte Carlo simulation. Each award will be expensed over the requisite service period. On February 22, 2021, the Company granted an aggregate of 229,297 performance-based RSUs to the Company’s 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, 2021 to December 31, 2023. The fair value of these performance-based RSUs was measured using a price of $18.26, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service period. On July 28, 2020, the Company granted an aggregate of 5,632 time-based RSUs to certain employees. The RSUs granted vest in equal installment annually beginning on February 20, 2021 over a three-year period. The fair value of each RSU granted on July 28, 2020 was measured using a price of $16.79 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 April 27, 2020, the Company granted an aggregate of 47,080 time-based RSUs to the non-employee members of its board of directors. The RSUs granted to non-employee directors vest in their entirety on the day immediately prior to the Company’s 2021 annual meeting of stockholders. The fair value of each RSU granted on April 27, 2020 was measured using a price of $10.62 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 March 9, 2020 and February 20, 2020, the Company granted an aggregate of 17,692 and 639,395, respectively, time-based RSUs to certain employees and officers. The RSUs granted vest in equal installment annually on the anniversary of the grant date over a three-year period. The fair value of each RSU granted on March 9, 2020 and February 20, 2020 was measured using a price of $14.13 and $18.39 per share, respectively, which were the closing stock prices on the dates of grant. Each award will be expensed on a straight-line basis over the vesting period. On February 20, 2020, the Company granted an aggregate of 547,166 performance-based RSUs to the Company’s Chief Executive Officer, Chief Operating Officer and President, Chief Financial Officer, General Counsel, Chief Marketing Officer and Chief Human Resources Officer. These performance-based RSUs are allocated to two separate performance metrics, as follows: (i) 50% to homebuilding revenue, and (ii) 50% to pre-tax earnings. The vesting, if at all, of these performance-based RSUs may range from 0% to 100% and will be based on the Company’s percentage attainment of specified threshold, target and maximum performance goals. Any award earned based on performance achieved may be increased or decreased by 25% based on the Company’s TSR relative to its peer-group homebuilders. The performance period for these performance-based RSUs is January 1, 2020 to December 31, 2022. The fair value of these performance-based RSUs was determined to be $19.36 per share based on a Monte Carlo simulation. Each award will be expensed over the requisite service period. On February 20, 2020, the Company granted an aggregate of 207,300 performance-based RSUs to the Company’s 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, 2020 to December 31, 2022. The fair value of these performance-based RSUs was measured using a price of $18.39, which was the closing stock price on the date of grant. Each award will be expensed over the requisite service 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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 $44.4 million and $47.5 million as of March 31, 2021 and December 31, 2020. We had a valuation allowance related to those net deferred tax assets of $3.4 million as of both March 31, 2021 and December 31, 2020. 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. Tri Pointe has certain liabilities to Weyerhaeuser Company (“Weyerhaeuser”) related to a tax sharing agreement. As of both March 31, 2021 and December 31, 2020, we had an income tax liability to Weyerhaeuser of $307,000 and $240,000, respectively. The income tax liability to Weyerhaeuser is recorded in accrued expenses and other liabilities on the accompanying consolidated balance sheets.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsWe had no related party transactions for the three months ended March 31, 2021 and 2020.

Supplemental Disclosure to Cons

Supplemental Disclosure to Consolidated Statements of Cash Flows	3 Months Ended
	Mar. 31, 2021
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): Three Months Ended March 31, 2021 2020 Supplemental disclosure of cash flow information: Interest paid (capitalized), net $ (16,898) $ (8,220) Income taxes paid (refunded), net $ — $ 9 Supplemental disclosures of noncash activities: Amortization of senior note discount capitalized to real estate inventory $ 228 $ 302 Amortization of deferred loan costs capitalized to real estate inventory $ 871 $ 957

Organization, Basis of Presen_2

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Organization and Basis of Presentation	Organization Effective January 15, 2021, the Company changed its corporate name from “TRI Pointe Group, Inc.” to “Tri Pointe Homes, Inc.” As part of this name change, the Company consolidated its six regional homebuilding brands into one unified name—Tri Pointe Homes. For further details on the impact to our reporting segments, see Note 2, Segment Information. Tri Pointe is engaged in the design, construction and sale of innovative single-family attached and detached homes across ten states, including Arizona, California, Colorado, Maryland, Nevada, North Carolina, South Carolina, Texas, Virginia and Washington, and the District of Columbia. 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, 2020. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation with respect to interim financial statements, have been included. The results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 due to seasonal variations and other factors, such as the effects of the novel coronavirus (“COVID-19”) and its potential impacts on our future results. The consolidated financial statements include the accounts of Tri Pointe Homes and its wholly owned subsidiaries, as well as other entities in which Tri Pointe Homes has a controlling interest and variable interest entities (“VIEs”) in which Tri Pointe Homes is the primary beneficiary. The noncontrolling interests as of March 31, 2021 and December 31, 2020 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.
Use of Estimates	Use of Estimates Our financial statements have been prepared in accordance with GAAP. 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.
Revenue Recognition	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 is 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. Land and lot sales revenue We generate revenue from the sale of land and lots to third-parties in the ordinary course of business and these transactions are considered to meet the definition of contracts with customers. Similar to our home sales, revenue from land and lot sales is typically fully recognized when the land and lot sales transactions are consummated, at which time no further performance obligations are left to be satisfied. Some of our historical land and lot sales have included future profit participation rights. We will recognize future land and lot sales revenue in the periods in which all closing conditions are met, subject to the constraint on variable consideration related to profit participation rights, if such rights exist in the sales contract. Other operations revenue The majority of our homebuilding other operations revenue relates to a ground lease included in our West segment. We are responsible for making lease payments to the landowner, and we collect sublease payments from the buyers of the buildings. This ground lease is accounted for in accordance with ASC Topic 842, Leases . We do not recognize a material profit on this ground lease. 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 Tri Pointe Connect was formed as a joint venture with an established mortgage lender and is accounted for under the equity method of accounting. We record a percentage of income earned by Tri Pointe Connect based on our ownership percentage in this joint venture. Tri Pointe Connect activity appears as equity in income of unconsolidated entities under the Financial Services section of our consolidated statements of operations. 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, Texas, Maryland, Nevada 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.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted ASU 2019-12 on January 1, 2021 and our adoption did not have a material impact on our consolidated financial statements.
Segment Information	We operate two principal businesses: homebuilding and financial se rvices. Effective January 15, 2021, we consolidated our six regional homebuilding brands into one unified name, Tri Pointe Homes, under which we continue to acquire and develop land and construct and sell single-family detached and attached homes. In accordance with ASC Topic 280, Segment Reporting , 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. Based upon these factors and in consideration of the geographical layout of our homebuilding markets, we have identified three homebuilding operating and reporting segments, and as a result of such change, beginning with this report, we will report our homebuilding segments under the following hierarchy: West region: Arizona, California, Nevada and Washington Central region: Colorado and Texas East region: District of Columbia, Maryland, North Carolina, South Carolina and Virginia Prior to the consolidation of our six regional homebuilding brands into one unified name, Tri Pointe Homes, our homebuilding operations were comprised of the following six reportable segments: Maracay, consisting of operations in Arizona; Pardee Homes, consisting of operations in California and Nevada; Quadrant Homes, consisting of operations in Washington; Trendmaker Homes, consisting of operations in Texas; Tri Pointe Homes, consisting of operations in California, Colorado and the Carolinas; and Winchester Homes, consisting of operations in Maryland, Virginia and the District of Columbia. The realignment of our reporting segments did not have any impact on our historical consolidated results of operations and we have restated prior period segment information in this report to conform to the new segment reporting structure. 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. For further details, see Note 1, Organization, Basis of Presentation 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. All of the expenses incurred by Corporate are allocated to each of the homebuilding reporting segments based on their respective percentage of revenues. The reportable segments follow the same accounting policies used for our consolidated financial statements, as described in Note 1, Organization, Basis of Presentation 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.
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

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Financial Information Relating to Reportable Segments	Total revenues and income before income taxes for each of our reportable segments were as follows (in thousands): Three Months Ended March 31, 2021 2020 Revenues West $ 540,046 $ 416,542 Central 121,118 132,476 East 57,697 46,438 Total homebuilding revenues 718,861 595,456 Financial services 2,105 1,594 Total $ 720,966 $ 597,050 Income (loss) before taxes West $ 79,577 $ 35,854 Central 9,697 4,565 East 1,740 (786) Total homebuilding income before income taxes 91,014 39,633 Financial services 3,389 2,071 Total $ 94,403 $ 41,704 Total real estate inventories and total assets for each of our reportable segments, as of the date indicated, were as follows (in thousands): March 31, 2021 December 31, 2020 Real estate inventories West $ 2,340,906 $ 2,296,013 Central 414,815 386,204 East 260,263 227,925 Total $ 3,015,984 $ 2,910,142 Total assets (1) West $ 2,610,261 $ 2,556,961 Central 493,630 468,699 East 316,629 284,437 Corporate 633,176 672,536 Total homebuilding assets 4,053,696 3,982,633 Financial services 39,257 39,347 Total $ 4,092,953 $ 4,021,980 __________ (1) Total assets as of March 31, 2021 and December 31, 2020 includes $139.3 million of goodwill, with $125.4 million included in the West segment, $8.3 million included in the Central segment and $5.6 million included in the East segment. Total Corporate assets as of March 31, 2021 and December 31, 2020 includes our Tri Pointe Homes trade name, which was historically included in our Tri Pointe Homes reportable segment. For further details on goodwill and our intangible assets, see Note 8, Goodwill and Other Intangible Assets

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the components used in the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2021 2020 Numerator: Net income $ 70,802 $ 31,883 Denominator: Basic weighted-average shares outstanding 119,355,252 134,361,148 Effect of dilutive shares: Stock options and unvested restricted stock units 731,321 677,333 Diluted weighted-average shares outstanding 120,086,573 135,038,481 Earnings per share Basic $ 0.59 $ 0.24 Diluted $ 0.59 $ 0.24 Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share 2,397,962 2,687,357

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Components of Receivables	Receivables consisted of the following (in thousands): March 31, 2021 December 31, 2020 Escrow proceeds and other accounts receivable, net $ 34,846 $ 16,642 Warranty insurance receivable (Note 13) 46,519 46,909 Total receivables $ 81,365 $ 63,551

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Summary of Real Estate Inventories	Real estate inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Real estate inventories owned: Homes completed or under construction $ 1,231,102 $ 1,006,980 Land under development 1,201,216 1,328,481 Land held for future development 214,241 212,939 Model homes 235,318 241,345 Total real estate inventories owned 2,881,877 2,789,745 Real estate inventories not owned: Land purchase and land option deposits 134,107 120,397 Total real estate inventories not owned 134,107 120,397 Total real estate inventories $ 3,015,984 $ 2,910,142
Summary of Interest Incurred, Capitalized and Expensed	Interest incurred, capitalized and expensed were as follows (in thousands): Three Months Ended March 31, 2021 2020 Interest incurred $ 21,179 $ 20,779 Interest capitalized (21,179) (20,779) Interest expensed $ — $ — Capitalized interest in beginning inventory $ 182,228 $ 192,356 Interest capitalized as a cost of inventory 21,179 20,779 Interest previously capitalized as a cost of inventory, included in cost of sales (20,678) (16,822) Capitalized interest in ending inventory $ 182,729 $ 196,313
Schedule of Real Estate Inventory Impairments and Land Option Abandonments	Real estate inventory impairments and land and lot option abandonments and pre-acquisition charges consisted of the following (in thousands): Three Months Ended March 31, 2021 2020 Real estate inventory impairments $ — $ — Land and lot option abandonments and pre-acquisition charges 213 349 Total $ 213 $ 349

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments	Assets and liabilities of unconsolidated entities (in thousands): March 31, 2021 December 31, 2020 Assets Cash $ 32,909 $ 15,430 Receivables 4,397 3,820 Real estate inventories 275,681 235,437 Other assets 539 546 Total assets $ 313,526 $ 255,233 Liabilities and equity Accounts payable and other liabilities $ 60,871 $ 43,534 Company’s equity 68,212 75,056 Outside interests’ equity 184,443 136,643 Total liabilities and equity $ 313,526 $ 255,233 Results of operations from unconsolidated entities (in thousands): Three Months Ended March 31, 2021 2020 Net sales $ 7,809 $ 5,970 Other operating expense (3,848) (3,756) Other income, net — (3) Net income $ 3,961 $ 2,211 Company’s equity in income of unconsolidated entities $ 2,678 $ 1,542

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Interests in Land Option Agreements	The following provides a summary of our interests in land and lot option agreements (in thousands): March 31, 2021 December 31, 2020 Deposits Remaining Consolidated Deposits Remaining Consolidated Consolidated VIEs $ — $ — $ — $ — $ — $ — Unconsolidated VIEs 96,206 646,958 N/A 81,723 599,025 N/A Other land option agreements 37,901 318,254 N/A 38,674 336,326 N/A Total $ 134,107 $ 965,212 $ — $ 120,397 $ 935,351 $ —

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangible Assets	Goodwill and other intangible assets consisted of the following (in thousands): March 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Goodwill $ 139,304 $ — $ 139,304 $ 139,304 $ — $ 139,304 Trade names 27,979 (9,717) 18,262 27,979 (8,754) 19,225 Total $ 167,283 $ (9,717) $ 157,566 $ 167,283 $ (8,754) $ 158,529

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): March 31, 2021 December 31, 2020 Prepaid expenses $ 11,676 $ 14,984 Refundable fees and other deposits 20,955 22,029 Development rights, held for future use or sale 1,206 1,528 Deferred loan costs—loans payable 2,755 3,073 Operating properties and equipment, net 50,672 52,494 Lease right-of-use assets 50,455 48,798 Other 3,053 2,976 Total $ 140,772 $ 145,882

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued payroll and related costs $ 18,525 $ 48,893 Warranty reserves (Note 13) 94,793 94,475 Estimated cost for completion of real estate inventories 90,406 93,292 Customer deposits 55,741 43,602 Income tax liability to Weyerhaeuser 307 240 Accrued income taxes payable 33,689 13,329 Accrued interest 20,454 4,655 Other tax liability 2,934 2,180 Lease liabilities 54,674 53,239 Other 18,970 12,835 Total $ 390,493 $ 366,740

Senior Notes and Loans Payable

Senior Notes and Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Senior Notes and Loans Payable	The Company’s outstanding senior notes (together, the “Senior Notes”) consisted of the following (in thousands): March 31, 2021 December 31, 2020 5.875% Senior Notes due June 15, 2024 $ 450,000 $ 450,000 5.250% Senior Notes due July 1, 2027 300,000 300,000 5.700% Senior Notes due June 15, 2028 350,000 350,000 Discount and deferred loan costs (15,197) (15,978) Total $ 1,084,803 $ 1,084,022 The Company’s outstanding loans payable consisted of the following (in thousands): March 31, 2021 December 31, 2020 Term loan facility $ 250,000 $ 250,000 Seller financed loans 8,979 8,979 Total $ 258,979 $ 258,979

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis	A summary of assets and liabilities at March 31, 2021 and December 31, 2020, related to our financial instruments, measured at fair value on a recurring basis, is set forth below (in thousands): March 31, 2021 December 31, 2020 Hierarchy Book Value Fair Value Book Value Fair Value Senior Notes (1) Level 2 $ 1,096,722 $ 1,201,875 $ 1,096,494 $ 1,207,665 Term loan (2) Level 2 $ 250,000 $ 250,000 $ 250,000 $ 250,000 Seller financed loans (3) Level 2 $ 8,979 $ 8,979 $ 8,979 $ 8,979 __________ (1) The book value of the Senior Notes is net of discounts, excluding deferred loan costs of $11.9 million and $12.5 million as of March 31, 2021 and December 31, 2020, respectively. The estimated fair value of the Senior Notes at March 31, 2021 and December 31, 2020 is based on quoted market prices. (2) The estimate d fair value of the Term Loan Facility as of March 31, 2021 and December 31, 2020 approximated book value due to the variable interest rate terms of this loan. (3) The estimated fair value of our seller financed loans as of March 31, 2021 and December 31, 2020 approximated book value due to the short term nature of these loans, both of which are scheduled to mature in 2021.
Fair Value Measurements, Nonrecurring	The following table presents impairment charges and the remaining net fair value for nonfinancial assets that were measured during the periods presented (in thousands): Three Months Ended March 31, 2021 Year Ended December 31, 2020 Hierarchy Impairment Fair Value Impairment Fair Value Real estate inventories (1) Level 3 $ — $ — $ 1,460 $ 2,243 __________ (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,

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Warranty Reserves	Warranty reserve activity consisted of the following (in thousands): Three Months Ended March 31, 2021 2020 Warranty reserves, beginning of period $ 94,475 $ 76,607 Warranty reserves accrued 6,514 5,156 Warranty expenditures (6,196) (5,276) Warranty reserves, end of period $ 94,793 $ 76,487
Schedule of Lease Costs and Other Information	See below for additional information on leases (dollars in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Lease Cost Operating lease cost (included in SG&A expense) $ 2,481 $ 2,338 Ground lease cost (included in other operations expense) 624 624 Sublease income, operating leases — — Sublease income, ground leases (included in other operations revenue) (633) (618) Net lease cost $ 2,472 $ 2,344 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating lease cash flows (included in operating cash flows) $ 2,788 $ 2,014 Ground lease cash flows (included in operating cash flows) $ 635 $ 624 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,006 $ 20 March 31, 2021 December 31, 2020 Weighted-average discount rate: Operating leases 5.4 % 5.7 % Ground leases 10.2 % 10.2 % Weighted-average remaining lease term (in years): Operating leases 6.0 5.5 Ground leases 46.8 47.0
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 2021 $ 7,092 $ 2,334 2022 6,235 3,112 2023 5,256 3,112 2024 3,520 3,112 2025 2,377 3,112 Thereafter 7,576 81,656 Total lease payments $ 32,056 $ 96,438 Less: Interest 5,120 68,700 Present value of operating lease liabilities $ 26,936 $ 27,738 __________ (1) Ground leases are fully subl eased through 2041, representing $64.1 million of the $96.4 million future ground lease obligations.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Compensation Expense Recognized Related to all Stock-Based Awards	The following table presents compensation expense recognized related to all stock-based awards (in thousands): Three Months Ended March 31, 2021 2020 Total stock-based compensation $ 3,656 $ 3,625
Summary of Stock Option Awards	The following table presents a summary of stock option awards for the three months ended March 31, 2021: Options Weighted Weighted Aggregate Options outstanding at December 31, 2020 650,770 $ 15.78 2.5 $ 1,155 Granted — — — — Exercised (186,602) $ 16.07 — — Forfeited — $ — — — Options outstanding at March 31, 2021 464,168 $ 15.66 2.3 $ 2,254 Options exercisable at March 31, 2021 464,168 $ 15.66 2.3 $ 2,254
Summary of Restricted Stock Units	The following table presents a summary of RSUs for the three months ended March 31, 2021: Restricted Weighted Aggregate Nonvested RSUs at December 31, 2020 2,873,655 $ 15.35 $ 50,404 Granted 1,523,438 $ 18.68 — Vested (668,014) $ 15.58 — Forfeited (319,838) $ 12.81 — Nonvested RSUs at March 31, 2021 3,409,241 $ 17.03 $ 69,958

Supplemental Disclosure to Co_2

Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosure to Consolidated Statements of Cash Flows	The following are supplemental disclosures to the consolidated statements of cash flows (in thousands): Three Months Ended March 31, 2021 2020 Supplemental disclosure of cash flow information: Interest paid (capitalized), net $ (16,898) $ (8,220) Income taxes paid (refunded), net $ — $ 9 Supplemental disclosures of noncash activities: Amortization of senior note discount capitalized to real estate inventory $ 228 $ 302 Amortization of deferred loan costs capitalized to real estate inventory $ 871 $ 957

Organization, Basis of Presen_3

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	Mar. 31, 2021brandstate	Jan. 14, 2021brand
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of brands in portfolio (brands) | brand	1	6
Number of states entity operates (states) | state	10

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021brandbusiness_line	Jan. 14, 2021brand
Segment Reporting [Abstract]
Number of principal lines of businesses | business_line	2
Number of brands in portfolio (brands) | brand	1	6

Segment Information - Summary o

Segment Information - Summary of Financial Information Relating to Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information
Total revenues	$ 720,966	$ 597,050
Income (loss) before taxes	94,403	41,704
Real estate inventories	3,015,984		$ 2,910,142
Total assets	4,092,953		4,021,980
Goodwill	139,304		139,304
West
Segment Reporting Information
Goodwill	125,400
Central
Segment Reporting Information
Goodwill	8,300
East
Segment Reporting Information
Goodwill	5,600
Homebuilding
Segment Reporting Information
Total revenues	718,861	595,456
Income (loss) before taxes	91,014	39,633
Real estate inventories	3,015,984		2,910,142
Total assets	4,053,696		3,982,633
Financial services
Segment Reporting Information
Total revenues	2,105	1,594
Operating segments | Homebuilding | West
Segment Reporting Information
Total revenues	540,046	416,542
Income (loss) before taxes	79,577	35,854
Real estate inventories	2,340,906		2,296,013
Total assets	2,610,261		2,556,961
Operating segments | Homebuilding | Central
Segment Reporting Information
Total revenues	121,118	132,476
Income (loss) before taxes	9,697	4,565
Real estate inventories	414,815		386,204
Total assets	493,630		468,699
Operating segments | Homebuilding | East
Segment Reporting Information
Total revenues	57,697	46,438
Income (loss) before taxes	1,740	(786)
Real estate inventories	260,263		227,925
Total assets	316,629		284,437
Operating segments | Financial services
Segment Reporting Information
Income (loss) before taxes	3,389	$ 2,071
Total assets	39,257		39,347
Corporate | Homebuilding
Segment Reporting Information
Total assets	$ 633,176		$ 672,536

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 70,802	$ 31,883
Denominator:
Basic weighted-average shares outstanding (shares)	119,355,252	134,361,148
Effect of dilutive shares:
Stock options and unvested restricted stock units (shares)	731,321	677,333
Diluted (shares)	120,086,573	135,038,481
Earnings per share
Basic (in dollars per share)	$ 0.59	$ 0.24
Diluted (in dollars per share)	$ 0.59	$ 0.24
Antidilutive stock options and unvested restricted stock units not included in diluted earnings per share (shares)	2,397,962	2,687,357

Receivables - Components of Rec

Receivables - Components of Receivables (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Escrow proceeds and other accounts receivable, net	$ 34,846	$ 16,642
Warranty insurance receivable	46,519	46,909
Total receivables	$ 81,365	$ 63,551

Receivables - Additional Inform

Receivables - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Allowance for doubtful accounts	$ 476	$ 39

Real Estate Inventories - Summa

Real Estate Inventories - Summary of Real Estate Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate inventories owned:
Homes completed or under construction	$ 1,231,102	$ 1,006,980
Land under development	1,201,216	1,328,481
Land held for future development	214,241	212,939
Model homes	235,318	241,345
Total real estate inventories owned	2,881,877	2,789,745
Real estate inventories not owned:
Land purchase and land option deposits	134,107	120,397
Total real estate inventories not owned	134,107	120,397
Total real estate inventories	$ 3,015,984	$ 2,910,142

Real Estate Inventories - Sum_2

Real Estate Inventories - Summary of Interest Incurred, Capitalized and Expensed (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate [Abstract]
Interest incurred	$ 21,179	$ 20,779
Interest capitalized	(21,179)	(20,779)
Interest expensed	0	0
Real Estate Inventory, Capitalized Interest Costs [Roll Forward]
Capitalized interest in beginning inventory	182,228	192,356
Interest capitalized as a cost of inventory	21,179	20,779
Interest previously capitalized as a cost of inventory, included in cost of sales	(20,678)	(16,822)
Capitalized interest in ending inventory	$ 182,729	$ 196,313

Real Estate Inventories - Sched

Real Estate Inventories - Schedule of Land and Lot Option Abandonments and Pre-acquisition Charges (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate [Abstract]
Real estate inventory impairments	$ 0	$ 0
Land and lot option abandonments and pre-acquisition charges	213	349
Total	$ 213	$ 349

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021investment
Minimum
Investment Holdings
Ownership percentage	7.00%
Maximum
Investment Holdings
Ownership percentage	65.00%
Homebuilding Partnerships or Limited Liability Companies
Investment Holdings
Number of equity investments	9
Financial Services Limited Liability Company
Investment Holdings
Number of equity investments	1

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Aggregated Assets, Liabilities and Operating Results of Entities as Equity-Method Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Assets
Cash	$ 584,665		$ 621,295
Receivables	81,365		63,551
Real estate inventories	3,015,984		2,910,142
Other assets	140,772		145,882
Total assets	4,092,953		4,021,980
Liabilities and equity
Company’s equity	2,239,762		2,232,537
Outside interests’ equity	12		12
Total liabilities and equity	4,092,953		4,021,980
Net sales	720,966	$ 597,050
Other operations expense	(624)	(624)
Other income, net	(108)	(373)
Net income	70,802	31,883
Company’s equity in income of unconsolidated entities	(13)	(14)
Unconsolidated
Assets
Cash	32,909		15,430
Receivables	4,397		3,820
Real estate inventories	275,681		235,437
Other assets	539		546
Total assets	313,526		255,233
Liabilities and equity
Accounts payable and other liabilities	60,871		43,534
Company’s equity	68,212		75,056
Outside interests’ equity	184,443		136,643
Total liabilities and equity	313,526		$ 255,233
Net sales	7,809	5,970
Other operations expense	(3,848)	(3,756)
Other income, net	0	(3)
Net income	3,961	2,211
Company’s equity in income of unconsolidated entities	$ 2,678	$ 1,542

Variable Interest Entities - Su

Variable Interest Entities - Summary of Interests in Land Option Agreements (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity
Deposits	$ 134,107	$ 120,397
Remaining Purchase Price	965,212	935,351
Consolidated Inventory Held by VIEs	0	0
Consolidated VIEs
Variable Interest Entity
Deposits	0	0
Remaining Purchase Price	0	0
Consolidated Inventory Held by VIEs	0	0
Unconsolidated VIEs
Variable Interest Entity
Deposits	96,206	81,723
Remaining Purchase Price	646,958	599,025
Other land option agreements
Variable Interest Entity
Deposits	37,901	38,674
Remaining Purchase Price	$ 318,254	$ 336,326

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other land option agreements
Variable Interest Entity
Capitalized pre-acquisition costs	$ 9.9	$ 9.5

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)asset	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule Of Intangible Assets And Goodwill
Goodwill	$ 139,304		$ 139,304
Trade Names
Schedule Of Intangible Assets And Goodwill
Indefinite life intangible asset	17,300
Trade Names
Schedule Of Intangible Assets And Goodwill
Net carrying amount of intangible asset	963		$ 1,900
Amortization expense	$ 963	$ 134
Remaining useful life of amortizing asset			6 months
Trade Names | Maracay
Schedule Of Intangible Assets And Goodwill
Number of intangible assets | asset	2
Intangible assets useful life	20 years

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 139,304	$ 139,304
Trade names, gross carrying amount	27,979	27,979
Gross carrying amount	167,283	167,283
Accumulated Amortization	(9,717)	(8,754)
Trade names, net carrying amount	18,262	19,225
Net carrying amount	$ 157,566	$ 158,529

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 11,676	$ 14,984
Refundable fees and other deposits	20,955	22,029
Development rights, held for future use or sale	1,206	1,528
Deferred loan costs—loans payable	2,755	3,073
Operating properties and equipment, net	50,672	52,494
Lease right-of-use assets	50,455	48,798
Other	3,053	2,976
Total	$ 140,772	$ 145,882

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued payroll and related costs	$ 18,525	$ 48,893
Warranty reserves	94,793	94,475	$ 76,487	$ 76,607
Estimated cost for completion of real estate inventories	90,406	93,292
Customer deposits	55,741	43,602
Income tax liability to Weyerhaeuser	307	240
Accrued income taxes payable	33,689	13,329
Accrued interest	20,454	4,655
Other tax liability	2,934	2,180
Lease liabilities	54,674	53,239
Other	18,970	12,835
Total	$ 390,493	$ 366,740

Senior Notes and Loans Payabl_2

Senior Notes and Loans Payable - Schedule of Senior Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2017
Debt Instrument
Discount and deferred loan costs	$ (15,197)	$ (15,978)
Senior Notes
Debt Instrument
Total	$ 1,084,803	1,084,022
Senior Notes | 5.875% Senior Notes due June 15, 2024
Debt Instrument
Interest rate on senior note (percent)	5.875%
Long-term debt, gross	$ 450,000	450,000
Senior Notes | 5.250% Senior Notes due July 1, 2027
Debt Instrument
Interest rate on senior note (percent)				5.25%
Long-term debt, gross	300,000	300,000
Senior Notes | 5.700% Senior Notes due June 15, 2028
Debt Instrument
Interest rate on senior note (percent)			5.70%
Long-term debt, gross	$ 350,000	$ 350,000

Senior Notes and Loans Payabl_3

Senior Notes and Loans Payable - Additional Information (Detail) - USD ($)	Mar. 29, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2017	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument
Capitalization of deferred finance costs					$ 2,755,000		$ 3,073,000
Accrued interest					20,454,000		4,655,000
Interest incurred					21,179,000	$ 20,779,000
Amortization of deferred financing costs					1,100,000	$ 1,300,000
Senior Notes
Debt Instrument
Capitalization of deferred finance costs					11,900,000		12,500,000
Accrued interest					18,800,000		3,200,000
5.700% Senior Notes due June 15, 2028 | Senior Notes
Debt Instrument
Aggregate principal amount		$ 350,000,000
Interest rate on debt instrument (percent)		5.70%
Debt issuance, percentage of aggregate principal (percent)		100.00%
Proceeds from issuance of senior notes, net		$ 345,200,000
5.250% Senior Notes due July 1, 2027 | Senior Notes
Debt Instrument
Aggregate principal amount				$ 300,000,000
Interest rate on debt instrument (percent)				5.25%
Debt issuance, percentage of aggregate principal (percent)				100.00%
Proceeds from issuance of senior notes, net				$ 296,300,000
5.875% Senior Notes due June 15, 2024 | Senior Notes
Debt Instrument
Aggregate principal amount					$ 450,000,000
Interest rate on debt instrument (percent)					5.875%
Debt issuance, percentage of aggregate principal (percent)					98.15%
Proceeds from issuance of senior notes, net					$ 429,000,000
4.375% Senior notes due June 15, 2019 | Senior Notes
Debt Instrument
Interest rate on debt instrument (percent)	4.375%
The Facility
Debt Instrument
Maximum borrowing capacity under facility	$ 1,000,000,000
Consolidated tangible net worth attributed to Company required under covenants (percent)					97.00%
Seller financed loans | The Revolving Facility
Debt Instrument
Capitalization of deferred finance costs					$ 2,800,000
Accrued interest					536,000		617,000
Borrowing capacity of credit facility	$ 600,000,000
Line of credit outstanding					0
Available secured revolving credit facility					543,100,000
Seller financed loans | The Revolving Facility | Minimum
Debt Instrument
Debt instrument variable interest rate (percent)	1.25%
Seller financed loans | The Revolving Facility | Maximum
Debt Instrument
Debt instrument variable interest rate (percent)	2.00%
Seller financed loans | Letters of credit
Debt Instrument
Maximum borrowing capacity under facility	$ 100,000,000
Outstanding letters of credit					56,900,000		$ 64,100,000
Term loan facility | Term loan facility
Debt Instrument
Borrowing capacity of credit facility	$ 250,000,000				$ 250,000,000
Expected draw from the Term Facility			$ 250,000,000
Interest rate of outstanding debt (percent)					1.22%
Term loan facility | Term loan facility | Minimum
Debt Instrument
Debt instrument variable interest rate (percent)	1.10%
Term loan facility | Term loan facility | Maximum
Debt Instrument
Debt instrument variable interest rate (percent)	1.85%

Senior Notes and Loans Payabl_4

Senior Notes and Loans Payable - Schedule of Outstanding Loans Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility
Loans payable	$ 258,979	$ 258,979
Seller financed loans
Line of Credit Facility
Loans payable	8,979	8,979
Term loan facility | Term loan facility
Line of Credit Facility
Loans payable	$ 250,000	$ 250,000

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of Assets and Liabilities Related to Financial Instruments, Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred loan costs	$ 2,755	$ 3,073
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred loan costs	11,900	12,500
Level 2 | Recurring | Term loan | Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	250,000	250,000
Level 2 | Recurring | Term loan | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	250,000	250,000
Level 2 | Recurring | Senior Notes | Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	1,096,722	1,096,494
Level 2 | Recurring | Senior Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	1,201,875	1,207,665
Level 2 | Recurring | Seller financed loans | Book Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	8,979	8,979
Level 2 | Recurring | Seller financed loans | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments	$ 8,979	$ 8,979

Fair Value Disclosures - Summ_2

Fair Value Disclosures - Summary of Nonfinancial Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate inventory impairments	$ 0	$ 0
Real estate inventories	3,015,984		$ 2,910,142
Level 3 | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate inventory impairments	0		1,460
Real estate inventories	$ 0		$ 2,243

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 1987lease_extensionlease_renewallease	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Commitment And Contingencies [Line Items]
Legal reserves		$ 0	$ 1,300
Outstanding warranty insurance receivables		46,519	46,909
Estimated remaining liabilities related to surety bonds		$ 18,970	12,835
Office Leases
Commitment And Contingencies [Line Items]
Lease obligation original term		10 years
Ground leases
Commitment And Contingencies [Line Items]
Lease obligation original term	55 years
Number of properties subject to ground leases | lease	2
Minimum | Equipment Leases
Commitment And Contingencies [Line Items]
Lease obligation original term		3 years
Maximum | Equipment Leases
Commitment And Contingencies [Line Items]
Lease obligation original term		4 years
Surety bonds
Commitment And Contingencies [Line Items]
Outstanding surety bonds		$ 608,900	615,400
Estimated remaining liabilities related to surety bonds		$ 356,900	$ 323,200
Ten Year Renewal Option | Ground leases
Commitment And Contingencies [Line Items]
Number of lease extensions | lease_renewal	3
Term of lease extension	10 years
Forty-five Year Renewal Option | Ground leases
Commitment And Contingencies [Line Items]
Lease obligation original term	45 years
Number of properties subject to ground leases | lease	1
Extension Through 2071 | Ground leases
Commitment And Contingencies [Line Items]
Number of ground leases extended | lease_extension	1

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Warranty Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement in Standard Product Warranty Accrual
Warranty reserves, beginning of period	$ 94,475	$ 76,607
Warranty reserves accrued	6,514	5,156
Warranty expenditures	(6,196)	(5,276)
Warranty reserves, end of period	$ 94,793	$ 76,487

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Lease Costs and Other Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Lessee, Lease, Description
Net lease cost	$ 2,472	$ 2,344
Right-of-use assets obtained in exchange for new operating lease liabilities	3,006	20
Operating leases
Lessee, Lease, Description
Lease cost	2,481	2,338
Sublease income, ground leases (included in other operations revenue)	0	0
Cash paid for amounts included in the measurement of lease liabilities	$ 2,788	2,014
Weighted-average discount rate (percent)	5.40%		5.70%
Weighted-average remaining lease term (in years):	6 years		5 years 6 months
Ground leases
Lessee, Lease, Description
Lease cost	$ 624	624
Sublease income, ground leases (included in other operations revenue)	(633)	(618)
Cash paid for amounts included in the measurement of lease liabilities	$ 635	$ 624
Weighted-average discount rate (percent)	10.20%		10.20%
Weighted-average remaining lease term (in years):	46 years 9 months 18 days		47 years

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description
Present value of operating lease liabilities	$ 54,674	$ 53,239
Operating leases
Lessee, Lease, Description
Remaining in 2021	7,092
2022	6,235
2023	5,256
2024	3,520
2025	2,377
Thereafter	7,576
Total lease payments	32,056
Less: Interest	5,120
Present value of operating lease liabilities	26,936
Ground leases
Lessee, Lease, Description
Remaining in 2021	2,334
2022	3,112
2023	3,112
2024	3,112
2025	3,112
Thereafter	81,656
Total lease payments	96,438
Less: Interest	68,700
Present value of operating lease liabilities	27,738
Future expected payments to be received under sublease	$ 64,100

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Feb. 22, 2021	Jul. 28, 2020	Apr. 27, 2020	Mar. 09, 2020	Feb. 20, 2020	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized stock based compensation related to all stock-based awards						$ 33.6
Weighted average period, expense to recognize						2 years 2 months 12 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)	625,000	5,632				1,523,438
Closing stock price on date of grant (in dollars per share)	$ 18.26
Granted (in dollars per share)		$ 16.79				$ 18.68
Award vesting period		3 years		3 years
Restricted Stock Units (RSUs) | Non-employee Members on Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)			47,080
Granted (in dollars per share)			$ 10.62
Restricted Stock Units (RSUs) | Employees and Officers
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)				17,692	639,395
Closing stock price on date of grant (in dollars per share)				$ 14.13	$ 18.39
Restricted Stock Units (RSUs) | Officers
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)	669,141				547,166
Potential change in TSR (percent)	25.00%				25.00%
Granted (in dollars per share)	$ 18.96				$ 19.36
Restricted Stock Units (RSUs) | Officers | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)	0.00%				0.00%
Restricted Stock Units (RSUs) | Officers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)	100.00%				100.00%
Restricted Stock Units (RSUs) | Officers | Homebuilding revenue
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)	50.00%				50.00%
Restricted Stock Units (RSUs) | Officers | Pre-tax earnings
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)	50.00%				50.00%
Restricted Stock Units (RSUs) | President
Share-based Compensation Arrangement by Share-based Payment Award
Restricted stock units, granted (shares)	229,297				207,300
Granted (in dollars per share)	$ 18.26				$ 18.39
Restricted Stock Units (RSUs) | President | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)	0.00%				0.00%
Restricted Stock Units (RSUs) | President | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting rights (percent)	100.00%				100.00%
Restricted Stock Units (RSUs) | President | Homebuilding revenue
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)					50.00%
Restricted Stock Units (RSUs) | President | Pre-tax earnings
Share-based Compensation Arrangement by Share-based Payment Award
Performance percentage (percent)	50.00%				50.00%
2013 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock (shares)						11,727,833
Shares available for future grant (shares)						4,742,709

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense Recognized Related to all Stock-Based Awards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Total stock-based compensation	$ 3,656	$ 3,625

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Awards (Detail) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding
Beginning balance (shares)	650,770
Granted (shares)	0
Exercised (shares)	(186,602)
Forfeited (shares)	0
Ending balance (shares)	464,168	650,770
Options exercisable at end of period (shares)	464,168
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 15.78
Granted (in dollars per share)	0
Exercised (in dollars per share)	16.07
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	15.66	$ 15.78
Exercisable at end of period (in dollars per share)	$ 15.66
Weighted average contractual life	2 years 3 months 18 days	2 years 6 months
Weighted average options exercisable	2 years 3 months 18 days
Aggregate intrinsic value, beginning balance	$ 1,155
Aggregate intrinsic value, ending balance	2,254	$ 1,155
Aggregate intrinsic value, exercisable at end of period	$ 2,254

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	Feb. 22, 2021	Jul. 28, 2020	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Nonvested RSU's beginning balance (shares)			2,873,655
Granted (shares)	625,000	5,632	1,523,438
Vested (shares)			(668,014)
Forfeited (shares)			(319,838)
Nonvested RSU's ending balance (shares)			3,409,241
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)			$ 15.35
Granted (in dollars per share)		$ 16.79	18.68
Vested (in dollars per share)			15.58
Forfeited (in dollars per share)			12.81
Ending balance (in dollars per share)			$ 17.03
Aggregate intrinsic value, beginning balance			$ 50,404
Aggregate intrinsic value, ending balance			$ 69,958

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Contingency
Deferred tax assets, net	$ 44,389		$ 47,525
Valuation allowance related to net deferred tax assets	3,400		3,400
Provision for income taxes	23,601	$ 9,821
Accrued Expenses And Other Liabilities | Weyerhaeuser
Income Tax Contingency
Income tax liability	$ 307		$ 240

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transactions [Abstract]
Related party transactions	$ 0	$ 0

Supplemental Disclosure to Co_3

Supplemental Disclosure to Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental disclosure of cash flow information:
Interest paid (capitalized), net	$ (16,898)	$ (8,220)
Income taxes paid (refunded), net	0	9
Supplemental disclosures of noncash activities:
Amortization of senior note discount capitalized to real estate inventory	228	302
Amortization of deferred loan costs capitalized to real estate inventory	$ 871	$ 957