Century Communities, Inc.
For the period ended Jun 30, 2025. Filed Jul 24, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 24, 2025
CCS$55.21-3.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0001576940-25-000029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0001576940-25-000056
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 163 previous paragraphs and 164 current paragraphs.
104 unchanged; 52 reworded; 8 added; 7 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 17 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
During the three and six months ended June 30, 2025, our West segment generated income before income tax expense of $25.0 million and $46.4 million, respectively, representing decreases of 22.3% and 21.2% from the respective prior year periods, which were primarily driven by decreases in homebuilding gross margin. For the three-month comparison, revenue decreased $1.8 million as compared to the prior year period, primarily driven by a 3.9% decrease in the average sales price per home, and partially offset by a 3.1% increase in the number of homes delivered. For the six-month comparison, revenue increased $7.3 million as compared to the prior year period, primarily driven by a 4.8% increase in the number of homes delivered, and partially offset by a 2.6% decrease in the average sales price per home. The average sales price per home decreases were driven by higher incentives, and the increases in the number of homes delivered were primarily driven by increases in open communities, partially offset by slower absorption rates. Homebuilding gross margin decreased from the respective prior year periods, primarily driven by higher incentives in the respective current year periods.
Current report
During the three and six months ended June 30, 2025, our Mountain segment generated income before income tax expense of $15.1 million and $38.6 million, respectively, representing decreases of 56.0% and 38.0% from the respective prior year periods, which were primarily driven by decreases in revenue and decreases in homebuilding gross margin. During the three and six months ended June 30, 2025, revenue decreased $52.5 million and $81.8 million, respectively, as compared to the respective prior year periods, primarily driven by decreases of 18.5% and 15.9%, respectively, in the number of homes delivered, and decreases of 2.2% and 0.1%, respectively, in the average sales price per home. The decreases in the number of homes delivered were primarily driven by slower absorption rates, and the decreases in average sales price per home were driven by higher incentives. Homebuilding gross margin decreased from the respective prior year periods, primarily driven by higher incentives in the respective current year periods.
Current report
During the three and six months ended June 30, 2025, our Texas segment generated income before income tax expense of $8.1 million and $18.5 million, respectively, representing decreases of 54.4% and 41.7% from the respective prior year periods, which were primarily driven by decreases in homebuilding gross margin. During the three and six months ended June 30, 2025, revenue increased $1.4 million and $6.8 million, respectively, compared to the respective prior year periods, primarily driven by increases of 3.3% and 5.4%, respectively, in the number of homes delivered, and were partially offset by decreases of 2.3% and 2.8%, respectively, in the average sales price per home. The increases in the number of homes delivered were primarily driven by increases in open communities mainly due to our acquisition of Anglia Homes during the third quarter of 2024, and partially offset by slower absorption rates; and the decreases in average sales priceper home were driven byhigher incentives. Homebuilding gross margin decreased from the respective prior year periods, primarily driven by higher incentives in the respective current year periods.
Current report
During the three and six months ended June 30, 2025, our Southeast segment generated income before income tax expense of $11.2 million and $25.4 million, respectively, representing decreases of 56.7% and 45.6% from the respective prior year periods, which were primarily driven by decreases in homebuilding gross margin. For the three-month comparison, revenue increased $18.3 million as compared to the respective prior year period, primarily driven by a 14.9% increase in the number of homes delivered, and partially offset by a 2.6% decrease in the average sales price per home. The increase in the number of homes delivered was primarily driven by an increase in open communities, partially offset by slower absorption rates; and the decrease in average sales price per home was driven by higher incentives. For the six-month comparison, revenue decreased $8.9 million as compared to the prior year period, primarily driven by a 3.3% decrease in the number of homes delivered, primarily due to slower absorption rates. Homebuilding gross margin decreased from the respective prior year periods, primarily driven by impairment charges of $3.8 million during the three months ended June 30, 2025, as well as higher incentives in the respective current year periods.
Current report
During the three and six months ended June 30, 2025, our Century Complete segment generated income before income tax expense of $15.0 million and $28.8 million, respectively, representing decreases of 48.4% and 42.5% from the respective prior year periods, which were primarily driven by decreases in revenue and homebuilding gross margin. During the three and six months ended June 30, 2025, revenue decreased $6.3 million and $3.2 million, respectively, as compared to the respective prior year periods, primarily driven by decreases of 1.9% and 0.1%, respectively, in the number of homes delivered, and decreases of 0.6% and 0.6%, respectively, in the average sales price per home. The decreases in the number of homes delivered were primarily driven by slower absorption rates, and the decreases in average sales price per home were driven by higher incentives. Homebuilding gross margin decreased from the respective prior year periods, primarily driven by impairment charges during the three and six months ended June 30, 2025 of $3.6 million and $4.0 million, respectively, as well as higher incentives in the respective current year periods.
Current report
On July 4, 2025, H.R.1, the One Big Beautiful Bill Act, was signed into law, which disallows Section 45L tax credits for new energy-efficient homes delivered after June 30, 2026. As a result, our income tax expense and effective tax rate would not reflect a benefit from such tax credits as to homes delivered after that date.
Current report
For the three months ended June 30, 2025 and 2024, we recorded income tax expense of $12.2 million and $26.9 million, respectively. For the six months ended June 30, 2025 and 2024, we recorded income tax expense of $25.4 million and $46.9 million, respectively.
Current report
Cash Flows— Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
Removed paragraphs (7)
Previous report
During the three months ended March 31, 2025, our West segment generated income before income tax expense of $21.4 million, a 19.9% decrease from the prior year period, which was primarily driven by a decrease in homebuilding gross margin. Revenue increased $9.1 million during the three months ended March 31, 2025 as compared to the prior year period, primarily driven by a 6.7% increase in the number of homes delivered, and was partially offset by a 1.2% decrease in the average sales price per home. The increase in the number of homes delivered was primarily driven by an increase in open communities, and the average sales price decrease was driven by the mix of deliveries within individual communities. Homebuilding gross margin was 22.1% for the three months ended March 31, 2025, which decreased 230 basis points from 24.4% in the prior year period, primarily driven by higher incentives in the current year period.
Previous report
During the three months ended March 31, 2025, our Mountain segment generated income before income tax expense of $23.4 million, a 15.7% decrease from the prior year period, which was primarily driven by a decrease in revenue and a decrease in homebuilding gross margin. Revenue decreased $29.2 million during the three months ended March 31, 2025 as compared to the prior year period, primarily driven by a 13.3% decrease in the number of homes delivered, and was partially offset by a 2.1% increase in the average sales price per home. The decrease in the number of homes delivered was primarily driven by slower absorption rates, and the average sales price increase was driven by the mix of deliveries within individual communities. Homebuilding gross margin was 19.6% for the three months ended March 31, 2025, which decreased 70 basis points from 20.3% in the prior year period, primarily driven by higher incentives in the current year period.
Previous report
During the three months ended March 31, 2025, our Texas segment generated income before income tax expense of $10.4 million, a 25.4% decrease from the prior year period, which was primarily driven by a decrease in homebuilding gross margin. Revenue increased $5.4 million during the three months ended March 31, 2025 as compared to the prior year period, primarily driven by a 7.8% increase in the number of homes delivered, and was partially offset by a 3.4% decrease in the average sales price per home. The increase in the number of homes delivered was primarily driven by an increase in open communities and partially offset by slower absorption rates, and the average sales price decreasewas driven by the mix of deliveries within individual communities. Homebuilding gross margin was 20.0% for the three months ended March 31, 2025, which decreased 170 basis points from 21.7% in the prior year period, primarily driven by higher incentives in the current year period.
Previous report
During the three months ended March 31, 2025, our Southeast segment generated income before income tax expense of $14.2 million, a 31.8% decrease from the prior year, which was primarily driven by a decrease in revenue and a decrease in homebuilding gross margin. Revenue decreased $27.2 million during the three months ended March 31, 2025 as compared to the prior year period, primarily driven by a 20.1% decrease in the number of homes delivered, and was partially offset by a 4.1% increase in the average sales price per home. The decrease in the number of homes delivered was primarily driven by slower absorption rates, and the average sales price increase was driven by the mix of deliveries within individual communities. Homebuilding gross margin was 21.8% for the three months ended March 31, 2025, which decreased 90 basis points from 22.7% in the prior year period, primarily driven by higher incentives in the current year period.
Previous report
During the three months ended March 31, 2025, our Century Complete segment generated income before income tax expense of $13.8 million, a 34.5% decrease from the prior year period, which was primarily driven by a decrease in homebuilding gross margin. Revenue increased $3.1 million during the three months ended March 31, 2025 as compared to the prior year period, primarily driven by a 2.1% increase in the number of homes delivered, and was partially offset by a 0.6% decrease in the average sales price per home. The increase in the number of homes delivered was primarily driven by an increase in open communities, and the average sales price decrease was driven by the mix of deliveries within individual communities. Homebuilding gross margin was 18.0% for the three months ended March 31, 2025, which decreased 210 basis points from 20.1% in the prior year period, primarily driven by higher incentives in the current year period.
Previous report
For thethree months ended March 31, 2025 and 2024, we recorded income tax expense of $13.1 million and $20.0 million, respectively.
Previous report
Cash Flows— Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024
Reworded paragraphs (52)
Previous wording
Century is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 17 states. In many of our projects, in addition to building homes, we entitle and develop the underlying land. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brandhas an emphasis on serving the affordable homebuilding market butoffers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade selections. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and generally provides no option or upgrade selections.
Current wording
Century is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 16 states. In many of our projects, in addition to building homes, we entitle and develop the underlying land. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brandhas an emphasis on serving the affordable homebuilding market butoffers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade selections. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and generally provides no option or upgrade selections.
Previous wording
While we offer homes that appeal to a broad range of entry-level, move-up, and lifestyle homebuyers, our offerings are heavily weighted towards providing affordable housing options in each of our homebuyer segments. Additionally, we prefer building move-in-ready homes over built-to-order homes, which we believe allows for a faster construction process, advantageous pricing with subcontractors, and shortened time period from home sale to home delivery, thus allowing our customers greater certainty on their financing and allowing us to more appropriately price the homes and deploy our capital. Of the 2,284 homes delivered during the first three months of 2025, approximately 94% of homes delivered had purchase prices below the Federal Housing Administration-insured mortgage limits and approximately 99% of homes delivered were built as move-in ready homes.
Current wording
While we offer homes that appeal to a broad range of entry-level, move-up, and lifestyle homebuyers, our offerings are heavily weighted towards providing affordable housing options in each of our homebuyer segments. Additionally, we prefer building move-in-ready homes over built-to-order homes, which we believe allows for a faster construction process, advantageous pricing with subcontractors, and shortened time period from home sale to home delivery, thus allowing our customers greater certainty on their financing and allowing us to more appropriately price the homes and deploy our capital. Of the 4,871 homes delivered during the first six months of 2025, approximately 94% of homes delivered had purchase prices below the Federal Housing Administration-insured mortgage limits and approximately 99% of homes delivered were built as move-in ready homes.
Previous wording
Market conditions in the homebuilding industry have continued to be impacted by elevated mortgage rates, macro-economic and geopolitical uncertainty, and broader concerns about affordability by homebuyers. Amidst these market conditions, we experienced a slowing in demand during the first quarter of 2025, as net new home contracts (new home contracts net of cancellations) for the three months ended March 31, 2025 decreased 6.1% compared to the prior year period. Still, there remains an underlying need for affordable new homes, supported by solid demographic trends, and we have continued to provide, when necessary, incentive offerings across our communities, including discounts on base home prices, lot premiums, options and upgrades, and financing incentives, including interest rate buydowns. During the three months ended March 31, 2025, cycle times remained approximately in the four-month timeframe.
Current wording
Market conditions in the homebuilding industry have continued to be impacted by elevated mortgage rates, macro-economic and geopolitical uncertainty, and broader concerns about affordability by homebuyers. Amidst these market conditions, we experienced a slowing in demand during the first six months of 2025, as net new home contracts (new home contracts net of cancellations) for the three and six months ended June 30, 2025 decreased 8.4% and 7.2%, respectively, as compared to the respective prior year periods. Still, there remains an underlying need for affordable new homes, supported by solid demographic trends, and we have continued to provide, when necessary, incentive offerings across our communities, including discounts on base home prices, lot premiums, options and upgrades, and financing incentives, including interest rate buydowns and closing cost concessions. During the six months ended June 30, 2025, cycle times remained approximately in the four-month timeframe.
Previous wording
We anticipate the homebuilding markets in each of our operating segments will continue to be tied to both the macro-economic environment and the local economy, and we expect our operating strategy will continue to adapt to market changes, though we cannot provide any assurance that our strategies will remain consistent or continue to be successful. We believe future demand for our homes remains uncertain as future economic, market and geopolitical conditions remain uncertain, in particular with respect to inflation; the impact of potential future increases or decreases to the federal funds interest rate by the Federal Reserve; interest rates; availability and cost of mortgage loans to homebuyers; financial, credit and mortgage markets; the extent to which and how long government monetary directives and actions will impact the U.S. economy; the effect of recent tariffs; consumer confidence; wage growth; household formations; levels of new and existing homes for sale; prevailing home and rental prices; availability and cost of land, labor and construction materials; demographic trends; housing demand; the possibility of an economic recession; and other factors, including those described elsewhere in this Form 10-Q. Specifically, changes in mortgage interest rates impact the costs of owning a home and affect the purchasing power of our customers and could impact homebuyer confidence. Changes in demand for our homes or cancellations due to mortgage interest rates, consumer confidence or otherwise affect our operating results in future periods, including our net sales, home deliveries, gross margin, origination volume of and revenues from our Financial Services segment, and net income. As a result, our past performance may not be indicative of our future results.
Current wording
We anticipate the homebuilding markets in each of our operating segments will continue to be tied to both the macro-economic environment and the local economy, and we expect our operating strategy will continue to adapt to market changes, though we cannot provide any assurance that our strategies will remain consistent or continue to be successful. We believe future demand for our homes remains uncertain as future economic, market and geopolitical conditions remain uncertain, in particular with respect to inflation; the impact of potential future increases or decreases to the U.S. Federal funds interest rate by the U.S. Federal Reserve; interest rates; availability and cost of mortgage loans to homebuyers; financial, credit and mortgage markets; the extent to which and how long government monetary directives and actions will impact the U.S. economy; the effect of significant new tariffs and/or duties; consumer confidence; wage growth; household formations; levels of new and existing homes for sale; prevailing home and rental prices; availability and cost of land, labor and construction materials; demographic trends; housing demand; the possibility of an economic recession; and other factors, including those described elsewhere in this Form 10-Q. Specifically, changes in mortgage interest rates impact the costs of owning a home and affect the purchasing power of our customers and could impact homebuyer confidence. Changes in demand for our homes or cancellations due to mortgage interest rates, consumer confidence or otherwise affect our operating results in future periods, including our net sales, home deliveries, gross margin, origination volume of and revenues from our Financial Services segment, and net income. As a result, our past performance may not be indicative of our future results.
Previous wording
We believe we are well-positioned to benefit from the ongoing shortage of both new and resale homes available for purchase in our key markets and the favorable demographics that support the need for new affordable housing. We believe our operations are prepared to withstand volatility in future market conditions as a result of our product offerings which both span the home buying segment and focus on affordable price points, and our current and future inventories of attractive land positions. We have continued to focus on maintaining an appropriate balance of home and land inventories in relation to anticipated future demand, as well as prudent leverage; and, as a result, we believe we are well positioned to continue to execute on our strategy to optimize stockholder returns.
Current wording
We believe we are well-positioned to benefit from the favorable demographics that support the need for new affordable housing. We believe our operations are prepared to withstand volatility in future market conditions as a result of our product offerings which both span the home buying segment and focus on affordable price points, and our current and future inventories of attractive land positions. We have continued to focus on maintaining an appropriate balance of home and land inventories in relation to anticipated future demand, as well as prudent leverage; and, as a result, we believe we are well positioned to continue to execute on our strategy to optimize stockholder returns.
Previous wording
During the three months ended March 31, 2025, we generated $52.5 million in income before income tax expense, as compared to $84.3 million in the prior year period, and we generated net income of $39.4 million, or $1.26 per diluted share, as compared to $64.3 million, or $2.00 per diluted share in the prior year period.
Current wording
During the three and six months ended June 30, 2025, we generated $47.1 million and $99.6 million, respectively, in income before income tax expense, as compared to $110.6 million and $195.0 million, respectively, in the respective prior year periods. During the three and six months ended June 30, 2025, we generated net income of $34.9 million, or $1.14 per diluted share, and $74.2 million, or $2.40 per diluted share, respectively, as compared to $83.7 million, or $2.61 per diluted share, and $148.1 million, or $4.60 per diluted share, respectively, in the respective prior year periods.
Previous wording
During the three months ended March 31, 2025, we generated total revenues of $903.2 million, as compared to $948.5 million in the prior year period, as we delivered 2,284 homes with an average sales price of $386.9 thousand, as compared to 2,358 homes with an average sales price of $391.2 thousand in the prior year period. The number of homes delivered decreased by 3.1% as compared to the prior year period primarily due to slower absorption rates, and average sales price decreased 1.1% as compared to the prior year, primarily due to higher incentives in the current year period. During the three months ended March 31, 2025, net new contracts decreased 6.1% to 2,692 as compared to the prior year period.
Current wording
During the three and six months ended June 30, 2025, we generated total revenues of $1.0 billion and $1.9 billion, respectively, as compared to $1.0 billion and $2.0 billion, respectively, in the respective prior year periods. During the three and six months ended June 30, 2025, we delivered 2,587 and 4,871 homes, respectively, with an average sales price of $377.5 thousand and $381.9 thousand, respectively. The number of homes delivered decreased by 1.1% and 2.1%, respectively, as compared to the respective prior year periods, primarily due to slower absorption rates, and average sales price decreased 2.9% and 2.1%, respectively, as compared to the respective prior year periods, primarily due to higher incentives in the current year periods. During the three and six months ended June 30, 2025, net new contracts decreased 8.4% and 7.2%, respectively, to 2,546 and 5,238, respectively, as compared to the respective prior year periods.
Previous wording
We ended the first quarter of 2025 with $100.3 million of cash and cash equivalents and $24.2 million of cash held in escrow. We had $237.0 million outstanding under our revolving line of credit, with a homebuilding debt to capital ratio of 32.4% and a net homebuilding debt to net capital ratio of 30.1%. During the three months ended March 31, 2025, we paid quarterly cash dividends to our stockholders of $0.29 per share, a 12% increase from the $0.26 per share quarterly dividend paid during the three months ended March 31, 2024. We have continued to strategically manage our lot pipeline, resulting in 79,014 lots owned and controlled at March 31, 2025.
Current wording
We ended the second quarter of 2025 with $93.2 million of cash and cash equivalents and $34.3 million of cash held in escrow. We had $270.0 million outstanding under our revolving line of credit, with a homebuilding debt to capital ratio of 33.3% and a net homebuilding debt to net capital ratio of 31.0%. During the three and six months ended June 30, 2025, we paid quarterly cash dividends to our stockholders of $0.29 per share, a 12% increase from the $0.26 per share quarterly dividend paid during the three and six months ended June 30, 2024. We have continued to strategically manage our lot pipeline, while selectively reducing our land acquisition and development activities by terminating certain contracts in our markets that no longer met our investment criteria, in light of market conditions, resulting in 68,701 lots owned and controlled at June 30, 2025.
Previous wording
Our Financial Services segment generated income before income tax expense of $2.4 million for the three months ended March 31, 2025, a 76.5% decrease from the prior year period. During the three months ended March 31, 2025, the number of mortgages originated decreased 2.6% and the number of loans sold to third parties decreased 2.8%, in each case as compared to the prior year period. The decrease in income before income tax expense of our Financial Services segment was primarily driven by lower margins on mortgages originated due to a more competitive market, as well as a decrease in fair value of our mortgage servicing portfolio.
Current wording
For the three and six months ended June 30, 2025, our Financial Services segment generated income before income tax expense of $6.2 million and $8.6 million, respectively, representing an increase of 9.9% and a decrease of 45.4% from the respective prior year periods. During the three and six months ended June 30, 2025, the number of mortgages originated decreased 1.6% and 2.1%, respectively, and the number of loans sold to third parties increased 9.5% and 3.4%, respectively, as compared to the respective prior year periods. The increase in income before income tax expense of our Financial Services segment for the three-month comparison was primarily driven by the benefit of the sale of our mortgage servicing rights portfolio during the period, which was partially offset by fair value adjustments related to our mortgage loans held for investment. The decrease in income before income tax expense for the six-month comparison was primarily driven by lower margins on mortgages originated due to a more competitive market.
Previous wording
The following table summarizes our results of operations for the three months ended March 31, 2025 and 2024:
Current wording
The following table summarizes our results of operations for the three and six months ended June 30, 2025 and 2024:
Previous wording
(2)Homebuilding gross margin percentage is inclusive of impairment charges, if applicable. We recorded impairment charges of $0.4 million during the three months ended March 31, 2025. No impairment charges were recorded during the three months ended March 31, 2024.
Current wording
(2)Homebuilding gross margin percentage is inclusive of impairment charges, if applicable. We recorded impairment charges of $7.4 million and $7.8 million, respectively, during the three and six months ended June 30, 2025, and we recorded impairment charges of $0.6 million during the three and six months ended June 30, 2024.
Previous wording
Commencing in the first quarter of 2025, we have separately reported our Century Living segment, previously included in our Corporate segment, in order to reflect the distinct nature of our multi-family rental operations. Accordingly, we have recast the corresponding segment information for thethree months ended March 31, 2024.
Current wording
Commencing in the first quarter of 2025, we have separately reported our Century Living segment, previously included in our Corporate segment, in order to reflect the distinct nature of our multi-family rental operations. Accordingly, we have recast the corresponding segment information for thethree and six months ended June 30, 2024.
Previous wording
Our Financial Services segment originates mortgages for primarily our homebuyers, and as such, the volume of loans originated typically correlates to our number of homes delivered. Fluctuations in financial services income before income tax may occur because some components of revenue fluctuate differently than loan volumes, and some expenses are not directly related to mortgage loan volume or to changes in the amount of revenue earned. Our Financial Services segment generated income before income tax expense of $2.4 million for the three months ended March 31, 2025, a 76.5% decrease from the prior year period. During the three months ended March 31, 2025, the number of mortgages originated decreased 2.6% and the number of loans sold to third parties decreased 2.8%, in each case as compared to the prior year period. The decrease in income before income tax expense of our Financial Services segment was primarily driven by lower margins on mortgages originated due to a more competitive market, as well as a decrease in fair value of our mortgage servicing portfolio.
Current wording
Our Financial Services segment originates mortgages for primarily our homebuyers, and as such, the volume of loans originated typically correlates to our number of homes delivered. Fluctuations in financial services income before income tax may occur because some components of revenue fluctuate differently than loan volumes, and some expenses are not directly related to mortgage loan volume or to changes in the amount of revenue earned. For the three and six months ended June 30, 2025, our Financial Services segment generated income before income tax expense of $6.2 million and $8.6 million, respectively, representing an increase of 9.9% and a decrease of 45.4% from the respective prior year periods. During the three and six months ended June 30, 2025, the number of mortgages originated decreased 1.6% and 2.1%, respectively, and the number of loans sold to third parties increased 9.5% and 3.4%, respectively, as compared to the respective prior year periods. The increase in income before income tax expense of our Financial Services segment for the three-month comparison was primarily driven by the benefit of the sale of our mortgage servicing rights portfolio during the period, which was partially offset by fair value adjustments related to our mortgage loans held for investment. The decrease in income before income tax expense for the six-month comparison was primarily driven by lower margins on mortgages originated due to a more competitive market.
Previous wording
Our Century Living operations are engaged in the development, construction, management, and disposition of multi-family rental properties. As of March 31, 2025, the Company had three multi-family rental properties under active construction in Colorado, two of which were available for leasing. These three projects represent over 1,000 total multi-family units, including 471 under active construction and 581 completed units, of which 336 units were leased as of March 31, 2025.
Current wording
Our Century Living operations are engaged in the development, construction, management, and disposition of multi-family rental properties, currently all located in Colorado. During the six months ended June 30, 2025, the Company had three multi-family rental properties; one of which was completed and two of which were under active construction. Two of the properties were currently available for leasing. These three projects represent over 1,000 total multi-family units, including 471 under active construction and 581 completed units, of which 526 units were leased as of June 30, 2025.
Previous wording
During the three months ended March 31, 2025, our Corporate segment generated a loss of $31.6 million, as compared to a loss of $35.3 million during the same respective period in 2024. The decrease in loss was primarily due to $7.7 million in impairment charges related to other investments during the three months ended March 31, 2024, as well as a reduction in interest income as compared to the prior year period.
Current wording
During the three and six months ended June 30, 2025, our Corporate segment generated losses of $35.0 million and $66.6 million, respectively, as compared to losses of $33.6 million and $68.9 million, respectively, during the same respective periods in 2024. The increase in loss for the three-month comparison was primarily due to increased compensation costs as compared to the prior year period. The decrease in loss for the six-month comparison was primarily due to $7.7 million in prior year impairment charges related to other investments during the six months ended June 30, 2024, and was partially offset by increased compensation costs during the current year period as compared to the prior year period.
Previous wording
Homebuilding gross margin represents home sales revenues less cost of home sales revenues and inventory impairment, if applicable. Our homebuilding gross margin percentage, which represents homebuilding gross margin divided by home sales revenues, decreased to 19.9% for the three months ended March 31, 2025 as compared to 21.3% in the prior year period. The decrease was primarily driven by higher incentives in the current year period.
Current wording
Homebuilding gross margin represents home sales revenues less cost of home sales revenues and inventory impairment, if applicable. Our homebuilding gross margin percentage, which represents homebuilding gross margin divided by home sales revenues, decreased for the three and six months ended June 30, 2025 to 17.6% and 18.7%, respectively, as compared to 22.5% and 22.0% for the same respective periods in 2024. The decreases were primarily driven by reductions in average sales price per home due to higher incentives in the current year periods.
Previous wording
(1)This non-GAAP financial measure should not be used as a substitute for our operating results in accordance with GAAP. See the reconciliations to the most comparable GAAP measure and other information under “—Non-GAAP Financial Measures.” An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
Current wording
(1)This non-GAAP financial measure should not be used as a substitute for our operating results in accordance with GAAP. See the reconciliations to the most comparable GAAP measure and other information above. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
Previous wording
For the three months ended March 31, 2025, our adjusted homebuilding gross margin percentage excluding inventory impairment, interest in cost of home sales revenues, and purchase price accounting for acquired work in process inventory was 21.6% as compared to 22.8% for the prior year period. We believe the above information is meaningful as it isolates the impact that inventory impairment, indebtedness, and acquisitions (in each case as applicable) during any period, have on our homebuilding gross margin and allows for comparability of our homebuilding gross margins to prior periods and to homebuilding gross margins of our competitors.
Current wording
For the three and six months ended June 30, 2025, our adjusted homebuilding gross margin percentage excluding inventory impairment, interest in cost of home sales revenues, and purchase price accounting for acquired work in process inventory was 20.0% and 20.8%, respectively, as compared to 24.0% and 23.4% for the same respective periods in 2024. We believe the above information is meaningful as it isolates the impact that inventory impairment, indebtedness, and acquisitions (in each case as applicable) during any period, have on our homebuilding gross margin and allows for comparability of our homebuilding gross margins to prior periods and to homebuilding gross margins of our competitors.
Previous wording
As a percentage of home sales revenue, our selling, general and administrative expense increased 130 basis points during the three months ended March 31, 2025, driven primarily by decreased revenue on a partially fixed cost base. Our selling, general and administrative expense increased $6.7 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. This increase was primarily attributable to increased compensation and other costs due to higher active community count and $1.5 million in restructuring costs, and partially offset by decreased stock compensation expense.
Current wording
Our selling, general and administrative expense increased $2.9 million and $9.5 million for the three and six months ended June 30, 2025 as compared to the same respective periods in 2024. These increases were primarily attributable to advertising costs and other costs due to higher active community count. During the three and six months ended June 30, 2025, our selling, general and administrative expense as a percentage of home sales revenue increased 80 basis points and 100 basis points, respectively, driven primarily by decreased revenue on a partially fixed cost base.
Previous wording
At the end of each interim period, we are required to estimate our annual effective tax rate for the fiscal year and to use that rate to provide for income taxes for the current year-to-date reporting period. Our 2025 estimated annual effective tax rate, before discrete items, of 25.3%, is driven by our blended federal and state statutory rate of 24.6%, and certain permanent differences between GAAP and tax, including disallowed deductions for executive compensation, and partially offset by estimated federal energy home credits for current year home deliveries.
Current wording
At the end of each interim period, we are required to estimate our annual effective tax rate for the fiscal year and to use that rate to provide for income taxes for the current year-to-date reporting period. Our 2025 estimated annual effective tax rate, before discrete items, of 25.6%, is driven by our blended federal and state statutory rate of 24.9%, and certain permanent differences between GAAP and tax, including disallowed deductions for executive compensation, and partially offset by estimated federal energy home credits for current year home deliveries.
Previous wording
For the three months ended March 31, 2025, our estimated annual rate of 25.3% was benefitted by discrete items which had a net impact of decreasing our rate by 0.3%, including the impact of excess tax benefits for vested stock-based compensation.
Current wording
For the six months ended June 30, 2025, our estimated annual rate of 25.6% was benefitted by discrete items which had a net impact of decreasing our rate by 0.1%, including the impact of excess tax benefits for vested stock-based compensation.
Previous wording
Total assets increased to $4.6 billion as of March 31, 2025 as compared to $4.5 billion as of December 31, 2024, primarily as a result of changes in our inventory balances within our homebuilding segments related to the timing of home and land development construction activities.
Current wording
Total assets increased to $4.6 billion as of June 30, 2025 as compared to $4.5 billion as of December 31, 2024, primarily due to changes in our inventory balances within our homebuilding segments related to the timing of home and land development construction activities. This increase was partially offset by a decrease in our Financial Services assets, including a decrease in mortgage loans held for sale, and a decrease in our mortgage servicing rights due to the sale of the portfolio during the three months ended June 30, 2025.
Previous wording
During the three months ended March 31, 2025, we continued to strategically manage our lot pipeline, resulting in 79,014 lots owned and controlled at March 31, 2025, compared to 80,632 at December 31, 2024. Of our total lots owned and controlled as of March 31, 2025, 45.4% were owned and 54.6% were controlled, as compared to 44.3% owned and 55.7% controlled as of December 31, 2024.
Current wording
During the three and six months ended June 30, 2025, we continued to strategically manage our lot pipeline, resulting in 68,701 lots owned and controlled at June 30, 2025, compared to 80,632 at December 31, 2024. Of our total lots owned and controlled as of June 30, 2025, 54.5% were owned and 45.5% were controlled, as compared to 44.3% owned and 55.7% controlled as of December 31, 2024. The decrease in the number of controlled lots was driven by the termination of certain contracts in our markets that no longer met our investment criteria, in light of market conditions.
Previous wording
Net new home contracts (new home contracts net of cancellations) for the three months ended March 31, 2025 decreased by 174 homes, or 6.1%, to 2,692 as compared to 2,866 for the same period in 2024.
Current wording
Net new home contracts (new home contracts net of cancellations) for the three months ended June 30, 2025 decreased by 234 homes, or 8.4%, to 2,546 as compared to 2,780 for the same period in 2024. Net new home contracts for the six months ended June 30, 2025 decreased by 408 homes, or 7.2%, to 5,238 as compared to 5,646 for the same period in 2024.
Previous wording
Our overall average monthly “absorption rate” (calculated as monthly net new home contracts divided by average selling communities) for the three months ended March 31, 2025 and 2024 by segment is included in the table below:
Current wording
Our overall average monthly “absorption rate” (calculated as monthly net new home contracts divided by average selling communities) for the three and six months ended June 30, 2025 and 2024 by segment is included in the table below:
Previous wording
During the three months ended March 31, 2025, our absorption rate decreased by 24.3% to 2.8 per month as compared to the same period in 2024, driven by slowing demand during the first quarter of 2025 amidst homebuilding market conditions impacted by elevated mortgage rates, macro-economic and geopolitical uncertainty, and broader concerns about affordability by homebuyers.
Current wording
During the three and six months ended June 30, 2025, our absorption rates decreased by 22.9% and 22.2%, respectively, to 2.7 per month and 2.8 per month, respectively, as compared to the same respective periods in 2024, primarily driven by slowing demand during the first six months of 2025 amidst homebuilding market conditions impacted by elevated mortgage rates, macro-economic and geopolitical uncertainty, and broader concerns about affordability by homebuyers.
Previous wording
Our selling communities increased by 65 communities to 318 communities at March 31, 2025 as compared to 253 at March 31, 2024. This 25.7% increase was a result of an increased land pipeline that resulted in new community openings in excess of community closeouts, as well as the acquisition of Anglia completed during the third quarter of 2024.
Current wording
Our selling communities increased by 61 communities to 327 communities at June 30, 2025 as compared to 266 at June 30, 2024. This 22.9% increase was a result of an increased land pipeline that resulted in new community openings in excess of community closeouts, as well as the acquisition of Anglia Homes completed during the third quarter of 2024.
Previous wording
Backlog reflects the number of homes, net of cancellations, for which we have entered into a sales contract with a customer but for which we have not yet delivered the home. As of March 31, 2025, we had 1,258 homes in backlog, which decreased as compared to 1,590 homes in backlog at March 31, 2024, with a total value of $521.1 million, as compared to $667.2 million at March 31, 2024. Backlog dollar value decreased due to the decrease in the number of backlog units, and a 1.3% decrease in the average sales price of backlog units, largely due to mix.
Current wording
Backlog reflects the number of homes, net of cancellations, for which we have entered into a sales contract with a customer but for which we have not yet delivered the home. As of June 30, 2025, we had 1,217 homes in backlog, which decreased as compared to 1,753 homes in backlog at June 30, 2024, with a total value of $466.0 million, as compared to $754.6 million at June 30, 2024. Backlog dollar value decreased due to the decrease in the number of backlog units, and a 11.1% decrease in the average sales price of backlog units, generally due to higher incentives.
Previous wording
Our liquidity, consisting of our cash and cash equivalents and cash held in escrow and revolving line of credit availability, was $787.5 million as of March 31, 2025 and $918.0 million as of December 31, 2024.
Current wording
Our liquidity, consisting of our cash and cash equivalents and cash held in escrow and current capacity on our revolving line of credit, was $857.6 million as of June 30, 2025 and $918.0 million as of December 31, 2024.
Previous wording
Our principal uses of capital for the three months ended March 31, 2025 were our land purchases, land development, home construction, construction of multi-family rental properties, share repurchases, dividends, and the payment of routine liabilities.
Current wording
Our principal uses of capital for the three and six months ended June 30, 2025 were our land purchases, land development, home construction, construction of multi-family rental properties, share repurchases, dividends, and the payment of routine liabilities.
Previous wording
Cash flows for each of our communities depend on the stage in the development cycle and can differ substantially from reported earnings. Early stages of development or expansion require significant cash outlays for land acquisitions, entitlements and other approvals, and construction of model homes, roads, utilities, general landscaping and other amenities. Because these costs are a component of our inventory and not recognized in our consolidated statements of operations until a home closes, we incur significant cash outlays prior to our recognition of earnings. In the later stages of community development, cash inflows may significantly exceed earnings reported for financial statement purposes, as the cash outflow associated with home and land construction was previously incurred. From a liquidity standpoint, we continue to acquire and develop lots in our markets when they meet our current investment criteria.
Current wording
Cash flows for each of our communities depend on the stage in the development cycle and can differ substantially from reported earnings. Early stages of development or expansion require significant cash outlays for land acquisitions, entitlements and other approvals, and construction of model homes, roads, utilities, general landscaping and other amenities. Because these costs are a component of our inventory and not recognized in our consolidated statements of operations until a home closes, we incur significant cash outlays prior to our recognition of earnings. In the later stages of community development, cash inflows may significantly exceed earnings reported for financial statement purposes, as the cash outflow associated with home and land construction was previously incurred. From a liquidity standpoint, we continue to acquire and develop lots in our markets when they meet our current investment criteria. During the six months ended June 30, 2025, we reduced our land acquisition and development activities by terminating certain contracts in our markets that no longer met our investment criteria, in light of current market conditions.
Previous wording
We use funds generated by operations, available borrowings under our revolving line of credit, and proceeds from issuances of debt or equity to fund our short-term working capital obligations and our purchases of land, as well as land development, home construction activities, and other cash needs. We had $237.0 million outstanding under our revolving line of credit as of March 31, 2025, as compared to $135.5 million outstanding as of December 31, 2024.
Current wording
We use funds generated by operations, available borrowings under our revolving line of credit, and proceeds from issuances of debt or equity to fund our short-term working capital obligations and our purchases of land, as well as land development, home construction activities, and other cash needs. We had $270.0 million outstanding under our revolving line of credit as of June 30, 2025, as compared to $135.5 million outstanding as of December 31, 2024.
Previous wording
In the normal course of business, we enter into contracts and commitments that obligate us to make payments in the future in addition to our outstanding debt obligations and debt service requirements described below. These obligations impact our short-term and long-term liquidity and capital resource needs. For the three months ended March 31, 2025, there were no material changes to the contractual obligations we previously described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 that was filed with the SEC on January 30, 2025.
Current wording
In the normal course of business, we enter into contracts and commitments that obligate us to make payments in the future in addition to our outstanding debt obligations and debt service requirements described below. These obligations impact our short-term and long-term liquidity and capital resource needs. For the three and six months ended June 30, 2025, there were no material changes to the contractual obligations we previously described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 that was filed with the SEC on January 30, 2025.
Previous wording
As of March 31, 2025, we had outstanding purchase contracts and option contracts for 43,117 lots totaling approximately $3.0 billion and we had $111.0 million of deposits for land contracts, of which $70.5 million were non-refundable cash deposits pertaining to land contracts. For contracts for which cash deposits were non-refundable, and subject to the terms of the outstanding contracts continuing to meet our investment criteria, we currently anticipate performing on the majority of our purchase and option contracts during the next 24 months. Our performance, including the timing and amount of purchase, if any, under these outstanding purchase and option contracts is subject to change and dependent on future market conditions. Our utilization of land option contracts is dependent on, among other things, the availability of land sellers willing to enter into option takedown arrangements, the availability of capital to financial intermediaries to finance the development of optioned lots, general housing market conditions, and local market dynamics. Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions.
Current wording
We strive to strategically manage our lot pipeline, while selectively reducing our land acquisition and development activities by terminating certain contracts in markets that do not meet our investment criteria, in light of current market conditions, in order tomaintain a balance between the number of owned lots as compared to lots we control through option and other contracts. This balance allows us flexibility to adjust to market conditions as they develop. As of June 30, 2025, we had outstanding purchase contracts and option contracts for 31,282 lots totaling approximately $2.5 billion and we had $103.1 million of deposits for land contracts, of which $70.1 million were non-refundable cash deposits pertaining to land contracts. For contracts for which cash deposits were non-refundable, and subject to the terms of the outstanding contracts continuing to meet our investment criteria, we currently anticipate performing on the majority of our purchase and option contracts during the next 24 months. Our performance, including the timing and amount of purchase, if any, under these outstanding purchase and option contracts is subject to change and dependent on future market conditions. Our utilization of land option contracts is dependent on, among other things, the availability of land sellers willing to enter into option takedown arrangements, the availability of capital to financial intermediaries to finance the development of optioned lots, general housing market conditions, and local market dynamics. Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions.
Previous wording
(2)As of March 31, 2025, other financing obligations included $3.2 million related to insurance premium notes, as well as $118.1 million outstanding under construction loan agreements related to Century Living, as described below. As of December 31, 2024, other financing obligations included $11.0 million related to insurance premium notes and certain secured borrowings, as well as $102.4 million outstanding under construction loan agreements.
Current wording
(2)As of June 30, 2025, other financing obligations included $12.3 million related to certain secured borrowings, as well as $127.7 million outstanding under construction loan agreements related to Century Living, as described below. As of December 31, 2024, other financing obligations included $11.0 million related to insurance premium notes and certain secured borrowings, as well as $102.4 million outstanding under construction loan agreements.
Previous wording
As of March 31, 2025, we had outstanding $500.0 million in aggregate principal amount ofour 6.750% Senior Notes due 2027, which principal balance is due in June 2027. Prior to that date, interest only payments are due semi-annually in June and December of each year. These notes were issued under an indenture which contains certain restrictive covenants on issuing future secured debt and other transactions. As of March 31, 2025, the aggregate obligation of these notes, inclusive of unamortized financing costs on these notes was $498.2 million as reported on our condensed consolidated financial statements.
Current wording
As of June 30, 2025, we had outstanding $500.0 million in aggregate principal amount ofour 6.750% Senior Notes due 2027, which principal balance is due in June 2027. Prior to that date, interest only payments are due semi-annually in June and December of each year. These notes were issued under an indenture which contains certain restrictive covenants on issuing future secured debt and other transactions. As of June 30, 2025, the aggregate obligation of these notes, inclusive of unamortized financing costs on these notes was $498.4 million as reported on our condensed consolidated financial statements.
Previous wording
As of March 31, 2025, we had outstanding $500.0 million in aggregate principal amount ofour 3.875% Senior Notes due 2029, which principal balance is due in August 2029. Prior to that date, interest only payments are due semi-annually in February and August of each year. These notes were issued under an indenture which contains certain restrictive covenants on issuing future secured debt and other transactions. As of March 31, 2025, the aggregate obligation, inclusive of unamortized financing costs on these notes, was $496.6 million, as reported on our condensed consolidated financial statements.
Current wording
As of June 30, 2025, we had outstanding $500.0 million in aggregate principal amount ofour 3.875% Senior Notes due 2029, which principal balance is due in August 2029. Prior to that date, interest only payments are due semi-annually in February and August of each year. These notes were issued under an indenture which contains certain restrictive covenants on issuing future secured debt and other transactions. As of June 30, 2025, the aggregate obligation, inclusive of unamortized financing costs on these notes, was $496.8 million, as reported on our condensed consolidated financial statements.
Previous wording
As of March 31, 2025 and December 31, 2024, $118.1 million and $102.4 million was outstanding under the construction loan agreements respectively, with borrowings that bore a weighted average interest rate of 6.6% and 6.5% as of March 31, 2025 and December 31, 2024, respectively, and we were in compliance with all covenants thereunder.
Current wording
As of June 30, 2025 and December 31, 2024, $127.7 million and $102.4 million was outstanding under the construction loan agreements respectively, with borrowings that bore a weighted average interest rate of 6.6% and 6.5% as of June 30, 2025 and December 31, 2024, respectively, and we were in compliance with all covenants thereunder.
Previous wording
On November 1, 2024, we entered into a credit agreement (the “Credit Agreement”) with U.S. Bank National Association, as Administrative Agent, and the lenders party thereto. The Credit Agreement, which replaced our prior Second Amended and Restated Credit Agreement, provides us with a senior unsecured revolving credit facility (which we refer to as the “revolving line of credit”) of up to $900.0 million. The revolving line of credit includes a $250.0 million sublimit for letters of credit. Subject to the terms and conditions of the Credit Agreement, we are entitled to request an increase in the size of the revolving line of credit by an amount not exceeding $400.0 million. The obligations under the Credit Agreement are guaranteed by certain of our subsidiaries. Funds are available under the revolving line of credit for the construction of homes, for the acquisition and development of land, land under development and lots for the eventual construction of homes thereon, and for working capital in the ordinary course of business. Unless terminated earlier, the revolving line of credit will mature on November 1, 2028, and the principal amount thereunder, together with all accrued unpaid interest and other amounts owing thereunder, if any, will be payable in full on such date. Subject to the terms and conditions of the Credit Agreement, we may request once per year a one-year extension of the maturity date and up to three times during the term of the revolving line of credit, subject to the approval of the lenders and the Administrative Agent. The Credit Agreement contains customary affirmative and negative covenants (including limitations on our ability to grant liens, incur additional debt, pay dividends, redeem our common stock, make certain investments, issue certain equity securities, engage in transactions with affiliates and engage in certain merger, consolidation or asset sale transactions), as well as customary events of default. Borrowings under the Credit Agreement bear interest at a floating rate equal to Term SOFR or Daily Simple SOFR (in each case as defined in the Credit Agreement), plus an applicable margin between 1.45% and 2.30% per annum, or if selected by us, a base rate plus an applicable margin between 0.45% and 1.30% per annum. The “applicable margins” described above are determined by a schedule based on our leverage ratio, as defined in the Credit Agreement. The Credit Agreement also provides for customary fees including commitment fees payable to each lender ranging from 0.20% to 0.35% per annum based on our leverage ratio of the unused portion of the revolving line of credit and other customary fees.
Current wording
We are party to a credit agreement (the “Credit Agreement”) with U.S. Bank National Association, as Administrative Agent, and the lenders party thereto, which provides us with a senior unsecured revolving credit facility (which we refer to as the “revolving line of credit”) of up to $1.0 billion. The revolving line of credit includes a $250.0 million sublimit for letters of credit. Subject to the terms and conditions of the Credit Agreement, we are entitled to request an increase in the size of the revolving line of credit by an amount not exceeding $400.0 million; and pursuant to those terms, on April 22, 2025, weincreased our revolving line of credit from $900.0 million to $1.0 billion, resulting in $300.0 million remaining for possible future increases. The obligations under the Credit Agreement are guaranteed by certain of our subsidiaries. Funds are available under the revolving line of credit for the construction of homes, for the acquisition and development of land, land under development and lots for the eventual construction of homes thereon, and for working capital in the ordinary course of business. Unless terminated earlier, the revolving line of credit will mature on November 1, 2028, and the principal amount thereunder, together with all accrued unpaid interest and other amounts owing thereunder, if any, will be payable in full on such date. Subject to the terms and conditions of the Credit Agreement, we may request once per year a one-year extension of the maturity date and up to three times during the term of the revolving line of credit, subject to the approval of the lenders and the Administrative Agent. The Credit Agreement contains customary affirmative and negative covenants (including limitations on our ability to grant liens, incur additional debt, pay dividends, redeem our common stock, make certain investments, issue certain equity securities, engage in transactions with affiliates and engage in certain merger, consolidation or asset sale transactions), as well as customary events of default. Borrowings under the Credit Agreement bear interest at a floating rate equal to Term SOFR or Daily Simple SOFR (in each case as defined in the Credit Agreement), plus an applicable margin between 1.45% and 2.30% per annum, or if selected by us, a base rate plus an applicable margin between 0.45% and 1.30% per annum. The “applicable margins” described above are determined by a schedule based on our leverage ratio, as defined in the Credit Agreement. The Credit Agreement also provides for customary fees including commitment fees payable to each lender ranging from 0.20% to 0.35% per annum based on our leverage ratio of the unused portion of the revolving line of credit and other customary fees.
Previous wording
As of March 31, 2025 and December 31, 2024, $237.0 million and $135.5 million, respectively, was outstanding under the revolving line of credit, with borrowings that bore an interest rate of 5.9% and 5.9%, respectively, and we were in compliance with all covenants under the Credit Agreement. On April 22, 2025, in accordance with the terms of the Credit Agreement, we increased our revolving line of credit to $1.0 billion.
Current wording
As of June 30, 2025 and December 31, 2024, $270.0 million and $135.5 million, respectively, was outstanding under the revolving line of credit, with borrowings that bore an interest rate of 5.8% and 5.9%, respectively, and we were in compliance with all covenants under the Credit Agreement.
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