Annual report [Section 13 and 15(d), not S-K Item 405]

Accrued Expenses and Other Liabilities

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Accrued Expenses and Other Liabilities
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following:
December 31,
2024 2023
(dollars in thousands)
Land development and home construction accrual $ 59,758  $ 51,478 
Warranty reserve and general liability 50,342  48,949 
Land bank finance liability 29,431  — 
Lease liabilities 24,494  13,070 
Accrued compensation and benefits 16,476  26,029 
Interest payable 10,236  2,775 
Homebuyer deposits 6,948  8,227 
Sales tax payable 1,600  1,646 
Income tax payable —  4,636 
Deferred revenue 384  180 
Other deposits and liabilities 12,976  3,266 
Total accrued expenses and other liabilities $ 212,645  $ 160,256 
As of December 31, 2024 and 2023, the Company had $0.4 million and $0.2 million, respectively, of deferred revenue related to lot sales and other revenue included in accrued expenses and other liabilities in the consolidated balance sheets. The Company reduces these liabilities and recognizes revenue as development progresses and the related performance obligations are completed.
Warranty—Estimated future direct warranty reserve and general liability costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Changes in the Company’s warranty reserve and general liability are detailed in the table below:
December 31,
2024 2023
(dollars in thousands)
Beginning warranty reserve and general liability $ 48,949  $ 46,657 
Provision (1)
9,909  10,457 
Payments (8,516) (8,165)
Ending warranty reserve and general liability $ 50,342  $ 48,949 
(1)     The provision amount for the year ended December 31, 2024 includes $4.1 million associated with Antares, which we acquired on April 1, 2024.