# EDGAR Filing Document

**Accession Number:** 0001576940
**File Stem:** 0001576940-25-000069
**Filing Date:** 2025-10
**Character Count:** 253834
**Document Hash:** b49a21dce2ac61e81ea9499410bb4c58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576940-25-000069.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001576940-25-000069

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251022

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Century Communities, Inc.
- **CENTRAL INDEX KEY:** 0001576940
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 680521411
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36491
- **FILM NUMBER:** 251411130

**BUSINESS ADDRESS:**
- **STREET 1:** 8390 E. CRESCENT PKWY., SUITE 650
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111
- **BUSINESS PHONE:** 303.770.8300

**MAIL ADDRESS:**
- **STREET 1:** 8390 E. CRESCENT PKWY., SUITE 650
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111

?xml version='1.0' encoding='ASCII'? ccs-20250930x10q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

(Mark One)

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended September 30, 2025**

**or**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Commission File Number: 001-36491**

## Century Communities, Inc.
(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware**  | **68-0521411** |
| (State or other jurisdiction of<br>‎incorporation or organization) | (I.R.S. Employer<br>‎Identification No.) |
| **8390 East Crescent Parkway, Suite 650<br>‎Greenwood Village, CO** | **80111** |
| (Address of principal executive offices) | (Zip Code) |

---

(Registrant's telephone number, including area code): **(303) 770-8300**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common stock, par value $0.01 per share  | &nbsp;&nbsp;CCS  | &nbsp;&nbsp;New York Stock Exchange  |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer  | ⌧ | Accelerated filer | □ |
| Non-accelerated filer | □  | Smaller reporting company | □ |
|  |  | Emerging growth company | ◻ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes □&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

On October 17, 2025, 29,384,289 shares of common stock, par value $0.01 per share, of the registrant were outstanding.

------

[<u>**Table of Contents**</u>](#TableOfContents)

**CENTURY COMMUNITIES, INC.**

**FORM 10-Q**

**For the Three and Nine Months Ended September 30, 2025**

**Ind** **ex**

---

| | |
|:---|:---|
|  | **<u>Page No.</u>** |
| [**<u>PART I – F</u>**](#PARTI)**<u>INANCIAL INFORMATION</u>**  | [**<u>PART I – F</u>**](#PARTI)**<u>INANCIAL INFORMATION</u>**  |
| [<u>Item 1. Financial Statements</u>](#BalanceSheet) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 (audited)</u>](#BalanceSheet) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024</u>](#StmtOperations) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024</u>](#StmtCashFlows) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2025 and 2024</u>](#StmtEquity) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to the Unaudited Condensed Consolidated Financial Statements</u>](#NotesToFinancialStatements) | 7 |
| [<u>Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#Item_2) | 21 |
| [<u>Item 3. Quantitative and Qualitative Disclosures About Market Risk</u>](#Item_3Quantitative) | 45 |
| [<u>Item 4. Controls and Procedures</u>](#Item_4Controls) | 45 |
| [**<u>PART II – OTHER INFORMATION</u>**](#PartII) | [**<u>PART II – OTHER INFORMATION</u>**](#PartII) |
| [<u>Item 1. Legal Proceedings</u>](#PartII_Item1_Legal) | 46 |
| [<u>Item 1A. Risk Factors</u>](#PartII_Item1A_RiskFactors) | 46 |
| [<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>](#PartII_Item2_UnregisteredSales) | 49 |
| [<u>Item 3. Defaults Upon Senior Securities</u>](#PartII_Item3_Defaults) | 49 |
| [<u>Item 4. Mine Safety Disclosures</u>](#PartII_Item4_MineSafety) | 49 |
| [<u>Item 5. Other Information</u>](#PartII_Item5_OtherInfo) | 49 |
| [<u>Item 6. Exhibits</u>](#Item_6Exhibits) | 50 |
| [<u>Signatures</u>](#Signatures) | 51 |

---

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[<u>**Table of Contents**</u>](#TableOfContents)

**PA** **RT I – FINANCIAL INFORMATION**

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL STATEMENTS.**

**Century Communities, Inc.**

**Condensed Consolidated Balance Sheets**

**As of September 30, 2025 and December 31, 2024**

*(in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** | (unaudited) | (audited) |
| Cash and cash equivalents | $130075 | $149998 |
| Cash held in escrow | 44717 | 3004 |
| Accounts receivable | 70454 | 50318 |
| Inventories | 3584246 | 3454337 |
| Mortgage loans held for sale | 183527 | 236926 |
| Prepaid expenses and other assets | 525345 | 419384 |
| Property and equipment, net | 91800 | 155176 |
| Deferred tax assets, net | 22702 | 22220 |
| Goodwill | 41109 | 41109 |
| Total assets | $4693975 | $4532472 |
| **Liabilities and stockholders' equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $168989 | $133086 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 283990 | 302317 |
| &nbsp;&nbsp;Notes payable | 1147370 | 1107909 |
| &nbsp;&nbsp;Revolving line of credit | 339000 | 135500 |
| &nbsp;&nbsp;Mortgage repurchase facilities | 176604 | 232804 |
| Total liabilities | 2115953 | 1911616 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.01 par value, 50,000,000 shares authorized, none outstanding |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value, 100,000,000 shares authorized, 29,383,819 and 30,961,227 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 294 | 310 |
| &nbsp;&nbsp;Additional paid-in capital | 399491 | 526959 |
| &nbsp;&nbsp;Retained earnings | 2178237 | 2093587 |
| Total stockholders' equity | 2578022 | 2620856 |
| Total liabilities and stockholders' equity | $4693975 | $4532472 |

---

*See Notes to Unaudited Condensed Consolidated Financial Statements*

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[<u>**Table of Contents**</u>](#TableOfContents)

**Century Communities, Inc.**

**Unaudited Condensed Consolidated Statements of Operations**

**For the Three and Nine Months Ended September 30, 2025 and 2024**

*(in thousands, except share and per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;Homebuilding revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home sales revenues | $955162 | $1116125 | $2815365 | $3055941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land sales and other revenues | 5764 | 650 | 7209 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total homebuilding revenues | 960926 | 1116775 | 2822574 | 3058183 |
| &nbsp;&nbsp;Financial services revenues | 19358 | 20091 | 61666 | 66676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 980284 | 1136866 | 2884240 | 3124859 |
| Homebuilding cost of revenues |  |  |  |  |
| &nbsp;&nbsp;Cost of home sales revenues | (780566) | (873081) | (2285233) | (2386208) |
| &nbsp;&nbsp;Cost of land sales and other revenues | (6303) | (170) | (7199) | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total homebuilding cost of revenues | (786869) | (873251) | (2292432) | (2386415) |
| Financial services costs | (16371) | (17021) | (50095) | (47894) |
| Selling, general and administrative  | (119895) | (132972) | (369491) | (373054) |
| Inventory impairment | (3180) | (1373) | (10951) | (1942) |
| Other (expense) income, net | (6131) | (2337) | (13832) | (10690) |
| Income before income tax expense | 47838 | 109912 | 147439 | 304864 |
| Income tax expense | (10435) | (26892) | (35798) | (73789) |
| Net income | $37403 | $83020 | $111641 | $231075 |
| **Earnings per share:** |  |  |  |  |
| Basic | $1.26 | $2.65 | $3.69 | $7.31 |
| Diluted | $1.25 | $2.59 | $3.65 | $7.19 |
| **Weighted average common shares outstanding:** |  |  |  |  |
| Basic | 29645795 | 31336756 | 30266752 | 31596995 |
| Diluted | 30019153 | 32025015 | 30611011 | 32117917 |

---

*See Notes to Unaudited Condensed Consolidated Financial Statements*

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[<u>**Table of Contents**</u>](#TableOfContents)

**Century Communities, Inc.**

**Unaudited Condensed Consolidated Statements of Cash Flows**

**For the Nine Months Ended September 30, 2025 and 2024** 

*(in thousands)*

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Operating activities** |  |  |
| Net income | $111641 | $231075 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 18868 | 17437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 13720 | 18095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments of mortgage-related assets and liabilities | 115 | (647) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | 1361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory impairment | 10951 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment on other investment |  | 7722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Abandonment of lot option contracts | 9306 | 3941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (482) | (243) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (185) | (1851) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash held in escrow | (41713) | 31090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (17771) | 3802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (170150) | (421938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans held for sale | 54907 | (9387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (63605) | (50041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 35903 | 14659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (20520) | (19639) |
| Net cash used in operating activities | (57654) | (173983) |
| **Investing activities** |  |  |
| Purchases of property and equipment | (20643) | (29856) |
| Proceeds from sale of property and equipment | 193 | 11169 |
| Proceeds from sale of mortgage servicing rights | 44941 |  |
| Expenditures related to development of rental properties |  | (98029) |
| Payments for business combinations |  | (157130) |
| Other investing activities | 6130 | (3860) |
| Net cash provided by (used in) investing activities | 30621 | (277706) |
| **Financing activities** |  |  |
| Borrowings under revolving credit facilities | 2425000 | 1459000 |
| Payments on revolving credit facilities | (2221500) | (1045000) |
| Proceeds from issuance of senior notes due 2033 | 500000 |  |
| Extinguishment of senior notes due 2027 | (500000) |  |
| Borrowing under construction loan agreements | 28715 | 65442 |
| Proceeds from issuance of insurance premium notes and other | 29050 | 19619 |
| Principal payments on insurance premium notes and other | (13993) | (29779) |
| Debt issuance costs | (8236) |  |
| Net (payments) proceeds for mortgage repurchase facilities | (56200) | 7916 |
| Withholding of common stock upon vesting of stock-based compensation awards | (17291) | (10473) |
| Repurchases of common stock under stock repurchase program | (123622) | (53139) |
| Dividend payments | (26312) | (24629) |
| Other financing activities | (685) | (363) |
| Net cash provided by financing activities | 14926 | 388594 |
| Net decrease | $(12107) | $(63095) |
| Cash and cash equivalents and Restricted cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 175323 | 242003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $163216 | $178908 |
| **Supplemental cash flow disclosure** |  |  |
| Cash paid for income taxes | $48003 | $80361 |
| **Cash and cash equivalents and Restricted cash** |  |  |
| Cash and cash equivalents | $130075 | $149155 |
| Restricted cash (Note 6) | 33141 | 29753 |
| Cash and cash equivalents and Restricted cash | $163216 | $178908 |

---

*See Notes to Unaudited Condensed Consolidated Financial Statements* 

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[<u>**Table of Contents**</u>](#TableOfContents)

**Century Communities, Inc.**

**Unaudited Condensed Consolidated Statements of Stockholders' Equity**

*(in thousands)*

**For the Three Months Ended September 30, 2025 and 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Shares** | **Amount**  | **Additional Paid-In Capital** | **Retained Earnings** | **Total Stockholders' Equity** |
| **Balance at June 30, 2025** | 29680 | $297 | $414002 | $2149692 | $2563991 |
| Vesting of stock-based compensation awards | 2 |  |  |  |  |
| Withholding of common stock upon vesting of stock-based compensation awards | (1) |  | (55) |  | (55) |
| Repurchases of common stock | (297) | (3) | (20003) |  | (20006) |
| Stock-based compensation expense |  |  | 5486 |  | 5486 |
| Cash dividends declared and dividend equivalents |  |  | 251 | (8858) | (8607) |
| Other |  |  | (190) |  | (190) |
| Net income  |  |  |  | 37403 | 37403 |
| **Balance at September 30, 2025** | 29384 | $294 | $399491 | $2178237 | $2578022 |
| **Balance at June 30, 2024** | 31336 | $313 | $540573 | $1924771 | $2465657 |
| Vesting of stock-based compensation awards | 1 |  |  |  |  |
| Withholding of common stock upon vesting of stock-based compensation awards |  |  | (49) |  | (49) |
| Repurchases of common stock |  |  |  |  |  |
| Stock-based compensation expense |  |  | 7385 |  | 7385 |
| Cash dividends declared and dividend equivalents |  |  | 178 | (8326) | (8148) |
| Other |  |  | (363) |  | (363) |
| Net income  |  |  |  | 83020 | 83020 |
| **Balance at September 30, 2024** | 31337 | $313 | $547724 | $1999465 | $2547502 |

---

**For the Nine Months Ended September 30, 2025 and 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Shares** | **Amount**  | **Additional Paid-In Capital** | **Retained Earnings** | **Total Stockholders' Equity**  |
| **Balance at December 31, 2024** | 30961 | $310 | $526959 | $2093587 | $2620856 |
| Vesting of stock-based compensation awards | 584 | 5 | (5) |  |  |
| Withholding of common stock upon vesting of stock-based compensation awards | (227) | (2) | (17289) |  | (17291) |
| Repurchases of common stock | (1934) | (19) | (123603) |  | (123622) |
| Stock-based compensation expense |  |  | 13720 |  | 13720 |
| Cash dividends declared and dividend equivalents |  |  | 679 | (26991) | (26312) |
| Other |  |  | (970) |  | (970) |
| Net income  |  |  |  | 111641 | 111641 |
| **Balance at September 30, 2025** | 29384 | $294 | $399491 | $2178237 | $2578022 |
| **Balance at December 31, 2023** | 31775 | $318 | $592989 | $1793629 | $2386936 |
| Vesting of stock-based compensation awards | 335 | 3 | (3) |  |  |
| Withholding of common stock upon vesting of stock-based compensation awards | (121) | (1) | (10472) |  | (10473) |
| Repurchases of common stock | (652) | (7) | (53132) |  | (53139) |
| Stock-based compensation expense |  |  | 18095 |  | 18095 |
| Cash dividends declared and dividend equivalents |  |  | 610 | (25239) | (24629) |
| Other |  |  | (363) |  | (363) |
| Net income  |  |  |  | 231075 | 231075 |
| **Balance at September 30, 2024** | 31337 | $313 | $547724 | $1999465 | $2547502 |

---

*See Notes to Unaudited Condensed Consolidated Financial Statements* 

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[<u>**Table of Contents**</u>](#TableOfContents)

**Century Communities, Inc.**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**September 30, 2025**

**1. Basis of Presentation**

Century Communities, Inc. (which we refer to as "we," "CCS," or the "Company"), together with its subsidiaries, 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 brand has an emphasis on serving the affordable homebuilding market but offers 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.

Our homebuilding operations are organized into the following five reportable segments: West, Mountain, Texas, Southeast, and Century Complete. Our indirect wholly-owned subsidiaries, Inspire Home Loans Inc., Parkway Title, LLC, IHL Home Insurance Agency, LLC, and IHL Escrow Inc., which provide mortgage, title, insurance brokerage and escrow services, respectively, primarily to our homebuyers, have been identified as our Financial Services segment. Additionally, our Century Living segment is engaged in the development, construction, management, and disposition of multi-family rental properties, currently all located in Colorado.

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (which we refer to as "GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (which we refer to as the "SEC"). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of our financial position and results of operations for the periods presented. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by GAAP and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024, which are included 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.

**Principles of Consolidation**

The condensed consolidated financial statements include the accounts of the Company, as well as all subsidiaries in which we have a controlling interest, and variable interest entities for which the Company is deemed to be the primary beneficiary. We do not have any variable interest entities in which we are deemed the primary beneficiary.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.

**Reclassification**

Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of prior periods.

**Recently Issued Accounting Standards**

In November 2024, the Financial Accounting Standards Board (which we refer to as "FASB") issued Accounting Standards Update (which we refer to as "ASU") No. 2024-03, "*Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)*: Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 will become effective for us for the fiscal year ending December 31, 2027. Early adoption is permitted, and guidance should be applied prospectively, with an option to apply guidance retrospectively. We are currently evaluating the impact of the adoption of ASU 2024-03 on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, "*Income Taxes (Topic 740)*: Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires more disaggregated income tax disclosures, including additional information in the rate reconciliation

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[<u>**Table of Contents**</u>](#TableOfContents)

and additional disclosures about income taxes paid. ASU 2023-09 will become effective for our fiscal year ending December 31, 2025. We are currently evaluating the impact of the adoption of ASU 2023-09 on our consolidated financial statements and related annual disclosures, but we currently do not expect the impact to be significant.

**2. Reporting Segments**

Our homebuilding operations are engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 16 states. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand is managed by geographic location, and each of our four geographic regions offers 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. Each of our four geographic regions is considered a separate operating segment. 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. Our Century Complete brand has operations in nine states and is managed separately from our four geographic regions, and it is considered a separate operating segment.

We have presented our homebuilding operations as the following reportable segments as of September 30, 2025:

West (California and Washington)

Mountain (Arizona, Colorado, Nevada, and Utah)

Texas

Southeast (Florida, Georgia, North Carolina, South Carolina, and Tennessee)

Century Complete (Alabama, Arizona, Florida, Georgia, Indiana, Kentucky, Michigan, North Carolina, and South Carolina)

We have identified our Financial Services operations, which provide mortgage, title, insurance brokerage and escrow services to our homebuyers, and Century Living, which is engaged in the development, construction, management, and disposition of multi-family rental properties currently all located in Colorado, as reportable segments.

Our Corporate operations are a non-operating segment, as it serves to support our homebuilding operations, and to a lesser extent our Financial Services operations, through various functions, such as our executive, finance, treasury, human resources, accounting and legal departments.

Our Executive Chairman and our Chief Executive Officer, collectively, have been determined to be our Chief Operating Decision Makers ("CODMs") to make key operating decisions and assess performance. The management of our four Century Communities geographic regions, Century Complete, our Financial Services segment, and our Century Living segment reports to our CODMs. The CODMs evaluate the segment's operating performance and allocate resources for all of our reportable segments based on income before income tax expense. For all of the segments, the CODMs use segment income before income tax expense in the annual budget and forecasting process. The CODMs consider budget-to-actual forecast variances for income before tax expense on a monthly basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment. The measure of segment assets is reported on the consolidated balance sheets as total assets. Except for those accounting policies for Century Living which are described below, the accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Beginning in the first quarter of 2025, we have separately reported our Century Living segment as a reportable segment, which was 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 the three and nine months ended September 30, 2024.

During the first quarter of 2025, our strategy evolved for our Century Living multi-family rental properties to be predominantly focused on the disposition of the assets shortly after lease stabilization. Accordingly, we have determined that these multi-family rental operations have become part of our ordinary activities, and revenue is recognized from the sale of these properties when performance obligations are satisfied, generally when the respective properties are delivered and title has passed to the buyers, and rental income and expenses from these properties during lease-up is recognized as other income on the condensed consolidated statement of operations. We record multi-family rental property inventory within prepaid and other assets on the condensed consolidated balance sheet, and cash flows from development activities and the disposition of properties are recorded as operating activities on the condensed consolidated statement of cash flows.

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The following tables summarize total revenue, significant expenses, and income (loss) before income tax expense by segment (in thousands):

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** |
|  | **West** | **Mountain** | **Texas** | **Southeast** | **Century Complete** | **Financial Services** | **Century Living** | **Corporate** | **Total** |
| Revenue | $218149 | $208058 | $135150 | $175162 | $224407 | $19358 | $— | $— | $980284 |
| Cost of home sales | (177720) | (167994) | (114755) | (142502) | (180673) |  |  | 3078 | (780566) |
| Financial services costs |  |  |  |  |  | (16371) |  |  | (16371) |
| Selling, general and administrative | (17999) | (18653) | (14590) | (15679) | (22953) |  | (488) | (29533) | (119895) |
| Inventory impairment |  |  | (512) | (2442) | (226) |  |  |  | (3180) |
| Other segment items <sup>(1)</sup> | (1224) | (6608) | (196) | (1347) | (426) |  | 190 | (2823) | (12434) |
| Income (loss) before tax expense | $21206 | $14803 | $5097 | $13192 | $20129 | $2987 | $(298) | $(29278) | $47838 |
|  | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** |
|  | **West** | **Mountain** | **Texas** | **Southeast** | **Century Complete** | **Financial Services** | **Century Living** | **Corporate** | **Total** |
| Revenue | $240722 | $271305 | $159502 | $180226 | $265020 | $20091 | $— | $— | $1136866 |
| Cost of home sales | (188173) | (215798) | (127198) | (135051) | (203831) |  |  | (3030) | (873081) |
| Financial services costs |  |  |  |  |  | (17021) |  |  | (17021) |
| Selling, general and administrative | (17115) | (22784) | (17491) | (16315) | (25897) |  | (689) | (32681) | (132972) |
| Inventory impairment |  |  |  | (1142) | (231) |  |  |  | (1373) |
| Other segment items <sup>(1)</sup> | (212) | (953) | (131) | (500) | (1005) |  |  | 294 | (2507) |
| Income (loss) before tax expense | $35222 | $31770 | $14682 | $27218 | $34056 | $3070 | $(689) | $(35417) | $109912 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
|  | **West** | **Mountain** | **Texas** | **Southeast** | **Century Complete** | **Financial Services** | **Century Living** | **Corporate** | **Total** |
| Revenue | $601763 | $639476 | $419252 | $482082  | $680001 | $61666 | $— | $— | $2884240 |
| Cost of home sales | (478680) | (519295) | (345575) | (388694) | (554199) |  |  | 1210 | (2285233) |
| Financial services costs |  |  |  |  |  | (50095) |  |  | (50095) |
| Selling, general and administrative | (52104) | (57400) | (49121) | (46404) | (70412) |  | (869) | (93181) | (369491) |
| Inventory impairment |  |  | (512) | (6245) | (4194) |  |  |  | (10951) |
| Other segment items <sup>(1)</sup> | (3389) | (9418) | (470) | (2180) | (2249) |  | 605 | (3930) | (21031) |
| Income (loss) before tax expense | $67590 | $53363 | $23574 | $38559 | $48947 | $11571 | $(264) | $(95901) | $147439 |
|  | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
|  | **West** | **Mountain** | **Texas** | **Southeast** | **Century Complete** | **Financial Services** | **Century Living** | **Corporate** | **Total** |
| Revenue | $617047 | $784506 | $436782 | $496032 | $723816 | $66676 | $— | $— | $3124859 |
| Cost of home sales | (473895) | (620923) | (343188) | (372763) | (565877) |  |  | (9562) | (2386208) |
| Financial services costs |  |  |  |  |  | (47894) |  |  | (47894) |
| Selling, general and administrative | (48491) | (65970) | (46735) | (46912) | (71912) |  | (1670) | (91364) | (373054) |
| Inventory impairment |  |  |  | (1142) | (800) |  |  |  | (1942) |
| Other segment items <sup>(1)</sup> | (563) | (3670) | (474) | (1358) | (1035) |  | (413) | (3384) | (10897) |
| Income (loss) before tax expense | $94098 | $93943 | $46385 | $73857 | $84192 | $18782 | $(2083) | $(104310) | $304864 |

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<sup>(1)</sup> Includes cost of land sales and other revenues, and other income (expense).

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The following table summarizes total assets by segment (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| West | $911023 | $780991 |
| Mountain | 1000791 | 1026047 |
| Texas | 928899 | 834815 |
| Southeast | 623225 | 616747 |
| Century Complete | 440557 | 468256 |
| Financial Services | 326215 | 478730 |
| Century Living | 282636 | 217899 |
| Corporate | 180629 | 108987 |
| Total assets | $4693975 | $4532472 |

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Century Living assets include primarily multi-family rental properties under construction and properties that are in lease-up, which are included in prepaid and other assets on the condensed consolidated balance sheets. Corporate assets include primarily costs associated with certain cash and cash equivalents, certain property and equipment, deferred tax assets, certain receivables, and prepaid insurance.

**3. Business Combinations** 

On January 22, 2024, we closed the acquisition of substantially all the assets and assumed certain liabilities of Landmark Homes of Tennessee, Inc. ("Landmark"), a homebuilder with operations, including six active communities, in Nashville, Tennessee, for approximately $33.4 million in cash, inclusive of customary holdbacks. We concluded that the acquisition represented a business combination. During the nine months ended September 30, 2024, we incurred $0.1 million in acquisition costs, which are reflected in other expense in our condensed consolidated statements of operations.

On July 31, 2024, we closed the acquisition of substantially all the assets and operations and assumed certain liabilities of Anglia Homes LP ("Anglia"), a homebuilder with operations, including 26 active communities, in the greater Houston, Texas area, for approximately $127.0 million in cash, inclusive of customary holdbacks. We concluded that the acquisition represented a business combination, as we determined that the fair value of the gross assets acquired was not concentrated in a single identifiable asset or group of similar identifiable assets, and the acquired assets and processes have the ability to create outputs in the form of revenue from the sale of single-family residences. During the three and nine months ended September 30, 2024, we incurred $0.5 million in acquisition costs, which are reflected in other expense in our condensed consolidated statements of operations.

**4. Inventories**

Inventories included the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Homes under construction  | $1451827 | $1614630 |
| Land and land development | 2032511 | 1755382 |
| Capitalized interest | 99908 | 84325 |
| Total inventories | $3584246 | $3454337 |

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**5. Financial Services**

Our Financial Services are principally comprised of our mortgage lending operations, Inspire Home Loans Inc. (which we refer to as "Inspire"). Inspire is a full-service mortgage lender and primarily originates mortgage loans for our homebuyers. Inspire sells substantially all of the loans it originates either as loans with servicing rights released, or with servicing rights retained, in the secondary mortgage market within a short period of time after origination, generally within 30 days. Inspire primarily finances these loans using its mortgage repurchase facilities.

Mortgage loans held for sale and mortgage servicing rights are carried at fair value, with gains and losses from the changes in fair value reflected in financial services revenue on the consolidated statements of operations. Management believes carrying mortgage loans held for sale at fair value improves financial reporting by mitigating volatility in reported earnings caused by measuring the fair value of the loans and the derivative instruments used to economically hedge them. As of September 30, 2025 and December 31, 2024, Inspire had mortgage loans held for sale with an aggregate fair value of $183.5 million and $236.9 million, respectively, and an aggregate outstanding principal balance of $186.8 million and $241.6 million, respectively. For the three and nine months ended September 30,

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2025, the change in fair value for mortgage loans held for sale resulted in a loss of $0.4 million and a gain of $1.5 million, respectively. For the three and nine months ended September 30, 2024, the change in fair value for mortgage loans held for sale resulted in a gain of $0.1 million, and a loss of $4.1 million, respectively.

During the second quarter of 2025, we sold mortgage servicing rights with an unpaid principal balance of approximately $3.0 billion. The total unpaid principal balance of mortgage loans serviced at September 30, 2025 and December 31, 2024 was $401.2 million and $2.9 billion, respectively. Refer to *Note 13 – Fair Value Disclosures* for further information regarding our mortgage loans held for sale and mortgage servicing rights.

Net gains and losses from the sale of mortgage loans held for sale are included in financial services revenue on the consolidated statements of operations, and include (1) net gains on sale of loans, which are recognized based upon the difference between the sales proceeds and carrying value of the related loans upon sale, with sale proceeds reflecting the cash received from investors through the sale of the mortgage loan and servicing release premium; (2) the fair value of originated mortgage servicing rights; (3) the change in fair value of mortgage loans held for sale; (4) the change in fair value of derivatives instruments, including interest rate lock commitments and forward commitments on mortgage-backed securities; (5) provision for investor reserves; and (6) fees earned from originating mortgage loans. Fees earned from originating mortgage loans, which are recognized at the time the mortgage loans are funded, include origination fees, credits, commitment fees, and discount points provided directly to our customers to reduce interest rates. Net gains on the sale of mortgage loans were $11.7 million and $39.9 million for the three and nine months ended September 30, 2025, respectively, and were $15.3 million and $47.1 million for the three and nine months ended September 30, 2024, respectively.

Mortgage loans in process for which interest rates were locked by borrowers, or interest rate lock commitments, had an aggregate principal balance of $85.9 million and $76.3 million as of September 30, 2025 and December 31, 2024, respectively, and carried a weighted average interest rate of approximately 4.9% and 5.5%, respectively. Interest rate risks related to these obligations are typically mitigated through our interest rate hedging program or by the preselling of loans to investors. Derivative instruments used to economically hedge our market and interest rate risk are carried at fair value. Derivative instruments typically include interest rate lock commitments and forward commitments on mortgage-backed securities. Changes in fair value of these derivatives as well as any gains or losses upon settlement, are reflected in financial services revenue on our condensed consolidated statements of operations. Refer to *Note 13 – Fair Value Disclosures* for further information regarding our derivative instruments.

**6. Prepaid Expenses and Other Assets**

Prepaid expenses and other assets included the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Prepaid insurance | $43591 | $27384 |
| Lot option and escrow deposits | 92581 | 92494 |
| Performance deposits | 10474 | 10561 |
| Restricted cash <sup>(1)</sup> | 33141 | 25325 |
| Multi-family rental properties inventory <sup>(2)</sup> | 267450 |  |
| Multi-family rental properties under construction <sup>(2)</sup> |  | 119441 |
| Mortgage loans held for investment at fair value <sup>(3)</sup> |  | 21478 |
| Mortgage loans held for investment at amortized cost <sup>(3)</sup> |  | 10380 |
| Mortgage servicing rights | 5890 | 42404 |
| Other assets and prepaid expenses | 72218 | 69917 |
| Total prepaid expenses and other assets | $525345 | $419384 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Restricted cash consists of restricted cash related to land development, earnest money deposits for home sale contracts held by third parties as required by various jurisdictions, and certain compensating balances associated with our mortgage repurchase facilities and other financing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)During the first quarter of 2025, our strategy evolved for our Century Living multi-family rental properties to be predominantly focused on the disposition of the assets shortly after lease stabilization and we determined that these operations have become part of our ordinary activities. Accordingly, we reclassified $119.4 million associated with multi-family properties under construction within prepaid and other assets and $90.5 million associated with completed multi-family rental property assets within property and equipment, net to multi-family rental properties inventory within prepaid and other assets on the condensed consolidated balance sheet as of the beginning of the period. Multi-family rental properties inventory includes multi-family rental properties that are under construction and properties that are in lease-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)During the three months ended September 30, 2025, we determined that we no longer had the intent to hold the mortgage loans, and subsequently sold the majority of the mortgage loans during the period.

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**7. Accrued Expenses and Other Liabilities**

Accrued expenses and other liabilities included the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Earnest money deposits | $8029 | $8786 |
| Warranty reserve | 14490 | 12762 |
| Self-insurance reserve | 39329 | 32970 |
| Accrued compensation costs | 55047 | 82020 |
| Land development and home construction accruals | 108686 | 112392 |
| Accrued interest | 5932 | 12457 |
| Income taxes payable |  |  |
| Other accrued liabilities | 52477 | 40930 |
| Total accrued expenses and other liabilities | $283990 | $302317 |

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**8. Warranties**

Estimated future direct warranty costs are accrued and charged to cost of home sales revenues in the period when the related home sales revenues are recognized. Amounts accrued, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets, are based upon historical experience rates. We subsequently assess the adequacy of our warranty accrual on a quarterly basis through a model that incorporates historical payment trends and we adjust the amounts recorded, if necessary. Based on warranty payment trends relative to our estimates at the time of home closing, we reduced our warranty reserve by $0.1 million and $0.3 million during the three months ended September 30, 2025 and 2024, respectively, and we reduced our warranty reserve by $1.4 million and $1.9 million during the nine months ended September 30, 2025 and 2024, respectively, which is included as a reduction to cost of home sales revenues on our condensed consolidated statements of operations. Changes in our warranty accrual for the three and nine months ended September 30, 2025 and 2024 are detailed in the table below (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Beginning balance | $13265 | $11598 | $12762 | $11524 |
| Warranty expense provisions | 2623 | 2721 | 7288 | 7861 |
| Payments | (1336) | (1770) | (4137) | (5303) |
| Warranty adjustment | (62) | (346) | (1423) | (1879) |
| Ending balance | $14490 | $12203 | $14490 | $12203 |

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**9. Self-Insurance Reserve**

We maintain general liability insurance coverage, including coverage for certain construction defects after homes have been delivered and premise operations during construction. These insurance policies are designed to protect us against a portion of the risk of loss from claims, subject to certain self-insured per occurrence and aggregate retentions, deductibles, and available policy limits. We reserve for costs associated with such claims on an undiscounted basis at the time revenue is recognized for each home closing. Amounts accrued, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets, are based upon third party actuarial analyses that are primarily based on industry data and partially on our historical claims, which include estimates of claims incurred but not yet reported. Adjustments to estimated reserves are recorded in the period in which the change in estimate occurs. Our self-insurance liability is presented on a gross basis without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimates of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any, are recorded as receivables when such recoveries are considered probable. Based on a third-party actuarial analysis, we increased our self-insurance reserve by $1.3 million during the three and nine months ended September 30, 2025, and we reduced our self-insurance reserve by $0.8 million during the three and nine months ended September 30, 2024. Any adjustments to our self-insurance reserve would be included in cost of home sales revenues on our condensed consolidated statements of operations.

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Changes in our self-insurance reserve for incurred but not reported construction defect claims for the three and nine months ended September 30, 2025 and 2024 are detailed in the table below (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Beginning balance | $37242 | $27684 | $32970 | $23659 |
| Self-insurance expense provisions | 2778 | 3106 | 8120 | 8334 |
| Payments | (2008) | (251) | (3078) | (1454) |
| Self-insurance adjustment | 1317 | (788) | 1317 | (788) |
| Ending balance | $39329 | $29751 | $39329 | $29751 |

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**10. Debt**

Our outstanding debt obligations included the following as of September 30, 2025 and December 31, 2024 (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| 6.750% senior notes, due June 2027<sup>(1)</sup> | $— | $498027 |
| 3.875% senior notes, due August 2029<sup>(1)</sup> | 497008 | 496428 |
| 6.625% senior notes, due September 2033<sup>(1)</sup> | 493135 |  |
| Other financing obligations<sup>(2)</sup> | 157227 | 113454 |
| Notes payable | 1147370 | 1107909 |
| Revolving line of credit | 339000 | 135500 |
| Mortgage repurchase facilities | 176604 | 232804 |
| Total debt | $1662974 | $1476213 |

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<sup>(1)</sup> The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest expense over the respective terms of the senior notes.

<sup>(2)</sup> As of September 30, 2025, other financing obligations included $26.1 million related to insurance premium notes and certain secured borrowings as well as $131.1 million outstanding under construction loan agreements related to Century Living. 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.

***Issuance of 6.625% Senior Notes Due 2033***

During the three months ended September 30, 2025, we entered into an indenture with U.S. Bank Trust Company, National Association, as trustee pursuant to which we issued $500.0 million aggregate principal amount of our 6.625% Senior Notes due 2033 (the "2033 Notes"). The 2033 Notes were issued at 100% of their principal amount and we received proceeds of $493.1 million, net of $6.9 million in issuance costs. The indenture contains certain restrictive covenants on issuing future secured debt and other transactions, and contains various optional redemption provisions to redeem the 2033 Notes, in whole or in part, at a time before, or on or after, September 15, 2028, and a put provision triggered by certain change of control events. The aggregate principal balance of the 2033 Notes is due in September 2033. Interest on the 2033 Notes will accrue from September 17, 2025 at a rate of 6.625% per annum, and will be payable semi-annually in cash in March and September of each year, beginning in March 2026. As of September 30, 2025, the aggregate obligation, inclusive of unamortized financing costs on these notes, was $493.1 million.

***Extinguishment of*** ***6.750% Senior Notes Due 2027***

During the three months ended September 30, 2025, we legally extinguished $500.0 million in outstanding principal of our 6.750% Senior Notes due 2027 at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, totaling $511.4 million. The extinguishment transaction resulted in a loss on debt extinguishment of $1.4 million included in other expense in the condensed consolidated statements of operations.

***3.875% Senior Notes Due 2029***

As of September 30, 2025, we had outstanding $500.0 million in aggregate principal amount of our 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, and contains various optional redemption provisions to redeem the 2029 Notes, in whole or in part, at a time before, or on or after, February 15, 2029, and a put provision triggered by certain change of control events. As of September 30, 2025, the aggregate obligation, inclusive of unamortized financing costs on these notes, was $497.0 million.

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***Construction Loan Agreements***

Certain wholly owned subsidiaries of Century Living, LLC are parties to secured construction loan agreements with various banks (which we collectively refer to as "the lenders"). These construction loan agreements collectively provide that we may borrow up to an aggregate of $204.7 million from the lenders for purposes of construction of multi-family projects in Colorado, with advances made by the lenders upon the satisfaction of certain conditions. Portions of the obligations under the secured construction loan agreements are guaranteed by us. Borrowings under the construction loan agreements bear interest at various rates, including a fixed rate and floating interest rates per annum equal to the Secured Overnight Financing Rate (which we refer to as "SOFR") plus an applicable margin. The outstanding principal balances and all accrued and unpaid interest is due on varying maturity dates from March 17, 2026 through February 28, 2029, with certain of the construction loan agreements allowing for the option to extend the maturity dates for a period of 12 months if certain conditions are satisfied. The construction loan agreements contain customary affirmative and negative covenants (including covenants related to construction completion, and limitations on the use of loan proceeds, transfers of land, equipment, and improvements), as well as customary events of default. Interest on our construction loan agreements is capitalized to the multi-family properties assets included in prepaid expenses and other assets on the condensed consolidated balance sheets while the related multi-family rental properties are being actively developed.

As of September 30, 2025 and December 31, 2024, $131.1 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 September 30, 2025 and December 31, 2024, respectively, and we were in compliance with all covenants thereunder.

***Revolving Line of Credit***

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, we increased 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.

As of September 30, 2025 and December 31, 2024, $339.0 million and $135.5 million, respectively, was outstanding under the revolving line of credit, with borrowings that bore an interest rate of 5.7% and 5.9%, respectively, and we were in compliance with all covenants under the Credit Agreement.

***Mortgage Repurchase Facilities – Financial Services***

Inspire is party to mortgage warehouse facilities with J.P. Morgan Chase Bank, N.A., U.S. Bank National Association and Truist Bank, which provide Inspire with uncommitted repurchase facilities of up to an aggregate of $375.0 million as of September 30, 2025, secured by the mortgage loans financed thereunder. The repurchase facilities have varying short term maturity dates through June 1, 2026. Borrowings under the mortgage repurchase facilities bear interest at variable interest rates per annum equal to SOFR plus an applicable margin, and bore a weighted average interest rate of 5.8% as of September 30, 2025.

Amounts outstanding under the repurchase facilities are not guaranteed by us or any of our subsidiaries, and the agreements contain various affirmative and negative covenants applicable to Inspire that are customary for arrangements of this type. As of September 30, 2025 and December 31, 2024, we had $176.6 million and $232.8 million outstanding under the repurchase facilities, respectively, and were in compliance with all covenants thereunder.

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**11. Interest on Senior Notes and Revolving Line of Credit**

Interest on our senior notes and revolving line of credit, if applicable, is capitalized to homebuilding inventories while the related communities are being actively developed and until homes are completed. As our qualifying assets exceeded our outstanding debt during the three and nine months ended September 30, 2025 and 2024, we capitalized all interest costs incurred on these facilities during these periods.

Our interest costs were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest capitalized beginning of period | $93940 | $77930 | $84325 | $72598 |
| Interest capitalized during period | 20973 | 20821 | 57577 | 51778 |
| Less: capitalized interest in cost of sales | (15005) | (16492) | (41994) | (42117) |
| Interest capitalized end of period | $99908 | $82259 | $99908 | $82259 |

---

**12. Income Taxes**

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 25.0%, is driven by our blended federal and state statutory rate of 24.8%, and certain permanent differences between GAAP and tax, including disallowed deductions for executive compensation, and offset by estimated federal energy home credits for current year home deliveries.

For the nine months ended September 30, 2025, our estimated annual rate of 25.0% was benefitted by discrete items which had a net impact of decreasing our rate by 0.7%, including federal energy home tax credits claimed in excess of previous estimates and the impact of excess tax benefits for vested stock-based compensation.

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.

For the three months ended September 30, 2025 and 2024, we recorded income tax expense of $10.4 million and $26.9 million, respectively. For the nine months ended September 30, 2025 and 2024, we recorded income tax expense of $35.8 million and $73.8 million, respectively.

**13. Fair Value Disclosures**

Fair value measurements are used for the Company's mortgage loans held for sale, certain mortgage loans held for investment, mortgage servicing rights, interest rate lock commitments and other derivative instruments on a recurring basis. We also utilize fair value measurements on a non-recurring basis for inventories and intangible assets when events and circumstances indicate that the carrying value is not recoverable. The fair value hierarchy and its application to the Company's assets and liabilities is as follows:

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 the measurement date.

*Mortgage loans held for sale –* Fair value is based on quoted market prices for committed and uncommitted mortgage loans.

*Derivative assets and liabilities* – Derivative assets are associated with interest rate lock commitments and investor commitments on loans and may also be associated with forward mortgage-backed securities contracts. Derivative liabilities are associated with forward mortgage-backed securities contracts. Fair value is based on market prices for similar instruments.

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Level 3 – Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at the measurement date.

*Mortgage servicing rights* - The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and cost to service.

*Mortgage loans held for investment at fair value* – A portion of our mortgage loans held for investment included in prepaid expenses and other assets, which were those determined to be unsaleable and transferred from mortgage loans held for sale, are recorded at fair value and are calculated based on a Level 3 analysis which incorporates information including the value of underlying collateral, from markets where there is little observable trading activity.

The following outlines the Company's assets and liabilities measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024, respectively (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Balance Sheet Classification**  | <br>**Hierarchy**  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Mortgage loans held for sale  | Mortgage loans held for sale | Level 2 | $183527 | $236926 |
| Mortgage loans held for investment at fair value <sup>(1)</sup> | Prepaid expenses and other assets | Level 3 | $— | $21478 |
| Mortgage servicing rights <sup>(2)</sup> | Prepaid expenses and other assets | Level 3 | $5890 | $42404 |
| Derivative assets | Prepaid expenses and other assets | Level 2 | $3452 | $3990 |
| Derivative liabilities | Accrued expenses and other liabilities | Level 2 | $523 | $— |

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<sup>(1)</sup> During the three months ended September 30, 2025, mortgage loans held for investment at fair value totaling $20.0 million were transferred to mortgage loans held for sale, as we no longer had the intent to hold the mortgage loans, and subsequently sold the majority of the mortgage loans during the period. The unobservable inputs used in the valuation of the mortgage loans held for investment at fair value include, among other items, the value of underlying collateral, from markets where there is little observable trading activity.

<sup>(2)</sup> The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and cost to service, which were a weighted average of 7.8%, 10.4%, and $80 per year per loan, respectively, as of September 30, 2025, and 8.5%, 10.6%, and $74 per year per loan, respectively, as of December 31, 2024. The high and low end of the range of unobservable inputs used in the valuation did not result in a significant change to the fair value measurement.

The following table represents the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements, with gains and losses from the changes in fair value reflected in financial services revenue on our condensed consolidated statements of operations (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Mortgage servicing rights** | **2025** | **2024** | **2025** | **2024** |
| Beginning of period | $1215 | $34070 | $42404 | $30932 |
| Originations | 3758 | 3907 | 8686 | 6686 |
| Settlements | (60) | (642) | (1564) | (1754) |
| Sales |  |  | (47305) |  |
| Changes in fair value | 977 | (2812) | 3669 | (1341) |
| End of period | $5890 | $34523 | $5890 | $34523 |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **Mortgage loans held-for-investment at fair value** | **2025** | **2024** | **2025** | **2024** |
| Beginning of period | $19952 | $21763 | $21478 | $21041 |
| Transfers from loans held for sale |  | 2707 | 975 | 4663 |
| Transfers to loans held for sale | (19952) |  | (19952) |  |
| Settlements |  | (244) |  | (905) |
| Reduction in unpaid principal balance |  | (102) | (301) | (464) |
| Changes in fair value |  | (92) | (2200) | (303) |
| End of period | $— | $24032 | $— | $24032 |

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During the three months ended September 30, 2025, mortgage loans held for investment at fair value totaling $20.0 million were transferred to mortgage loans held for sale, as we no longer had the intent to hold the mortgage loans, and subsequently sold the majority of the mortgage loans during the period.

During the second quarter of 2025, we sold mortgage servicing rights with an unpaid principal balance of approximately $3.0 billion for approximately $47.3 million, including customary holdbacks.

For the financial assets and liabilities that the Company does not reflect at fair value, the following present both their respective carrying value and fair value at September 30, 2025 and December 31, 2024, respectively (in thousands).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | <br>**Hierarchy**  | **Carrying**  | **Fair Value** | **Carrying**  | **Fair Value** |
| Cash and cash equivalents | Level 1 | $130075 | $130075 | $149998 | $149998 |
| 6.750% senior notes <sup>(1)(2)</sup> | Level 2 | $— | $— | $498027 | $498750 |
| 3.875% senior notes <sup>(1)(2)</sup> | Level 2 | $497008 | $468125 | $496428 | $446875 |
| 6.625% senior notes <sup>(1)(2)</sup> | Level 2 | $493135 | $501875 | $— | $— |
| Revolving line of credit<sup>(3)</sup> | Level 2 | $339000 | $339000 | $135500 | $135500 |
| Other financing obligations<sup>(3)(4)</sup> | Level 3 | $157227 | $157227 | $113454 | $113454 |
| Mortgage repurchase facilities<sup>(3)</sup> | Level 2 | $176604 | $176604 | $232804 | $232804 |

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<sup>(1)</sup> Estimated fair value of the senior notes is based on recent trading activity in inactive markets.

<sup>(2)</sup> During the three months ended September 30, 2025, we entered into an indenture pursuant to which we issued $500.0 million aggregate principal amount of our 6.625% senior notes due 2033 and we legally extinguished $500.0 million in outstanding principal of our 6.750% senior notes due 2027. Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of September 30, 2025, these amounts totaled $3.0 million and $6.9 million for the 3.875% senior notes and 6.625% senior notes, respectively. As of December 31, 2024, these amounts totaled $2.0 million and $3.6 million for the 6.750% senior notes and 3.875% senior notes, respectively.

<sup>(3)</sup> Carrying amount approximates fair value due to short-term nature and/or interest rate terms.

<sup>(4)</sup> As of September 30, 2025, other financing obligations included $26.1 million related to insurance premium notes and certain secured borrowings that bore a weighted average interest rate of 6.0%, and $131.1 million related to outstanding borrowings on the construction loan agreements related to Century Living that bore a weighted average interest rate of 6.6%. As of December 31, 2024, other financing obligations included $11.0 million related to insurance premium notes and certain secured borrowings that bore a weighted average interest rate of 6.7%, and $102.4 million related to outstanding borrowings on the construction loan agreements that bore a weighted average interest rate of 6.5%.

Non-financial assets and liabilities include items such as inventory and property and equipment that are measured at fair value when acquired and as a result of impairments, if deemed necessary.

During the three months ended September 30, 2025, we determined that inventory with a carrying value before impairment of $11.9 million for three communities in our Texas, Southeast, and Century Complete segments was not recoverable. During the nine months ended September 30, 2025, we determined that inventory with a carrying value before impairment of $41.3 million for eight communities in our Texas, Southeast and Century Complete segments was not recoverable. Accordingly, during the three and nine months ended September 30, 2025, we recognized impairment charges of an aggregate $3.2 million and $11.0 million, respectively, in order to record the communities at fair value. During the three months ended September 30, 2024, we recognized impairment charges of $1.4 million related to two communities with a carrying value before impairment of $10.6 million, and during the nine months ended September 30, 2024, we recognized impairment charges of $1.9 million related to four communities with a carrying value before impairment of $15.2 million. The estimated fair values of the communities were determined through a discounted cash flow approach utilizing Level 3 inputs. When estimating future discounted cash flows, we utilized a weighted-average discount rate of approximately 12% in each of our valuations during the three months and nine months ended September 30, 2025 and 2024, respectively. Changes in our cash flow projections in future periods related to our communities may change our conclusions on the recoverability of inventory in the future.

**14. Stock-Based Compensation**

During the nine months ended September 30, 2025 and 2024, we granted restricted stock units (which we refer to as "RSUs") covering 0.2 million and 0.2 million shares of common stock, respectively, with a grant date fair value of $76.14 and $86.01 per share, respectively, that vest over a three year period. During the nine months ended September 30, 2025 and 2024, we granted 16.0 thousand and 11.0 thousand shares of common stock, respectively, on an unrestricted basis (which we refer to as "stock awards") with a grant date fair value of $53.26 and $82.84 per share, respectively, to our non-employee directors.

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During the nine months ended September 30, 2025, we granted performance share units (which we refer to as "PSUs") covering up to 0.5 million shares of common stock assuming maximum level of performance with a weighted-average grant date fair value of $67.01 per share that are subject to service, performance, and market vesting conditions. The quantity of shares that will vest and be issued upon settlement of the PSUs ranges from 0% to up to 250% of a targeted number of shares depending upon the participant and will be determined based on achievement of three-year cumulative revenue and three-year cumulative adjusted pre-tax income performance goals. The ultimate share payout may then be adjusted by a relative total shareholder return modifier based on our three-year cumulative total stockholder return (which we refer to as "TSR") relative to the average TSR of all companies in a defined peer group, with the potential to decrease the payout by 10% or increase it up to 20%. We utilize the Monte Carlo simulation model to determine the fair value of PSUs that contain market conditions, and stock-based compensation expense is recognized ratably for awards subject to market conditions regardless of whether the market condition is satisfied, provided that the requisite service has been met. During the nine months ended September 30, 2024, we granted PSUs covering up to 0.3 million shares of common stock assuming maximum level of performance with a grant date fair value of $82.23 per share that are subject to both service and performance vesting conditions. The quantity of shares that will ultimately vest and be issued upon settlement of the PSUs ranges from 0% to 250% of a targeted number of shares and will be determined based on achievement of a three-year cumulative adjusted pre-tax income performance goal. During the nine months ended September 30, 2025 and 2024, we issued 0.4 million and 0.2 million shares of common stock, respectively, upon the vesting and settlement of PSUs that were granted in previous periods. Approximately 1.1 million shares will vest from 2026 to 2028 if the defined maximum performance targets are met and, for applicable awards, if the defined maximum TSR conditions are met, and no shares will vest if the defined minimum performance targets are not met.

A summary of our outstanding RSUs and PSUs, assuming the current estimated level of performance achievement, are as follows (in thousands, except years):

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| | |
|:---|:---|
|  | **September 30, 2025** |
| Unvested units | 1025 |
| Unrecognized compensation cost | $32148 |
| Weighted-average years to recognize compensation cost | 1.9 |

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During the three months ended September 30, 2025 and 2024, we recognized stock-based compensation expense of $5.5 million and $7.4 million, respectively. During the nine months ended September 30, 2025 and 2024, we recognized stock-based compensation expense of $13.7 million and $18.1 million, respectively. Stock-based compensation expense is included in selling, general, and administrative expense on our condensed consolidated statements of operations. Stock-based compensation expense for PSUs is initially estimated based on target performance achievement and adjusted as appropriate throughout the performance period. Accordingly, future compensation cost associated with outstanding PSUs may increase or decrease based on the probability and extent of achievement with respect to the applicable performance measures. During the three and nine months ended September 30, 2025, in accordance with ASC 718, *Compensation—Stock Compensation,* we updated our recognition of stock-based compensation expense associated with previously granted PSU awards to reflect probable financial results as they relate to the performance goals of the awards. Accordingly, our estimate of the number of shares which will ultimately vest and be issued upon settlement of certain PSU awards decreased approximately 0.1 million shares and 0.1 million shares during the three and nine months ended September 30, 2025, respectively. During the three and nine months ended September 30, 2025, we recorded cumulative net adjustments to reduce stock-based compensation expense of $1.4 million ($1.1 million net of tax) or $0.04 per basic share and diluted share, and $6.1 million ($4.7 million net of tax), and $0.15 per basic share and diluted share, respectively.

**15. Stockholders' Equity**

The Company's authorized capital stock consists of 100.0 million shares of common stock, par value $0.01 per share, and 50.0 million shares of preferred stock, par value $0.01 per share. As of September 30, 2025 and December 31, 2024, there were 29.4 million and 31.0 million shares of common stock issued and outstanding, respectively, and no shares of preferred stock outstanding.

On May 4, 2022, the stockholders approved the adoption of the Century Communities, Inc. 2022 Omnibus Incentive Plan (which we refer to as the "2022 Incentive Plan"), which replaced the Century Communities, Inc. Amended and Restated 2017 Omnibus Incentive Plan (which we refer to as our "2017 Incentive Plan"). Under the 2022 Incentive Plan, 3.1 million shares of common stock are available for issuance to eligible participants, plus 51.2 thousand shares of our common stock that remained available for issuance under the 2017 Incentive Plan and any shares subject to awards outstanding under the 2017 Incentive Plan that are subsequently forfeited, cancelled, expire or otherwise terminate without the issuance of such shares. During the nine months ended September 30, 2025 and 2024, we issued 0.6 million and 0.3 million shares of common stock, respectively, related to the vesting and settlement of RSUs and PSUs. As of September 30, 2025, approximately 1.5 million shares of common stock remained available for issuance under the 2022 Incentive Plan.

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The following table sets forth cash dividends declared by our Board of Directors to holders of record of our common stock during the three and nine months ended September 30, 2025 and 2024, respectively (dollars in thousands, except per share information):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| | | | **Cash Dividends Declared and Paid** | **Cash Dividends Declared and Paid** |
| <br>**Declaration Date** | <br>**Record Date** | <br>**Paid Date** | **Per Share** | **Amount** |
| February 5, 2025 | February 26, 2025 | March 12, 2025 | $0.29 | $8922 |
| May 7, 2025 | May 28, 2025 | June 11, 2025 | $0.29 | $8783 |
| August 13, 2025 | August 27, 2025 | September 10, 2025 | $0.29 | $8607 |
|  |  |  | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
|  |  |  | **Cash Dividends Declared and Paid** | **Cash Dividends Declared and Paid** |
| **Declaration Date** | **Record Date** | **Paid Date** | **Per Share** | **Amount** |
| February 7, 2024 | February 28, 2024 | March 13, 2024 | $0.26 | $8264 |
| May 15, 2024 | May 29, 2024 | June 12, 2024 | $0.26 | $8217 |
| August 14, 2024 | August 28, 2024 | September 11, 2024 | $0.26 | $8148 |

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Under the 2022 Incentive Plan, at the discretion of the Compensation Committee of the Board of Directors, RSUs and PSUs granted under the plan have the right to earn dividend equivalents, which entitles the holders of such RSUs and PSUs to additional RSUs and PSUs equal to the same dividend value per share as holders of common stock. Dividend equivalents are subject to the same vesting and other terms and conditions as the underlying RSUs and PSUs.

Our stock repurchase program authorizes us to repurchase up to 4.5 million shares of our outstanding common stock, of which 2.8 million shares remained available to be repurchased as of September 30, 2025. During the three and nine months ended September 30, 2025, an aggregate of 296.9 thousand shares and 1.9 million shares, respectively, were repurchased under our stock repurchase program for a total purchase price of approximately $20.0 million and $123.6 million, respectively, and a weighted average price of $67.36 and $63.91 per share, respectively, excluding the excise tax accrued on our net share repurchases as a result of the Inflation Reduction Act of 2022. We did not repurchase any shares of common stock during the three months ended September 30, 2024. During the nine months ended September 30, 2024, an aggregate of 651.9 thousand shares were repurchased for a total purchase price of approximately $53.1 million and a weighted average price of $81.49 per share.

During the nine months ended September 30, 2025 and 2024, shares of common stock at a total cost of $17.3 million and $10.5 million, respectively, were netted and surrendered as payment for minimum statutory withholding obligations in connection with the vesting of outstanding stock-based compensation awards. Shares surrendered by the participants in accordance with the applicable award agreements and plan are deemed repurchased and retired by us but are not part of our publicly announced stock repurchase program.

**16. Earnings Per Share**

We use the treasury stock method to calculate earnings per share as our currently issued non-vested RSUs and PSUs do not have participating rights.

The following table sets forth the computation of basic and diluted earnings per share (which we refer to as "EPS") for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share information):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Numerator** |  |  |  |  |
| Net income  | $37403 | $83020 | $111641 | $231075 |
| **Denominator** |  |  |  |  |
| Weighted average common shares outstanding - basic | 29645795 | 31336756 | 30266752 | 31596995 |
| Dilutive effect of stock-based compensation awards | 373358 | 688259 | 344259 | 520922 |
| Weighted average common shares outstanding - diluted  | 30019153 | 32025015 | 30611011 | 32117917 |
| **Earnings per share:** |  |  |  |  |
| Basic | $1.26 | $2.65 | $3.69 | $7.31 |
| Diluted | $1.25 | $2.59 | $3.65 | $7.19 |

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Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 0.7 million and 0.7 million common stock unit equivalents from diluted earnings per share during the

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three and nine months ended September 30, 2025, respectively, and we excluded 0.4 million and 0.4 million common stock unit equivalents from diluted earnings per share during the three and nine months ended September 30, 2024, respectively, related to the PSUs for which performance conditions remained unsatisfied. We excluded 0.3 million and 0.3 million common stock unit equivalents from diluted earnings per share during the three and nine months ended September 30, 2025, respectively, that were antidilutive. No amounts were antidilutive during the three and nine months ended September 30, 2024.

**17. Commitments and Contingencies**

**Letters of Credit and Performance Bonds**

In the normal course of business, we post letters of credit and performance and other bonds primarily related to our land development performance obligations with local municipalities. As of September 30, 2025 and December 31, 2024, we had issued and outstanding letters of credit of $74.7 million and $97.5 million, respectively, and we had issued and outstanding performance and other bonds of $450.1 million and $466.0 million, respectively.

**Legal Proceedings**

We are subject to claims and lawsuits that arise primarily in the ordinary course of business, which consist primarily of construction claims. It is the opinion of our management that if the claims have merit, parties other than the Company would be, at least in part, liable for the claims, and the eventual outcome of these claims will not have a material adverse effect upon our consolidated financial condition, results of operations, or cash flows. When we believe that a loss is probable and estimable, we record a charge on our condensed consolidated statements of operations for our estimated loss.

Under various insurance policies, we have the ability to recoup costs in excess of applicable self-insured retentions. Estimates of such amounts are recorded in other assets on our condensed consolidated balance sheet when recovery is probable.

We do not believe that the ultimate resolution of any claims and lawsuits will have a material adverse effect upon our consolidated financial position, results of operations, or cash flows.

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**ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp; MANAGEMENT'S DISCUSSION AND** **ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

As used in this Quarterly Report on Form 10-Q (which we refer to as this "Form 10-Q"), references to "we," "us," "our," "Century" or the "Company" refer to Century Communities, Inc., a Delaware corporation, and, unless the context otherwise requires, its subsidiaries and affiliates.

The following discussion and analysis of our financial condition and results of operations is intended to help the reader understand our Company, business, operations and present business environment and is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and the related notes to those statements included elsewhere in this Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. We use certain non-GAAP financial measures that we believe are important for purposes of comparison to prior periods. This information is also used by our management to measure the profitability of our ongoing operations and analyze our business performance and trends.

**Cautionary Note Regarding Forward-Looking Statements**

Some of the statements included in this Form 10-Q constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, forecasts, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These statements are only predictions. We caution that forward-looking statements are not guarantees. Actual results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "may," "will," "should," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "potential," "outlook," the negative of such terms and other comparable terminology and the use of future dates. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors.

The forward-looking statements included in this Form 10-Q reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. Statements regarding the following subjects, among others, may be forward-looking and subject to risks and uncertainties including among others:

economic changes, either nationally or in the regional and local markets in which we operate, including changes in interest rates and the resulting impact on the accessibility of mortgage loans to homebuyers, persistent inflation, and decreased employment levels and consumer confidence, and increased recessionary conditions;

shortages of or increased prices for labor, land or raw materials used in housing construction and resource shortages, including as a result of recent tariffs and immigration reform;

a downturn in the homebuilding industry, including a reduction in demand for our homes or a decline in real estate values or market conditions resulting in an adverse impact on our business, operating results and financial condition, including an impairment of our assets;

changes in assumptions used to make industry forecasts, population growth rates or trends affecting housing demand or prices;

volatility and uncertainty in the credit markets and broader financial markets and the impact on such markets and our ability to access them, including as a result of geopolitical conditions, the current U.S. government shutdown, and in the event of a threatened or actual sovereign default;

our future business operations, operating results and financial condition; future impairment and restructuring charges; and changes in our business and investment strategy;

availability and price of land to acquire, and our ability to acquire such land on favorable terms or at all, and dispose of it when appropriate;

the effect of and risks associated with our prior and any future acquisitions;

availability, terms and deployment of capital;

availability or cost of mortgage financing or an increase in the number of foreclosures in the market;

delays in land development or home construction resulting from adverse weather conditions or other events outside our control;

delays in completion of projects, land development or home construction, or reduced consumer demand for housing resulting from significant weather conditions and natural disasters in the geographic areas where we operate;

the impact of construction defect, product liability, and/or home warranty claims, including the adequacy of accruals and the applicability and sufficiency of our insurance coverage;

changes in, or the failure or inability to comply with, governmental laws and regulations;

the timing of receipt of municipal, utility and other regulatory approvals and the opening of projects and construction and completion of our homes;

the impact and cost of compliance with evolving environmental, health and safety and other laws and regulations and third-party challenges to required permits and other approvals and potential legal liability in connection therewith;

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the degree and nature of our competition;

the ability of our homebuyers to obtain or afford homeowners and flood insurance policies, and/or typical or lender-required policies for other hazards or events, for their homes, which may depend on the ability and willingness of insurers or government-funded or -sponsored programs to offer coverage at an affordable price or at all;

unstable economic and political conditions as well as geopolitical conflicts, which could adversely affect our supply chain by causing shortages or increases in costs for materials necessary to construct homes and/or increases to the price of gasoline and other fuels and cause higher interest rates, inflation, reduced consumer confidence and/or general economic uncertainty;

our leverage, debt service obligations and exposure to changes in interest rates and our ability to obtain additional or refinance our existing debt when needed or on favorable terms;

our ability to continue to fund and succeed in our mortgage lending business and the additional risks involved in that business;

availability of qualified personnel and contractors and our ability to obtain additional or retain existing key personnel and contractor relationships;

income tax expense variability due to changes in availability and amount of federal home tax credits and volatility associated with stock-based compensation;

our ability to continue to pay dividends and make stock repurchases in the future; and

taxation and tax policy changes, tax rate changes, new tax laws, new or revised tax law interpretations or guidance.

Forward-looking statements are based on our beliefs, assumptions and expectations of future events, taking into account all information currently available to us. Forward-looking statements are not guarantees of future events or of our performance. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these events and factors are described above and in this "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" and in "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K, and other risks and uncertainties detailed in this report, including "Part II, Item 1A. Risk Factors," and our other reports and filings with the SEC. If a change occurs, our business, financial condition, liquidity, cash flows and results of operations may vary materially from those expressed in or implied by our forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Therefore, you should not rely on these forward-looking statements as of any date subsequent to the date of this Form 10-Q.

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**Business Overview**

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 brand has an emphasis on serving the affordable homebuilding market but offers 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.

Our homebuilding operations are organized into the following five reportable segments: West, Mountain, Texas, Southeast, and Century Complete. Our indirect wholly-owned subsidiaries, Inspire Home Loans Inc., Parkway Title, LLC, IHL Home Insurance Agency, LLC, and IHL Escrow Inc., which provide mortgage, title, insurance brokerage and escrow services, respectively, primarily to our homebuyers, have been identified as our Financial Services segment. Additionally, our Century Living segment is engaged in the development, construction, management, and disposition of multi-family rental properties, currently all located in Colorado.

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 7,357 homes delivered during the first nine 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.

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 nine months of 2025, as net new home contracts (new home contracts net of cancellations) for the three and nine months ended September 30, 2025 decreased 6.9% and 7.1%, 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 nine months ended September 30, 2025, cycle times remained approximately in the four-month timeframe.

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; the current U.S. governmental shutdown; 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.

Certain tariffs and other measures implemented during 2025 have impacted trade throughout various sectors. In October 2025, certain new tariffs took effect related to various imported products used in the homebuilding industry, including cabinets, lumber, and certain other wood products. As of the date of the filing of this report, we have not experienced significant cost increases or supply chain disruptions for raw materials; however, we could experience increases in the costs of materials utilized for the construction of our homes and/or supply chain disruptions that, in turn, would impact our business and our consolidated financial statements in future reporting periods. Additionally, during the three months ended September 30, 2025, the U.S. Federal Reserve reduced the U.S. Federal funds interest rate, and we cannot provide any assurance as to the impact of any future potential changes to the U.S. Federal funds interest rate on mortgage rates or our current or future business. The potential extent and effect of these and other factors on our business is highly uncertain and outside our control, and our past performance may not be indicative of our future results.

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.

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**Results of Operations** 

During the three and nine months ended September 30, 2025, we generated $47.8 million and $147.4 million, respectively, in income before income tax expense, as compared to $109.9 million and $304.9 million, respectively, in the respective prior year periods. During the three and nine months ended September 30, 2025, we generated net income of $37.4 million, or $1.25 per diluted share, and $111.6 million, or $3.65 per diluted share, respectively, as compared to $83.0 million, or $2.59 per diluted share, and $231.1 million, or $7.19 per diluted share, respectively, in the respective prior year periods.

‎During the three and nine months ended September 30, 2025, we generated total revenues of $980.3 million and $2.9 billion, respectively, as compared to $1.1 billion and $3.1 billion, respectively, in the respective prior year periods. During the three and nine months ended September 30, 2025, we delivered 2,486 and 7,357 homes, respectively, with an average sales price of $384.2 thousand and $382.7 thousand, respectively. The number of homes delivered decreased by 12.3% and 5.8%, respectively, as compared to the respective prior year periods, primarily due to slower absorption rates, and average sales price per home decreased 2.4% and 2.2%, respectively, as compared to the respective prior year periods, primarily due to higher incentives in the current year periods. During the three and nine months ended September 30, 2025, net new contracts decreased 6.9% and 7.1%, respectively, to 2,386 and 7,624, respectively, as compared to the respective prior year periods.

We ended the third quarter of 2025 with $130.1 million of cash and cash equivalents and $44.7 million of cash held in escrow. We had $339.0 million outstanding under our revolving line of credit, with a homebuilding debt to capital ratio of 34.5% and a net homebuilding debt to net capital ratio of 31.4%. During the three and nine months ended September 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 nine months ended September 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 62,239 lots owned and controlled at September 30, 2025.

For the three and nine months ended September 30, 2025, our Financial Services segment generated income before income tax expense of $3.0 million and $11.6 million, respectively, representing a decrease of 2.7% and 38.4% from the respective prior year periods. During the three and nine months ended September 30, 2025, the number of mortgages originated decreased 13.7% and 6.3%, respectively, and the number of loans sold to third parties decreased 13.6% and 2.8%, respectively, as compared to the respective prior year periods.

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The following table summarizes our results of operations for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands, except per share amounts)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Consolidated Statements of Operations:** |  |  |  |  |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;Home sales revenues | $955162 | $1116125 | $2815365 | $3055941 |
| &nbsp;&nbsp;Land sales and other revenues | 5764 | 650 | 7209 | 2242 |
| Total homebuilding revenues | 960926 | 1116775 | 2822574 | 3058183 |
| Financial services revenues | 19358 | 20091 | 61666 | 66676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 980284 | 1136866 | 2884240 | 3124859 |
| Homebuilding cost of revenues |  |  |  |  |
| &nbsp;&nbsp;Cost of home sales revenues | (780566) | (873081) | (2285233) | (2386208) |
| &nbsp;&nbsp;Cost of land sales and other revenues | (6303) | (170) | (7199) | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total homebuilding cost of revenues | (786869) | (873251) | (2292432) | (2386415) |
| Financial services costs | (16371) | (17021) | (50095) | (47894) |
| Selling, general, and administrative  | (119895) | (132972) | (369491) | (373054) |
| Inventory impairment | (3180) | (1373) | (10951) | (1942) |
| Other (expense) income, net | (6131) | (2337) | (13832) | (10690) |
| Income before income tax expense | 47838 | 109912 | 147439 | 304864 |
| Income tax expense | (10435) | (26892) | (35798) | (73789) |
| Net income | $37403 | $83020 | $111641 | $231075 |
| **Earnings per share:** |  |  |  |  |
| Basic | $1.26 | $2.65 | $3.69 | $7.31 |
| Diluted | $1.25 | $2.59 | $3.65 | $7.19 |
| Adjusted diluted earnings per share<sup>(1)(2)</sup> | $1.52 | $2.77 | $4.39 | $7.66 |
| **Other Operating Information** <br>**(dollars in thousands):** |  |  |  |  |
| Number of homes delivered | 2486 | 2834 | 7357 | 7809 |
| Average sales price of homes delivered | $384.2 | $393.8 | $382.7 | $391.3 |
| Homebuilding gross margin percentage<sup>(3)</sup> | 17.9% | 21.7% | 18.4% | 21.9% |
| Adjusted homebuilding gross margin excluding interest, inventory impairment, and purchase price accounting for acquired work in process inventory <sup>(1)</sup> | 20.1% | 23.6% | 20.6% | 23.5% |
| Backlog at end of period, number of homes | 1117 | 1580 | 1117 | 1580 |
| Backlog at end of period, aggregate sales value | $416924 | $671404 | $416924 | $671404 |
| Average sales price of homes in backlog | $373.3 | $424.9 | $373.3 | $424.9 |
| Net new home contracts | 2386 | 2563 | 7624 | 8209 |
| Selling communities at period end | 321 | 305 | 321 | 305 |
| Average selling communities | 321 | 290 | 319 | 269 |
| Total owned and controlled lot inventory  | 62239 | 80121 | 62239 | 80121 |
| Adjusted EBITDA<sup>(1)(2)</sup> | $82254 | $139250 | $238633 | $381329 |
| Adjusted income before income tax expense<sup>(1)(2)</sup> | $60368 | $116855 | $177325 | $324468 |
| Adjusted net income<sup>(1)(2)</sup> | $45711 | $88572 | $134271 | $245934 |
| Net homebuilding debt to net capital<sup>(1)</sup> | 31.4% | 32.1% | 31.4% | 32.1% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This is a non-GAAP financial measure and should not be used as a substitute for our operating results prepared 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Beginning in the third quarter of 2025, we added "Abandonment of lot option contracts" as an adjustment in our non-GAAP adjusted EBITDA and adjusted net income calculation. Accordingly, we have recast the corresponding prior period information to conform to the current presentation and calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Homebuilding gross margin percentage is inclusive of impairment charges, if applicable. We recorded impairment charges of $3.2 million and $11.0 million, respectively, during the three and nine months ended September 30, 2025, and we recorded impairment charges of $1.4 million and $1.9 million during the three and nine months ended September 30, 2024.

NM – Not meaningful

 ***‎*** 

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***Results of Operations by Segment***

*(dollars in thousands)*

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 the three and nine months ended September 30, 2024.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** |
|  | **West** | **Mountain** | **Texas** | **Southeast** | **Century Complete** | **Financial Services** | **Century Living** | **Corporate** | **Total** |
| New homes delivered | 369 | 401 | 460 | 423 | 833 |  |  |  | 2486 |
| Average sales price of new homes delivered | $591.0 | $506.0 | $293.8 | $413.8 | $268.9 | $— | $— | $— | $384.2 |
| Revenue | $218149 | $208058 | $135150 | $175162 | $224407 | $19358 | $— | $— | $980284 |
| Cost of home sales | (177720) | (167994) | (114755) | (142502) | (180673) |  |  | 3078 | (780566) |
| Financial services costs |  |  |  |  |  | (16371) |  |  | (16371) |
| Selling, general and administrative | (17999) | (18653) | (14590) | (15679) | (22953) |  | (488) | (29533) | (119895) |
| Inventory impairment |  |  | (512) | (2442) | (226) |  |  |  | (3180) |
| Other segment items <sup>(1)</sup> | (1224) | (6608) | (196) | (1347) | (426) |  | 190 | (2823) | (12434) |
| Income (loss) before tax expense | $21206 | $14803 | $5097 | $13192 | $20129 | $2987 | $(298) | $(29278) | $47838 |
|  | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** |
|  | **West** | **Mountain** | **Texas** | **Southeast** | **Century Complete** | **Financial Services** | **Century Living** | **Corporate** | **Total** |
| New homes delivered | 363 | 513 | 530 | 427 | 1001 |  |  |  | 2834 |
| Average sales price of new homes delivered | $662.9 | $528.4 | $300.9 | $421.9 | $264.6 | $— | $— | $— | $393.8 |
| Revenue | $240722 | $271305 | $159502 | $180226 | $265020 | $20091 | $— | $— | $1136866 |
| Cost of home sales | (188173) | (215798) | (127198) | (135051) | (203831) |  |  | (3030) | (873081) |
| Financial services costs |  |  |  |  |  | (17021) |  |  | (17021) |
| Selling, general and administrative | (17115) | (22784) | (17491) | (16315) | (25897) |  | (689) | (32681) | (132972) |
| Inventory impairment |  |  |  | (1142) | (231) |  |  |  | (1373) |
| Other segment items <sup>(1)</sup> | (212) | (953) | (131) | (500) | (1005) |  |  | 294 | (2507) |
| Income (loss) before tax expense | $35222 | $31770 | $14682 | $27218 | $34056 | $3070 | $(689) | $(35417) | $109912 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
|  | **West** | **Mountain** | **Texas** | **Southeast** | **Century Complete** | **Financial Services** | **Century Living** | **Corporate** | **Total** |
| New homes delivered | 1007 | 1226 | 1418 | 1127 | 2579 |  |  |  | 7357 |
| Average sales price of new homes delivered | $597.4 | $517.2 | $295.6 | $427.5 | $263.2 | $— | $— | $— | $382.7 |
| Revenue | $601763 | $639476 | $419252 | $482082 | $680001 | $61666 | $— | $— | $2884240 |
| Cost of home sales | (478680) | (519295) | (345575) | (388694) | (554199) |  |  | 1210 | (2285233) |
| Financial services costs |  |  |  |  |  | (50095) |  |  | (50095) |
| Selling, general and administrative | (52104) | (57400) | (49121) | (46404) | (70412) |  | (869) | (93181) | (369491) |
| Inventory impairment |  |  | (512) | (6245) | (4194) |  |  |  | (10951) |
| Other segment items <sup>(1)</sup> | (3389) | (9418) | (470) | (2180) | (2249) |  | 605 | (3930) | (21031) |
| Income (loss) before tax expense | $67590 | $53363 | $23574 | $38559 | $48947 | $11571 | $(264) | $(95901) | $147439 |
|  | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
|  | **West** | **Mountain** | **Texas** | **Southeast** | **Century Complete** | **Financial Services** | **Century Living** | **Corporate** | **Total** |
| New homes delivered | 972 | 1494 | 1439 | 1155 | 2749 |  |  |  | 7809 |
| Average sales price of new homes delivered | $634.3 | $524.8 | $303.4 | $429.1 | $263.0 | $— | $— | $— | $391.3 |
| Revenue | $617047 | $784506 | $436782 | $496032 | $723816 | $66676 | $— | $— | $3124859 |
| Cost of home sales | (473895) | (620923) | (343188) | (372763) | (565877) |  |  | (9562) | (2386208) |
| Financial services costs |  |  |  |  |  | (47894) |  |  | (47894) |
| Selling, general and administrative | (48491) | (65970) | (46735) | (46912) | (71912) |  | (1670) | (91364) | (373054) |
| Inventory impairment |  |  |  | (1142) | (800) |  |  |  | (1942) |
| Other segment items <sup>(1)</sup> | (563) | (3670) | (474) | (1358) | (1035) |  | (413) | (3384) | (10897) |
| Income (loss) before tax expense | $94098 | $93943 | $46385 | $73857 | $84192 | $18782 | $(2083) | $(104310) | $304864 |

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<sup>(1)</sup> Includes cost of land sales and other revenues, and other income (expense).

***West*** 

During the three and nine months ended September 30, 2025, our West segment generated income before income tax expense of $21.2 million and $67.6 million, respectively, representing decreases of 39.8% and 28.2% from the respective prior year periods, which were primarily driven by decreases in revenue and homebuilding gross margin. During the three and nine months ended September 30, 2025, revenue decreased $22.6 million and $15.3 million, respectively, as compared to the respective prior year periods, primarily driven by decreases of 10.8% and 5.8%, respectively, in the average sales price per home, and partially offset by increases of 1.7% and 3.6%, respectively, in the number of homes delivered. 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, due primarily to higher incentives in the respective current year periods.

***Mountain***

During the three and nine months ended September 30, 2025, our Mountain segment generated income before income tax expense of $14.8 million and $53.4 million, respectively, representing decreases of 53.4% and 43.2% from the respective prior year periods, which were primarily driven by decreases in revenue and homebuilding gross margin. During the three and nine months ended September 30, 2025, revenue decreased $63.2 million and $145.0 million, respectively, as compared to the respective prior year periods, primarily driven by decreases of 21.8% and 17.9%, respectively, in the number of homes delivered, and decreases of 4.2% and 1.4%, 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, due primarily to higher incentives in the respective current year periods.

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***Texas***

During the three and nine months ended September 30, 2025, our Texas segment generated income before income tax expense of $5.1 million and $23.6 million, respectively, representing decreases of 65.3% and 49.2% from the respective prior year periods, which were primarily driven by decreases in revenue and homebuilding gross margin. During the three and nine months ended September 30, 2025, revenue decreased $24.4 million and $17.5 million, respectively, as compared to the respective prior year periods, primarily driven by decreases of 13.2% and 1.5%, respectively, in the number of homes delivered, and decreases of 2.4% and 2.6%, 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, due primarily to higher incentives in the respective current year periods and impairment charges of $0.5 million during the three months ended September 30, 2025.

***Southeast***

During the three and nine months ended September 30, 2025, our Southeast segment generated income before income tax expense of $13.2 million and $38.6 million, respectively, representing decreases of 51.5% and 47.8% from the respective prior year periods, which were primarily driven by decreases in revenue and homebuilding gross margin. During the three and nine months ended September 30, 2025, revenue decreased $5.1 million and $14.0 million, respectively, as compared to the respective prior year periods, primarily driven by decreases of 0.9% and 2.4%, respectively, in the number of homes delivered, and decreases of 1.9% and 0.4%, 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, due primarily to higher incentives in the respective current year periods and impairment charges of $2.4 million and $6.2 million during the three and nine months ended September 30, 2025, respectively.

***Century Complete***

During the three and nine months ended September 30, 2025, our Century Complete segment generated income before income tax expense of $20.1 million and $48.9 million, respectively, representing decreases of 40.9% and 41.9% from the respective prior year periods, which were primarily driven by decreases in revenue and homebuilding gross margin. During the three and nine months ended September 30, 2025, revenue decreased $40.6 million and $43.8 million, respectively, as compared to the respective prior year periods, primarily driven by decreases of 16.8% and 6.2%, respectively, in the number of homes delivered, and partially offset by increases of 1.6% 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 increases in average sales price per home were driven by the mix of deliveries within individual communities. Homebuilding gross margin decreased from the respective prior year periods, due primarily to higher incentives in the respective current year periods and impairment charges during the three and nine months ended September 30, 2025 of $0.2 million and $4.2 million, respectively.

***Financial Services***

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 nine months ended September 30, 2025, our Financial Services segment generated income before income tax expense of $3.0 million and $11.6 million, respectively, representing a decrease of 2.7% and 38.4% from the respective prior year periods. During the three and nine months ended September 30, 2025, the number of mortgages originated decreased 13.7% and 6.3%, respectively, and the number of loans sold to third parties decreased 13.6% and 2.8%, respectively, as compared to the respective prior year periods. The decrease in income before income tax expense for the three-month comparison was primarily driven by lower margins on mortgages originated during the period and partially offset by fair value adjustments related to our mortgage servicing rights portfolio. The decrease in income before income tax expense for the nine-month comparison was primarily driven by lower margins on mortgages originated during the period and fair value adjustments related to our mortgage loans held for investment, and was partially offset by the benefit of a sale of mortgage servicing rights during the second quarter of 2025.

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The following table presents selected operational data for our Financial Services segment in relation to our loan origination activities (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| <u>Total originations:</u> |  |  |  |  |
| Number of loans | 1607 | 1862 | 4796 | 5118 |
| Principal | $578011 | $663789 | $1700470 | $1819786 |
| Capture rate of Century homebuyers | 84% | 84% | 84% | 82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities | 89% | 89% | 86% | 87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Complete | 74% | 74% | 78% | 72% |
| Average FICO score | 727 | 729 | 726 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities | 730 | 736 | 731 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Complete | 722 | 714 | 716 | 714 |
| <u>Loans sold to third parties:</u> |  |  |  |  |
| Number of loans sold | 1619 | 1873 | 4957 | 5102 |
| Principal | $580971 | $661670 | $1755136 | $1807406 |

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***Century Living***

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 nine months ended September 30, 2025, the Company had three multi-family rental properties, two of which were complete and currently available for leasing. These three projects represent over 1,000 total multi-family units, including 327 under active construction and 725 completed units, of which 565 units were leased as of September 30, 2025.

***Corporate***

During the three and nine months ended September 30, 2025, our Corporate segment generated losses of $29.3 million and $95.9 million, respectively, as compared to losses of $35.4 million and $104.3 million, respectively, during the same respective periods in 2024. The decrease in loss for the three-month comparison was primarily driven by a decrease in compensation cost during the current year period as compared to the prior year period. The decrease in loss for the nine-month comparison was primarily due to decreased compensation costs during the current year period as compared to the prior year period, as well as a $7.7 million in prior year impairment charges related to other investments during the nine months ended September 30, 2024.

***Homebuilding Gross Margin***

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 nine months ended September 30, 2025 to 17.9% and 18.4%, respectively, as compared to 21.7% and 21.9% for the same respective periods in 2024. The decreases were primarily driven by higher incentives in the current year periods.

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[<u>**Table of Contents**</u>](#TableOfContents)

In the following table, we calculate our homebuilding gross margin and our adjusted homebuilding gross margin, as adjusted to exclude inventory impairment, if applicable, and interest in cost of home sales revenues, and further adjusted to exclude the effect of purchase price accounting for acquired work in process inventory, if applicable.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **%**  | **2024** | **%**  |
| Home sales revenues | $955162 | 100.0% | $1116125 | 100.0% |
| Cost of home sales revenues | (780566) | (81.7)% | (873081) | (78.2)% |
| Inventory impairment | (3180) | (0.3)% | (1373) | (0.1)% |
| Homebuilding gross margin | 171416 | 17.9% | 241671 | 21.7% |
| &nbsp;&nbsp;Add: Inventory impairment | 3180 | 0.3% | 1373 | 0.1% |
| Adjusted homebuilding gross margin excluding inventory impairment <sup>(1)</sup> | 174596 | 18.3% | 243044 | 21.8% |
| &nbsp;&nbsp;Add: Interest in cost of home sales revenues | 15005 | 1.6% | 16492 | 1.5% |
| &nbsp;&nbsp;Add: Purchase price accounting for acquired work in process inventory | 2830 | 0.3% | 3446 | 0.3% |
| Adjusted homebuilding gross margin excluding interest, inventory impairment and purchase price accounting for acquired work in process inventory<sup>(1)</sup> | $192431 | 20.1% | $262982 | 23.6% |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **%**  | **2024** | **%**  |
| Home sales revenues | $2815365 | 100.0% | $3055941 | 100.0% |
| Cost of home sales revenues | (2285233) | (81.2)% | (2386208) | (78.1)% |
| Inventory impairment | (10951) | (0.4)% | (1942) | (0.1)% |
| Homebuilding gross margin | 519181 | 18.4% | 667791 | 21.9% |
| &nbsp;&nbsp;Add: Inventory impairment | 10951 | 0.4% | 1942 | 0.1% |
| Adjusted homebuilding gross margin excluding inventory impairment <sup>(1)</sup> | 530132 | 18.8% | 669733 | 21.9% |
| &nbsp;&nbsp;Add: Interest in cost of home sales revenues | 41994 | 1.5% | 42117 | 1.4% |
| &nbsp;&nbsp;Add: Purchase price accounting for acquired work in process inventory | 6763 | 0.2% | 5999 | 0.2% |
| Adjusted homebuilding gross margin excluding interest, inventory impairment and purchase price accounting for acquired work in process inventory<sup>(1)</sup> | $578889 | 20.6% | $717849 | 23.5% |

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<sup>(1)</sup> 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.

For the three and nine months ended September 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 20.1% and 20.6%, respectively, as compared to 23.6% and 23.5% 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.

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[<u>**Table of Contents**</u>](#TableOfContents)

***Selling, General and Administrative Expense***

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| | | | | |
|:---|:---|:---|:---|:---|
| *(dollars in thousands)* |  |  |  |  |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount**  | **%**  |
| Selling, general and administrative | $119895 | $132972 | $(13077) | (9.8)% |
| As a percentage of home sales revenue | 12.6% | 11.9% |  |  |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount**  | **%**  |
| Selling, general and administrative | $369491 | $373054 | $(3563) | (1.0)% |
| As a percentage of home sales revenue | 13.1% | 12.2% |  |  |

---

Our selling, general and administrative expense decreased $13.1 million and $3.6 million for the three and nine months ended September 30, 2025 as compared to the same respective periods in 2024. These decreases were primarily attributable to decreased compensation costs, including adjustments in stock-based compensation expense to reflect a decreased estimate in the number of shares which will ultimately vest and be issued upon settlement of certain performance share unit awards. These decreases were partially offset by increased advertising costs and other costs due to a higher active community count during the current year periods. During the three and nine months ended September 30, 2025, our selling, general and administrative expense as a percentage of home sales revenue increased 70 basis points and 90 basis points, respectively, driven primarily by decreased revenue on a partially fixed cost base.

***Income Tax Expense***

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 25.0%, is driven by our blended federal and state statutory rate of 24.8%, and certain permanent differences between GAAP and tax, including disallowed deductions for executive compensation, and offset by estimated federal energy home credits for current year home deliveries.

For the nine months ended September 30, 2025, our estimated annual rate of 25.0% was benefitted by discrete items which had a net impact of decreasing our rate by 0.7%, including federal energy home tax credits claimed in excess of previous estimates and the impact of excess tax benefits for vested stock-based compensation.

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. We are currently evaluating other elements of the legislation, but do not expect it to have a material effect on our effective tax rate for the year ending December 31, 2025.

For the three months ended September 30, 2025 and 2024, we recorded income tax expense of $10.4 million and $26.9 million, respectively. For the nine months ended September 30, 2025 and 2024, we recorded income tax expense of $35.8 million and $73.8 million, respectively.

***Segment Assets***

*(dollars in thousands)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **September 30,**<br>**2025** | **December 31**<br>**2024** | **Amount** | **Change** |
| West | $911023 | $780991 | $130032 | 16.6% |
| Mountain | 1000791 | 1026047 | (25256) | (2.5)% |
| Texas | 928899 | 834815 | 94084 | 11.3% |
| Southeast | 623225 | 616747 | 6478 | 1.1% |
| Century Complete | 440557 | 468256 | (27699) | (5.9)% |
| Financial Services | 326215 | 478730 | (152515) | (31.9)% |
| Century Living | 282636 | 217899 | 64737 | 29.7% |
| Corporate | 180629 | 108987 | 71642 | 65.7% |
| Total assets | $4693975 | $4532472 | $161503 | 3.6% |

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[<u>**Table of Contents**</u>](#TableOfContents)

Total assets increased to $4.7 billion as of September 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 approximately $3.0 billion of unpaid principal balance of our portfolio during the nine months ended September 30, 2025.

*Homebuilding lots owned and controlled*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **% Change** | **% Change** | **% Change** |
|  | **Owned**  | **Controlled**  | **Total** | **Owned**  | **Controlled**  | **Total** | **Owned**  | **Controlled**  | **Total** |
| West | 3709 | 2207 | 5916 | 4211 | 4286 | 8497 | (11.9)% | (48.5)% | (30.4)% |
| Mountain | 8522 | 1292 | 9814 | 9037 | 4052 | 13089 | (5.7)% | (68.1)% | (25.0)% |
| Texas | 14713 | 3198 | 17911 | 12632 | 8935 | 21567 | 16.5% | (64.2)% | (17.0)% |
| Southeast | 5221 | 7857 | 13078 | 5173 | 12270 | 17443 | 0.9% | (36.0)% | (25.0)% |
| Century Complete | 4318 | 11202 | 15520 | 4703 | 15333 | 20036 | (8.2)% | (26.9)% | (22.5)% |
| Total  | 36483 | 25756 | 62239 | 35756 | 44876 | 80632 | 2.0% | (42.6)% | (22.8)% |

---

During the three and nine months ended September 30, 2025, we continued to strategically manage our lot pipeline, resulting in 62,239 lots owned and controlled at September 30, 2025, compared to 80,632 at December 31, 2024. Of our total lots owned and controlled as of September 30, 2025, 58.6% were owned and 41.4% 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.

***Other Homebuilding Operating Data***

*Net new home contracts*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |  |  | **Nine Months Ended** | **Nine Months Ended** |  |  |
|  | **September 30,** | **September 30,** | **Increase (Decrease)** | **Increase (Decrease)** | **September 30,** | **September 30,** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2025** | **2024** | **Amount** | **% Change** | **2025** | **2024** | **Amount** | **% Change** |
| West | 337 | 365 | (28) | (7.7)% | 1052 | 1181 | (129) | (10.9)% |
| Mountain | 418 | 463 | (45) | (9.7)% | 1216 | 1626 | (410) | (25.2)% |
| Texas | 433 | 454 | (21) | (4.6)% | 1436 | 1488 | (52) | (3.5)% |
| Southeast | 388 | 396 | (8) | (2.0)% | 1159 | 1232 | (73) | (5.9)% |
| Century Complete | 810 | 885 | (75) | (8.5)% | 2761 | 2682 | 79 | 2.9% |
| Total  | 2386 | 2563 | (177) | (6.9)% | 7624 | 8209 | (585) | (7.1)% |

---

Net new home contracts (new home contracts net of cancellations) for the three months ended September 30, 2025 decreased by 177 homes, or 6.9%, to 2,386 as compared to 2,563 for the same period in 2024. Net new home contracts for the nine months ended September 30, 2025 decreased by 585 homes, or 7.1%, to 7,624 as compared to 8,209 for the same period in 2024.

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[<u>**Table of Contents**</u>](#TableOfContents)

*Average monthly absorption rate*

Our overall average monthly "absorption rate" (calculated as monthly net new home contracts divided by average selling communities) for the three and nine months ended September 30, 2025 and 2024 by segment is included in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2025** | **2024** | **Amount** | **% Change** |
| West | 3.1 | 4.5 | (1.4) | (31.1)% |
| Mountain | 2.8 | 3.3 | (0.5) | (15.2)% |
| Texas | 2.0 | 2.4 | (0.4) | (16.7)% |
| Southeast | 2.8 | 3.5 | (0.7) | (20.0)% |
| Century Complete | 2.3 | 2.6 | (0.3) | (11.5)% |
| Total  | 2.5 | 2.9 | (0.4) | (13.8)% |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Increase (Decrease)** | **Increase (Decrease)** |
|  | **2025** | **2024** | **Amount** | **% Change** |
| West | 3.4 | 4.7 | (1.3) | (27.7)% |
| Mountain | 2.8 | 3.8 | (1.0) | (26.3)% |
| Texas | 2.1 | 3.3 | (1.2) | (36.4)% |
| Southeast | 2.9 | 4.3 | (1.4) | (32.6)% |
| Century Complete | 2.6 | 2.7 | (0.1) | (3.7)% |
| Total  | 2.7 | 3.4 | (0.7) | (20.6)% |

---

During the three and nine months ended September 30, 2025, our absorption rates decreased by 13.8% and 20.6%, respectively, to 2.5 per month and 2.7 per month, respectively, as compared to the same respective periods in 2024, primarily driven by slowing demand during the first nine months of 2025 amidst homebuilding market conditions impacted by elevated mortgage rates, macro-economic and geopolitical uncertainty, and broader concerns about affordability by homebuyers.

*Selling communities*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Selling Communities** | **Selling Communities** | **Average Selling Communities** | **Average Selling Communities** | **Average Selling Communities** | **Average Selling Communities** |
|  | **As of September 30,** | **As of September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| West | 38 | 27 | 36 | 27 | 34 | 28 |
| Mountain | 53 | 49 | 49 | 47 | 49 | 47 |
| Texas | 73 | 74 | 73 | 64 | 75 | 50 |
| Southeast | 45 | 38 | 46 | 38 | 44 | 32 |
| Century Complete | 112 | 117 | 117 | 114 | 117 | 112 |
| Total  | 321 | 305 | 321 | 290 | 319 | 269 |

---

Our selling communities increased by 16 communities to 321 communities at September 30, 2025 as compared to 305 at September 30, 2024. This 5.2% increase was a result of an increased land pipeline that resulted in new community openings in excess of community closeouts.

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[<u>**Table of Contents**</u>](#TableOfContents)

*Backlog*

*(dollars in thousands)*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of September 30,** |  |  |  |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
|  | **Homes** | **Dollar Value** | **Average Sales Price** | **Homes** | **Dollar Value** | **Average Sales Price** | **Homes** | **Dollar Value** | **Average Sales Price** |
| West | 204 | $115035 | $563.9 | 315 | $196385 | $623.4 | (35.2)% | (41.4)% | (9.5)% |
| Mountain | 139 | 73330 | 527.6 | 295 | 171990 | 583.0 | (52.9)% | (57.4)% | (9.5)% |
| Texas | 195 | 59212 | 303.6 | 315 | 99066 | 314.5 | (38.1)% | (40.2)% | (3.5)% |
| Southeast | 139 | 61170 | 440.1 | 219 | 94202 | 430.1 | (36.5)% | (35.1)% | 2.3% |
| Century Complete | 440 | 108177 | 245.9 | 436 | 109761 | 251.7 | 0.9% | (1.4)% | (2.3)% |
| Total / Weighted Average | 1117 | $416924 | $373.3 | 1580 | $671404 | $424.9 | (29.3)% | (37.9)% | (12.1)% |

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‎

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 September 30, 2025, we had 1,117 homes in backlog, which decreased as compared to 1,580 homes in backlog at September 30, 2024, with a total value of $416.9 million, as compared to $671.4 million at September 30, 2024. Backlog dollar value decreased due to the decrease in the number of backlog units, and a 12.1% decrease in the average sales price of backlog units, generally due to higher incentives, and partially offset by mix within individual communities.

**Supplemental Guarantor Information**

Our 6.625% senior notes due 2033 (which we refer to collectively as our "2033 Notes") and our 3.875% senior notes due 2029 (which we refer to collectively as our "2029 Notes" and collectively with our 2033 Notes, the "Senior Notes") are our unsecured senior obligations and are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by substantially all of our direct and indirect wholly-owned operating subsidiaries (which we refer to collectively as the "Guarantors"). Our subsidiaries associated with our Financial Services operations (which we refer to as the "Non-Guarantors") do not guarantee the Senior Notes. The guarantees are senior unsecured obligations of the Guarantors that rank equal with all existing and future senior debt of the Guarantors and senior to all existing and future subordinated debt of the Guarantors. The guarantees are effectively subordinated to any secured debt of the Guarantors. As of September 30, 2025, Century Communities, Inc. had $1.0 billion in total principal amount of Senior Notes outstanding.

Each of the indentures governing our Senior Notes provides that the guarantees of a Guarantor will be automatically and unconditionally released and discharged: (1) upon any sale, transfer, exchange or other disposition (by merger, consolidation or otherwise) of all of the equity interests of such Guarantor after which the applicable Guarantor is no longer a "Restricted Subsidiary" (as defined in the applicable indenture), which sale, transfer, exchange or other disposition does not constitute an "Asset Sale" (as defined in the applicable indenture) or is made in compliance with applicable provisions of the applicable indenture; (2) upon any sale, transfer, exchange or other disposition (by merger, consolidation or otherwise) of all of the assets of such Guarantor, which sale, transfer, exchange or other disposition does not constitute an Asset Sale or is made in compliance with applicable provisions of the applicable indenture; provided, that after such sale, transfer, exchange or other disposition, such Guarantor is an "Immaterial Subsidiary" (as defined in the applicable indenture); (3) unless a default has occurred and is continuing, upon the release or discharge of such Guarantor from its guarantee of any indebtedness for borrowed money of the Company and the Guarantors so long as such Guarantor would not then otherwise be required to provide a guarantee pursuant to the applicable indenture; provided that if such Guarantor has incurred any indebtedness in reliance on its status as a Guarantor in compliance with applicable provisions of the applicable indenture, such Guarantor's obligations under such indebtedness, as the case may be, so incurred are satisfied in full and discharged or are otherwise permitted to be incurred by a Restricted Subsidiary (other than a Guarantor) in compliance with applicable provisions of the applicable indenture; (4) upon the designation of such Guarantor as an "Unrestricted Subsidiary" (as defined in the applicable indenture), in accordance with the applicable indenture; (5) if the Company exercises its legal defeasance option or covenant defeasance option under the applicable indenture or if the obligations of the Company and the Guarantors are discharged in compliance with applicable provisions of the applicable indenture, upon such exercise or discharge; or (6) in connection with the dissolution of such Guarantor under applicable law in accordance with the applicable indenture.

If a Guarantor were to become a debtor in a case under the US Bankruptcy Code, a court may decline to enforce its guarantee of the Senior Notes. This may occur when, among other factors, it is found that the Guarantor originally received less than fair consideration for the guarantee and the Guarantor would be rendered insolvent by enforcement of the guarantee. On the basis of historical financial information, operating history and other factors, we believe that each of the Guarantors, after giving effect to the issuance of its guarantee of the Senior Notes when the guarantee was issued, was not insolvent and did not and has not incurred debts beyond its ability to pay such debts as they mature. The Company cannot predict, however, what standard a court would apply in making these determinations or that a court would agree with our conclusions in this regard.

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The offer and sale of the Senior Notes and the related guarantees were issued in reliance upon an exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"), and other applicable securities laws. Unless we subsequently register the resale of the Senior Notes and related guarantees, they may be offered or sold only in transactions that are exempt from the registration requirements under the Securities Act and the applicable securities laws of any other jurisdiction.

The Guarantors' condensed supplemental financial information is presented in this report as if the guarantees of the Senior Notes existed during the periods presented. If any Guarantors are released from their respective guarantees in future periods, the changes are reflected prospectively. We have determined that separate, full financial statements of the Guarantors would not be material to investors, and accordingly, supplemental financial information is presented below.

The following summarized financial information is presented for Century Communities, Inc. and the Guarantors on a combined basis after eliminating intercompany transactions and balances among Century Communities, Inc. and the Guarantors, as well as their investment in, and equity in earnings from, the Non-Guarantors.

**Century Communities, Inc. and Guarantors**

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| | | |
|:---|:---|:---|
| **Summarized Balance Sheet Data (in thousands)** | **September 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Cash and cash equivalents | $283 | $522 |
| Cash held in escrow | 44717 | 3004 |
| Accounts receivable | 63255 | 39460 |
| Due from non-guarantors |  | 26980 |
| Inventories | 3584246 | 3454337 |
| Prepaid expenses and other assets | 511316 | 329620 |
| Property and equipment, net | 91429 | 154767 |
| Deferred tax assets, net | 22702 | 22220 |
| Goodwill | 41109 | 41109 |
| Total assets | $4359057 | $4072019 |
| **Liabilities and stockholders' equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $166955 | $130941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 254549 | 270534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to non-guarantors | 98875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable | 1147370 | 1107909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving line of credit | 339000 | 135500 |
| Total liabilities | 2006749 | 1644884 |
| Stockholders' equity | 2352308 | 2427135 |
| **Total liabilities and stockholders' equity** | $4359057 | $4072019 |
| **Summarized Statements of Operations Data (in thousands)** | **Nine Months Ended** | **Year Ended** |
|  | **September 30, 2025** | **December 31, 2024** |
| Total homebuilding revenues | $2822574 | $4305391 |
| Total homebuilding cost of revenues | (2292432) | (3369338) |
| Selling, general and administrative  | (369491) | (516489) |
| Inventory impairment | (10951) | (8778) |
| Other expense | (19698) | (5436) |
| Income before income tax expense | 130002 | 405350 |
| Income tax expense | (31564) | (97864) |
| Net income  | $98438 | $307486 |

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[<u>**Table of Contents**</u>](#TableOfContents)

**Critical Accounting Policies** 

Critical accounting estimates are those that we believe are both significant and require us to make difficult, subjective or complex judgments, often because we need to estimate the effect of inherently uncertain matters. We base our estimates and judgments on historical experiences and various other factors that we believe to be appropriate under the circumstances. Actual results may differ from these estimates, and the estimates included in our financial statements might be impacted if we used different assumptions or conditions. A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on January 30, 2025, in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies."

**Liquidity and Capital Resources** 

***Overview***

Our liquidity, consisting of our cash and cash equivalents and cash held in escrow and current capacity on our revolving line of credit, was $835.8 million as of September 30, 2025 and $918.0 million as of December 31, 2024.

Our principal uses of capital for the three and nine months ended September 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.

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 nine months ended September 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.

***Short-term Liquidity and Capital Resources***

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 $339.0 million outstanding under our revolving line of credit as of September 30, 2025, as compared to $135.5 million outstanding as of December 31, 2024.

Our Financial Services operations use funds generated from operations, and availability under our mortgage repurchase facilities to finance its operations, including originations of mortgage loans to our homebuyers.

Our Century Living operations use excess cash from our operations, as well as project specific secured financing under construction loan agreements, to fund development of multi-family projects.

We believe that we will be able to fund our current liquidity needs for at least the next twelve months with our cash on hand, cash generated from operations, and cash expected to be available from our revolving line of credit or through accessing debt or equity capital, as needed or appropriate, although no assurance can be provided that such additional debt or equity capital will be available or on acceptable terms based on the macro-economy and market conditions at the time. In a higher interest rate environment, we may incur additional interest expense on borrowings that bear floating interest rates, such as under our revolving line of credit, repurchase facilities, and construction loan agreements. We believe we are well positioned from a cash and liquidity standpoint to operate in an uncertain environment and to pursue other ways to properly deploy capital to enhance returns, which may include taking advantage of strategic opportunities as they arise.

***Long-term Liquidity and Capital Resources***

Beyond the next twelve months, we believe that our principal uses of capital will be land and inventory purchases and other expenditures, as well as principal and interest payments on our long-term debt obligations. We believe that we will be able to fund our long-term liquidity needs with cash generated from operations and cash expected to be available from our revolving line of credit or through accessing debt or equity capital, as needed or appropriate, although no assurance can be provided that such additional debt or equity capital will be available, or on favorable terms, especially if interest rates remain high. In a higher interest rate environment, we may incur additional interest expense on borrowings that bear floating interest rates, such as under our revolving line of credit, repurchase facilities, and construction loan agreements. To the extent these sources of capital are insufficient to meet our needs, we may also

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conduct additional public or private offerings of our securities, refinance debt, or dispose of certain assets to fund our operating activities and capital needs.

***Material Cash Requirements***

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 nine months ended September 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, other than the issuance of $500.0 million aggregate principal amount of our 6.625% senior notes due 2033 and the extinguishment and redemption of $500.0 million in outstanding principal of our former 6.750% senior notes due 2027, as described in more detail below.

In the ordinary course of business, we enter into land purchase contracts in order to procure lots for the construction of our homes. We are subject to customary obligations associated with entering into contracts for the purchase of land and improved lots. Purchase and option contracts for the purchase of land enable us to defer acquiring portions of properties owned by third parties until we have determined whether to exercise our option, which may serve to reduce our financial risks associated with long-term land holdings. These purchase contracts typically require a cash deposit, and the purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements, including obtaining applicable property and development entitlements. We also utilize option contracts with land sellers and others as a method of acquiring land in staged takedowns, to help us manage the financial and market risk associated with land holdings, and to reduce the use of funds from our corporate financing sources. Option contracts generally require payment by us of a non-refundable deposit for the right to acquire lots over a specified period of time at pre-determined prices. Our obligations with respect to purchase contracts and option contracts are generally limited to the forfeiture of the related non-refundable cash deposits.

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 to maintain 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 September 30, 2025, we had outstanding purchase contracts and option contracts for 25,756 lots totaling approximately $1.8 billion and we had $92.6 million of deposits for land contracts, of which $69.0 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 or less prevalent in certain geographic regions.

In addition, in the ordinary course of business, we explore, and from time to time, enter into purchase agreements to opportunistically acquire other homebuilders to add existing and future lots to our land portfolio and augment the organic expansion of our land portfolio. These acquisitions are often legally structured as asset acquisitions for cash and conditioned upon a due diligence investigation by us of the business for a limited period of time, in addition to other standard and customary closing conditions.

***Outstanding Debt Obligations and Debt Service Requirements***

One of our principal liquidity needs is the payment of principal and interest on our outstanding indebtedness. Our outstanding indebtedness is described in detail in *Note 10 – Debt in the Notes to the Condensed Consolidated Financial Statements*. We are required to meet certain covenants, and as of September 30, 2025, we were in compliance with all such covenants and requirements under the agreements governing our senior notes, revolving line of credit, construction loan agreements, and mortgage repurchase facilities. See *Note 10 – Debt in the Notes to the Condensed Consolidated Financial Statements* for further detail.

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Our outstanding debt obligations included the following as of September 30, 2025 and December 31, 2024, respectively (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| 6.750% senior notes, due June 2027<sup>(1)</sup> | $— | $498027 |
| 3.875% senior notes, due August 2029<sup>(1)</sup> | 497008 | 496428 |
| 6.625% senior notes, due September 2033<sup>(1)</sup> | 493135 |  |
| Other financing obligations<sup>(2)</sup> | 157227 | 113454 |
| Notes payable | 1147370 | 1107909 |
| Revolving line of credit | 339000 | 135500 |
| Mortgage repurchase facilities | 176604 | 232804 |
| Total debt | $1662974 | $1476213 |

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<sup>(1)</sup> The carrying value of the senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.

<sup>(2)</sup> As of September 30, 2025, other financing obligations included $26.1 million related to insurance premium notes and certain secured borrowings, as well as $131.1 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.

We may from time to time seek to refinance or increase our outstanding debt or retire or purchase our outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, redemptions or otherwise. Such repurchases, exchanges or redemptions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may or may not be material during any particular reporting period.

***Issuance of 6.625% Senior Notes Due 2033***

During the three months ended September 30, 2025, we entered into an indenture with U.S. Bank Trust Company, National Association, as trustee pursuant to which we issued $500.0 million aggregate principal amount of our 6.625% Senior Notes due 2033 (the "2033 Notes"). The 2033 Notes were issued at 100% of their principal amount and we received proceeds of $493.1 million, net of $6.9 million in issuance costs. The indenture contains certain restrictive covenants on issuing future secured debt and other transactions and contains various optional redemption provisions to redeem the 2033 Notes, in whole or in part, at a time before, or on or after, September 15, 2028, and a put provision triggered by certain change of control events. The aggregate principal balance of the 2033 Notes is due in September 2033. Interest on the 2033 Notes will accrue from September 17, 2025 at a rate of 6.625% per annum, and will be payable semi-annually in cash in March and September of each year, beginning in March 2026. As of September 30, 2025, the aggregate obligation, inclusive of unamortized financing costs on these notes, was $493.1 million.

***Extinguishment of 6.750% Senior Notes Due 2027***

During the three months ended September 30, 2025, we legally extinguished $500.0 million in outstanding principal of our 6.750% Senior Notes due 2027 at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, totaling $511.4 million. The extinguishment transaction resulted in a loss on debt extinguishment of $1.4 million included in other expense in the condensed consolidated statements of operations.

***3.875% Senior Notes Due 2029***

As of September 30, 2025, we had outstanding $500.0 million in aggregate principal amount of our 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 and contains various optional redemption provisions to redeem the 2029 Notes, in whole or in part, at a time before, or on or after, February 15, 2029, and a put provision triggered by certain change of control events. As of September 30, 2025, the aggregate obligation, inclusive of unamortized financing costs on these notes, was $497.0 million.

***Construction Loan Agreements***

Certain wholly owned subsidiaries of Century Living, LLC are parties to secured construction loan agreements with various banks (which we collectively refer to as "the lenders"). These construction loan agreements collectively provide that we may borrow up to an aggregate of $204.7 million from the lenders for purposes of construction of multi-family projects in Colorado, with advances made by the lenders upon the satisfaction of certain conditions. Portions of the obligations under the secured construction loan agreements are

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guaranteed by us. Borrowings under the construction loan agreements bear interest at various rates, including a fixed rate and floating interest rates per annum equal to the Secured Overnight Financing Rate (which we refer to as "SOFR") plus an applicable margin. The outstanding principal balances and all accrued and unpaid interest is due on varying maturity dates from March 17, 2026 through February 28, 2029, with certain of the construction loan agreements allowing for the option to extend the maturity dates for a period of 12 months if certain conditions are satisfied. The construction loan agreements contain customary affirmative and negative covenants (including covenants related to construction completion, and limitations on the use of loan proceeds, transfers of land, equipment, and improvements), as well as customary events of default. Interest on our construction loan agreements is capitalized to the multi-family properties assets included in prepaid expenses and other assets on the condensed consolidated balance sheets while the related multi-family rental properties are being actively developed.

As of September 30, 2025 and December 31, 2024, $131.1 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 September 30, 2025 and December 31, 2024, respectively, and we were in compliance with all covenants thereunder.

***Revolving Line of Credit***

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, we increased 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.

As of September 30, 2025 and December 31, 2024, $339.0 million and $135.5 million, respectively, was outstanding under the revolving line of credit, with borrowings that bore an interest rate of 5.7% and 5.9%, respectively, and we were in compliance with all covenants under the Credit Agreement.

***Mortgage Repurchase Facilities – Financial Services***

Inspire is party to mortgage warehouse facilities with J.P. Morgan Chase Bank, N.A., U.S. Bank National Association and Truist Bank, which provide Inspire with uncommitted repurchase facilities of up to an aggregate of $375.0 million as of September 30, 2025, secured by the mortgage loans financed thereunder. The repurchase facilities have varying short term maturity dates through June 1, 2026. Borrowings under the mortgage repurchase facilities bear interest at variable interest rates per annum equal to SOFR plus an applicable margin, and bore a weighted average interest rate of 5.8% as of September 30, 2025.

Amounts outstanding under the repurchase facilities are not guaranteed by us or any of our subsidiaries, and the agreements contain various affirmative and negative covenants applicable to Inspire that are customary for arrangements of this type. As of September 30, 2025 and December 31, 2024, we had $176.6 million and $232.8 million outstanding under the repurchase facilities, respectively, and were in compliance with all covenants thereunder.

***Letters of Credit and Performance Bonds***

In the normal course of business, we post letters of credit and performance and other bonds primarily related to our land development performance obligations with local municipalities. As of September 30, 2025 and December 31, 2024, we had issued and outstanding letters of credit of $74.7 million and $97.5 million, respectively, and we had issued and outstanding performance and other bonds of $450.1 million and $466.0 million, respectively. Although significant development and construction activities have been completed

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related to the improvements at these sites, the letters of credit and performance and other bonds are not generally fully released until all development and construction activities are completed.

***Stock Repurchases***

Our stock repurchase program authorizes us to repurchase up to 4.5 million shares of our outstanding common stock, of which 2.8 million shares remained available to be repurchased as of September 30, 2025. During the three and nine months ended September 30, 2025, an aggregate of 296.9 thousand and 1.9 million shares, respectively, were repurchased under our stock repurchase program for a total purchase price of approximately $20.0 million and $123.6 million, respectively, and a weighted average price of $67.36 and $63.91 per share, respectively. We did not repurchase any shares of common stock during the three months ended September 30, 2024. During the nine months ended September 30, 2024, an aggregate of 651.9 thousand shares were repurchased for a total purchase price of approximately $53.1 million and a weighted average price of $81.49 per share.

Under the terms of our stock repurchase program, shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws. The actual manner, timing, amount and value of repurchases under the stock repurchase program is determined by management at its discretion and depends on a number of factors, including, among others, the market price of our common stock, trading volume, our available cash balance, our anticipated working capital needs, other capital management objectives and opportunities, applicable legal requirements, applicable tax effects including the 1% excise tax instituted under the Inflation Reduction Act of 2022, and general market and economic conditions. We finance any stock repurchases through available cash and our revolving line of credit. Repurchases also may be made under a trading plan established under Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased when we otherwise may be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. Our stock repurchase program has been approved by our Board of Directors and has no expiration dates and may be extended, suspended or discontinued by our Board of Directors at any time without notice at our discretion. All shares of common stock repurchased under the program will be cancelled and returned to the status of authorized but unissued shares of common stock.

***Cash Dividends***

The following table sets forth cash dividends declared by our Board of Directors to holders of record of our common stock during the three and nine months ended September 30, 2025 and 2024, respectively (in thousands, except per share information):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| | | | **Cash Dividends Declared and Paid** | **Cash Dividends Declared and Paid** |
| <br>**Declaration Date** | <br>**Record Date** | <br>**Paid Date** | **Per Share** | **Amount** |
| February 5, 2025 | February 26, 2025 | March 12, 2025 | $0.29 | $8922 |
| May 7, 2025 | May 28, 2025 | June 11, 2025 | $0.29 | $8783 |
| August 13, 2025 | August 27, 2025 | September 10, 2025 | $0.29 | $8607 |
|  |  |  | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
|  |  |  | **Cash Dividends Declared and Paid** | **Cash Dividends Declared and Paid** |
| **Declaration Date** | **Record Date** | **Paid Date** | **Per Share** | **Amount** |
| February 7, 2024 | February 28, 2024 | March 13, 2024 | $0.26 | $8264 |
| May 15, 2024 | May 29, 2024 | June 12, 2024 | $0.26 | $8217 |
| August 14, 2024 | August 28, 2024 | September 11, 2024 | $0.26 | $8148 |

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We expect to continue paying our quarterly cash dividends to stockholders for the remainder of 2025. However, the declaration and payment of future cash dividends on our common stock, whether at current levels or at all, are at the discretion of our Board of Directors and depend upon, among other things, our expected future earnings, cash flows, capital requirements, access to external financing, debt structure and any adjustments thereto, operational and financial investment strategy and general financial condition, as well as general business conditions.

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***Cash Flows— Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024***

For the nine months ended September 30, 2025 and 2024, the comparison of cash flows is as follows:

Our primary sources of cash flows from operations are from the sale of single-family attached and detached homes and mortgages. Our primary uses of cash flows from operations are the acquisition of land and expenditures associated with the construction of our single-family attached and detached homes and the origination of mortgages held for sale. Net cash used in operating activities was $57.7 million during the nine months ended September 30, 2025 as compared to net cash used in operating activities of $174.0 million during the prior year period. This decrease in net cash used is primarily a result of reduced expenditures related to land acquisition and expenditures associated with the construction of homes during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. This was offset by (1) a $119.4 million decrease in net income during the current year period and (2) changes in cash balances held in escrow, in each case compared to the prior year period.

Net cash provided by investing activities was $30.6 million during the nine months ended September 30, 2025, compared to net cash used in investing activities of $277.7 million during the prior year period. This change was primarily related to (1) $44.9 million in cash proceeds related to the sale of our mortgage servicing rights portfolio during the nine months ended September 30, 2025, (2) $157.1 million in expenditures related to our acquisitions of Anglia and Landmark during the nine months ended September 30, 2024, and (3) $98.0 million in expenditures related to the development, construction, and management of multi-family rental properties by our Century Living segment during the nine months ended September 30, 2024. During the first quarter of 2025, our strategy evolved for our Century Living multi-family rental properties to be predominantly focused on the disposition of the assets shortly after lease stabilization and we determined that these operations have become part of our ordinary activities, and cash flows from development activities and the disposition of properties are now recorded as operating activities on the condensed consolidated statement of cash flows.

Net cash provided by financing activities was $14.9 million during the nine months ended September 30, 2025, compared to net cash provided by financing activities of $388.6 million during the prior year period. This change was primarily attributable to (1) a $70.5 million increase in stock repurchases (2) a $64.1 million increase in net payments for our mortgage repurchase facilities, and (3) a $36.7 million decrease in borrowings under construction loan agreements, in each case during the current year period as compared to the prior year period.

As of September 30, 2025, our cash and cash equivalents and restricted cash balance was $163.2 million, as compared to $175.3 million as of December 31, 2024.

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**Non-GAAP Financial Measures**

In this Form 10-Q, we use certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, net homebuilding debt to net capital, adjusted net income and adjusted diluted earnings per share. These non-GAAP financial measures are presented to provide investors additional information to facilitate the comparison of our past and present operations. We believe these non-GAAP financial measures provide useful information to investors because they are used to evaluate our performance on a comparable year-over-year or period-over-period basis. These non-GAAP financial measures are not in accordance with, or an alternative for, GAAP measures and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive or standard set of accounting rules or principles. Accordingly, the calculation of our non-GAAP financial measures may differ from the definitions of other companies using the same or similar names limiting, to some extent, the usefulness of such measures for comparison purposes. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our financial results as determined in accordance with GAAP. These measures should only be used to evaluate our financial results in conjunction with the corresponding GAAP measures. Accordingly, we qualify our use of non-GAAP financial information in a statement when non-GAAP financial information is presented.

**EBITDA and Adjusted EBITDA**

The following table presents EBITDA and adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024. EBITDA and adjusted EBITDA are non-GAAP financial measures we use as a supplemental measure in evaluating operating performance. We define EBITDA as net income before (i) income tax expense, (ii) interest in cost of home sales revenues, (iii) other interest expense (income), and (iv) depreciation and amortization expense. We define adjusted EBITDA as EBITDA before inventory impairment, abandonment of lot option contracts, restructuring costs, loss on debt extinguishment, impairment on other investment, and purchase price accounting for acquired work in process inventory, in each case as applicable during a period. We believe EBITDA and adjusted EBITDA provide an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, and items considered to be non-recurring. Accordingly, our management believes that these measurements are useful for comparing general operating performance from period to period. Neither EBITDA nor adjusted EBITDA should be considered in addition to, and not as a substitute for, consolidated net income in accordance with GAAP as a measure of performance. Our presentation of adjusted EBITDA should not be construed as an indication that our future results will be unaffected by unusual or non-recurring items. Each of our EBITDA and adjusted EBITDA is limited as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP.

(dollars in thousands)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Net income | $37403 | $83020 | (54.9)% | $111641 | $231075 | (51.7)% |
| Income tax expense | 10435 | 26892 | (61.2)% | 35798 | 73789 | (51.5)% |
| Interest in cost of home sales revenues | 15005 | 16492 | (9.0)% | 41994 | 42117 | (0.3)% |
| Interest expense (income) | 876 | (369) | (337.4)% | 445 | (2693) | (116.5)% |
| Depreciation and amortization expense  | 6005 | 6272 | (4.3)% | 18868 | 17437 | 8.2% |
| EBITDA | $69724 | $132307 | (47.3)% | $208746 | $361725 | (42.3)% |
| Inventory impairment | 3180 | 1373 | 131.6% | 10951 | 1942 | 463.9% |
| Abandonment of lot option contracts <sup>(1)</sup> | 5159 | 2124 | 142.9% | 9306 | 3941 | 136.1% |
| Restructuring costs |  |  | NM | 1505 |  | NM |
| Loss on debt extinguishment | 1361 |  | NM | 1361 |  | NM |
| Impairment on other investment |  |  | NM |  | 7722 | NM |
| Purchase price accounting for acquired work in process inventory | 2830 | 3446 | (17.9)% | 6763 | 5999 | 12.7% |
| Adjusted EBITDA | $82254 | $139250 | (40.9)% | $238633 | $381329 | (37.4)% |

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NM – Not Meaningful

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Beginning in the third quarter of 2025, we added "Abandonment of lot option contracts" as an adjustment in our non-GAAP adjusted EBITDA calculation. Accordingly, we have recast the corresponding prior period information to conform to the current presentation and calculation.

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**Net Homebuilding Debt to Net Capital**

The following table presents our ratio of net homebuilding debt to net capital, which is a non-GAAP financial measure. We calculate this by dividing net homebuilding debt (homebuilding debt less cash and cash equivalents, and cash held in escrow) by net capital (net homebuilding debt plus total stockholders' equity). Homebuilding debt is our total debt minus our outstanding borrowings under our construction loan agreements and our repurchase facilities. The most directly comparable GAAP measure is the ratio of homebuilding debt to total capital. We believe the ratio of net homebuilding debt to net capital is a relevant and useful financial measure to investors in understanding the leverage employed in our operations and as an indicator of our ability to obtain external financing.

(dollars in thousands)

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| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Notes payable | $1147370 | $1107909 |
| Revolving line of credit | 339000 | 135500 |
| Construction loan agreements | (131151) | (102436) |
| Total homebuilding debt | 1355219 | 1140973 |
| Total stockholders' equity | 2578022 | 2620856 |
| Total capital | $3933241 | $3761829 |
| Homebuilding debt to capital | 34.5% | 30.3% |
| Total homebuilding debt | $1355219 | $1140973 |
| Cash and cash equivalents | (130075) | (149998) |
| Cash held in escrow | (44717) | (3004) |
| Net homebuilding debt | 1180427 | 987971 |
| Total stockholders' equity | 2578022 | 2620856 |
| Net capital | $3758449 | $3608827 |
| Net homebuilding debt to net capital | 31.4% | 27.4% |

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**Adjusted Net Income and Adjusted Diluted Earnings per Share**

Adjusted net income and adjusted diluted earnings per share (which we refer to as "Adjusted EPS") are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating our operating results and understanding our operating trends without the effect of certain non-recurring items. We believe excluding certain non-recurring items provides more comparable assessment of our financial results from period to period. We define adjusted net income as consolidated net income before (i) income tax expense; (ii) inventory impairment; (iii) abandonment of lot option contracts; (iv) restructuring costs; (v) loss on debt extinguishment; (vii) impairment on other investment; and (vii) purchase price accounting for acquired work in process inventory; in each case, as applicable during a period, less adjusted income tax expense, calculated using our estimated annual effective tax rate after discrete items for the applicable period. Adjusted EPS is calculated by dividing adjusted net income by weighted average common shares – diluted.

(in thousands, except share and per share information)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Numerator** |  |  |  |  |
| Net income  | $37403  | $83020  | $111641  | $231075  |
| **Denominator** |  |  |  |  |
| Weighted average common shares outstanding - basic | 29645795  | 31336756  | 30266752  | 31596995  |
| Dilutive effect of stock-based compensation awards | 373358  | 688259  | 344259  | 520922  |
| Weighted average common shares outstanding - diluted  | 30019153  | 32025015  | 30611011  | 32117917  |
| **Earnings per share:** |  |  |  |  |
| Basic | $1.26  | $2.65  | $3.69  | $7.31  |
| Diluted | $1.25  | $2.59  | $3.65  | $7.19  |
| **Adjusted earnings per share** |  |  |  |  |
| **Numerator** |  |  |  |  |
| &nbsp;&nbsp;Net income | $37403  | $83020  | $111641  | $231075  |
| &nbsp;&nbsp;Income tax expense | 10435  | 26892  | 35798  | 73789  |
| &nbsp;&nbsp;Income before income tax expense | 47838  | 109912  | 147439  | 304864  |
| &nbsp;&nbsp;Inventory impairment | 3180  | 1373  | 10951  | 1942  |
| &nbsp;&nbsp;Abandonment of lot option contracts <sup>(1)</sup> | 5159  | 2124  | 9306  | 3941  |
| &nbsp;&nbsp;Restructuring costs |  |  | 1505  |  |
| &nbsp;&nbsp;Loss on debt extinguishment | 1361  |  | 1361  |  |
| &nbsp;&nbsp;Impairment on other investment |  |  |  | 7722  |
| &nbsp;&nbsp;Purchase price accounting for acquired work in process inventory | 2830  | 3446  | 6763  | 5999  |
| &nbsp;&nbsp;Adjusted income before income tax expense | 60368  | 116855  | 177325  | 324468  |
| &nbsp;&nbsp;Adjusted income tax expense<sup>(2)</sup> | (14657) | (28283) | (43054) | (78534) |
| **Adjusted net income** | $45711  | $88572  | $134271  | $245934  |
| **Denominator - Diluted** | 30019153  | 32025015  | 30611011  | 32117917  |
| **Adjusted diluted earnings per share** | $1.52  | $2.77  | $4.39  | $7.66 |

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<sup>(1)</sup> Beginning in the third quarter of 2025, we added "Abandonment of lot option contracts" as an adjustment in our non-GAAP adjusted net income calculation. Accordingly, we have recast the corresponding prior period information to conform to the current presentation and calculation.

<sup>(2)</sup> The tax rates used in calculating adjusted net income for the three and nine months ended September 30, 2025 were each 24.3%, respectively, which are reflective of our GAAP tax rates for the nine months ended September 30, 2025. The tax rates used in calculating adjusted net income for the three and nine months ended September 30, 2024 were each 24.2%, respectively, which are reflective of our GAAP tax rates for the nine months ended September 30, 2024.

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**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp; QUANTIT** **ATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.**

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, inflation, foreign currency exchange rates and commodity prices. For additional information regarding our market risk, refer to the "Quantitative and Qualitative Disclosures About Market Risk" section of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes in our market risk since December 31, 2024, except as discussed below and any future impact on market risk from the implementation and/or potential implementation by the current U.S. Presidential Administration of significant additional tariffs and/or duties on several countries and territories.

**Interest Rates**

Our primary exposure to market risk is interest rate risk associated with our Credit Agreement and construction loan agreements and the operation of our Financial Services business.

Exposure to market risk includes the impact of interest rate changes on our interest expense and the affordability of mortgage financing to homebuyers, which affects demand for our homes, as discussed in more detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere in this report. During the three months ended September 30, 2025, the U.S. Federal Reserve reduced the U.S. Federal funds interest rate. We cannot provide any assurance as to the impact of any future potential changes to the U.S. Federal funds interest rate on mortgage rates or our current or future business.

Our Financial Services business, which is significantly tied to the sale of our homes utilizes mortgage-backed securities forward commitments, option contracts and investor commitments to protect the value of rate-locked commitments and loans held for sale from fluctuations in mortgage-related interest rates. To mitigate interest risk associated with loans held for sale, we typically use derivative financial instruments to economically hedge our exposure to risk from the time a borrower locks a loan until the time the loan is securitized. We also typically hedge our interest rate exposure through entering into interest rate swap futures.

**Inflation**

Our homebuilding operations have been and may continue to be adversely impacted by inflation, primarily from higher land, financing, labor, material, and construction costs. Inflation has led and could continue to lead to higher mortgage rates, which has and could continue to significantly affect the affordability of mortgage financing to homebuyers and lead to weakened demand for our homes, as well as increased cancellations compared to prior year periods. In addition, the implementation and/or potential implementation by the current U.S. Presidential Administration of significant additional tariffs and/or duties on several countries and territories could result in an inflationary environment adversely affecting our business.

**Seasonality** 

Historically, the homebuilding industry experiences seasonal fluctuations in quarterly operating results and capital requirements. We typically experience the highest new home order activity during the spring, although this activity is also highly dependent on the number of active selling communities, timing of new community openings, and other market factors. Since it typically takes approximately four months to construct a new home, we typically deliver more homes in the second half of the year as spring and summer home starts convert to home deliveries. Because of this seasonality, home starts, construction costs and related cash outflows have historically been highest in the second and third quarters, and the majority of our cash receipts from home deliveries occurs during the second half of the year. This seasonality pattern may be affected by volatility in the homebuilding industry, supply chain challenges, subcontractor and labor shortages, and changes in demand for our homes.

**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;** **CONTROLS AND PROCEDURES.**

**Evaluation of Disclosure Controls and Procedures**

Under the supervision and with the participation of our management, including our co-principal executive officers and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined under Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (which we refer to as the "Exchange Act")) as of September 30, 2025, the end of the period covered by this Form 10-Q. Based on this evaluation, our co-principal executive officers and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2025 in providing reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

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**Changes in Internal Control over Financial Reporting**

There were no changes during the third quarter of 2025 in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

**PART II – OTHER INFORMATION**

**ITEM 1**.&nbsp;&nbsp;&nbsp;&nbsp; **LEGAL PROCEEDINGS.**

Because of the nature of the homebuilding business, we and certain of our subsidiaries and affiliates have been named as defendants in various claims, complaints and other legal actions arising in the ordinary course of business. In the opinion of our management, the outcome of these ordinary course matters will not have a material adverse effect upon our financial condition, results of operations or cash flows.

**ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;** **RISK FACTORS.**

There have been no material changes to the risk factors we previously disclosed 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, other than the revised risk factors below:

***We are subject to demand fluctuations in the housing market and homebuilding industry. Declines in demand for our homes or in the homebuilding industry have, and may continue to, materially and adversely affect our business, results of operations, and financial condition.***

Demand for our homes is subject to fluctuations, often due to factors outside of our control. These factors may include interest rates and Federal Reserve policy changes; inflation; consumer confidence and spending, which declined significantly beginning in the first quarter of 2025; employment levels; uncertainty and recent declines in financial, credit and consumer lending markets; slow economic growth or recessionary conditions in various regions or industries around the world; availability of financing for homebuyers; tight lending standards and practices for mortgage loans that limit consumers' ability to qualify for mortgage financing to purchase a home, including increased minimum credit score requirements, credit risk/mortgage loan insurance premiums and/or other fees and required down payment amounts, higher home prices, more conservative appraisals, changing consumer preferences, higher loan-to-value ratios and extensive buyer income and asset documentation requirements; changes to mortgage regulations; availability and prices of new homes compared to existing inventory; demographic trends, including slower rates of population growth or population decline in our markets; the effect of pandemics; and other factors, including those described elsewhere in this report and our other SEC filings. Declines in consumer confidence and spending, market fluctuations and the increased likelihood of recessionary conditions contributed to reduced demand for our homes in the first nine months of 2025 compared to the prior year period, which adversely affected our results of operations for the first nine months of 2025. If there is limited economic growth, declines in employment and consumer income, changes in consumer behavior, and/or tightening of mortgage lending standards, practices and regulation in the geographic areas in which we operate, or if interest rates for mortgage loans or home prices rise, there could likely be additional corresponding adverse effects on our business, prospects, liquidity, financial condition and results of operations, including, but not limited to, the number of homes we sell, our average sales price per home closed, cancellations of home purchase contracts, and the amount of revenues or profits we generate, and such effect may be material. In a housing market downturn when demand for our homes decreases, our revenues and results of operations are typically adversely affected; we may have significant inventory impairments and other write-offs; our gross margins may decline significantly from historical levels; and we may incur substantial losses from operations. During the first nine months of 2025, we incurred inventory impairment charges of $11.0 million. At any particular time, we cannot accurately predict whether housing market conditions will improve, deteriorate or continue as they exist at that time.

***Adverse changes in general economic conditions have reduced and may continue to reduce the demand for our homes and, as a result, have had and may continue to have a material adverse effect on our business, results of operations and financial condition.***

The residential homebuilding industry is cyclical and is highly sensitive to changes in local and general economic conditions that are outside our control, including:

consumer confidence, employment levels, job growth, spending levels, wage and personal income growth, personal indebtedness levels, and household debt-to-income levels of potential homebuyers;

the availability and cost of financing for homebuyers or restrictive mortgage standards, including private and federal mortgage financing programs and federal, state, and provincial regulation of lending practices;

real estate taxes and federal and state income tax provisions, including provisions for the deduction of mortgage interest payments;

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U.S. and global financial system and credit markets, including short- and long-term interest rates and inflation, and any effects from the current U.S. government shutdown or any potential sovereign default;

housing demand from population growth, household formations, new home buying catalysts (such as marriage and children), second home buying catalysts (such as retirement), home sale catalysts (such as an aging population), demographic changes (including immigration levels and trends in urban and suburban migration), generational shifts, or otherwise, or perceptions regarding the strength of the housing market, and home price appreciation and depreciation resulting therefrom;

competition from other real estate investors with significant capital, including other real estate operating companies and developers, institutional investment funds, and companies solely focused on single-family rentals; and

the supply of new or existing homes, including foreclosures, and other housing alternatives, such as apartments and other residential rental property, and the aging of existing housing inventory.

These factors have resulted in the past and in the future could result in a decline in the demand for our homes, as well as a decline in the pricing for our homes, an increase in customer cancellations, an increase in selling concessions, and downward pressure on the market value of our inventory, which could have a material adverse effect on our business, prospects, liquidity, financial condition and results of operations and increase the risk for asset impairments. In the first nine months of 2025, uncertainty resulting in part from the announcement, imposition and/or repeal of tariffs on U.S. trade partners caused declines in consumer confidence and spending, market fluctuations and the increased likelihood of recessionary conditions. This resulted in a decline in the demand for our homes during first nine months of 2025 compared to the prior year period. If these conditions persist, there may be a sustained downturn in the homebuilding market, which would likely have an adverse effect on our business and results of operations for multiple years.

In addition, the portion of our customer base that consists of first- and second-time move-up buyers often purchase homes subject to contingencies related to the sale and/or closing of their existing homes. If these potential buyers face difficulties in selling or closing their homes, whether due to rising interest rates for mortgage loans, periods of weak or uncertain economic conditions, oversupply, restrictive mortgage standards or otherwise, our sales may be adversely affected. Moreover, we may need to reduce our sales prices, possibly in instances where appraised values of our homes are lower than our sales price, and offer greater incentives to buyers to compete for sales that may result in reduced margins. Also, because we have increased our supply of quick move-in (or "spec") homes relative to our built-to-order homes, adverse changes in economic conditions could cause us to reduce prices more rapidly to avoid carrying large amounts of finished inventory. This, in turn, could adversely affect our results of operations and financial condition.

***Global economic and political instability and conflicts could adversely affect our business, financial condition or results of operations.***

A global economic slowdown, inflation, rising interest rates and the possibility of a future recession, as well disruptions in access to bank deposits or lending commitments due to bank failure, could materially and adversely affect our liquidity, our business, financial condition and results of operations. The failure of any bank with which we do business could reduce the amount of cash we have available for our operations or delay our ability to access such funds. Any such failure may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. In the event we have a commercial relationship with a bank that has failed or is otherwise distressed, we may experience delays or other issues in meeting our financial obligations. If other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our cash and cash equivalents and investments may be threatened and could have a material adverse effect on our business and financial condition.

Additionally, our business could be adversely affected by unstable economic and political conditions as well as geopolitical conflicts. Although we do not have customers or direct suppliers in countries affected by war, conflict, sanctions, or export controls, actions by other nations—such as tariffs, cyberattacks, or energy disruptions—could still impact our supply chain. These actions may lead to material shortages or increased costs for construction and fuel, as discussed elsewhere in these risk factors. In addition, such events could cause higher interest rates, inflation or general economic and geopolitical uncertainty, including the recent economic uncertainty and volatility resulting from the imposition and repeal of tariffs, any of which could negatively impact our business partners, employees or customers, or otherwise adversely impact our business. Furthermore, deployments of U.S. military personnel to foreign regions, terrorist attacks, other acts of violence or threats to national security and any corresponding response by the United States or others, related domestic or international instability or civil unrest may cause an economic slowdown in the markets where we operate, which could adversely affect our business.

***Any increase in unemployment or underemployment may lead to reduced demand for our homes and an increase in the number of loan delinquencies and property repossessions and have an adverse impact on our business and results of operations.***

Recessionary conditions may cause the unemployment rate in the United States to increase. People who are not employed, are underemployed, or are concerned about the loss of their jobs are less likely to purchase new homes, may be forced to try to sell the homes they own, and may face difficulties in making required mortgage payments. Therefore, an increase in unemployment or underemployment may lead to an increase in the number of loan delinquencies and property repossessions and have an adverse impact

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on our business by both reducing the demand for the homes we build and increasing the supply of homes for sale, which would also likely adversely affect our Financial Services business, which is dependent upon the sale of our homes. In addition, an increase in unemployment or underemployment may result in increased default rates on mortgage loans we originated, which could expose us to repurchase obligations or other liabilities, reduce our ability to sell or finance the loans we originate or require us to sell or finance the loans we originate on less favorable terms, lead us to impose stricter loan qualification standards, or result in us no longer being able to offer financing terms that are attractive to potential buyers, all of which would adversely affect our Financial Services business.

***Inflation has adversely affected and could continue to adversely affect our business and financial results, especially since we may not be able to raise home prices sufficiently to offset increased prices.***

High inflation has adversely affected us by increasing the costs of land, materials and labor needed to operate our business and could continue to adversely affect us in future periods. In the event inflation continues, we may seek to increase the sales prices of homes in order to maintain satisfactory margins. However, an oversupply of homes relative to demand and home prices being set several months before homes are delivered and affordability concerns may make any such increase difficult or impossible in future periods. In addition, inflation is often accompanied by higher interest rates, which historically negatively impact housing demand. While we historically have been able to pass along price increases to our consumers to help offset price increases, we may not be able to continue to do so, thereby adversely impacting our margins. Moreover, the cost of capital typically increases as a result of inflation and the purchasing power of our cash resources typically declines. Future actions by the government to stimulate the economy may further increase the risk of inflation, which may have an adverse impact on our business or financial results.

***Tariffs and duties that have been and may be enacted into law could adversely affect our business and financial results, especially since we may not be able to raise home prices sufficiently to offset increased prices caused by any such trade regulations.***

The current U.S. Presidential Administration has implemented and/or may potentially implement additional tariffs and/or duties on several countries and territories. Any additional tariffs or duties would likely increase the cost of materials utilized for the construction of our homes. As noted above with respect to the impact of inflation, while we historically have been able to pass along price increases to our consumers to help offset price increases we incur, we may not be able to continue to do so depending on the significance of cost increases, thereby adversely impacting our margins as a result of any tariffs and duties imposed on our operations. More broadly, adverse effects such trade regulations may have on U.S. national or regional economies could adversely affect our business and operating and financial results.

***Raw materials and building supply shortages and price fluctuations could delay or increase the cost of home construction and adversely affect our operating results.***

The homebuilding industry, from time to time, has experienced and will likely continue to experience raw material shortages and has been adversely affected by volatility in global commodity prices and government imposed tariffs and other trade regulations, including those described elsewhere in these risk factors. Shortages and fluctuations in the price of concrete, drywall, steel, lumber or other important raw materials in the past have resulted, and in the future could result, in delays in the start or completion of, or increase the cost of, developing one or more of our residential communities. These shortages can be more severe during periods of strong demand for housing or during periods following natural disasters that have a significant impact on existing residential and commercial structures. The cost of raw materials also in the past has been, and in the future may be, materially and adversely affected during periods of shortages or high inflation or as a result of trade regulations, such as the recent imposition of increased tariffs. These shortages have caused, and in the future may cause, construction delays, and increases in our costs of home construction.

Shortages or increases in the price of raw materials could cause delays in and increase our costs of home construction. We generally are unable to pass on increases in construction costs to customers who have already entered into home purchase contracts and may not be able to sufficiently increase the price of homes remaining to be sold due to affordability concerns or otherwise. Sustained increases in construction costs may continue to adversely affect our gross margins, which in turn could materially and adversely affect our business, liquidity, financial condition and results of operations.

The cost of petroleum products, which are used both to deliver our materials and to transport workers to our job sites, fluctuates and may be subject to increased volatility as a result of geopolitical events or accidents. Increases in such costs could also result in higher prices for any product utilizing petrochemicals. Persistent cost increases may have an even greater adverse effect on our operating margins and results of operations. Furthermore, any such cost increase may adversely affect the regional economies in which we operate and reduce demand for our homes.

***Our Financial Services segment can be adversely affected by reduced demand for our homes.***

Nearly all of the mortgage loans closed by our Financial Services segment are made to buyers of homes we built. Therefore, a decrease in the demand for our homes adversely affects the revenues of this segment of our business. In the first nine months of 2025, economic uncertainty, as described elsewhere in these risk factors, contributed to reduced demand for our homes compared to the prior period,

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which adversely affected our revenues and our Financial Services segment. Future demand for our homes is uncertain and dependent upon interest rates for mortgage loans, consumer confidence, availability of credit, economic conditions and other factors, including those described elsewhere in this report, and it is possible that demand for our homes may decrease further in 2025 if current economic conditions persist or worsen, adversely affecting the results of our Financial Services segment as well.

**ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;** **UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.**

The following table summarizes the number of shares of our common stock that were purchased by us during each of the three fiscal months in our third quarter ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total number of shares purchased** <sup>(1)</sup> | **Average price paid per share (2)** | **Total number of shares purchased as part of publicly announced plans or programs** | **Maximum number of shares that may yet be purchased under the plans or programs** |
| July |  |  |  |  |
| &nbsp;&nbsp;*July 1, 2025 through July 31, 2025* |  | $— |  | 3065369 |
| August |  |  |  |  |
| &nbsp;&nbsp;*August 1, 2025 through August 31, 2025* |  |  |  | 3065369 |
| September |  |  |  |  |
| &nbsp;&nbsp;*September 1, 2025 through September 30, 2025* | 296903 | 67.36 | 296903 | 2768466 |
| **Total** | 296903 | $67.36 | 296903 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Our stock repurchase program, which was approved by our Board of Directors and publicly announced on July 24, 2024, authorizes us to repurchase up to 4.5 million shares of our outstanding common stock from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with U.S. federal securities laws. We repurchased a total of 296,903 shares during the periods indicated above under this program and 2,768,466 shares remained available to repurchase as of September 30, 2025. Our stock repurchase program has no expiration date and may be terminated by our Board of Directors at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The Inflation Reduction Act of 2022 imposes a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. All dollar amounts presented exclude such excise taxes, as applicable.

**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;** **DEFAULTS UPON SENIOR SECURITIES.**

None.

**ITEM 4**.&nbsp;&nbsp;&nbsp;&nbsp; **MINE SAFETY DISCLOSURES.**

Not applicable.

**ITEM 5.**&nbsp;&nbsp;&nbsp;&nbsp; **OTHER INFORMATION.**

**Rule 10b5-1 Plan and Non-Rule 10b5-1 Trading Arrangement Adoptions, Terminations, and Modifications**

During the three months ended September 30, 2025, none of our directors or "officers" (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of SEC Regulation S-K.

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**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp; E** **XHIBITS.**

The following exhibits are either filed or furnished herewith or incorporated herein by reference:

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| | |
|:---|:---|
| **Item No.** | **Description** |
| 3.1 | [<u>Restated Certificate of Incorporation of Century Communities, Inc. (incorporated by reference to Exhibit 3.1 to Century Communities, Inc.'s Quarterly Report on Form 10-Q for quarter ended September 30, 2023 (File No. 001-36491)).</u>](http://www.sec.gov/Archives/edgar/data/1576940/000157694023000084/ccs-20230930xex3_1.htm) |
| 3.2 | [<u>Amended and Restated Bylaws of Century Communities, Inc., effective January 1, 2025 (incorporated by reference to Exhibit 3.1 to Century Communities, Inc.'s Current Report on Form 8-K filed with the SEC on November 8, 2024 (File No. 001-36491)).</u>](http://www.sec.gov/Archives/edgar/data/1576940/000114036124045849/ef20038284_ex3-1.htm) |
| 4.1 | [<u>Indenture (including form of 6.625% Senior Notes due 2033), dated as of September 17, 2025, by and among Century Communities, Inc., the Guarantors party thereto, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Century Communities, Inc.'s Current Report on Form 8-K filed with the SEC on September 17, 2025 (File No. 001-36491)).</u>](http://www.sec.gov/Archives/edgar/data/1576940/000114036125035256/ef20055623_ex4-1.htm) |
| 4.2 | [<u>Form of 6.625% Senior Notes due 2033 (incorporated by reference to Exhibit 4.2 to Century Communities, Inc.'s Current Report on Form 8-K filed with the SEC on September 17, 2025 (File No. 001-36491)).</u>](http://www.sec.gov/Archives/edgar/data/1576940/000114036125035256/ef20055623_ex4-1.htm#EXHIBITA) |
| 10.1 | [<u>Purchase Agreement, dated September 3, 2025, among Century Communities, Inc., the Guarantors party thereto, and J.P. Morgan Securities LLC, as representative of the initial purchasers named in Schedule A thereto (incorporated by reference to Exhibit 10.1 to Century Communities, Inc.'s Current Report on Form 8-K filed with the SEC on September 4, 2025 (File No. 001-36491)).</u>](http://www.sec.gov/Archives/edgar/data/1576940/000114036125034013/ny20052972x3_ex10-1.htm) |
| 22.1 | [<u>List of Guarantor Subsidiaries (filed herewith)</u>](ccs-20250930xex22_1.htm) |
| 31.1 | [<u>Certification of the Co-Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended (filed herewith)</u>](ccs-20250930xex31_1.htm) |
| 31.2 | [<u>Certification of the Co-Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended (filed herewith)</u>](ccs-20250930xex31_2.htm) |
| 31.3 | [<u>Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended (filed herewith)</u>](ccs-20250930xex31_3.htm) |
| 32.1 | [<u>Certification of the Co-Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)</u>](ccs-20250930xex32_1.htm) |
| 32.2 | [<u>Certification of the Co-Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)</u>](ccs-20250930xex32_2.htm) |
| 32.3 | [<u>Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)</u>](ccs-20250930xex32_3.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document) |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith) |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith) |
| 101.DEF | Inline XBRL Taxonomy Definition Linkbase Document (filed herewith) |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document (filed herewith) |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith) |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Century Communities, Inc. | Century Communities, Inc. |
| Date: October 22, 2025 | By: | /s/ Dale Francescon |
|  |  | Dale Francescon |
|  |  | *Executive Chairman*  |
|  |  | *(Co-Principal Executive Officer)*<br>|
| Date: October 22, 2025 | By: | /s/ Robert J. Francescon |
|  |  | Robert J. Francescon |
|  |  | *Chief Executive Officer and President*  |
|  |  | *(Co-Principal Executive Officer)*<br>|
| Date: October 22, 2025 | By: | /s/ J. Scott Dixon |
|  |  | J. Scott Dixon |
|  |  | *Chief Financial Officer* |
|  |  | *(Principal Financial and Accounting Officer)* |

---

## Exhibit 22.1

**Exhibit 22.1**

**LIST OF SUBSIDIARY GUARANTORS**

As of September 30, 2025, Century Communities, Inc. (referred to as the "Issuer") had $500 million principal amount outstanding of 3.875% Senior Notes due August 2029 (referred to collectively as the "2029 Notes") and $500 million principal amount outstanding of 6.625% Senior Notes due September 2033 (referred to collectively as the "2033 Notes" and collectively with the 2029 Notes, the "Senior Notes"). The Senior Notes are unsecured senior obligations of the Issuer and are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by substantially all of the Issuer's direct and indirect wholly-owned operating subsidiaries (referred to collectively as "Guarantors"). The Issuer's subsidiaries associated with its financial services operations do not guarantee the Senior Notes.

As of September 30, 2025, the entities set forth below, which are 100% owned subsidiaries of the Issuer, were guarantors of the outstanding Senior Notes. The Guarantors' condensed supplemental financial information is presented in the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 as if the guarantees existed during the periods presented pursuant to applicable SEC rules and guidance. In addition, pursuant to such SEC rules and guidance, the information regarding the Guarantors as of September 30, 2025 is set forth below.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **<u>Name of Entity</u>** | &nbsp;&nbsp; **<u>State of Formation, Organization, or Incorporation</u>** |
| &nbsp;&nbsp; Augusta Pointe, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Avalon at Inverness, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; AVR A, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; AVR B, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; AVR C, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Beacon Pointe, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Benchmark Communities, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Blackstone Homes, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; BMC East Garrison, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; BMC EG Bluffs, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; BMC EG Bungalow, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; BMC EG Garden, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; BMC EG Grove, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; BMC EG Towns, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; BMC EG Village, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; BMC Realty Advisors, Inc | &nbsp;&nbsp; California |
| &nbsp;&nbsp; BMCH California, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; BMCH Tennessee, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; BMCH Washington, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Bradburn Village Homes, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Casa Acquisition Corp. | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; CC Communities, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; CCC Holdings, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; CCG Constructors LLC | &nbsp;&nbsp; Georgia |
| &nbsp;&nbsp; CCG Realty Group LLC | &nbsp;&nbsp; Georgia |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **<u>Name of Entity</u>** | &nbsp;&nbsp; **<u>State of Formation, Organization, or Incorporation</u>** |
| &nbsp;&nbsp; CCH Homes, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; CCNC Realty Group, LLC | &nbsp;&nbsp; North Carolina |
| &nbsp;&nbsp; CCSC Realty Group, LLC | &nbsp;&nbsp; South Carolina |
| &nbsp;&nbsp; Centennial Holding Company LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Anthology, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Ash Meadows, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Autumn Valley Ranch, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Beacon Pointe, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Belleview Place, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Caley, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Candelas, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Carousel Farms, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Castle Pines Town Center, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Claremont Ranch, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Colliers Hill, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Compark Village North, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Compark Village South, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Coyote Creek, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Forest Meadows, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Harvest Meadows, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Landmark, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Littleton Village, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Littleton Village II, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at LOR, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Lowry, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Marvella, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Mayfield, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Meadowbrook, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Midtown, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Millennium, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Murphy Creek, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Oak Street, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Observatory Heights, LLC | &nbsp;&nbsp; Colorado |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **<u>Name of Entity</u>** | &nbsp;&nbsp; **<u>State of Formation, Organization, or Incorporation</u>** |
| &nbsp;&nbsp; Century at Outlook, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Pearson Grove, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Salisbury Heights, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Shalom Park, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Southshore, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Spring Valley Ranch, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Tanglewood, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Terrain, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at The Grove, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at the Heights, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at The Meadows, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Vista Ridge, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Wildgrass, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Wolf Ranch, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century at Wyndham Hill, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Building Supply, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century City, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Communities Construction, LLC | &nbsp;&nbsp; Utah |
| &nbsp;&nbsp; Century Communities Construction of Arizona, LLC | &nbsp;&nbsp; Arizona |
| &nbsp;&nbsp; Century Communities Investments LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Communities Merchandising Group, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Communities of Arizona, LLC | &nbsp;&nbsp; Arizona |
| &nbsp;&nbsp; Century Communities of California, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Century Communities of Florida, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Communities of Florida Realty Group, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Century Communities of Georgia, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Communities of Idaho, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Communities of Nevada, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Century Communities of Nevada Realty, LLC | &nbsp;&nbsp; Nevada |
| &nbsp;&nbsp; Century Communities of North Carolina, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Century Communities of South Carolina, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Century Communities of Tennessee, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Century Communities of Utah, LLC | &nbsp;&nbsp; Utah |
| &nbsp;&nbsp; Century Communities of Washington, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Century Communities Realty of Utah, LLC | &nbsp;&nbsp; Utah |
| &nbsp;&nbsp; Century Communities Southeast, LLC | &nbsp;&nbsp; Colorado |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**<u>Name of Entity</u>** | &nbsp;&nbsp; **<u>State of Formation, Organization, or Incorporation</u>** |
| &nbsp;&nbsp; Century Couplet, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Land Holdings, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Land Holdings II, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Land Holdings of Texas, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Land Holdings of Utah, LLC | &nbsp;&nbsp; Utah |
| &nbsp;&nbsp; Century Lincoln Station, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Living at Compark, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Living at Verona LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Living, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Mariposa, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Townhomes at Candelas, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Century Tuscany GC, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Cherry Hill Park, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Cottages at Willow Park, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Crown Hill, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Enclave at Pine Grove, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Estates at Chatfield Farms, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Hearth at Oak Meadows, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Horizon Building Services, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Ladera, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Lakeview Fort Collins, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Lincoln Park at Ridgegate, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Meridian Ranch, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Montecito at Ridgegate, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Park 5th Avenue Development Co., LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Red Rocks Pointe, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Reserve at Highpointe Estates, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Reserve at The Meadows, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; SAH Holdings, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Saddleback Heights, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Stetson Ridge Homes, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; The Overlook at Tallyn's Reach, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; The Retreat at Ridgegate, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; The Veranda, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; UCP, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; UCP Barclay III, LLC | &nbsp;&nbsp; Delaware |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **<u>Name of Entity</u>** | &nbsp;&nbsp; **<u>State of Formation, Organization, or Incorporation</u>** |
| &nbsp;&nbsp; UCP East Garrison, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; UCP Kerman, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; UCP Meadowood III, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; UCP Sagewood, LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; Venue at Arista, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Verona Estates, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Villas at Murphy Creek, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Waterside at Highland Park, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Westown Condominiums, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Westown Townhomes, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; Wildgrass, LLC | &nbsp;&nbsp; Colorado |
| &nbsp;&nbsp; WJH LLC | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; WJH LLC of Delaware | &nbsp;&nbsp; Delaware |
| &nbsp;&nbsp; WJH Brokerage OH LLC, D/B/A Wade Jurney Homes | &nbsp;&nbsp; Ohio |
| &nbsp;&nbsp; WJH Brokerage TX LLC | &nbsp;&nbsp; Texas |
| &nbsp;&nbsp; WJH Brokerage MI LLC | &nbsp;&nbsp; Michigan |
| &nbsp;&nbsp; WJHAL LLC | &nbsp;&nbsp; Alabama |
| &nbsp;&nbsp; WJHAL2 LLC | &nbsp;&nbsp; North Carolina |
| &nbsp;&nbsp; WJHID LLC | &nbsp;&nbsp; Idaho |
| &nbsp;&nbsp; WJHKY LLC | &nbsp;&nbsp; Kentucky |
| &nbsp;&nbsp; WJH Brokerage AZ LLC | &nbsp;&nbsp; Arizona |
| &nbsp;&nbsp; WJH Brokerage FL LLC | &nbsp;&nbsp; Florida |
| &nbsp;&nbsp; WJH Brokerage IN LLC | &nbsp;&nbsp; Indiana |
| &nbsp;&nbsp; WJH Brokerage NC LLC | &nbsp;&nbsp; North Carolina |
| &nbsp;&nbsp; WJH Brokerage NV LLC | &nbsp;&nbsp; Nevada |
| &nbsp;&nbsp; WJH SALES OF AZ LLC | &nbsp;&nbsp; Arizona |
| &nbsp;&nbsp; WJHAZ LLC | &nbsp;&nbsp; Arizona |

---

------

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CO-PRINCIPAL EXECUTIVE OFFICER** 

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Dale Francescon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I have reviewed this Quarterly Report on Form 10-Q of Century Communities, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date: October 22, 2025 | &nbsp;&nbsp; /s/ Dale Francescon |
|  | &nbsp;&nbsp; Dale Francescon |
|  | &nbsp;&nbsp; *Executive Chairman*<br> *(Co-Principal Executive Officer)* |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CO-PRINCIPAL EXECUTIVE OFFICER** 

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Robert J. Francescon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I have reviewed this Quarterly Report on Form 10-Q of Century Communities, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date: October 22, 2025 | &nbsp;&nbsp; /s/ Robert J. Francescon |
|  | &nbsp;&nbsp; Robert J. Francescon |
|  | &nbsp;&nbsp; *Chief Executive Officer and President*<br> *(Co-Principal Executive Officer)* |

---

------

## Exhibit 31.3

**EXHIBIT 31.3**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002** 

I, J. Scott Dixon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. I have reviewed this Quarterly Report on Form 10-Q of Century Communities, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date: October 22, 2025 | &nbsp;&nbsp; /s/ J. Scott Dixon |
|  | &nbsp;&nbsp; J. Scott Dixon |
|  | &nbsp;&nbsp; *Chief Financial Officer* <br> *(Principal Financial Officer)* |

---

------

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF CO-PRINCIPAL EXECUTIVE OFFICER PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of Century Communities, Inc. (the "Company") for the quarterly period ended September 30, 2025, as filed with the U.S. Securities and Exchange Commission on the date hereof (the "Quarterly Report"), I, Dale Francescon, Executive Chairman of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. the Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date: October 22, 2025 | &nbsp;&nbsp; /s/ Dale Francescon |
|  | &nbsp;&nbsp; Dale Francescon |
|  | &nbsp;&nbsp; *Executive Chairman*<br> *(Co-Principal Executive Officer)* |

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## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION OF CO-PRINCIPAL EXECUTIVE OFFICER PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of Century Communities, Inc. (the "Company") for the quarterly period ended September 30, 2025, as filed with the U.S. Securities and Exchange Commission on the date hereof (the "Quarterly Report"), I, Robert J. Francescon, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. the Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| &nbsp;&nbsp; Date: October 22, 2025 | &nbsp;&nbsp; /s/ Robert J. Francescon |
|  | &nbsp;&nbsp; Robert J. Francescon |
|  | &nbsp;&nbsp; *Chief Executive Officer and President*<br> *(Co-Principal Executive Officer)* |

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## Exhibit 32.3

**EXHIBIT 32.3**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO** 

**18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of Century Communities, Inc. (the "Company") for the quarterly period ended September 30, 2025, as filed with the U.S. Securities and Exchange Commission on the date hereof (the "Quarterly Report"), I, J. Scott Dixon, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. the Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| &nbsp;&nbsp; Date: October 22, 2025 | &nbsp;&nbsp; /s/ J. Scott Dixon |
|  | &nbsp;&nbsp; J. Scott Dixon |
|  | &nbsp;&nbsp; *Chief Financial Officer* <br> *(Principal Financial Officer)* |

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