What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-11-19 compared with 2024-11-19 · 102 added, 102 removed, 259 unchanged (44% of the section changed)

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We construct and sell homes through our operating divisions in 126 markets across 36 states.

Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange (NYSE) under the ticker symbol “DHI.” Unless the context otherwise requires, the terms “D.R.

Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange (NYSE) and NYSE Texas under the ticker symbol “DHI.” Our listing on NYSE Texas became effective in June 2025.

Unless the context otherwise requires, the terms “D.R.

Horton,” the “Company,” “we” and “our” used herein refer to D.R.

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Our homebuilding business began in 1978 in Fort Worth, Texas, and our common stock has been publicly traded since 1992.

We have expanded and diversified our homebuilding operations geographically over the years by investing capital and building teams of people in our existing markets, start-up operations in new markets and acquisitions of other homebuilding companies.

We have closed more than 1.1 million homes during our 46-year history, and we have been the largest volume homebuilder in the United States each year since 2002.

We have expanded and diversified our homebuilding operations geographically over the years by investing capital and building teams of people in our existing markets, starting new operations in additional markets and acquiring other homebuilding companies.

We have closed more than 1.2 million homes during our 47-year history, and we have been the largest volume homebuilder in the United States every year since 2002.

Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities.

Our homebuilding operations are our core business, generating 92% of consolidated revenues of $36.8 billion in fiscal 2024, 90% of consolidated revenues of $35.5 billion in fiscal 2023 and 95% of consolidated revenues of $33.5 billion in fiscal 2022.

Our homebuilding operations generate most of their revenues from the sale of completed homes and to a lesser extent from the sale of land and lots.

Approximately 87% of our home sales revenue in fiscal 2024 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes, duplexes and triplexes.

Homebuilding is our core business, generating 92% of consolidated revenues of $34.3 billion and $36.8 billion in fiscal 2025 and 2024, respectively, and 90% of consolidated revenues of $35.5 billion in fiscal 2023.

Most of our homebuilding revenue is generated from the sale of completed homes and to a lesser extent from the sale of land and lots.

Approximately 84% of our home sales revenue in fiscal 2025 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes and duplexes.

Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers.

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Our rental segment consists of single-family and multi-family rental operations.

The single-family rental operations construct and lease single-family homes within a community and then generally market each community for a bulk sale of rental homes.

The single-family rental operations construct and lease single-family homes within a community and market each community for a bulk sale of rental homes.

The multi-family rental operations develop, construct, lease and sell residential rental properties, the majority of which are apartment communities.

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At September 30, 2025, we owned 62% of the outstanding shares of Forestar Group Inc.

(Forestar), a publicly traded residential lot development company listed on the NYSE under the ticker symbol “FOR.” Forestar operates across many of our homebuilding operating markets and is a key part of our homebuilding strategy to maintain relationships with land developers and to control a large portion of our land and lot position through land purchase contracts.

For the year ended September 30, 2024, Forestar sold 15,068 lots to homebuilders, including 13,267 lots sold to D.R.

(Forestar), a publicly traded residential lot development company listed on the NYSE and NYSE Texas under the ticker symbol “FOR.” Forestar operates across many of our homebuilding operating markets and is a key part of our homebuilding strategy to maintain relationships with land developers and control a large portion of our land and lot position through land purchase contracts.

For the year ended September 30, 2025, Forestar sold 14,240 lots, of which 83% were sold to D.R.

Our financial services operations provide mortgage financing and title agency services to homebuyers in many of our homebuilding markets.

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For the year ended September 30, 2025, DHI Mortgage originated or brokered 68,982 mortgage loans.

Our wholly-owned subsidiary title companies serve as title insurance agents by providing title insurance policies, examination, underwriting and closing services primarily to our homebuilding customers.

Our wholly owned subsidiary title companies issue title insurance policies and provide examination, underwriting and closing services primarily to our homebuilding customers.

In addition to our homebuilding, rental, Forestar and financial services operations, we engage in other business activities through our subsidiaries.

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Our SEC filings are also available to the public on the SEC’s website at www.sec.gov.

In addition to our SEC filings, our corporate governance documents, including our Code of Ethical Conduct for the Chief Executive Officer, Chief Financial Officer and senior financial officers, are available on the “Investor Relations” section of our website under “ESG.” Our stockholders may also obtain these documents in paper format free of charge upon request made to our Investor Relations department.

In addition to our SEC filings, our corporate governance documents, including our Code of Ethical Conduct for the Chief Executive Officer, Chief Financial Officer and senior financial officers, are available on the “Investor Relations” section of our website under “Corporate Governance.” Our stockholders may also obtain these documents in paper format free of charge upon request made to our Investor Relations department.

Our principal executive offices are located at 1341 Horton Circle, Arlington, Texas 76011, and our telephone number is (817) 390-8200.

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Our homebuilding business operates in 126 markets across 36 states, which provides us with geographic diversification in our homebuilding inventory investments and our sources of revenues and earnings.

We believe our geographic diversification lowers our operational risks by mitigating the effects of local and regional economic cycles, and it also enhances our earnings potential by providing more diverse opportunities to invest in our business.

We conduct our homebuilding operations in the geographic regions, states and markets listed below.

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Medford Tuscaloosa Northwest Indiana

Portland/Salem Florida Fort Myers/Naples Iowa Des Moines

Utah Salt Lake City Gainesville Iowa City/Cedar Rapids

George Jacksonville Kansas/Missouri Kansas City

Washington Bremerton Lakeland Kentucky Louisville

Central Washington Melbourne/Vero Beach Maryland Baltimore

Portland/Salem Florida Cape Coral/Fort Myers Iowa Des Moines

Utah Salt Lake City/Provo/Ogden Deltona/Daytona Beach Iowa City/Cedar Rapids

George Gainesville Kansas/Missouri Kansas City

Washington Bremerton Jacksonville Kentucky Louisville

Central Washington Lakeland Maryland Baltimore

Kennewick/Pasco/Richland Miami/Fort Lauderdale Eastern Maryland

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Spokane Orlando Western Maryland

Vancouver Panama City Minnesota Minneapolis/St.

Pensacola Nebraska Omaha

Southwest Region Port St.

Lucie New Jersey Northern New Jersey

Arizona Phoenix Tallahassee Southern New Jersey

Tucson Tampa/Sarasota Ohio Cincinnati/Dayton

California Bakersfield Volusia County Columbus

Bay Area Louisiana Baton Rouge Pennsylvania Central Pennsylvania

Fresno/Tulare Lake Charles/Lafayette Philadelphia

Los Angeles County Mississippi Gulf Coast Pittsburgh

Modesto/Merced/Stockton Hattiesburg Virginia Northern Virginia

Redding/Chico/Yuba City Jackson Richmond

Riverside County Virginia Beach/Williamsburg

Sacramento East Region Western Virginia

San Bernardino County Georgia Atlanta West Virginia Eastern West Virginia

Hawaii Oahu Augusta Northern West Virginia

Nevada Las Vegas Central Georgia Wisconsin Southeast Wisconsin

Reno Savannah

New Mexico Albuquerque Valdosta

Santa Fe North Carolina Asheville

South Central Region Greensboro/Winston-Salem

Arkansas Little Rock New Bern/Greenville

Northwest Arkansas Raleigh/Durham/Fayetteville

Oklahoma Oklahoma City Wilmington

Tulsa South Carolina Charleston

Texas Abilene Columbia

Austin Greenville/Spartanburg

Beaumont Hilton Head

Bryan/College Station Myrtle Beach

Corpus Christi Tennessee Chattanooga

Dallas Knoxville

East Texas Memphis

Fort Worth Nashville

Houston Northeast Tennessee

Killeen/Temple/Waco

Vancouver Palm Bay/Melbourne Minnesota Minneapolis/St.

Panama City Nebraska Omaha

Southwest Region Pensacola New Jersey Northern New Jersey

Arizona Phoenix Port St.

Lucie Southern New Jersey

Tucson Tallahassee Ohio Cincinnati/Dayton

California Bakersfield Tampa/Sarasota/Punta Gorda Columbus

Bay Area West Palm Beach Pennsylvania Central Pennsylvania

Fresno/Tulare Louisiana Baton Rouge Philadelphia

Los Angeles County Lake Charles/Lafayette Pittsburgh

Modesto/Merced/Stockton Mississippi Gulf Coast Virginia Northern Virginia

Redding/Chico/Yuba City Hattiesburg Richmond

Riverside County Jackson Virginia Beach/Williamsburg

Sacramento Western Virginia

San Bernardino County East Region West Virginia Eastern West Virginia

Hawaii Oahu Georgia Atlanta Northern West Virginia

Nevada Las Vegas Augusta Wisconsin Southeast Wisconsin

Reno Central Georgia

New Mexico Albuquerque Savannah/Brunswick

Santa Fe Valdosta

North Carolina Asheville

South Central Region Charlotte

Arkansas Little Rock Greensboro/Winston-Salem

Northwest Arkansas New Bern/Greenville

Oklahoma Oklahoma City Raleigh/Durham/Fayetteville

Tulsa Wilmington

Texas Abilene South Carolina Charleston

Austin Columbia

Beaumont Greenville/Spartanburg

Bryan/College Station Hilton Head

Corpus Christi Myrtle Beach

Dallas Tennessee Chattanooga

East Texas Knoxville

Fort Worth Memphis

Houston Nashville

Killeen/Temple/Waco Northeast Tennessee

Midland/Odessa

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• Local housing affordability and typical mortgage products utilized;

• Market for homes at our targeted price points;

• Demand for homes at our targeted price points;

• Availability of land and lots in desirable locations on acceptable terms;

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We are the largest homebuilding company in the United States as measured by number of homes closed in fiscal 2025, and we are also one of the largest builders in most of the markets in which we operate.

We believe that our national, regional and local scale of operations provides us with benefits that may not be available to the same degree to some other smaller homebuilders, such as:

We believe that our national, regional and local scale provides us with benefits that may not be available to the same degree to some other smaller homebuilders, such as:

• Greater access to and lower cost of capital due to our balance sheet strength and our lending and capital markets relationships;

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a purchasing manager and office staff.

Our division presidents receive performance-based compensation if they achieve targeted financial and operating metrics related to their operating divisions.

Our division presidents receive performance-based compensation for achieving targeted financial and operating metrics related to their operating divisions.

Following is a summary of our homebuilding activities that are decentralized in our local operating divisions and the control and oversight functions that are centralized in our regional and corporate offices.

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— Review of existing zoning and other governmental requirements;

— Review of the need for and extent of offsite work required to obtain project entitlements;

— Review of the need for and extent of offsite work required to obtain project entitlements and to complete necessary infrastructure;

— Financial analysis of the potential project;

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• Monitoring and analysis of profitability, returns, costs and inventory levels;

• Risk and litigation management;

• Environmental assessments of land and lot acquisitions;

• Risk and litigation management;

• Technology systems to support management of operations, marketing and financial information, including preventing, monitoring and reporting of cybersecurity issues;

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• Internal audit;

• Public reporting and investor and media relations;

• Public financial reporting and investor and media relations;

• Administration of payroll and employee benefits;

• Negotiation of national purchasing contracts;

• Administration, reporting and monitoring of customer surveys and resolutions of issues;

• Administration, reporting and monitoring of customer surveys and resolution of homeowner concerns;

• Approval of major personnel decisions and management incentive compensation plans.

Land/Lot Acquisition and Inventory Management

We acquire land for use in our operations after we have completed due diligence and generally after we have obtained the rights (known as entitlements) to begin development or construction work resulting in an acceptable number of residential lots.

We acquire land for use in our operations after we have completed due diligence and generally after we have obtained the entitlements to begin development or construction work resulting in an acceptable number of residential lots.

Before we acquire lots or tracts of land, we complete a feasibility study, which includes soil tests, independent environmental studies, other engineering work and financial analysis.

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Construction time for our homes depends on the availability of labor, materials and supplies, the weather, the size of the home and other factors.

We completed the construction of most homes in two to five months in fiscal 2024.

We completed the construction of most homes in two to four months in fiscal 2025.

We are subject to governmental regulations that affect our land development and construction operations.

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We also offer entry-level homes for buyers focused on affordability, higher-end move-up and luxury homes and homes for active adult buyers seeking a low-maintenance lifestyle.

We market and sell our homes primarily through commissioned employees, and the majority of our home closings also involve an independent real estate broker.

We market and sell our homes primarily through commissioned sales employees, and the majority of our home closings also involve an independent real estate broker.

We typically conduct home sales from sales offices located in furnished model homes in each subdivision, and we generally do not offer our model homes for sale until the completion of a subdivision.

Our sales personnel assist prospective homebuyers by providing floor plans and pricing information, demonstrating the features and layouts of our homes and assisting with the selection of options, if available.

Our sales personnel assist prospective homebuyers by providing available floor plans and pricing information, demonstrating the features and layouts of our homes and assisting with the selection of options, when available.

We train and inform our sales personnel regarding construction schedules and marketing and advertising plans.

As market conditions warrant, we may provide potential homebuyers with a variety of incentives to be competitive in a particular market or to attain our targeted sales pace.

We market our homes and communities to prospective homebuyers and real estate brokers digitally, through email, search engine marketing, social media and our company website and other real estate websites.

We market our homes and communities to prospective homebuyers and real estate brokers digitally, through email, search engine marketing, social media, our company website and other real estate websites.

We also use billboards, radio, television and print media and advertising locally as necessary.

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Model homes play an important role in our marketing efforts, and we strive to create an attractive atmosphere in our model homes.

We also build speculative homes in essentially all of our communities, which allow us to compete effectively with existing homes available in the market and improve our returns.

These homes enhance our marketing and sales efforts to prospective homebuyers who are renters or who are relocating to these markets and require a home within a short time frame, as well as to independent brokers who represent these homebuyers.

We build speculative homes in essentially all of our communities, which allow us to compete effectively with existing homes available in the market and improve our returns.

These homes enhance our marketing and sales efforts to homebuyers who are currently renting or who are relocating to these markets and require a home within a short time frame, as well as to independent brokers who represent these homebuyers.

We determine our speculative homes strategy in each market based on local market factors, such as new job growth and relocations, housing demand and supply, seasonality, current sales contract cancellation trends and our past experience in the market.

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At September 30, 2025, the value of our backlog of sales orders was $4.1 billion (10,785 homes), a decrease of 14% from $4.8 billion (12,180 homes) at September 30, 2024.

The average sales price of homes in backlog was $391,700 at September 30, 2024, up from the $389,800 average at September 30, 2023.

The average sales price of homes in backlog was $382,000 at September 30, 2025, down from the $391,700 average at September 30, 2024.

Many of the contracts in our sales order backlog are subject to contingencies, such as those described above, which can result in cancellations.

As a percentage of gross sales orders, cancellations of sales contracts were 18% in fiscal 2024 compared to 20% in fiscal 2023.

The length of time between the signing of a sales contract for a home and delivery of the home to the buyer (closing) is generally from one to four months;

As a percentage of gross sales orders, cancellations of sales contracts were 18% in both fiscal 2025 and 2024.

The length of time between the signing of a sales contract for a home and delivery of the home to the buyer (closing) is generally from one to three months;

therefore, substantially all of the homes in our sales backlog at September 30, 2025 are scheduled to close in fiscal 2026.

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Rental Properties

Our single-family rental operations construct and lease single-family homes within a community and then generally market each community for a bulk sale of rental homes.

Our single-family rental operations construct and lease single-family homes within a community and market each community for a bulk sale of rental homes.

We sold 3,460 single-family rental homes in fiscal 2025 compared to 3,970 homes in fiscal 2024.

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We own approximately 62% of the outstanding shares of Forestar, a publicly traded residential lot development company with operations in 64 markets across 23 states as of September 30, 2025.

Forestar is a key part of our homebuilding strategy to maintain relationships with land developers and to control a large portion of our land and lot position through land purchase contracts.

Forestar is investing in land acquisition and development to expand its residential lot development business across a geographically diversified national platform and consolidate market share in the fragmented U.S.

Forestar is a key part of our strategy to maintain relationships with land developers and to control a large portion of our land and lot position through land purchase contracts.

Forestar continues to invest in land acquisition and development to expand its residential lot development business across a geographically diversified national platform and consolidate market share in the fragmented U.S.

lot development industry.

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DHI Mortgage assists in the sales transaction by coordinating the mortgage application, mortgage commitment and home closing processes to facilitate a timely and efficient experience for our homebuyers.

During the year ended September 30, 2024, DHI Mortgage provided mortgage financing services for 78% of the homes closed by our homebuilding operations, and those loans accounted for virtually all of DHI Mortgage’s total loan volume.

During fiscal 2025, DHI Mortgage provided mortgage financing services for 81% of the homes closed by our homebuilding operations, and those loans accounted for substantially all of DHI Mortgage’s total loan volume.

Our homebuilding divisions may also work with additional mortgage lenders that offer a range of mortgage financing programs to our homebuyers.

To limit the risks associated with our mortgage operations, DHI Mortgage originates loan products that we believe can be sold to third-party purchasers of mortgage loans, the majority of which are eligible for sale to Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or Government National Mortgage Association (Ginnie Mae).

DHI Mortgage sells substantially all of the loans and the related servicing rights to third-party purchasers after origination with limited recourse provisions.

To limit the risks associated with our mortgage operations, DHI Mortgage originates loan products that we believe can be sold to third-party purchasers of mortgage loans, the majority of which are eligible for sale to the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Government National Mortgage Association (Ginnie Mae).

DHI Mortgage sells substantially all of the loans and the related servicing rights to third-party purchasers after origination.

DHI Mortgage centralizes most of its control and oversight functions, including those related to loan underwriting, quality control, regulatory compliance, secondary marketing of loans, hedging activities, accounting and financial reporting.

Title Services

Through our subsidiary title companies, we serve as a title insurance agent in many of our homebuilding markets by providing title insurance policies, examination, underwriting and closing services primarily to our homebuilding customers.

Through our subsidiary title companies, we issue title insurance policies and provide examination, underwriting and closing services primarily to our homebuilding customers in many of our markets.

Human Capital Resources

People and Culture

As of September 30, 2024, we employed 14,766 people, of whom 10,071 work in our homebuilding operations, 3,149 in our financial services operations, 596 at our corporate office, 505 in our rental operations, 393 at our Forestar subsidiary and 52 in our other businesses.

As of September 30, 2025, we employed 14,341 people, of whom 9,972 work in our homebuilding operations, 2,967 in our financial services operations, 586 at our corporate office, 330 in our rental operations, 433 at Forestar and 53 in our other businesses.

Of our homebuilding employees, 3,626 are involved in construction, 2,935 are sales and marketing personnel and 3,411 are office personnel.

We believe the people who work for our company are our most important resources and are critical to our continued success.

We believe the people who work for our company are our most important resource and are critical to our continued success.

We focus significant attention toward attracting and retaining talented and experienced individuals to manage and support our operations.

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Recruitment, Development and Retention

We are committed to hiring, developing and supporting an energetic, diverse workforce and maintaining a productive, positive and inclusive workplace.

We believe diversity in the workplace produces unique perspectives and fresh ideas and helps us better serve our customers.

We have an active recruiting team that partners with college campuses and external organizations to identify strong new hires and experienced professionals.

Our paid internship program provides college students and recent graduates an opportunity to work alongside some of the most experienced professionals in the homebuilding industry.

We are committed to hiring, developing and supporting an energetic workforce and maintaining a productive, positive and inclusive workplace.

We believe that when people feel included and have ample opportunities for professional growth, they bring forward a variety of perspectives and ideas that strengthen our company.

We have an active recruiting team that partners with college campuses and external organizations to identify promising new talent and established professionals.

Through our paid internship program, college students and recent graduates gain valuable experience working alongside some of the most experienced professionals in the homebuilding industry.

Our management team also supports a culture of developing future leaders from our existing workforce, enabling us to promote from within for many leadership positions.

We believe this provides long-term focus and continuity to our operations while also providing opportunities for the growth and advancement of our employees.

During fiscal 2024, we held specialized trainings for employees within key business functions of our homebuilding operations, such as purchasing, construction, sales and financial management, as well as our Leadership Development Program, which provides internal training for future leaders across all of our operations.

During the fiscal year, 17 employees were placed into a new homebuilding market leadership position, and of those 100% were promoted from within the organization.

We regularly conduct specialized training for employees within key business functions of our homebuilding operations, such as purchasing, construction, sales and financial management.

Additionally, our Leadership Development Program provides internal training designed to equip future leaders for roles across all areas of our operations.

During fiscal 2025, 18 people were placed into a new homebuilding market leadership position, and 100% of those were promoted from within the company.

The long-term retention of our employees provides us with an experienced, cohesive workforce, which has been vital to achieving our goals.

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and life insurance and disability coverage.

Additional benefits offered include a 401(k) savings plan, employee stock purchase plan and access to professional resources to support employees with their mental and physical health, financial planning, identity theft protection and legal needs.

We are committed to supporting our employees in their health, wellness and financial planning goals.

Additional benefits offered include a 401(k) savings plan, employee stock purchase plan and access to professional resources to support employees with their mental and physical health, family and financial planning, identity theft protection and legal needs.

We host events and challenges, both virtually and in person, to encourage our employees to stay active and healthy.

We are committed to supporting our employees in their health, wellness and financial planning goals.

Additional information about our compensation and employee benefit plans is included in Note K to the accompanying financial statements.

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We provide third-party training for our field personnel to become certified by the Occupational Safety and Health Administration.

We also provide our teams with many safety resources, including safety checklists, policies, procedures and best practices, and we communicate with all of our employees through a monthly safety newsletter to inform and reinforce our commitment to and concern for their well-being.

Additionally, because substantially all of our land development and home construction work is performed by subcontractors, we require that our subcontractors maintain safety programs as well.

Additional information regarding human capital is available in the “ESG” section of our Investor Relations website at investor.drhorton.com.

Environmental, Social & Governance (ESG)

We publish consistent and relevant ESG information on an annual basis.

Our most recent ESG report published in January 2024 includes data aligned with the homebuilders industry reporting standards prepared by the Sustainability Accounting Standards Board, now a part of the International Sustainability Standards Board.

Our ESG report is not considered part of or incorporated by reference in this Annual Report.

The report also covers topics that are of significant importance to our company and our stakeholders, including, but not limited to:

We also provide our teams with many safety resources, including safety checklists, policies, procedures and best practices, and we communicate with all employees through a monthly safety newsletter to inform and reinforce our commitment to and concern for their well-being.

Additionally, because substantially all land development and home construction work is performed by subcontractors, we require that our subcontractors maintain safety programs as well.

Additional information regarding human capital is available in the “Sustainability” section of our Investor Relations website at investor.drhorton.com.

Sustainability

We publish consistent and relevant sustainability information on an annual basis.

Our most recent Sustainability Report published in September 2025 includes data aligned with the homebuilders industry reporting standards prepared by the Sustainability Accounting Standards Board, now a part of the International Sustainability Standards Board.

Our Sustainability Report is not considered part of or incorporated by reference in this Annual Report.

The report also covers topics of importance to our company and our stakeholders, including, but not limited to:

• Risk management;

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• Talent retention and employee well-being;

• Diversity, equity and inclusion;

• Responsible land development;

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Business Acquisitions

We routinely evaluate opportunities to profitably expand our operations, including potential acquisitions of other homebuilding or related businesses.

We routinely evaluate opportunities to expand our operations, including potential acquisitions of other homebuilding or related businesses.

Acquisitions of homebuilding and related businesses usually provide us with immediate land and home inventories and control of additional land and lot positions through purchase contracts.

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We compete with local, regional and national homebuilding and rental companies and also with existing home sales and rental properties.

We compete on the basis of price, location, quality and design of our homes and on mortgage financing terms.

The competitors to our financial services businesses include other mortgage lenders and title companies, including national, regional and local mortgage banks and other financial institutions.

We compete based on price, location, quality and design of our homes and on mortgage financing terms.

Competition to our financial services businesses includes other mortgage lenders and title companies, including national, regional and local mortgage banks and other financial institutions.

Some of these competitors are subject to fewer governmental regulations and have greater access to capital than we do, may operate with different lending criteria and/or may offer a broader or more attractive array of financing and other products and services to potential customers.

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Our construction and land development activities are also subject to an extensive array of local, state and federal statutes, ordinances, rules and regulations concerning protection of health, safety and the environment.

The particular compliance requirements for each site vary greatly according to location, environmental condition and the present and former uses of the site and adjoining properties.

The compliance requirements for each site vary greatly according to location, environmental condition and the present and former uses of the site and adjoining properties.

We believe that we are in compliance in all material respects with existing environmental regulations applicable to our business.

Additionally, our compliance with such regulations has not had, nor is it expected to have, a material adverse effect on our consolidated financial position, results of operations or cash flows.

However, changes in regulations, such as the Minimum Energy Standards recently adopted by the U.S.

Department of Housing and Urban Development and the U.S.

Department of Agriculture (USDA), the climate-related disclosure legislation recently enacted by the State of California and the climate-related disclosure rules adopted by the SEC, which are currently under judicial review, could increase our costs to comply with such regulations, as discussed in “Item 1A.

However, changes in regulations, such as the climate-related disclosure legislation recently enacted by the State of California, could increase our costs to comply with such regulations, as discussed in “Item 1A.

Risk Factors.”

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business