34 unchanged sentences
We generally enter into one of the aforementioned derivative financial instruments upon accepting IRLCs.
−Removed: Changes in the fair value of IRLCs and the other derivative financial instruments are recognized in Financial Services revenues.
+Added: Changes in the fair value of IRLCs and the other
+Added: derivative financial instruments are recognized in Financial Services revenues.
We do not use any derivative financial instruments for trading purposes.
1 unchanged sentence
At December 31, 2025 and 2024, we had aggregate IRLCs of $820.2 million and $469.4 million, respectively, which were originated at interest rates prevailing at the date of commitment.
−Removed: Unexpired forward contracts totaled $977.0 million and $745.0 million at December 31, 2024 and 2023, respectively, and whole loan investor commitments totaled $237.1 million and $207.9 million, respectively, at such dates.
+Added: Unexpired forward contracts totaled $1.3 billion and $977.0 million at December 31, 2025 and 2024, respectively, and whole loan investor commitments totaled $270.6 million and $237.1 million, respectively, at such dates.
Hypothetical changes in the fair values of our financial instruments arising from immediate parallel shifts in long-term mortgage rates would not be material to our financial results due to the offsetting nature in the movements in fair value of our financial instruments.
2 unchanged sentences
These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements.
−Removed: You can identify these statements by the fact that they do
−Removed: not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events.
+Added: You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events.
Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “may,” “can,” “could,” “might,” “should,” “will” and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.
1 unchanged sentence
interest rate changes and the availability of mortgage financing;
−Removed: the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry changes or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend;
+Added: the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry conditions or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend;
economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general;
−Removed: labor supply shortages and the cost of labor;
+Added: supply shortages and the cost of labor and building materials;
the availability and cost of land and other raw materials used by us in our homebuilding operations;
17 unchanged sentences
the impairment of our intangible assets;
−Removed: the disruptions associated with the COVID-19 pandemic (or another epidemic or pandemic or similar public threat or fear of such an event), and the measures taken to address it;
+Added: disruptions associated with epidemics, pandemics or other serious public health threats (as well as fear of such events), and the measures taken to address it;
the effect of cybersecurity incidents and threats;
3 unchanged sentences
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.