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, 2025 that was filed with the SEC on January 29, 2026 (which we refer to as our “2025 Form 10-K”), other than: (i) the revised inflation risk factor below which supersedes and replaces in its entirety the inflation risk factor in our 2025 Form 10-K; (ii) the revised mortgage financing risk factor below which supersedes and replaces in its entirety the mortgage financing risk factor in our 2025 Form 10-K; and (iii) the revised fourth paragraph to the governmental regulation risk factor entitled “Government regulations and legal challenges may delay the start or completion of our communities, increase our expenses, and limit our homebuilding and other activities, which could adversely affect our operating results” which disclosure below supersedes and replaces the fourth paragraph to such risk factor in our 2025 Form 10-K: Inflation has adversely affected and could continue to adversely affect our operating results. Inflation increases our costs for land, materials, labor, and capital. If we cannot raise home prices enough to offset these higher costs, due to affordability constraints, competitive market conditions, sales prices being set months before delivery, or otherwise, our margins and other operating results could be adversely affected. Inflation is also often accompanied by higher interest rates, which can reduce housing demand. In addition, the announcements and implementation of widespread tariffs by the current U.S. Presidential Administration and retaliatory tariffs imposed in response thereto have resulted in and could continue to result in an inflationary environment having similar adverse effects. 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 and operating results. Inflation also reduces the purchasing power of our cash and increases our financing costs. Further, geopolitical developments, including the conflict in the Middle East, have contributed to volatility in global energy markets and increases in fuel and transportation costs during the first six months of 2026, which may further heighten inflationary pressures, especially if the conflict intensifies or persists. Sustained or worsening geopolitical instability could result in higher input costs, supply chain disruptions, and reduced consumer confidence, which, when combined with affordability pressures and elevated interest rates, could cause potential homebuyers to delay or reconsider home purchases, adversely affecting demand for our homes and our operating results. Since many of our homebuyers require mortgage financing, the sale of our homes is dependent upon the availability of affordable mortgage financing. Our home sales depend on homebuyers' ability to obtain affordable mortgage financing. Reduced mortgage availability, tighter lending standards, and higher interest rates or other financing costs, particularly for first-time homebuyers, which is an important customer segment for us, could significantly reduce demand for our homes and negatively impact our business and operating results. In periods of elevated interest rates, an increasing number of homebuyers may utilize adjustable-rate mortgage loans, or ARMs, to improve affordability. Increased reliance on ARMs may make demand for our homes more sensitive to changes in interest rates, mortgage product availability and lender underwriting standards. Any such developments could negatively impact our home sales, cancellation rates, financial condition and results of operations. Since the federal government plays a significant role in the mortgage market through Fannie Mae, Freddie Mac, the FHA and the VA, changes to these programs, such as stricter underwriting standards, higher insurance premiums, lower loan limits, or potential restructuring, privatization or elimination of Fannie Mae or Freddie Mac, could reduce liquidity in the mortgage market and limit the availability or increase the cost of long-term, fixed-rate loans. Any such changes could adversely affect interest rates, mortgage availability, and our home sales, and could increase the extent to which buyers rely on ARMs or other mortgage products that may expose them to future payment increases. Past periods of mortgage-market instability have shown that tightened credit standards, reduced investor appetite for mortgage-backed securities, and the elimination of certain loan products can materially reduce the pool of 44 Table of Contents qualified buyers, especially first-time and move-up purchasers. Similar conditions in the future, including changes to federal programs or tax policies, deterioration in the market for mortgage-backed securities, reduced liquidity for ARM or other mortgage products, or other systemic disruptions in the broader mortgage market, could again depress demand for our homes. Additionally, since many homebuyers must sell existing homes to purchase new ones, limited mortgage financing, higher financing costs or increased mortgage payment burdens could delay or prevent closings, adversely affecting our business and operating results. Government regulations and legal challenges may delay the start or completion of our communities, increase our expenses, and limit our homebuilding and other activities, which could adversely affect our operating results. In July 2026, the 21st Century ROAD to Housing Act became law. Because many provisions of the legislation require agency rulemaking, regulatory guidance, interpretation, or action by state and local governmental authorities, the ultimate impact of the Act remains uncertain. Changes resulting from the Act could affect land development and entitlement activities, permitting timelines, environmental compliance requirements, construction and mortgage financing, housing demand, and the competitive landscape. We cannot predict the timing, scope, or magnitude of any favorable or unfavorable impacts, and the implementation of the Act could materially affect our business, financial condition, results of operations, cash flows, liquidity, or growth strategy.