How does that compare to the home builder you are with now, and you're also in land acquisition? Do they handle it very differently? Is it structured differently?

It's similarly structured overall on the acquisition side. The biggest difference is that where I am now, we actually do land development. We close on parcels and take them through the whole process ourselves. We have an entire development team for that. Whereas NVR doesn't self-develop anything; they use an asset-light model with third-party developers. That's the biggest difference. But on the acquisition side, it's pretty comparable in terms of structure and layout.

They just want the least possible obligation or future obligation. Lennar is also promoting this LPA strategy. D.R. Horton and others are doing it too. Do they handle it the same way as NVR, or do they use expiration dates? Or down payments.

Financial markets appreciate NVR's balance sheet. People often joke that NVR is a finance company that happens to build homes because of how they operate.