8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 27, 2008

WILLIAM LYON HOMES

(Exact name of registrant as specified in charter)

Delaware	001-31625	33-0864902
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4490 Von Karman Avenue, Newport Beach, California	92660
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (949) 833-3600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

The information in this Current Report on Form 8-K, including the related exhibit 99.1, is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that Section, except as specifically incorporated by reference into the filings of William Lyon Homes under the Securities Act of 1933, as amended, or the Exchange Act.

On February 27, 2008, William Lyon Homes (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2007. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release issued on February 27, 2008 announcing financial results for the quarter and year ended December 31, 2007.

2

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 hereunto duly authorized.

	WILLIAM LYON HOMES
Dated: February 28, 2008	By:	/s/ Michael D. Grubbs
		Michael D. Grubbs
		Senior Vice President, Chief Financial
		Officer and Treasurer

3

EXHIBIT INDEX

Exhibit	Description
99.1	Press Release issued on February 27, 2008 announcing financial results for the quarter and year ended December 31, 2007.

4

EX-99.1

Exhibit 99.1

Contact: Investor Relations

W. Douglass Harris

William Lyon Homes

(949) 833-3600

WILLIAM LYON HOMES REPORTS

FOURTH QUARTER AND FULL YEAR 2007 RESULTS

Financial Highlights

2007 Fourth Quarter

• Net new home orders of 359, down 29%

• New home deliveries of 797, down 15%

• Consolidated operating revenue of $446.0 million, down 4%

• Homebuilding gross margins of $35.1 million, down 59%

• Homebuilding gross margin percentage of 9.5%, down 880 basis points

• Loss on sales of land of $87.7 million

• Impairment loss on real estate assets of $84.5 million

• Net loss of $185.9 million

2007 Full Year

• Net new home orders of 1,855, down 16%

• New home deliveries of 2,182, down 24%

• Consolidated operating revenue of $1.105 billion, down 26%

• Homebuilding gross margins of $129.3 million, down 59%

• Homebuilding gross margin percentage of 12.9%, down 860 basis points

• Loss on sales of land of $83.0 million

• Impairment loss on real estate assets of $231.1 million

• Net loss of $349.4 million

NEWPORT BEACH, CA—February 27, 2008—William Lyon Homes today reported a net loss of $185,940,000 for the fourth quarter ended December 31, 2007, as compared to net income of $7,681,000 for the comparable period a year ago. Consolidated operating revenue decreased 4% to $445,984,000 for the quarter ended December 31, 2007, as compared to $465,338,000 for the comparable period a year ago. Operating revenue from home sales decreased 20% to $370,705,000 for the quarter ended December 31, 2007, as compared to $460,981,000 for the comparable period a year ago.

For the year ended December 31, 2007, the Company reported a net loss of $349,408,000, as compared to net income of $74,778,000 for the comparable period a year ago. Consolidated operating revenue decreased 26% to $1,105,357,000 for the year ended December 31, 2007, as compared with $1,492,221,000 for the comparable period a year ago. Operating revenue from home sales decreased 32% to $1,002,549,000 for the year ended December 31, 2007, as compared to $1,478,694,000 for the comparable period a year ago.

During 2007 and 2008, in response to the slow-down in the homebuilding industry, the Company entered into certain land sales transactions to improve its liquidity and to reduce its overall debt. Operating revenue for the three months ended December 31, 2007 and 2006 included $75,279,000 and $4,357,000, respectively, from the sales of land resulting in gross losses of approximately $87,741,000 and $3,537,000, respectively. Operating revenue for the years ended December 31, 2007 and 2006 included $102,808,000 and $13,527,000, respectively, from the sales of land resulting in gross losses of approximately $82,985,000 and $2,997,000, respectively. In addition, losses of approximately $40,282,000 related to a portion of the land sales which closed in January 2008 have been reflected in the Consolidated Statements of Operations as Impairment Loss on Real Estate Assets for the three and twelve months ended December 31, 2007.

In addition, the Company incurred costs of approximately $16,962,000 and $19,810,000 during the three months and twelve months ended December 31, 2007, respectively, related to the abandonment and write-off of project pre-acquisition costs and land option deposits for certain of the Company’s potential projects, which are included in cost of sales - lots, land and other in the Consolidated Statements of Operations.

The Company incurred impairment losses on real estate assets of $84,454,000 and $25,870,000 for the three months ended December 31, 2007 and 2006, respectively, and $231,120,000 and $39,895,000 for the twelve months ended December 31, 2007 and 2006, respectively. The impairments were primarily attributable to slower than anticipated home sales and lower than

2

anticipated net revenue due to softening market conditions. As a result, the future undiscounted cash flows estimated to be generated were determined to be less than the carrying amount of the assets. Accordingly, the real estate assets were written-down to their estimated fair value.

The Company’s combined results including joint ventures were as follows: The number of homes closed for the three months ended December 31, 2007 was 797, down 15% as compared to 938 for the three months ended December 31, 2006. The number of homes closed for the year ended December 31, 2007 was 2,182, a decrease of 24% as compared to 2,887 for the year ended December 31, 2006. The Company’s backlog of homes sold but not closed was 279 at December 31, 2007, down 54% from 606 at December 31, 2006. The Company’s dollar amount of backlog of homes sold but not closed at December 31, 2007, was $107,893,000, down 63% from $295,505,000 at December 31, 2006. The cancellation rate of buyers who contracted to buy a home but did not close escrow was approximately 33% during 2007 and 33% during 2006.

Net new home orders for the three months ended December 31, 2007 were 359, a decrease of 29% as compared to 504 for the three months ended December 31, 2006. Net new home orders for the year ended December 31, 2007 were 1,855, a decrease of 16% as compared to 2,202 for the year ended December 31, 2006. The average number of sales locations was 57 for the year ended December 31, 2007, an increase of 10% as compared to 52 for the year ended December 31, 2006.

During the fourth quarter of 2007, the average sales price of homes (including joint ventures) was $465,100, down 5% as compared to $491,500 for the comparable period a year ago. For the year ended December 31, 2007, the average sales price of homes (including joint ventures) was $459,500, down 10% as compared to $512,200 for the year ended December 31, 2006. The lower average sales price was primarily due to (1) price depreciation in certain markets resulting from the slowing of new orders and competitive pressures and (2) a change in product mix.

For the quarter ended December 31, 2007, the Company’s homebuilding gross margin percentage decreased to 9.5% from 18.3% for the quarter ended December 31, 2006. For the year ended December 31, 2007, the Company’s homebuilding gross margin percentage decreased to 12.9% from 21.5% for the year ended December 31, 2006. These lower gross margin percentages were primarily due to a decrease in average sales prices, the earlier close out of projects with higher gross margins and a shift in product mix.

3

In 2007, the Company took actions to reduce its overall cost structure and improve operating efficiencies by reducing its Company-wide headcount. In connection with these reductions, certain operating divisions have been consolidated to centralize operations and achieve additional operating efficiencies.

Effective on January 1, 2007, the Company made an election in accordance with federal and state regulations to be taxed as an “S” corporation rather than a “C” corporation. Under this election, the Company’s taxable income flows through to and is reported on the personal tax returns of its shareholders. The shareholders are responsible for paying the appropriate taxes based on this election. The Company does not pay any federal taxes under this election and is only required to pay certain state taxes, based on a rate of approximately 1.5% of taxable income. As a result of this election, the Company’s provision for income taxes for the year ended December 31, 2007 included a reduction of deferred tax assets of $31,887,000 due to the elimination of any future tax benefit by the Company from such assets. In addition, unused recognized built-in losses in the amount of $19,414,000 are no longer available to the Company.

Prior to March 15, 2008, the Company and its shareholders expect to make a revocation of the “S” corporation election effective on January 1, 2008. As a result of this revocation, the Company will be taxed as a “C” corporation. The shareholders will not be able to elect “S” corporation status for at least five years. The revocation of the “S” corporation election will allow taxable losses generated in 2008 to be carried back to the 2006 “C” corporation year. As a result of the contemplated change in tax status, the Company anticipates that it will record a deferred tax asset of approximately $35,000,000-$40,000,000 as of January 1, 2008. The recorded deferred tax asset reflects the tax refund for the anticipated carry back of the estimated 2008 tax loss to 2006 as a result of the reversal of temporary differences in 2008.

General William Lyon, Chairman and Chief Executive Officer, stated “While 2007 was a difficult year for the Company and the entire homebuilding industry, we made some significant decisions to align our operations to a level consistent with our current and expected future lower levels of volume and to enter into certain land sales transactions to improve our liquidity and to reduce our overall debt”.

General Lyon further stated “In an industry where no immediate improvement of current market conditions can be reasonably predicted, we believe that we have undertaken the necessary steps to protect our financial position for the immediate future”.

4

Douglas F. Bauer, President and Chief Operating Officer, stated “We will continue to monitor each of our markets carefully so as to position our products successfully in a marketplace which continues to be extremely competitive. At the same time, we will be evaluating additional transactions which could improve our liquidity and reduce our overall debt as we face some challenging market conditions ahead.”

Selected financial and operating information for the Company, including joint ventures, is set forth in greater detail in a schedule attached to this release.

The Company will hold a conference call on Thursday, February 28, 2008 at 11:00 a.m. Pacific Time to discuss the fourth quarter and year end 2007 earnings results. The dial-in number is (866) 271-0675 (enter passcode number 39868842). Participants may call in beginning at 10:45 a.m. Pacific Time. In addition, the call will be broadcast from William Lyon Homes’ website at www.lyonhomes.com in the “Investor Relations” section of the site. The call will be recorded and replayed beginning on February 28, 2008 at 1:00 p.m. Pacific Time through midnight on March 14, 2008. The dial-in number for the replay is (888) 286-8010 (enter passcode number 57414115). Replays of the call will also be available on the Company’s website approximately two hours after broadcast.

William Lyon Homes is primarily engaged in the design, construction and sales of new single-family detached and attached homes in California, Arizona and Nevada. The Company’s corporate headquarters are located in Newport Beach, California. For more information about the Company and its new home developments, please visit the Company’s web-site at www.lyonhomes.com.

Certain statements contained in this release that are not historical information contain forward-looking statements. The forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected or implied. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. Factors that may impact such forward-looking statements include, among others, changes in general economic conditions and in the markets in which the Company competes, terrorism or hostilities involving the United States, changes in mortgage and other interest rates, changes in prices of homebuilding materials, weather conditions, the occurrence of events such as landslides, soil subsidence and earthquakes that are uninsurable, not economically insurable or not subject to effective indemnification agreements, the availability of labor and homebuilding materials, changes in governmental laws and regulations, the timing of receipt of regulatory approvals and the opening of projects, and the availability and cost of land for future development, as well as the other factors discussed in the Company’s reports filed with the Securities and Exchange Commission.

5

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

	Three Months Ended December 31,
	2007									2006
	Wholly- Owned			Joint Ventures			Consolidated Total			Wholly- Owned			Joint Ventures			Consolidated Total
Selected Financial Information
(dollars in thousands)
Homes closed		734			63			797			831			107			938
Home sales revenue	$	345,640		$	25,065		$	370,705		$	417,523		$	43,458		$	460,981
Cost of sales		(316,375	)		(19,209	)		(335,584	)		(343,328	)		(32,951	)		(376,279	)
Gross margin	$	29,265		$	5,856		$	35,121		$	74,195		$	10,507		$	84,702
Gross margin percentage		8.5	%		23.4	%		9.5	%		17.8	%		24.2	%		18.3	%
Number of homes closed
California		538			63			601			469			107			576
Arizona		106			—			106			217			—			217
Nevada		90			—			90			145			—			145
Total		734			63			797			831			107			938
Average sales price
California	$	539,700		$	397,900		$	524,800		$	638,700		$	406,100		$	595,500
Arizona		250,800			—			250,800			298,700			—			298,700
Nevada		319,100			—			319,100			366,500			—			366,500
Total	$	470,900		$	397,900		$	465,100		$	502,400		$	406,100		$	491,500
Number of net new home orders
California		242			16			258			264			71			335
Arizona		35			—			35			45			—			45
Nevada		66			—			66			124			—			124
Total		343			16			359			433			71			504
Average number of sales locations during quarter
California		44			5			49			32			7			39
Arizona		4			—			4			6			—			6
Nevada		11			—			11			11			—			11
Total		59			5			64			49			7			56

6

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION (Continued)

(unaudited)

	As of December 31,
	2007						2006
	Wholly- Owned		Joint Ventures		Consolidated Total		Wholly- Owned		Joint Ventures		Consolidated Total
Backlog of homes sold but not closed at end of period
California		168		17		185		303		52		355
Arizona		67		—		67		191		—		191
Nevada		27		—		27		60		—		60
Total		262		17		279		554		52		606
Dollar amount of homes sold but not closed at end of period (in thousands)
California	$	80,310	$	5,156	$	85,466	$	197,123	$	24,122	$	221,245
Arizona		15,627		—		15,627		51,852		—		51,852
Nevada		6,800		—		6,800		22,408		—		22,408
Total	$	102,737	$	5,156	$	107,893	$	271,383	$	24,122	$	295,505
Lots controlled at end of period Owned lots
California		3,428		914		4,342		4,895		530		5,425
Arizona		4,481		1,745		6,226		3,996		2,568		6,564
Nevada		3,056		—		3,056		1,299		—		1,299
Total		10,965		2,659		13,624		10,190		3,098		13,288
Optioned lots (1)
California						534						2,872
Arizona						303						3,492
Nevada						—						1,013
Total						837						7,377
Total lots controlled
California						4,876						8,297
Arizona						6,529						10,056
Nevada						3,056						2,312
Total						14,461						20,665

(1) Optioned lots may be purchased as wholly-owned projects or by newly formed joint ventures.

7

WILLIAM LYON HOMES

SELECTED FINANCIAL AND OPERATING INFORMATION

(unaudited)

	Twelve Months Ended December 31,
	2007									2006
	Wholly- Owned			Joint Ventures			Consolidated Total			Wholly- Owned			Joint Ventures			Consolidated Total
Selected Financial Information
(dollars in thousands)
Homes closed		1,963			219			2,182			2,540			347			2,887
Home sales revenue	$	910,728		$	91,821		$	1,002,549		$	1,327,297		$	151,397		$	1,478,694
Cost of sales		(803,749	)		(69,479	)		(873,228	)		(1,052,657	)		(107,957	)		(1,160,614	)
Gross margin	$	106,979		$	22,342		$	129,321		$	274,640		$	43,440		$	318,080
Gross margin percentage		11.7	%		24.3	%		12.9	%		20.7	%		28.7	%		21.5	%
Number of homes closed
California		1,276			219			1,495			1,431			347			1,778
Arizona		420			—			420			593			—			593
Nevada		267			—			267			516			—			516
Total		1,963			219			2,182			2,540			347			2,887
Average sales price
California	$	554,300		$	419,300		$	534,500		$	646,900		$	436,300		$	605,800
Arizona		273,600			—			273,600			346,800			—			346,800
Nevada		331,700			—			331,700			379,700			—			379,700
Total	$	463,900		$	419,300		$	459,500		$	522,600		$	436,300		$	512,200
Number of net new home orders
California		1,141			184			1,325			1,111			291			1,402
Arizona		296			—			296			388			—			388
Nevada		234			—			234			412			—			412
Total		1,671			184			1,855			1,911			291			2,202
Average number of sales locations during quarter
California		36			6			42			28			6			34
Arizona		5			—			5			6			—			6
Nevada		10			—			10			12			—			12
Total		51			6			57			46			6			52

8

WILLIAM LYON HOMES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands)

(unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2007			2006			2007			2006
Operating revenue
Home sales	$	370,705		$	460,981		$	1,002,549		$	1,478,694
Lots, land and other sales		75,279			4,357			102,808			13,527
		445,984			465,338			1,105,357			1,492,221
Operating costs
Cost of sales - homes		(335,584	)		(376,279	)		(873,228	)		(1,160,614	)
Cost of sales - lots, land and other		(179,982	)		(7,894	)		(205,603	)		(16,524	)
Impairment loss on real estate assets		(84,454	)		(25,870	)		(231,120	)		(39,895	)
Sales and marketing		(21,116	)		(24,513	)		(66,703	)		(72,349	)
General and administrative		(7,085	)		(12,077	)		(37,472	)		(61,390	)
Other		(385	)		(4,212	)		(903	)		(6,502	)
		(628,606	)		(450,845	)		(1,415,029	)		(1,357,274	)
Equity in income (loss) of unconsolidated joint ventures		602			(156	)		304			3,242
Minority equity in income of consolidated entities		(1,144	)		(4,036	)		(11,126	)		(16,914	)
Operating (loss) income		(183,164	)		10,301			(320,494	)		121,275
Financial advisory expenses		—			(23	)		—			(3,165	)
Other income (expense), net		(292	)		2,564			3,744			5,599
(Loss) income before provision for income taxes		(183,456	)		12,842			(316,750	)		123,709
Provision for income taxes		(2,484	)		(5,161	)		(32,658	)		(48,931	)
Net (loss) income	$	(185,940	)	$	7,681		$	(349,408	)	$	74,778

9

WILLIAM LYON HOMES

CONSOLIDATED BALANCE SHEETS

(in thousands except number of shares and par value per share)

	December 31,
	2007		2006
	(unaudited)
ASSETS
Cash and cash equivalents	$	73,197	$	38,732
Receivables		45,267		119,491
Real estate inventories
Owned		1,061,660		1,431,753
Not owned		144,265		200,667
Investments in and advances to unconsolidated joint ventures		4,671		3,560
Property and equipment, less accumulated depreciation of $12,093 and $12,465 at December 31, 2007 and 2006, respectively		16,092		16,828
Deferred loan costs		9,645		11,258
Goodwill		5,896		5,896
Other assets		14,635		50,410
	$	1,375,328	$	1,878,595
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	40,890	$	48,592
Accrued expenses		67,786		111,871
Liabilities from inventories not owned		113,395		131,564
Notes payable		266,932		304,096
7 5/8 % Senior Notes due December 15, 2012		150,000		150,000
10 3/4% Senior Notes due April 1, 2013		247,553		247,218
7 1/2% Senior Notes due February 15, 2014		150,000		150,000
		1,036,556		1,143,341
Minority interest in consolidated entities		56,009		109,859
Stockholders’ equity
Common stock, par value $0.01 per share; 3,000 shares authorized; 1,000 shares outstanding at December 31, 2007 and 2006		—		—
Additional paid-in capital		48,867		43,213
Retained earnings		233,896		582,182
		282,763		625,395
	$	1,375,328	$	1,878,595

10

WILLIAM LYON HOMES

SUPPLEMENTAL FINANCIAL INFORMATION

SELECTED FINANCIAL DATA (dollars in thousands):

	Three Months Ended December 31,						Last Twelve Months Ended December 31,
	2007			2006			2007			2006
Net (loss) income	$	(185,940	)	$	7,681		$	(349,408	)	$	74,778
Net cash provided by (used in) operating activities	$	229,087		$	(4,578	)	$	134,513		$	(89,983	)
Interest incurred	$	20,268		$	19,091		$	76,497		$	80,173
Adjusted EBITDA (1)	$	(70,521	)	$	58,557		$	(26,233	)	$	219,846
Ratio of adjusted EBITDA to interest incurred								—			2.74x

Balance Sheet Data

	December 31,
	2007			2006
Stockholders’ equity	$	282,763		$	625,395
Total debt		814,485			851,314
Total book capitalization	$	1,097,248		$	1,476,709
Ratio of debt to total book capitalization		74.2	%		57.6	%
Ratio of debt to total book capitalization (net of cash)		72.4	%		56.5	%
Ratio of debt to LTM adjusted EBITDA		—			3.87	x
Ratio of debt to LTM adjusted EBITDA (net of cash)		—			3.70	x

(1) Adjusted EBITDA means net income plus (i) provision for income taxes, (ii) interest expense, (iii) amortization of capitalized interest included in cost of sales, (iv) non-cash impairment charges, (v) depreciation and amortization and (vi) cash distributions of income from unconsolidated joint ventures less equity in income of unconsolidated joint ventures. Other companies may calculate adjusted EBITDA differently. Adjusted EBITDA is not a financial measure prepared in accordance with accounting principles generally accepted in the United States. Adjusted EBITDA is presented herein because it is a component of certain covenants in the indentures governing the Company’s 7 ⁵/8% Senior Notes, 10 ³/4% Senior Notes and 7 ¹/2% Senior Notes (“Indentures”). In addition, management believes the presentation of adjusted EBITDA provides useful information to the Company’s investors regarding the Company’s financial condition and results of operations because adjusted EBITDA is a widely utilized financial indicator of a company’s ability to service and/or incur debt. The calculations of adjusted EBITDA below are presented in accordance with the requirements of the Indentures. Adjusted EBITDA should not be considered as an alternative for net income, cash flows from

11

operating activities and other consolidated income or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. A reconciliation of net income to adjusted EBITDA is provided as follows:

	Three Months Ended December 31,						Last Twelve Months Ended December 31,
	2007			2006			2007			2006
Net (loss) income	$	(185,940	)	$	7,681		$	(349,408	)	$	74,778
Provision for income taxes		2,484			5,161			32,658			48,931
Interest expense:
Interest incurred		20,268			19,091			76,497			80,173
Interest capitalized		(20,268	)		(19,091	)		(76,497	)		(80,173	)
Amortization of capitalized interest in cost of sales		28,478			19,017			57,241			54,356
Non-cash impairment charge		84,454			25,870			231,120			39,895
Depreciation and amortization		605			672			2,460			2,529
Cash distributions of income from unconsolidated joint ventures		—			—			—			2,599
Equity in loss (income) of unconsolidated joint ventures		(602	)		156			(304	)		(3,242	)
Adjusted EBITDA	$	(70,521	)	$	58,557		$	(26,233	)	$	219,846

12

A reconciliation of net cash provided by (used in) operating activities to adjusted EBITDA is provided as follows:

	Three Months Ended December 31,						Last Twelve Months Ended December 31,
	2007			2006			2007			2006
Net cash provided by (used in) operating activities	$	229,087		$	(4,578	)	$	134,513		$	(89,983	)
Interest expense:
Interest incurred		20,268			19,091			76,497			80,173
Interest capitalized		(20,268	)		(19,091	)		(76,497	)		(80,173	)
Amortization of capitalized interest in cost of sales		28,478			19,017			57,241			54,356
State income tax refund credited to additional paid-in capital		—			—			—			(10	)
Federal income tax refund credited to additional paid-in capital		—			—			—			(1,820	)
Minority equity in (income) loss of consolidated entities		(1,144	)		(4,036	)		(11,126	)		(16,914	)
Net changes in operating assets and liabilities:
Receivables		6,793			80,464			(81,365	)		(23,990	)
Real estate inventories - owned		(330,294	)		(56,314	)		(174,318	)		147,790
Deferred loan costs		(751	)		236			(1,613	)		(1,065	)
Other assets		(10,591	)		9,970			(3,113	)		20,079
Accounts payable		8,150			13,975			9,469			18,734
Accrued expenses		(249	)		(177	)		44,079			112,669
Adjusted EBITDA	$	(70,521	)	$	58,557		$	(26,233	)	$	219,846

13