20.	S upplemental Guarantor Information [TO BE UPDATED]

Certain of our

100%

owned direct and indirect subsidiaries guarantee our outstanding senior notes payable (please see Note

"Senior Notes Payable"). Presented below are the condensed consolidated financial statements for our guarantor subsidiaries and non-guarantor subsidiaries.

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

	Three Months Ended March 31, 2017
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	577,268		$	540,524		$	219,907		$	―		$	1,337,699
Cost of sales		(471,297	)		(431,552	)		(160,006	)		―			(1,062,855	)
Gross margin		105,971			108,972			59,901			―			274,844
Selling, general and administrative expenses		(64,708	)		(73,391	)		(18,177	)		―			(156,276	)
Income (loss) from unconsolidated joint ventures		674			133			3,081			―			3,888
Equity income of subsidiaries		57,597			―			―			(57,597	)		―
Interest income (expense), net		874			(680	)		(194	)		―			―
Other income (expense)		(1,987	)		(28	)		1,846			―			(169	)
Homebuilding pretax income		98,421			35,006			46,457			(57,597	)		122,287
Financial Services:
Financial services pretax income		―			―			7,581			―			7,581
Income before taxes		98,421			35,006			54,038			(57,597	)		129,868
Provision for income taxes		(15,801	)		(16,723	)		(14,724	)		―			(47,248	)
Net income	$	82,620		$	18,283		$	39,314		$	(57,597	)	$	82,620

	Three Months Ended March 31, 2016
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Homebuilding:
Revenues	$	461,738		$	534,454		$	189,491		$	―		$	1,185,683
Cost of sales		(372,841	)		(430,002	)		(135,652	)		―			(938,495	)
Gross margin		88,897			104,452			53,839			―			247,188
Selling, general and administrative expenses		(55,051	)		(67,846	)		(13,804	)		―			(136,701	)
Income (loss) from unconsolidated joint ventures		689			144			356			―			1,189
Equity income of subsidiaries		54,167			―			―			(54,167	)		―
Interest income (expense), net		1,337			(965	)		(372	)		―			―
Other income (expense)		(3,615	)		189			18			―			(3,408	)
Homebuilding pretax income		86,424			35,974			40,037			(54,167	)		108,268
Financial Services:
Financial services pretax income		―			―			6,936			―			6,936
Income before taxes		86,424			35,974			46,973			(54,167	)		115,204
Provision for income taxes		(13,763	)		(17,474	)		(11,306	)		―			(42,543	)
Net income	$	72,661		$	18,500		$	35,667		$	(54,167	)	$	72,661

CONDENSED CONSOLIDATING BALANCE SHEET

	March 31, 2017
	CalAtlantic Group, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	95,956	$	24,153	$	23,772	$	―		$	143,881
Restricted cash		―		―		30,306		―			30,306
Intercompany receivables		2,077,067		―		378,564		(2,455,631	)		―
Inventories:
Owned		2,885,973		2,320,920		1,349,382		―			6,556,275
Not owned		32,880		26,996		2,896		―			62,772
Investments in unconsolidated joint ventures		4,707		4,798		110,859		―			120,364
Investments in subsidiaries		2,011,015		―		―		(2,011,015	)		―
Deferred income taxes, net		332,392		―		―		(6,643	)		325,749
Goodwill		970,185		―		―		―			970,185
Other assets		168,787		40,902		11,402		―			221,091
Total Homebuilding Assets		8,578,962		2,417,769		1,907,181		(4,473,289	)		8,430,623
Financial Services:
Cash and equivalents		―		―		38,112		―			38,112
Restricted cash		―		―		21,242		―			21,242
Mortgage loans held for sale, net		―		―		157,851		―			157,851
Mortgage loans held for investment, net		―		―		25,744		―			25,744
Other assets		―		―		21,999		(1,801	)		20,198
Total Financial Services Assets		―		―		264,948		(1,801	)		263,147
Total Assets	$	8,578,962	$	2,417,769	$	2,172,129	$	(4,475,090	)	$	8,693,770

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	79,553	$	66,747	$	24,245	$	―		$	170,545
Accrued liabilities and intercompany payables		418,880		1,323,401		981,395		(2,085,511	)		638,165
Revolving credit facility		―		―		―		―			―
Secured project debt and other notes payable		402,652		―		3,309		(378,564	)		27,397
Senior notes payable		3,390,504		―		―		―			3,390,504
Total Homebuilding Liabilities		4,291,589		1,390,148		1,008,949		(2,464,075	)		4,226,611
Financial Services:
Accounts payable and other liabilities		―		―		17,576		―			17,576
Mortgage credit facility		―		―		154,467		―			154,467
Total Financial Services Liabilities		―		―		172,043		―			172,043
Total Liabilities		4,291,589		1,390,148		1,180,992		(2,464,075	)		4,398,654

Equity:
Total Stockholders' Equity		4,287,373		1,027,621		983,394		(2,011,015	)		4,287,373
Noncontrolling interest		―		―		7,743		―			7,743
Total Equity		4,287,373		1,027,621		991,137		(2,011,015	)		4,295,116
Total Liabilities and Equity	$	8,578,962	$	2,417,769	$	2,172,129	$	(4,475,090	)	$	8,693,770

CONDENSED CONSOLIDATING BALANCE SHEET

	December 31, 2016
	CalAtlantic Group, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
ASSETS
Homebuilding:
Cash and equivalents	$	105,261	$	38,211	$	47,614	$	―		$	191,086
Restricted cash		―		―		28,321		―			28,321
Intercompany receivables		2,045,773		―		334,926		(2,380,699	)		―
Inventories:
Owned		2,825,234		2,277,840		1,335,718		―			6,438,792
Not owned		30,953		32,596		2,718		―			66,267
Investments in unconsolidated joint ventures		4,469		4,923		117,735		―			127,127
Investments in subsidiaries		1,954,418		―		―		(1,954,418	)		―
Deferred income taxes, net		337,021		―		―		(6,643	)		330,378
Goodwill		970,185		―		―		―			970,185
Other assets		165,214		36,725		2,550		―			204,489
Total Homebuilding Assets		8,438,528		2,390,295		1,869,582		(4,341,760	)		8,356,645
Financial Services:
Cash and equivalents		―		―		17,041		―			17,041
Restricted cash		―		―		21,710		―			21,710
Mortgage loans held for sale, net		―		―		262,058		―			262,058
Mortgage loans held for investment, net		―		―		24,924		―			24,924
Other assets		―		―		28,467		(1,801	)		26,666
Total Financial Services Assets		―		―		354,200		(1,801	)		352,399
Total Assets	$	8,438,528	$	2,390,295	$	2,223,782	$	(4,343,561	)	$	8,709,044

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	92,611	$	78,729	$	40,440	$	―		$	211,780
Accrued liabilities and intercompany payables		387,098		1,302,228		964,796		(2,054,217	)		599,905
Secured project debt and other notes payable		359,025		―		3,480		(334,926	)		27,579
Senior notes payable		3,392,208		―		―		―			3,392,208
Total Homebuilding Liabilities		4,230,942		1,380,957		1,008,716		(2,389,143	)		4,231,472
Financial Services:
Accounts payable and other liabilities		―		―		22,559		―			22,559
Mortgage credit facility		―		―		247,427		―			247,427
Total Financial Services Liabilities		―		―		269,986		―			269,986
Total Liabilities		4,230,942		1,380,957		1,278,702		(2,389,143	)		4,501,458

Equity:
Total Equity		4,207,586		1,009,338		945,080		(1,954,418	)		4,207,586
Total Liabilities and Equity	$	8,438,528	$	2,390,295	$	2,223,782	$	(4,343,561	)	$	8,709,044

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Three Months Ended March 31, 2017
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(14,708	)	$	(37,052	)	$	143,518		$	―		$	91,758

Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(96	)		(41	)		(18,772	)		―			(18,909	)
Distributions of capital from unconsolidated homebuilding joint ventures		500			350			5,621			―			6,471
Loan to parent and subsidiaries		―			―			(43,664	)		43,664			―
Other investing activities		(531	)		(446	)		(944	)		―			(1,921	)
Net cash provided by (used in) investing activities		(127	)		(137	)		(57,759	)		43,664			(14,359	)

Cash Flows From Financing Activities:
Change in restricted cash		―			―			(1,517	)		―			(1,517	)
Borrowings from revolving credit facility		109,550			―			―			―			109,550
Principal payments on revolving credit facility		(109,550	)		―			―			―			(109,550	)
Principal payments on secured project debt and other notes payable		―			―			(179	)		―			(179	)
Loan from subsidiary		43,664			―			―			(43,664	)		―
Net proceeds from (payments on) mortgage credit facility		―			―			(92,960	)		―			(92,960	)
(Contributions to) distributions from Corporate and subsidiaries		1,000			―			(1,000	)		―			―
Repurchases of common stock		―			―			―			―			―
Common stock dividend payments		(4,584	)		―			―			―			(4,584	)
Issuance of common stock under employee stock plans, net of tax withholdings		(4,167	)		―			―			―			(4,167	)
Other financing activities		(126	)		―			―			―			(126	)
Intercompany advances, net		(30,257	)		23,131			7,126			―			―
Net cash provided by (used in) financing activities		5,530			23,131			(88,530	)		(43,664	)		(103,533	)

Net increase (decrease) in cash and equivalents		(9,305	)		(14,058	)		(2,771	)		―			(26,134	)
Cash and equivalents at beginning of period		105,261			38,211			64,655			―			208,127
Cash and equivalents at end of period	$	95,956		$	24,153		$	61,884		$	―		$	181,993

	Three Months Ended March 31, 2016
	CalAtlantic Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated CalAtlantic Group, Inc.
	(Dollars in thousands)
Cash Flows From Operating Activities:
Net cash provided by (used in) operating activities	$	(43,214	)	$	(42,551	)	$	58,143		$	―		$	(27,622	)

Cash Flows From Investing Activities:
Investments in unconsolidated homebuilding joint ventures		(135	)		(45	)		(4,011	)		―			(4,191	)
Distributions of capital from unconsolidated homebuilding joint ventures		―			―			99			―			99
Loan to parent and subsidiaries		―			―			71,000			(71,000	)		―
Other investing activities		488			(199	)		853			―			1,142
Net cash provided by (used in) investing activities		353			(244	)		67,941			(71,000	)		(2,950	)

Cash Flows From Financing Activities:
Change in restricted cash		―			―			1,267			―			1,267
Borrowings from revolving credit facility		386,400			―			―			―			386,400
Principal payments on revolving credit facility		(120,400	)		―			―			―			(120,400	)
Principal payments on secured project debt and other notes payable		(1,724	)		―			(57	)		―			(1,781	)
Loan from subsidiary		(71,000	)		―			―			71,000			―
Net proceeds from (payments on) mortgage credit facility		―			―			(138,479	)		―			(138,479	)
(Contributions to) distributions from Corporate and subsidiaries		(700	)		―			700			―			―
Repurchases of common stock		(87,050	)		―			―			―			(87,050	)
Common stock dividend payments		(4,792	)		―			―			―			(4,792	)
Issuance of common stock under employee stock plans, net of tax withholdings		2,055			―			―			―			2,055
Other financing activities		―			(23	)		―			―			(23	)
Intercompany advances, net		20,643			(34,059	)		13,416			―			―
Net cash provided by (used in) financing activities		123,432			(34,082	)		(123,153	)		71,000			37,197

Net increase (decrease) in cash and equivalents		80,571			(76,877	)		2,931			―			6,625
Cash and equivalents at beginning of period		6,387			112,852			67,355			―			186,594
Cash and equivalents at end of period	$	86,958		$	35,975		$	70,286		$	―		$	193,219