M/I Homes is a single-family homebuilder operating across 17 markets in 10 states, with a focus on the Midwest, Florida, Texas, and the Carolinas. The company designs, builds, and sells homes to first-time, move-up, empty-nester, and luxury buyers, with prices ranging from roughly $190,000 to $1.25M. M/I Homes' most important product line is the "Smart Series," an entry-level offering targeting first-time and affordability-conscious buyers that accounted for roughly 52% of homes sold in FY25. Smart Series homes come with pre-selected finish packages and are designed for higher density, including townhome configurations. M/I Homes sells directly to consumers through company-employed sales consultants, with roughly three-quarters of sales also involving third-party brokers. The company operates through a Northern Region (~40-42% of deliveries, covering Midwest markets) and a Southern Region (~58-60% of deliveries, covering Florida, Texas, the Carolinas, and Nashville). M/I Homes also runs an in-house mortgage and title business, M/I Financial, which captures roughly 93-94% of its buyers. The company develops roughly 80% of its lots internally and has shifted toward a spec-heavy model, with 65-75% of sales coming from inventory homes, enabling it to offer mortgage rate buydowns efficiently. M/I Homes targets owning a 2-3 year lot supply and controlling another 2-3 years via options. The company operates with a conservative balance sheet and returns capital through consistent share buybacks.