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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments The following table sets forth our fixed lease payment commitments as a lessee as of March 31, 2024, for the periods below:
Year |  | Operating Leases |  | Finance Leases
Remainder of 2024 |  | $ | 3,472 |  |  | $ | 1,345 |
2025 |  | 3,156 |  |  | 1,597 |
2026 |  | 2,029 |  |  | 1,575 |
2027 |  | 1,341 |  |  | 1,305 |
2028 |  | 661 |  |  | 120 |
Thereafter |  | 158 |  |  | — |
Total lease payments |  | 10,817 |  |  | 5,942 |
Less: imputed interest |  | (722) |  |  | (336) |
Total lease liability |  | $ | 10,095 |  |  | $ | 5,606 |
The components of lease expense for the three months ended March 31, 2024 and 2023 are as follows:
|  | For the Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease cost |  | $ | 837 |  |  | $ | 893 |  |  |  |  |  |  |  |  |  |  |  |  |
Variable lease cost |  | 475 |  |  | 326 |  |  |  |  |  |  |  |  |  |  |  |  |
Total operating lease cost |  | $ | 1,312 |  |  | $ | 1,219 |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU assets |  | $ | 919 |  |  | $ | 622 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on lease liabilities |  | 152 |  |  | 56 |  |  |  |  |  |  |  |  |  |  |  |
Total finance lease cost |  | $ | 1,071 |  |  | $ | 678 |  |  |  |  |  |  |  |  |  |  |  |  |
New-Build Commitments We have entered into binding purchase agreements with certain homebuilders for the purchase of 1,970 homes over the next four years. Remaining commitments under these agreements total $629,351 as of March 31, 2024. Insurance Policies Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties. As of March 31, 2024, there are no material contingent liabilities related to uninsured losses with respect to our properties. Legal and Other Matters We are subject to various legal proceedings and claims that arise in the ordinary course of our business as well as congressional and regulatory inquiries and engagements. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our condensed consolidated financial statements. In August 2021, we received a letter from the staff of the Federal Trade Commission (“FTC”), requesting information as to how we conduct our business generally and how business was conducted during the COVID-19 pandemic specifically. We have been cooperating with this request and have commenced preliminary discussions with the FTC related to a potential resolution of their inquiry; however, there can be no assurance that any current or future discussions with the FTC to resolve this inquiry will be successful. We are unable to predict the duration, scope, cost, or outcome of these preliminary discussions with the FTC or the ultimate outcome of the FTC inquiry and its effect on our business, prospects, operating results, and financial condition. Given the preliminary stage of these discussions and the uncertainty as to their ultimate outcome, we are not currently able to the estimate of the amount or range of possible loss that may be incurred in the resolution of this matter.

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