VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)

6 Months Ended

Jun. 30, 2023

Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]

The table below presents a summary of our lots under option at June 30, 2023 (dollars in thousands):


	Projected Number of Lots	Purchase Price		Option/ Earnest Money Deposits–Cash
Purchase and option contracts recorded on balance sheet as Real estate not owned	—	$	—	$	—
Option contracts — non-refundable deposits, committed (1)	6,890	400,805		37,672
Purchase contracts — non-refundable deposits, committed (1)	5,408	154,591		19,930
Purchase and option contracts —refundable deposits, committed	2,109	158,893		2,035
Total committed	14,407	714,289		59,637
Purchase and option contracts — refundable deposits, uncommitted (2)	21,171	779,805		11,347
Total lots under contract or option	35,578	$	1,494,094	$	70,984
Total purchase and option contracts not recorded on balance sheet (3)	35,578	$	1,494,094	$	70,984	(4)

(1)Deposits are non-refundable except if certain contractual conditions are not performed by the selling party.

(2)Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots.

(3)Except for our specific performance contracts recorded on the accompanying unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.

(4)Amount is reflected on the accompanying unaudited consolidated balance sheets in Deposits on real estate under option or contract as of June 30, 2023.