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

12 Months Ended

Dec. 31, 2023

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

The table below presents a summary of our lots under option that are not recorded on the balance sheet at December 31, 2023 (dollars in thousands):


	Projected Number of Lots (unaudited)	Purchase Price (unaudited)		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)	7,116	508,943		51,032
Purchase contracts — non-refundable deposits, committed (1)	9,047	324,112		45,107
Purchase and option contracts —refundable deposits, committed	1,856	81,058		1,645
Total committed	18,019	914,113		97,784
Purchase and option contracts — refundable deposits, uncommitted (2)	28,015	871,661		13,580
Total lots under contract or option	46,034	$	1,785,774	$	111,364
Total purchase and option contracts not recorded on balance sheet (3)	46,034	$	1,785,774	$	111,364	(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 our balance sheet as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.

(4)Amount is reflected in our consolidated balance sheets in Deposits on real estate under option or contract as of December 31, 2023.