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

6 Months Ended

Jun. 30, 2024

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

The table below presents a summary of our lots under option at June 30, 2024 (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)	7,555	517,409		72,992
Purchase contracts — non-refundable deposits, committed (1)	15,491	430,972		62,535
Purchase and option contracts —refundable deposits, committed	1,078	42,934		3,365
Total committed	24,124	991,315		138,892
Purchase and option contracts — refundable deposits, uncommitted (2)	41,752	1,875,539		17,806
Total lots under contract or option	65,876	$	2,866,854	$	156,698
Total purchase and option contracts not recorded on balance sheet (3)	65,876	$	2,866,854	$	156,698	(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, 2024.