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

12 Months Ended

Dec. 31, 2024

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, 2024 (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)	10,445	749,345		95,651
Purchase contracts — non-refundable deposits, committed (1)	20,158	543,683		79,129
Purchase and option contracts —refundable deposits, committed	1,675	88,783		2,000
Total committed	32,278	1,381,811		176,780
Purchase and option contracts — refundable deposits, uncommitted (2)	33,494	1,689,372		15,625
Total lots under contract or option	65,772	$	3,071,183	$	192,405
Total purchase and option contracts not recorded on balance sheet (3)	65,772	$	3,071,183	$	192,405	(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, 2024.