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Commitments and Contingencies - USD ($) $ in Millions | 6 Months Ended |  |
--- | --- | --- | ---
Jun. 30, 2024 | Jun. 30, 2025 | Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |  |  |
Letters of Credit Outstanding, Amount |  | $ 5.2 | $ 20.0
Commitments and Contingencies | Letters of Credit and Performance Bonds During the ordinary course of business, certain regulatory agencies and municipalities require the Company to post letters of credit or performance bonds related to development projects. As of June 30, 2025 and December 31, 2024, letters of credit and performance bonds outstanding were $5.2 million and $20.0 million, respectively. The Company does not believe that it is likely that any material claims will be made under a letter of credit or performance bond in the foreseeable future. Operating Leases The Company has leases associated with office and design center space in Georgia, Texas, and Florida that, at the commencement date, have a lease term of more than 12 months and are classified as operating leases. The exercise of any extension options available in such operating lease contracts is not reasonably certain. Operating lease cost of $0.4 million and $0.8 million for each of the three and six months ended June 30, 2025, and 2024, is included in selling, general and administrative expenses in the condensed consolidated statements of income. Cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million and $0.8 million for the three and six months ended June 30, 2025, respectively, and $0.2 million and $0.3 million in the prior year periods. As of June 30, 2025, the weighted-average remaining lease term and the weighted-average discount rate used in calculating the Company’s lease liabilities were 5.3 years and 7.5%, respectively. The future annual undiscounted cash flows in relation to the operating leases and a reconciliation of such undiscounted cash flows to the operating lease liabilities recognized in the condensed consolidated balance sheet as of June 30, 2025 are presented below (in thousands):
Remainder of 2025 | $ | 975 |
2026 | 1,889 |
2027 | 1,841 |
2028 | 1,742 |
2029 | 1,397 |
Thereafter | 2,112 |
Total future lease payments | 9,956 |
Less: Interest | 2,021 |
Present value of lease liabilities | $ | 7,935 |
The Company elected the short-term lease recognition exemption for all leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. For such leases, the Company does not recognize right-of-use assets or lease liabilities and instead recognizes lease payments in the condensed consolidated income statements on a straight-line basis. Short-term lease cost of $0.2 million and $0.5 million for the three and six months ended June 30, 2025, respectively, and $0.2 million and $0.4 million for the comparable prior year periods, is included in selling, general and administrative expenses in the condensed consolidated statements of income. |  |

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