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Revenue from Contract with Customer | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Disaggregation of Revenue The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
| Residential units revenue |  | Land and lots revenue |  | Residential units revenue |  | Land and lots revenue
Primary Geographical Market |  |  |  |  |  |  |
Central | $ | 391,108 |  |  | $ | — |  |  | $ | 389,697 |  |  | $ | 801 |
Southeast | 107,983 |  |  | — |  |  | 133,162 |  |  | — |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Type of Customer |  |  |  |  |  |  |
Homebuyers | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | — |
Homebuilders and Multi-family Developers | — |  |  | — |  |  | — |  |  | 801 |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Product Type |  |  |  |  |  |  |
Residential units | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | — |
Land and lots | — |  |  | — |  |  | — |  |  | 801 |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Transferred at a point in time | $ | 499,059 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
Transferred over time(1) | 32 |  |  | — |  |  | — |  |  | — |
Total revenues | $ | 499,091 |  |  | $ | — |  |  | $ | 522,859 |  |  | $ | 801 |
(1) Revenue recognized over time represents revenue from mechanic’s lien contracts.
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
| Residential units revenue |  | Land and lots revenue |  | Residential units revenue |  | Land and lots revenue
Primary Geographical Market |  |  |  |  |  |  |
Central | $ | 1,174,323 |  |  | $ | 4,342 |  |  | $ | 1,094,102 |  |  | $ | 18,348 |
Southeast | 367,194 |  |  | — |  |  | 419,179 |  |  | — |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
Type of Customer |  |  |  |  |  |  |
Homebuyers | $ | 1,541,517 |  |  | $ | — |  |  | $ | 1,513,281 |  |  | $ | — |
Homebuilders and Multi-family Developers | — |  |  | 4,342 |  |  | — |  |  | 18,348 |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
Product Type |  |  |  |  |  |  |
Residential units | $ | 1,541,517 |  |  | $ | — |  |  | $ | 1,513,281 |  |  | $ | — |
Land and lots | — |  |  | 4,342 |  |  | — |  |  | 18,348 |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Transferred at a point in time | $ | 1,541,485 |  |  | $ | 4,342 |  |  | $ | 1,512,901 |  |  | $ | 18,348 |
Transferred over time(1) | 32 |  |  | — |  |  | 380 |  |  | — |
Total revenues | $ | 1,541,517 |  |  | $ | 4,342 |  |  | $ | 1,513,281 |  |  | $ | 18,348 |
(1) Revenue recognized over time represents revenue from mechanic’s lien contracts. Contract Balances Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands):
| September 30, 2025 |  | December 31, 2024 |  |  |  |
Customer and builder deposits | $ | 35,179 |  |  | $ | 37,068 |  |  |  |  |
The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits and the Company’s delivery of the home, impacted slightly by cancellations of contracts. The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Homebuyers | $ | 14,839 |  |  | $ | 18,190 |  |  | $ | 32,474 |  |  | $ | 38,797 |
Homebuilders and Multi-Family Developers | — |  |  | — |  |  | 643 |  |  | — |
Total deposits recognized as revenue | $ | 14,839 |  |  | $ | 18,190 |  |  | $ | 33,117 |  |  | $ | 38,797 |
Transaction Price Allocated to the Remaining Performance Obligations The aggregate amount allocated to the remaining performance obligations on our land sale and lot option contracts is $17.4 million. The Company will recognize the remaining revenue when and if the lots are taken down, or upon closing for the sale of a land parcel, $12.3 million of which is expected to occur in the remainder of 2025 and $5.1 million in 2026. The timing of lot takedowns is contingent upon a number of factors, including customer and business needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules. Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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