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Acquisition of Devon Street Homes, L.P. (Details) $ in Thousands |  | 3 Months Ended |
--- | --- | --- | ---
Jul. 31, 2023 USD ($) Payment | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($)
Business Combination, Consideration Transferred [Abstract] |  |  |  |  |
Contingent consideration |  |  | $ 3,282 |  | $ 3,346
Allocation of the Preliminary Purchase Price as of the Acquisition [Abstract] |  |  |  |  |
Goodwill |  |  | 25,726 |  | 25,726
Devon Street Homes, L.P. [Member] |  |  |  |  |
Acquisition [Abstract] |  |  |  |  |
Credit facility term |  | 3 years |  |  |
Debt principal amount |  | $ 5,000 |  |  |
Number of earnout payments | Payment |  | 2 |  |  |
Transaction expenses related to acquisition |  |  | 800 |  |
Business Combination, Consideration Transferred [Abstract] |  |  |  |  |
Cash consideration | [1] | $ 75,865 |  |  |
Seller note payable |  | 5,000 |  |  |
Contingent consideration | [2] | 3,000 |  |  |
Total estimated consideration to be paid |  | 83,865 |  |  |
Cash consideration was funded by cash on hand |  | 3,900 |  |  |
Cash consideration on credit facility |  | 72,000 |  |  |
Payout grid minimum amount |  | 0 |  |  |
Payout grid maximum amount |  | 5,000 |  |  |
Allocation of the Preliminary Purchase Price as of the Acquisition [Abstract] |  |  |  |  |
Real estate inventory |  | 51,723 |  |  |
Deposits on real estate under option or contracts |  | 7,438 |  |  |
Property and equipment, net |  | 69 |  |  |
Goodwill |  | 25,726 |  |  | $ 25,700
Other assets |  | 324 |  |  |
Accounts payable |  | (857) |  |  |
Customer deposits |  | (181) |  |  |
Accrued expenses and other liabilities |  | (377) |  |  |
Fair value of consideration transferred |  | $ 83,865 |  |  |
Increase in goodwill |  |  | $ 9,300 |  |
Pro Forma Financial Information [Abstract] |  |  |  |  |
Home closing revenue |  |  |  | $ 183,443 |
Net income |  |  |  | $ 29,477 |
Devon Street Homes, L.P. [Member] | Maximum [Member] |  |  |  |  |
Business Combination, Consideration Transferred [Abstract] |  |  |  |  |
Acquisition measurement period |  | 1 year |  |  |
[1] | The cash consideration was funded by $3.9 million of cash on hand and $72.0 million of draws on the Company’s Credit Facility.
[2] | The contingent consideration represents management’s estimate of the fair value of the future payment to be made to the former owner of Devon Street under the terms of the Gross Margin Earnout feature included in the executed Asset Purchase Agreement for the Devon Street acquisition. Per the terms of the Gross Margin Earnout feature, the seller is entitled to receive a one‑time payment in the first quarter of 2025 based on the newly established Houston division’s gross margin (as defined) for the year ending December 31, 2024. The payout will be determined in accordance with the Gross Margin Calculation Payout Grid and ranges from a minimum of zero to a maximum of $5.0 million.

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