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Prepaid Expenses and Other Assets
9 Months Ended
Sep. 30, 2024
Prepaid Expenses and Other Assets [Abstract]  
Prepaid Expenses and Other Assets 6. Prepaid Expenses and Other Assets

Prepaid expenses and other assets included the following (in thousands):

September 30,

December 31,

2024

2023

Prepaid insurance

$

37,241

$

37,624

Lot option and escrow deposits

94,384

51,369

Performance deposits

10,282

10,170

Restricted cash (1)

29,753

15,853

Multi-family rental properties under construction (2)

146,993

136,300

Mortgage loans held for investment at fair value

24,032

21,041

Mortgage loans held for investment at amortized cost

6,679

6,826

Mortgage servicing rights

34,523

30,932

Derivative assets

3,757

1,618

Other assets and prepaid expenses

40,317

38,460

Total prepaid expenses and other assets

$

427,961

$

350,193

(1)Restricted cash consists of restricted cash related to land development, earnest money deposits for home sale contracts held by third parties as required by various jurisdictions, and certain compensating balances associated with our mortgage repurchase facilities and other financing obligations.

(2)During the nine months ended September 30, 2024, certain multi-family rental properties were completed and became available for leasing; and as such, we reclassified $92.4 million from multi-family rental properties under construction, included in prepaid expenses and other assets on the condensed consolidated balance sheets, to property and equipment, net on the condensed consolidated balance sheets.