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

9 Months Ended

Sep. 30, 2023

Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]

Summary of Lots Under Option

The table below presents a summary of our lots under option at September 30, 2023 (dollars in thousands): 

	Projected Number of Lots	Purchase Price		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)	7,498	399,674		41,794
Purchase contracts — non-refundable deposits, committed (1)	7,554	248,934		31,360
Purchase and option contracts —refundable deposits, committed	996	72,759		4,891
Total committed	16,048	721,367		78,045
Purchase and option contracts — refundable deposits, uncommitted (2)	28,416	901,198		15,456
Total lots under contract or option	44,464	$	1,622,565	$	93,501
Total purchase and option contracts not recorded on balance sheet (3)	44,464	$	1,622,565	$	93,501	(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 the accompanying unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.

(4)Amount is reflected on the accompanying unaudited consolidated balance sheets in Deposits on real estate under option or contract as of September 30, 2023.