Quarterly report pursuant to Section 13 or 15(d)

VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED - Summary of Lots Under Option (Details)

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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED - Summary of Lots Under Option (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
lot
Projected Number of Lots  
Purchase and option contracts recorded on balance sheet as Real estate not owned | lot 0
Option contracts — non-refundable deposits, committed | lot 7,587 [1]
Purchase contracts — non-refundable deposits, committed | lot 10,744 [1]
Purchase and option contracts —refundable deposits, committed | lot 2,322
Total committed | lot 20,653
Purchase and option contracts — refundable deposits, uncommitted | lot 34,722 [2]
Total lots under contract or option | lot 55,375
Total purchase and option contracts not recorded on balance sheet | lot 55,375 [3]
Purchase Price  
Purchase and option contracts recorded on balance sheet as Real estate not owned $ 0
Option contracts — non-refundable deposits, committed 549,462 [1]
Purchase contracts — non-refundable deposits, committed 334,865 [1]
Purchase and option contracts —refundable deposits, committed 158,049
Total committed 1,042,376
Purchase and option contracts — refundable deposits, uncommitted 1,513,780 [2]
Total lots under contract or option 2,556,156
Total purchase and option contracts not recorded on balance sheet 2,556,156 [3]
Option/ Earnest  Money Deposits–Cash  
Purchase and option contracts recorded on balance sheet as Real estate not owned 0
Option contracts — non-refundable deposits, committed 59,028 [1]
Purchase contracts — non-refundable deposits, committed 46,683 [1]
Purchase and option contracts —refundable deposits, committed 1,715
Total committed 107,426
Purchase and option contracts — refundable deposits, uncommitted 15,387 [2]
Total lots under contract or option 122,813
Total purchase and option contracts not recorded on balance sheet $ 122,813 [3],[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 March 31, 2024.