Quarterly report pursuant to Section 13 or 15(d)

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

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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020 (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)
6,043    385,228    31,903   
Purchase contracts — non-refundable deposits, committed (1)
7,277    257,431    15,642   
Purchase and option contracts —refundable deposits, committed 2,098    78,046    1,897   
Total committed 15,418    720,705    49,442   
Purchase and option contracts — refundable deposits, uncommitted (2)
14,708    437,259    4,725   
Total lots under contract or option 30,126    $ 1,157,964    $ 54,167   
Total purchase and option contracts not recorded on balance sheet (3)
30,126    $ 1,157,964    $ 54,167    (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 our balance sheet as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.
(4)Amount is reflected on our unaudited consolidated balance sheet in Deposits on real estate under option or contract as of March 31, 2020.