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)
 6 Months Ended
Jun. 30, 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 June 30, 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)
6,715    347,701    28,393   
Purchase contracts — non-refundable deposits, committed (1)
6,612    182,935    13,084   
Purchase and option contracts —refundable deposits, committed 3,870    113,119    1,375   
Total committed 17,197    643,755    42,852   
Purchase and option contracts — refundable deposits, uncommitted (2)
13,354    448,244    4,980   
Total lots under contract or option 30,551    $ 1,091,999    $ 47,832   
Total purchase and option contracts not recorded on balance sheet (3)
30,551    $ 1,091,999    $ 47,832    (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 June 30, 2020.