Annual report pursuant to Section 13 and 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)
 12 Months Ended
Dec. 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 that are not recorded on the balance sheet at December 31, 2020 (dollars in thousands):
 
Projected Number
of Lots (unaudited)		 Purchase
Price
(unaudited)		 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) 8,869 440,660  31,710 
Purchase contracts — non-refundable deposits, committed (1) 11,619 360,921  23,761 
Purchase and option contracts —refundable deposits, committed 2,246 65,719  1,218 
Total committed 22,734 867,300  56,689 
Purchase and option contracts — refundable deposits, uncommitted (2) 14,325 423,083  2,845 
Total lots under contract or option 37,059 $ 1,290,383  $ 59,534 
Total purchase and option contracts not recorded on balance sheet (3) 37,059 $ 1,290,383  $ 59,534  (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 in our consolidated balance sheet in the line item “Deposits on real estate under option or contract” as of December 31, 2020.