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, 2022
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, 2022 (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 (1)
1  $ 8,011  $ 801 
Option contracts — non-refundable deposits, committed (2)
12,549  691,670  60,730 
Purchase contracts — non-refundable deposits, committed (2)
11,573  317,561  23,346 
Purchase and option contracts —refundable deposits, committed 1,890  59,854  1,490 
Total committed 26,013  1,077,096  86,367 
Purchase and option contracts — refundable deposits, uncommitted (3)
25,895  805,606  7,866 
Total lots under contract or option 51,908  $ 1,882,702  $ 94,233 
Total purchase and option contracts not recorded on balance sheet (4)
51,907  $ 1,874,691  $ 93,432  (5)
 
(1)Real estate not owned represents a single parcel of land intended for multi-family housing that, once purchased, the Company intends to sell.
(2)Deposits are non-refundable except if certain contractual conditions are not performed by the selling party.
(3)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.
(4)Except for our specific performance contracts recorded on our unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.
(5)Amount is reflected in our unaudited consolidated balance sheets in Deposits on real estate under option or contract as of March 31, 2022.