Annual report [Section 13 and 15(d), not S-K Item 405]

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

v3.25.4
VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED - Summary of Lots Under Option (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
lot
Projected Number of Lots (unaudited)  
Purchase and option contracts recorded on balance sheet as Real estate not owned | lot 0
Option contracts — non-refundable deposits, committed | lot 9,559 [1]
Purchase contracts — non-refundable deposits, committed | lot 11,868 [1]
Purchase and option contracts —refundable deposits, committed | lot 337
Total committed | lot 21,764
Purchase and option contracts — refundable deposits, uncommitted | lot 14,565 [2]
Total lots under contract or option | lot 36,329
Total purchase and option contracts not recorded on balance sheet (3) | lot 36,329
Purchase Price (unaudited)  
Real estate not owned $ 0
Option contracts — non-refundable deposits, committed 947,636 [1]
Purchase contracts — non-refundable deposits, committed 373,136 [1]
Purchase and option contracts —refundable deposits, committed 6,032
Total committed 1,326,804
Purchase and option contracts — refundable deposits, uncommitted 797,182 [2]
Total lots under contract or option 2,123,986
Total purchase and option contracts not recorded on balance sheet (3) 2,123,986
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 98,996 [1]
Purchase contracts — non-refundable deposits, committed 61,706 [1]
Purchase and option contracts —refundable deposits, committed 775
Total committed 161,477
Purchase and option contracts — refundable deposits, uncommitted 12,693 [2]
Total lots under contract or option 174,170
Total purchase and option contracts not recorded on balance sheet (3) $ 174,170 [3]
[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.
[3] Amount is reflected in our consolidated balance sheets in Deposits on real estate under option or contract as of December 31, 2025.