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, 2021
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, 2021 (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 (1) 1  $ 8,011  $ 801 
Option contracts — non-refundable deposits, committed (2) 11,983 653,847  55,400 
Purchase contracts — non-refundable deposits, committed (2) 12,963 330,696  25,888 
Purchase and option contracts —refundable deposits, committed 1,548 42,650  596 
Total committed 26,495 1,035,204  82,685 
Purchase and option contracts — refundable deposits, uncommitted (3) 25,534 775,276  8,795 
Total lots under contract or option 52,029 $ 1,810,480  $ 91,480 
Total purchase and option contracts not recorded on balance sheet (4) 52,028 $ 1,802,469  $ 90,679  (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 balance sheet 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 consolidated balance sheets in the line item “Deposits on real estate under option or contract” as of December 31, 2021.