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, 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 at March 31, 2021 (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)
8,385  427,373  32,874 
Purchase contracts — non-refundable deposits, committed (1)
11,683  386,915  26,399 
Purchase and option contracts —refundable deposits, committed 2,880  86,163  1,366 
Total committed 22,948  900,451  60,639 
Purchase and option contracts — refundable deposits, uncommitted (2)
18,505  505,131  3,716 
Total lots under contract or option 41,453  $ 1,405,582  $ 64,355 
Total purchase and option contracts not recorded on balance sheet (3)
41,453  $ 1,405,582  $ 64,355  (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 unaudited consolidated balance sheets 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 sheets in Deposits on real estate under option or contract as of March 31, 2021.