VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)

6 Months Ended

Jun. 30, 2026

Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]

The table below presents a summary of our lots under option at June 30, 2026 (dollars in thousands):


	Projected Number of Lots	Purchase Price		Option/ Earnest Money Deposits–Cash
Purchase and option contracts — committed	18,710	$	1,548,384	$	132,531
Purchase and option contracts — uncommitted (1)	15,252	1,027,551		36,446
Total purchase and option contracts (2)	33,962	2,575,935		168,977		(3)

Purchase contracts recorded on balance sheet as Real estate (2)	3,728	$	78,107	$	—	(4)

(1)We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots.

(2)None of our purchase or option contracts require us to purchase lots, except for our specific performance contracts. The purchase price for specific performance contracts are recorded as consolidated real estate not owned on the accompanying unaudited consolidated balance sheets in Real estate. See Note 2 for details of the Real estate balance.

(3)Amount is reflected on the accompanying unaudited consolidated balance sheets in Deposits on real estate under option or contract as of June 30, 2026.

(4)Deposits for specific performance contracts are recorded on the accompanying unaudited consolidated balance sheets as consolidated real estate not owned in Real estate.