| Schedule of Contract Balances and Revenue Recognized During the Period |
Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands): | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | | | | Customer and builder deposits | $ | 27,983 | | | $ | 25,716 | | | | | |
The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and nine months ended September 30, 2026 and 2025 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Type of Customer | | | | | | | | | Homebuyers | $ | 11,263 | | | $ | 14,839 | | | $ | 24,025 | | | $ | 32,474 | | | Homebuilders and Multi-Family Developers | — | | | — | | | 50 | | | 643 | | | Total deposits recognized as revenue | $ | 11,263 | | | $ | 14,839 | | | $ | 24,075 | | | $ | 33,117 | |
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| Schedule of Disaggregation of Revenue |
The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and nine months ended September 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2026 | | Three Months Ended September 30, 2025 | | Residential units revenue | | Land and lots revenue | | Residential units revenue | | Land and lots revenue | | Primary Geographical Market | | | | | | | | | Central | $ | 352,439 | | | $ | — | | | $ | 377,118 | | | $ | — | | | Southeast | 84,604 | | | — | | | 107,098 | | | — | | | Total revenues | $ | 437,043 | | | $ | — | | | $ | 484,216 | | | $ | — | | | | | | | | | | | Type of Customer | | | | | | | | | Homebuyers | $ | 437,043 | | | $ | — | | | $ | 484,216 | | | $ | — | | | Homebuilders and Multi-family Developers | — | | | — | | | — | | | — | | | Total revenues | $ | 437,043 | | | $ | — | | | $ | 484,216 | | | $ | — | | | | | | | | | | | Product Type | | | | | | | | | Residential units | $ | 437,043 | | | $ | — | | | $ | 484,216 | | | $ | — | | | Land and lots | — | | | — | | | — | | | — | | | Total revenues | $ | 437,043 | | | $ | — | | | $ | 484,216 | | | $ | — | | | | | | | | | | | Timing of Revenue Recognition | | | | | | | | | Transferred at a point in time | $ | 436,919 | | | $ | — | | | $ | 484,184 | | | $ | — | | Transferred over time(1) | 124 | | | — | | | 32 | | | — | | | Total revenues | $ | 437,043 | | | $ | — | | | $ | 484,216 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | | Nine Months Ended September 30, 2025 | | Residential units revenue | | Land and lots revenue | | Residential units revenue | | Land and lots revenue | | Primary Geographical Market | | | | | | | | | Central | $ | 1,073,728 | | | $ | 17,100 | | | $ | 1,134,466 | | | $ | 4,342 | | | Southeast | 283,798 | | | — | | | 364,424 | | | — | | | Total revenues | $ | 1,357,526 | | | $ | 17,100 | | | $ | 1,498,890 | | | $ | 4,342 | | | | | | | | | | | Type of Customer | | | | | | | | | Homebuyers | $ | 1,357,526 | | | $ | — | | | $ | 1,498,890 | | | $ | — | | | Homebuilders and Multi-family Developers | — | | | 17,100 | | | — | | | 4,342 | | | Total revenues | $ | 1,357,526 | | | $ | 17,100 | | | $ | 1,498,890 | | | $ | 4,342 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Product Type | | | | | | | | | Residential units | $ | 1,357,526 | | | $ | — | | | $ | 1,498,890 | | | $ | — | | | Land and lots | — | | | 17,100 | | | — | | | 4,342 | | | Total revenues | $ | 1,357,526 | | | $ | 17,100 | | | $ | 1,498,890 | | | $ | 4,342 | | | | | | | | | | | Timing of Revenue Recognition | | | | | | | | | Transferred at a point in time | $ | 1,356,380 | | | $ | 17,100 | | | $ | 1,498,858 | | | $ | 4,342 | | Transferred over time(1) | 1,146 | | | — | | | 32 | | | — | | | Total revenues | $ | 1,357,526 | | | $ | 17,100 | | | $ | 1,498,890 | | | $ | 4,342 | |
(1) Revenue recognized over time represents revenue from mechanic’s lien contracts.
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