Revenue from Contract with Customer

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

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 months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
	Residential units revenue		Land and lots revenue		Residential units revenue		Land and lots revenue
Primary Geographical Market
Central	$	361,627	$	2,304	$	315,237	$	4,054
Southeast	133,690		—		128,047		—
Total revenues	$	495,317	$	2,304	$	443,284	$	4,054
Type of Customer
Homebuyers	$	495,317	$	—	$	443,284	$	—
Homebuilders and Multi-family Developers	—		2,304		—		4,054
Total revenues	$	495,317	$	2,304	$	443,284	$	4,054
Product Type
Residential units	$	495,317	$	—	$	443,284	$	—
Land and lots	—		2,304		—		4,054
Total revenues	$	495,317	$	2,304	$	443,284	$	4,054
Timing of Revenue Recognition
Transferred at a point in time	$	495,317	$	2,304	$	443,094	$	4,054
Transferred over time(1)	—		—		190		—
Total revenues	$	495,317	$	2,304	$	443,284	$	4,054

(1) Revenue recognized over time represents revenue from mechanic’s lien contracts.

Contract Balances

Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands):

	March 31, 2025		December 31, 2024
Customer and builder deposits	$	38,517	$	37,068

The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits and the Company’s delivery of the home, impacted slightly by cancellations of contracts.

The deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three months ended March 31, 2025 and 2024 are as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Type of Customer
Homebuyers	$	16,102	$	16,610
Homebuilders and Multi-Family Developers	364		—
Total deposits recognized as revenue	$	16,466	$	16,610

Transaction Price Allocated to the Remaining Performance Obligations

The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $9.0 million. The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, $5.2 million of which is expected to occur in the remainder of 2025 and $3.8 million in 2026.

The timing of lot takedowns is contingent upon a number of factors, including customer and business needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules.

Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.