XML 58 R46.htm IDEA: XBRL DOCUMENT v3.25.2
Revenue Recognition (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]          
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 six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$421,588 $2,038 $389,168 $13,493 
Southeast125,521 — 157,970 — 
Total revenues$547,109 $2,038 $547,138 $13,493 
Type of Customer
Homebuyers$547,109 $— $547,138 $— 
Homebuilders and Multi-family Developers— 2,038 — 13,493 
Total revenues$547,109 $2,038 $547,138 $13,493 
Product Type
Residential units$547,109 $— $547,138 $— 
Land and lots— 2,038 — 13,493 
Total revenues$547,109 $2,038 $547,138 $13,493 
Timing of Revenue Recognition
Transferred at a point in time$547,109 $2,038 $546,948 $13,493 
Transferred over time(1)
— — 190 — 
Total revenues$547,109 $2,038 $547,138 $13,493 
(1)    Revenue recognized over time represents revenue from mechanic’s lien contracts.
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$783,215 $4,342 $704,405 $17,547 
Southeast259,211 — 286,017 — 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
Type of Customer
Homebuyers$1,042,426 $— $990,422 $— 
Homebuilders and Multi-family Developers— 4,342 — 17,547 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
Product Type
Residential units$1,042,426 $— $990,422 $— 
Land and lots— 4,342 — 17,547 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
Timing of Revenue Recognition
Transferred at a point in time$1,042,426 $4,342 $990,042 $17,547 
Transferred over time(1)
— — 380 — 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
(1)    Revenue recognized over time represents revenue from mechanic’s lien contracts.
   
Opening and Closing Contract Balances Included in Customer and Builder Deposits on Balance Sheet and Deposits Recognized as Revenue    
Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands):
June 30, 2025December 31, 2024
Customer and builder deposits$39,635 $37,068 
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 six months ended June 30, 2025 and 2024 are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Homebuyers $15,165 $21,064 $25,934 $30,640 
Homebuilders and Multi-Family Developers279 — 643 — 
Total deposits recognized as revenue$15,444 $21,064 $26,577 $30,640 
   
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 and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$421,588 $2,038 $389,168 $13,493 
Southeast125,521 — 157,970 — 
Total revenues$547,109 $2,038 $547,138 $13,493 
Type of Customer
Homebuyers$547,109 $— $547,138 $— 
Homebuilders and Multi-family Developers— 2,038 — 13,493 
Total revenues$547,109 $2,038 $547,138 $13,493 
Product Type
Residential units$547,109 $— $547,138 $— 
Land and lots— 2,038 — 13,493 
Total revenues$547,109 $2,038 $547,138 $13,493 
Timing of Revenue Recognition
Transferred at a point in time$547,109 $2,038 $546,948 $13,493 
Transferred over time(1)
— — 190 — 
Total revenues$547,109 $2,038 $547,138 $13,493 
(1)    Revenue recognized over time represents revenue from mechanic’s lien contracts.
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$783,215 $4,342 $704,405 $17,547 
Southeast259,211 — 286,017 — 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
Type of Customer
Homebuyers$1,042,426 $— $990,422 $— 
Homebuilders and Multi-family Developers— 4,342 — 17,547 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
Product Type
Residential units$1,042,426 $— $990,422 $— 
Land and lots— 4,342 — 17,547 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
Timing of Revenue Recognition
Transferred at a point in time$1,042,426 $4,342 $990,042 $17,547 
Transferred over time(1)
— — 380 — 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
(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):
June 30, 2025December 31, 2024
Customer and builder deposits$39,635 $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 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 six months ended June 30, 2025 and 2024 are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Homebuyers $15,165 $21,064 $25,934 $30,640 
Homebuilders and Multi-Family Developers279 — 643 — 
Total deposits recognized as revenue$15,444 $21,064 $26,577 $30,640 

Transaction Price Allocated to the Remaining Performance Obligations
The aggregate amount allocated to the remaining performance obligations on our land sale and lot option contracts is $6.9 million. The Company will recognize the remaining revenue when and if the lots are taken down, or upon closing for the sale of a land parcel, $3.9 million of which is expected to occur in the remainder of 2025 and $3.1 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.
   
Disaggregation of Revenue [Line Items]          
Total revenues $ 549,147 $ 560,631 $ 1,046,768 $ 1,007,969  
Revenue recognized 15,444 21,064 26,577 30,640  
Customer and builder deposits 39,635   39,635   $ 37,068
Residential Real Estate [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 547,109 547,138 1,042,426 990,422  
Residential Real Estate [Member] | Transferred at a point in time          
Disaggregation of Revenue [Line Items]          
Total revenues 547,109 546,948 1,042,426 990,042  
Residential Real Estate [Member] | Transferred over Time [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 0 190 0 380  
Real Estate, Other [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 2,038 13,493 4,342 17,547  
Real Estate, Other [Member] | Transferred at a point in time          
Disaggregation of Revenue [Line Items]          
Total revenues 2,038 13,493 4,342 17,547  
Real Estate, Other [Member] | Transferred over Time [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 0 0 0 0  
Homebuilders [Member] | Residential Real Estate [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 0 0 0 0  
Revenue recognized 279 0 643 0  
Homebuilders [Member] | Real Estate, Other [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 2,038 13,493 4,342 17,547  
Homebuyers [Member] | Residential Real Estate [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 547,109 547,138 1,042,426 990,422  
Revenue recognized 15,165 21,064 25,934 30,640  
Homebuyers [Member] | Real Estate, Other [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 0 0 0 0  
Central | Residential Real Estate [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 421,588 389,168 783,215 704,405  
Central | Real Estate, Other [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 2,038 13,493 4,342 17,547  
Southeast [Domain] | Residential Real Estate [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 125,521 157,970 259,211 286,017  
Southeast [Domain] | Real Estate, Other [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 0 0 0 0  
Land Subdivider and Developers          
Disaggregation of Revenue [Line Items]          
Total revenues 2,038 13,493 4,342 17,437  
Land Subdivider and Developers | Residential Real Estate [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 0 0 0 0  
Homebuilders [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues 547,109 547,138 1,042,426 990,532  
Homebuilders [Member] | Land and Lots [Member]          
Disaggregation of Revenue [Line Items]          
Total revenues $ 0 $ 0 $ 0 $ 0