Landsea Homes (LSEA) 10-Q 17 May 21 2021 Q1 Quarterly report Financial data

Cover page

Cover page - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38545
Entity Registrant Name	Landsea Homes Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2196021
Entity Address, Address Line One	660 Newport Center Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Newport Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92660
City Area Code	949
Local Phone Number	345-8080
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,281,091
Entity Central Index Key	0001721386
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Ex Transition Period	false
Common Class A | NASDAQ
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	LSEA
Security Exchange Name	NASDAQ
Warrant | NASDAQ
Entity Information [Line Items]
Title of 12(b) Security	Warrants exercisable for Common Stock
Trading Symbol	LSEAW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets - (

Consolidated Balance Sheets - (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 190,736	$ 105,778
Cash held in escrow	4,138	11,618
Restricted cash	0	4,270
Real estate inventories (including related party interest of $15,819 and $18,721, respectively)	724,437	687,819
Due from affiliates	3,097	2,663
Investment in and advances to unconsolidated joint ventures (including related party interest of $972 and $1,320, respectively)	17,172	21,342
Goodwill	20,705
Other assets	27,254	41,569
Total assets	987,539	895,764
Liabilities
Accounts payable	40,826	36,243
Accrued expenses and other liabilities	51,994	62,869
Due to affiliates	2,357	2,357
Warrant liability	16,225	0
Notes and other debts payable, net	319,479	264,809
Total liabilities	430,881	366,278
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value, 50,000,000 shares authorized, none issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 46,231,025 and 32,557,303 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	5	3
Additional paid-in capital	530,427	496,171
Retained earnings	24,937	32,011
Total stockholders' equity	555,369	528,185
Noncontrolling interests	1,289	1,301
Total equity	556,658	529,486
Total liabilities and equity	$ 987,539	$ 895,764

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate inventories	$ 724,437	$ 687,819
Investment in unconsolidated joint venture	$ 17,172	$ 21,342
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	46,231,025	32,557,303
Common stock, shares outstanding (in shares)	46,231,025	32,557,303
Affiliated Entity
Real estate inventories	$ 15,819	$ 18,721
Investment in unconsolidated joint venture	$ 972	$ 1,320

Consolidated Statement of Opera

Consolidated Statement of Operations - (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 160,419	$ 136,295
Cost of sales and expenses	141,621	119,568
Gross margin	18,798	16,727
Sales and marketing expenses	9,931	9,636
General and administrative expenses	14,986	10,016
Total operating expenses	24,917	19,652
(Loss) from operations	(6,119)	(2,925)
Other (expense) income, net	(61)	809
Equity in net (loss) income of unconsolidated joint ventures (including related party interest of $348 and $278, respectively)	(21)	(1,743)
(Loss) on remeasurement of warrant liability	(4,950)	0
Pretax (loss)	(11,151)	(3,859)
(Benefit) for income taxes	(4,065)	(1,235)
Net (loss)	(7,086)	(2,624)
Net (loss) attributed to noncontrolling interests	(12)	(88)
Net (loss) attributable to Landsea Homes Corporation	$ (7,074)	$ (2,536)
(Loss) per share:
Basic and diluted (in dollars per share)	$ (0.16)	$ (0.08)
Weighted average common shares outstanding:
Basic and diluted (in shares)	44,245,847	32,557,303
Home sales
Revenue	$ 154,765	$ 136,295
Cost of sales and expenses	136,841	119,568
Gross margin	17,924	16,727
Lot sales
Revenue	5,654	0
Cost of sales and expenses	4,780	0
Gross margin	$ 874	$ 0

Consolidated Statements of Equi

Consolidated Statements of Equity - (Unaudited) - USD ($) $ in Thousands	Total	Previously Reported	Revision of Prior Period, Accounting Standards Update, Adjustment	Common Stock	Common StockPreviously Reported	Common StockRevision of Prior Period, Accounting Standards Update, Adjustment	Additional paid-in capital	Additional paid-in capitalPreviously Reported	Additional paid-in capitalRevision of Prior Period, Accounting Standards Update, Adjustment	Retained earnings	Retained earningsPreviously Reported	Noncontrolling interests	Noncontrolling interestsPreviously Reported
Beginning Balance (in shares) at Dec. 31, 2019				32,557,303	1,000	32,556,303
Beginning balance at Dec. 31, 2019	$ 583,370	$ 583,370	$ 0	$ 3	$ 0	$ 3	$ 524,513	$ 524,516	$ (3)	$ 40,962	$ 40,962	$ 17,892	$ 17,892
Increase (Decrease) in Shareholders' Equity
Contributions from noncontrolling interests	150											150
Net loss	(2,624)									(2,536)		(88)
Net transfers from parent	(6,735)						(6,735)					0
Ending Balance (in shares) at Mar. 31, 2020				32,557,303
Ending balance at Mar. 31, 2020	$ 574,161			$ 3			517,778			38,426		17,954
Beginning Balance (in shares) at Dec. 31, 2020	32,557,303			32,557,303	1,000	32,556,303
Beginning balance at Dec. 31, 2020	$ 529,486	$ 529,486	$ 0	$ 3	$ 0	$ 3	496,171	$ 496,174	$ (3)	32,011	$ 32,011	1,301	$ 1,301
Increase (Decrease) in Shareholders' Equity
Recapitalization transaction, net of fees and deferred taxes (in shares)				13,673,722
Recapitalization transaction, net of fees and deferred taxes	31,882			$ 2			31,880
Stock-based compensation expense	2,376						2,376
Net loss	$ (7,086)									(7,074)		(12)
Ending Balance (in shares) at Mar. 31, 2021	46,231,025			46,231,025
Ending balance at Mar. 31, 2021	$ 556,658			$ 5			$ 530,427			$ 24,937		$ 1,289

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net (loss)	$ (7,086)	$ (2,624)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Depreciation and amortization	914	816
Loss on remeasurement of warrant liability	4,950	0
Stock-based compensation expense	2,376	0
Abandoned project costs	88	0
Equity in net loss of unconsolidated joint ventures	21	1,743
Deferred taxes	116	(659)
Changes in operating assets and liabilities:
Cash held in escrow	7,480	(2,291)
Real estate inventories	(35,755)	(245)
Due from affiliates	(434)	(272)
Other assets	(4,539)	1,509
Accounts payable	4,583	515
Accrued expenses and other liabilities	(11,060)	(7,846)
Due to affiliates	0	281
Net cash (used in) operating activities	(38,346)	(9,073)
Cash flows from investing activities:
Purchases of property and equipment	(157)	(460)
Distributions of capital from unconsolidated joint ventures	4,149	0
Payments for business acquisition, net of cash acquired	0	(128,528)
Net cash provided by (used in) investing activities	3,992	(128,988)
Cash flows from financing activities:
Borrowings from notes and other debts payable	154,017	195,686
Repayments of notes and other debts payable	(100,062)	(89,246)
Proceeds from merger, net of fees and other costs	64,434	0
Repayment of convertible note	(1,500)	0
Contributions from noncontrolling interests	0	150
Deferred offering costs paid	(1,612)	(1,194)
Debt issuance costs paid	(235)	(2,252)
Cash (distributed to) parent, net	0	(6,735)
Net cash provided by financing activities	115,042	96,409
Net increase (decrease) in cash, cash equivalents, and restricted cash	80,688	(41,652)
Cash, cash equivalents, and restricted cash at beginning of period	110,048	156,378
Cash, cash equivalents, and restricted cash at end of period	$ 190,736	$ 114,726

Consolidated Statement of Ope_2

Consolidated Statement of Operations - (Unaudited) - Parenthetical - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cost of sales and expenses	$ 141,621	$ 119,568
Home sales
Cost of sales and expenses	$ 136,841	$ 119,568

Company

Company	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company	Company Landsea Homes Corporation (“LHC” or the “Company”), a majority owned subsidiary of Landsea Holdings Corporation (“Landsea Holdings”), together with its subsidiaries, is engaged in the acquisition, development and building of lots, homes, and condominiums in California, Arizona, New York, and New Jersey. The Company's operations are organized into the following three reportable segments: Arizona, California, and Metro New York. On August 31, 2020, LHC and its parent, Landsea Holdings, entered into an Agreement and Plan of Merger (the “Merger Agreement”), with LF Capital Acquisition Corp. (“LF Capital”) and LFCA Merger Sub, Inc. (the “Merger Sub”), a direct, wholly-owned subsidiary of LF Capital. The Merger Agreement provided for, among other things, the merger of Merger Sub with and into Landsea Homes Incorporated ("LHI"), previously a wholly-owned subsidiary of Landsea Holdings, with LHI continuing as the surviving corporation (the "Merger"). On January 7, 2021 (the "Closing Date"), the Merger was consummated pursuant to the Merger Agreement (the "Closing"). The name of the surviving company, LF Capital Acquisition Corp., was changed at that time to Landsea Homes Corporation. Subject to the terms of the Merger Agreement, Landsea Holdings received $343.8 million of stock consideration, consisting of 32.6 million newly issued shares of LF Capital Acquisition Corp.’s publicly-traded Class A common stock. The shares were valued at $10.56 per share for purposes of determining the aggregate number of shares payable to Landsea Holdings (the “Stock Consideration”). Upon Closing, Level Field Capital, LLC (the “Sponsor”) held 1.0 million shares which are subject to surrender and forfeiture for no consideration in the event the common stock does not reach certain thresholds during the twenty-four month period following the closing of the Merger (“Earnout Shares”). The Sponsor transferred 0.5 million Earnout Shares to Landsea Holdings. Additionally, the Sponsor forfeited 2.3 million private placement warrants and transferred 2.2 million private placement warrants to Landsea Holdings (such private placement warrants, each exercisable to purchase one share of Common Stock at an exercise price of $11.50 per share, are referred to as the “Private Placement Warrants”, together with the public warrants they are referred to as the "Warrants"). In connection with the Merger, the Company received $64.4 million from the Merger after payments of $28.7 million related to the public warrant amendment and of $7.5 million in transaction expenses incurred. The Company incurred direct and incremental costs of approximately $16.7 million related to the equity issuance, consisting primarily of investment banking, legal, accounting and other professional fees, which were recorded to additional paid-in capital as a reduction of proceeds. The Company recorded $2.7 million in general and administrative expenses in the three months ended March 31, 2021 related to the accelerated vesting of the phantom awards. The Company paid cash of $2.9 million for the phantom stock awards and issued 0.2 million shares with an issuance date value of $1.9 million at the time of the Merger. The Merger was accounted for as a reverse recapitalization. Under this method of accounting, LF Capital is treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the current stockholder of LHC, Landsea Holdings, having a relative majority of the voting power of the combined entity, the operations of LHI prior to the Merger comprising the only ongoing operations of the combined entity, and senior management of LHI comprising the senior management of the combined entity. Accordingly, for accounting purposes, the financial statements of the combined entity represent a continuation of the financial statements of LHI with the acquisition being treated as the equivalent of LHI issuing stock for the net assets of LF Capital, accompanied by a recapitalization. The net assets of LHI are stated at historical cost, with no goodwill or other intangible assets recorded. The shares and net (loss) income per share available to holders of the LHI’s common stock, prior to the Merger, have been retroactively restated as shares reflecting the exchange ratio established in the Merger Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation —The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and all subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Prior to the Merger, the Company was historically funded as part of Landsea Holdings' treasury program. Cash and cash equivalents were primarily centrally managed through bank accounts legally owned by Landsea Holdings. Accordingly, cash and cash equivalents held by Landsea Holdings at the corporate level were not attributed to the Company for any of the periods presented prior to the Merger. Only cash amounts legally owned by entities consolidated by the Company are reflected in the consolidated balance sheets. Transfers of cash, both to and from Landsea Holdings' treasury program, were reflected as a component of additional paid-in capital in the consolidated balance sheets and as a financing activity on the accompanying consolidated statements of cash flows. As the functional departments that made up the Company were not held by a single legal entity, balances between the Company and Landsea Holdings that were not historically cash settled were included in additional paid-in capital. Landsea Holdings holds a series of notes payable to affiliated entities of its parent. The cash Landsea Holdings received from this debt was partially utilized to fund operations of the Company. Related party interest incurred by Landsea Holdings (the “Related Party Interest”) was historically pushed down to the Company and reflected on the consolidated balance sheets of the Company, primarily in real estate inventories, and on the consolidated statements of operations in cost of sales. Refer to Note 5 - Capitalized Interest for further detail. As the Company did not guarantee the notes payable nor have any obligations to repay the notes payable, and as the notes payable will not be assigned to the Company, the notes payable do not represent the liability of the Company and accordingly have not been reflected in the consolidated balance sheets. Additionally, in connection with the Merger, LHC is precluded from repaying Landsea Holdings' notes payable to the affiliated entities of its parent. Therefore, as of January 7, 2021, the Related Party Interest is no longer pushed down to LHC. During the periods presented in the consolidated financial statements prior to the Merger, the Company was included in the consolidated U.S. federal, and certain state and local income tax returns filed by Landsea Holdings, where applicable. Income tax expense and other income tax related information contained in these consolidated financial statements are presented on a separate return basis as if the Company had filed its own tax returns. Additionally, certain tax attributes such as net operating losses or credit carryforwards are presented on a separate return basis, and accordingly, may differ in the future. In jurisdictions where the Company has been included in the tax returns filed by Landsea Holdings, any income tax payables or receivables resulting from the related income tax provisions have been reflected in the consolidated balance sheets and the effect of the push down is reflected within additional paid-in capital. Management of the Company believes that the assumptions underlying the consolidated financial statements reasonably reflect the utilization of services provided or benefit received by the Company during the periods presented. Nevertheless, the consolidated financial statements may not be indicative of the Company’s future performance and therefore periods prior to the Merger do not necessarily reflect the results of operations, financial position, or cash flows of the Company if it had been an independent entity during those periods. The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and should be read in conjunction with our consolidated financial statements and notes thereto included in our Current Report on Form 8-K/A for the year ended December 31, 2020 filed with the SEC on March 12, 2021. The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring entries) necessary for the fair statement of our results for the interim periods presented. Results for the interim periods are not necessarily indicative of the results to be expected for the full year due to seasonal variations and other factors. Use of Estimates —The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. Warrant liability— The Company’s outstanding Private Placement Warrants are presented on the consolidated balance sheets as a liability recorded at fair value with subsequent changes in fair value recognized in the consolidated statement of operations at each reporting date as a gain (loss) on remeasurement of the warrant liability. Each Private Placement Warrant is exercisable at $11.50 into one share of common stock. The Warrants will expire five years after the completion of the Merger or earlier upon redemption or liquidation. Refer to Note 16 - Stockholders' Equity for additional information on the Warrants. The fair value of the Private Placement Warrants is determined by a Black-Scholes options pricing model which includes Level 3 inputs as discussed further in Note 14 - Fair Value . On April 12, 2021, the Staff of the SEC released a statement (the “SEC Statement”) emphasizing the potential accounting implications of certain terms that may be common in warrants issued by special purpose acquisition companies (“SPAC”) that may require classification of the warrants as a liability of the entity measured at fair value, with changes in fair value each period reported in earnings. The Warrants initially issued by LF Capital in connection with its initial public offering and assumed by the Company in connection with the consummation of the Merger were previously classified as equity in the annual historical financial statements of LF Capital included in our Annual Report on Form 10-K for the year ended December 31, 2020. As a result, the Company has concluded that there is a material misstatement related to the accounting for the Warrants in the historical financial statements of LF Capital for the periods presented in that Form 10-K. The Company will file an amended Form 10-K as soon as practicable and has filed a Current Report on Form 8-K that includes a statement of non-reliance within Item 4.02 of that Form 8-K. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application for fiscal years beginning after December 15, 2020. The Company adopted the amendments in this update on January 1, 2021. The adoption did not have a material impact on the Company's consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivative and Hedging (Topic 815) . ASU 2020-01 clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company adopted the amendments in this update on January 1, 2021. The adoption did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform, particularly the cessation of the London Interbank Offered Rate ("LIBOR"), on financial reporting. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Business Combinations	Business CombinationsOn January 15, 2020, the Company acquired 100% of the membership interest of Garrett Walker Homes (“GWH”) for cash consideration of approximately $133.4 million. GWH is a residential homebuilder located in Phoenix, Arizona focused on building entry-level, single-family detached homes in the Northwest Valley and Phoenix metropolitan. The total assets of GWH include approximately 20 projects and 1,750 lots in various stages of development. In accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations, the assets acquired and liabilities assumed from our acquisition of GWH were measured and recognized at fair value as of the date of the acquisition to reflect the purchase price paid. Acquired inventories consist of land, land deposits, and work in process inventories. The Company determined the estimate of fair value for acquired land inventory using a forecasted cash flow approach for the development, marketing, and sale of each community acquired. Significant assumptions included in our estimate were future development costs, construction and overhead costs, mix of products, as well as average selling price ("ASP"), and absorption rates. The Company estimated the fair value of acquired work in process inventories based upon the stage of production of each unit and a profit margin that a market participant would require to complete the remaining production and requisite selling efforts. On the acquisition date, the stage of production for each lot ranged from recently started lots to fully completed homes. The intangible asset acquired relates to the GWH trade name, which is estimated to have a fair value of $1.6 million and is being amortized over three years. Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. Goodwill of $15.4 million was recorded on the consolidated balance sheets as a result of this transaction and is expected to be deductible for tax purposes over 15 years. The acquired goodwill is included in the Arizona reporting segment in Note 13, Segment Information . The Company incurred transaction related costs of $0.4 million related to the GWH acquisition in the three months ended March 31, 2020. The Company's results of operations include homebuilding revenues of $41.3 million, and income before tax inclusive of purchase price accounting and corporate G&A allocation, of $2.0 million, from GWH in the accompanying consolidated statement of operations for the three months ended March 31, 2020. The following is a summary of the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed (dollars in thousands) . Assets Acquired Cash $ 2,905 Real estate inventories 119,466 Goodwill 15,392 Trade name 1,600 Other assets 532 Total assets $ 139,895 Liabilities Assumed Accounts payable $ 5,425 Accrued expenses 1,037 Total liabilities 6,462 Net assets acquired $ 133,433 Unaudited Pro Forma Financial Information Unaudited pro forma revenue and net (loss) income for the three months ended March 31, 2020 give effect to the results of the acquisition of GWH as though the acquisition date was as of January 1, 2019, the beginning of the year preceding the acquisition. Unaudited pro forma net (loss) income adjusts the operating results of GWH to reflect the additional costs that would have been recorded assuming the fair value adjustments had been applied as of the beginning of the year preceding the year of acquisition including the tax-effected amortization of the acquired trade name and transaction related costs. Three Months Ended March 31, 2020 (dollars in thousands) Revenue $ 138,746 Pretax loss (4,050) Benefit for income taxes 948 Net loss $ (3,102)

Real Estate Inventories

Real Estate Inventories	3 Months Ended
	Mar. 31, 2021
Real Estate Inventories [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories are summarized as follows: March 31, 2021 December 31, 2020 (dollars in thousands) Deposits and pre-acquisition costs $ 35,938 $ 34,102 Land held and land under development 233,583 221,055 Homes completed or under construction 422,350 395,926 Model homes 32,566 36,736 Total real estate inventory $ 724,437 $ 687,819 Deposits and pre-acquisition costs include land deposits and other due diligence costs related to potential land acquisitions. Land held and land under development includes costs incurred during site development such as development, indirect costs, and permits. Homes completed or under construction and model homes include all costs associated with home construction, including land, development, indirect costs, permits, materials and labor. In accordance with ASC 360, inventory is stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is written down to its estimated fair value. The Company reviews each real estate asset at the community-level, on a quarterly basis or whenever indicators of impairment exist. We generally determine the estimated fair value of each community by using a discounted cash flow approach based on the estimated future cash flows at discount rates that reflect the risk of the community being evaluated. The discounted cash flow approach can be impacted significantly by our estimates of future home sales revenue, home construction costs, and the applicable discount rate, all of which are Level 3 inputs.

Capitalized Interest

Capitalized Interest	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized Interest	Capitalized InterestInterest is capitalized to real estate inventories and investment in unconsolidated joint ventures during development and other qualifying activities. Interest capitalized as a cost of real estate inventories is included in cost of sales as related inventories are delivered. Interest capitalized to investments in unconsolidated joint ventures is relieved to equity in net (loss) income of unconsolidated joint ventures as related joint venture homes close. For the periods reported, interest incurred, capitalized, and expensed was as follows: Three Months Ended March 31, 2021 2020 (dollars in thousands) Related party interest pushed down $ — $ 2,629 Other interest incurred 5,106 4,302 Total interest incurred 5,106 6,931 Related party interest capitalized — 2,629 Other interest capitalized 5,106 4,302 Total interest capitalized 5,106 6,931 Previously capitalized related party interest included in cost of sales $ 2,902 $ 2,846 Previously capitalized other interest included in cost of sales 4,165 4,465 Related party interest relieved to equity in earnings (loss) from unconsolidated joint ventures 348 278 Other interest relieved to equity in earnings (loss) from unconsolidated joint ventures 5 4 Other interest expensed 11 11 Total interest expense included in pretax income (loss) $ 7,431 $ 7,604

Investment in and Advances to U

Investment in and Advances to Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in and Advances to Unconsolidated Joint Ventures	Investment in and Advances to Unconsolidated Joint Ventures As of March 31, 2021 and December 31, 2020, the Company had two unconsolidated joint ventures with ownership interests of 51% and 25% in LS-NJ Port Imperial JV LLC and LS-Boston Point LLC, respectively, and concluded that these joint ventures were variable interest entities. The Company concluded that it was not the primary beneficiary of the variable interest entities and, accordingly, accounted for these entities under the equity method of accounting. The Company's maximum exposure to loss is limited to the investment in the unconsolidated joint venture amounts included on the consolidated balance sheets. The condensed combined balance sheets for the Company’s unconsolidated joint ventures accounted for under the equity method are as follows: March 31, 2021 December 31, 2020 (dollars in thousands) Cash and cash equivalents $ 6,603 $ 2,740 Restricted cash — 4,870 Real estate inventories 30,145 41,214 Other assets 122 123 Total assets $ 36,870 $ 48,947 Accounts payable $ 207 $ 188 Accrued expenses and other liabilities 4,183 3,928 Due to affiliates 871 5,735 Total liabilities 5,261 9,851 Members' capital 31,609 39,096 Total liabilities and members' capital $ 36,870 $ 48,947 The condensed combined statements of operations for the Company’s unconsolidated joint ventures accounted for under the equity method are as follows: Three Months Ended March 31, 2021 2020 (dollars in thousands) Revenues $ 14,080 $ 10,561 Cost of sales and expenses (13,431) (13,106) Net income (loss) of unconsolidated joint ventures 649 (2,545) Equity in net (loss) of unconsolidated joint ventures (1) $ (21) $ (1,743) (1) The equity in net (loss) income of unconsolidated joint ventures consists of the allocation of the Company's proportionate share of income or loss from the unconsolidated joint ventures of $0.3 million income and $1.4 million loss, as well as $0.4 million and $0.3 million of expense related to capitalized interest and other costs for the three months ended March 31, 2021 and 2020, respectively.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following: March 31, 2021 December 31, 2020 (dollars in thousands) Deferred tax asset, net $ 2,621 $ 13,248 Property, equipment and capitalized selling and marketing costs, net 5,790 6,386 Right-of-use asset 5,678 5,973 Deferred offering costs — 7,617 Prepaid income taxes 3,362 1,003 Intangible asset, net 885 1,046 Prepaid expenses 5,741 3,029 Other 3,177 3,267 Total other assets $ 27,254 $ 41,569

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following: March 31, 2021 December 31, 2020 (dollars in thousands) Land development and home construction accrual $ 24,499 $ 25,910 Warranty accrual 12,020 11,730 Accrued compensation and benefits 3,630 10,966 Lease liabilities 6,089 6,396 Interest payable 1,612 1,134 Income tax payable — 1,355 Sales tax payable 735 1,867 Other deposits and liabilities 3,409 3,511 Total accrued expenses and other liabilities $ 51,994 $ 62,869 Changes in the Company’s warranty accrual are detailed in the table below: March 31, 2021 December 31, 2020 (dollars in thousands) Beginning warranty accrual $ 11,730 $ 8,693 Warranty provision 917 3,843 Warranty payments (627) (806) Ending warranty accrual $ 12,020 $ 11,730

Notes and Other Debts Payable,

Notes and Other Debts Payable, net	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Notes and Other Debts Payable, net	Notes and Other Debts Payable, net Amounts outstanding under notes and other debts payable, net consist of the following: March 31, 2021 December 31, 2020 (dollars in thousands) Construction loans $ 91,504 $ 67,757 Line of credit facilities 179,019 140,142 EB-5 notes payable 50,150 59,216 Loan payable 5,136 5,144 Notes Payable 325,809 272,259 Deferred loan costs (6,330) (7,450) Notes and other debts payable, net $ 319,479 $ 264,809 The Company has various construction loan agreements secured by various real estate developments (“Construction Loans”) with maturity dates extending from February 2022 through November 2023. The Construction Loans have variable interest rates based on Prime or LIBOR. As of March 31, 2021, interest rates on the Construction Loans ranged from 4.00% to 5.50%. In 2018, the Company assumed two loans from a third-party land seller in connection with the acquisition of real estate inventories. Both loans have a variable interest rate of LIBOR plus 6.50% with a floor of 8.25%. As of March 31, 2021, the interest rate on both loans was 8.25%. In 2018, the Company entered into a secured line of credit (“LOC”) with a bank. In 2020, the Company extended the loan resulting in a new maturity date of February 2024. As of March 31, 2021 the total commitment on the LOC was $195.0 million and it had an outstanding balance of $99.8 million. The LOC has a variable interest rate of Prime plus 1.25% with a floor of 5.25%. As of March 31, 2021, the interest rate was 5.25%. In connection with the acquisition of GWH, the Company entered into an additional line of credit ("LOC2") with a bank as part of the transaction. On the date of acquisition, the Company drew $70.0 million from the LOC2. As of March 31, 2021 the total commitment on the LOC2 was $100.0 million and it had an outstanding balance of $79.2 million. The LOC2 has an interest rate of Prime plus 1.00% with a floor of 5.00% and matures in January 2024. As of March 31, 2021, the interest rate was 5.00%. The Company has various EB-5 notes payable with maturity dates ranging from February 2022 through June 2023. As of March 31, 2021, the loans have fixed interest rates of 4.00% to 6.00%. On April 15, 2020, Landsea Holdings entered into a Paycheck Protection Program (“PPP”) Note evidencing an unsecured loan in the amount of $4.3 million made to the Company under the PPP. The PPP was established under the CARES Act and is administered by the U.S. Small Business Association. The PPP Note matures on April 15, 2022 and bears interest at a rate of 1.00% per annum. The proceeds from the PPP Note may only be used for payroll costs (including benefits), interest on mortgage obligations, rent, utilities and interest on certain other debt obligations. The proceeds from the PPP Note were used in the operation of the Company and therefore the debt was included in the consolidated balance sheets of the Company. We fully utilized the proceeds from this loan to satisfy certain payroll and benefit obligations and have applied for relief of the full amount of the loan under the PPP. The Company’s loans have certain financial covenants, such as requirements for the Company to maintain a minimum liquidity balance, minimum tangible net worth, gross profit margin, leverage and interest coverage ratios. The Company's loans are secured by the assets of the Company and contain various representations, warranties, and covenants that are customary for these types of agreements. As of March 31, 2021, the Company was in compliance with all financial loan agreement covenants. The aggregate maturities of the principal balances of the notes and other debts payable during the five years subsequent to March 31, 2021 are as follows (dollars in thousands) : 2021 $ 62 2022 121,308 2023 24,777 2024 179,102 2025 560 Thereafter — $ 325,809

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal —The Company is subject to the usual obligations associated with entering into contracts for the development and sale of real estate inventories and other potential liabilities incidental to its business. Certain of the Company’s subsidiaries are a party to various claims, legal actions and complaints arising in the ordinary course of business. In management’s opinion, the disposition of these matters will not have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. Performance Obligations —In the ordinary course of business, and as part of the entitlement and development process, the Company’s subsidiaries are required to provide performance bonds to assure completion of certain public facilities. The Company had $92.1 million and $78.0 million of performance bonds outstanding as of March 31, 2021 and December 31, 2020, respectively. Operating Leases —The Company has various operating leases, most of which relate to office facilities. Future minimum payments under the noncancelable operating leases in effect at March 31, 2021 were as follows (dollars in thousands) : 2021 $ 1,201 2022 1,624 2023 1,397 2024 1,182 2025 855 Thereafter 762 Total lease payments 7,021 Less: Discount (932) Present value of lease liabilities $ 6,089 Operating lease expense for the three months ended March 31, 2021 and 2020 was $0.4 million and $0.5 million respectively, and is included in general and administrative expense on the consolidated statements of operations. The Company primarily enters into operating leases for the right to use office space and computer and office equipment, which have remaining lease terms that range from one

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has entered into agreements with its unconsolidated joint ventures to provide management services related to underlying projects for a management fee and reimbursement of agreed upon out of pocket operating expenses. As of March 31, 2021 and December 31, 2020, the Company had a net receivable due from affiliates balance of $0.7 million and a net receivable due from affiliates of $0.3 million, respectively. For the three months ended March 31, 2021 and 2020, the Company recorded $0.1 million and $0.3 million of management fees, respectively. On June 30, 2020, the Company transferred its interest in a consolidated real estate joint venture that was previously included in the Metro New York segment to LHC. The interest was removed from the consolidated financial statements of the Company on a prospective basis. The real estate joint venture had net assets at the date of transfer of $28.9 million and a noncontrolling interest of $1.2 million as follows (dollars in thousands) : Assets Transferred Cash $ 338 Real estate inventories 49,705 Other assets 174 Total assets $ 50,217 Liabilities Transferred Accounts payable $ 1,416 Construction loan 17,825 Accrued expenses and other liabilities 2,102 Total liabilities 21,343 Net assets transferred 28,874 Noncontrolling interest transferred $ 1,242

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the periods presented herein prior to the Merger, the Company reported income taxes on the consolidated income tax returns of Landsea Holdings since it was a wholly owned subsidiary of Landsea Holdings. The income tax provision and related balances in these consolidated financial statements have been calculated as if the Company filed a separate tax return and was operating as a separate business from Landsea Holdings. Therefore, cash tax payments and items of current and deferred taxes during that period may not be reflective of the Company’s actual tax balances. Th e effective tax rate of the Company was 36.5% and 32.0% for the three months ended March 31, 2021 and 2020, respectively. The difference between the statutory tax rate and the effective tax rate for the three months ended March 31, 2021 is primarily related to state income taxes net of federal income tax benefits, estimated deduction limitations for executive compensation, warrant fair market value adjustments, and tax credits for energy efficient homes. The difference between the statutory tax rate and the effective tax rate for the three months ended March 31, 2020 is primarily related to state income taxes net of federal income tax benefits and tax credits for energy efficient homes.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company is engaged in the development, design, construction, marketing and sale of single-family homes and condos in multiple states across the country. The Company is managed by geographic location and each of the three geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers. The management of the three geographic regions report to the Company's chief operating decision makers (“CODMs”), the Chief Executive Officer and Chief Operating Officer of the Company. The CODMs review the results of operations, including total revenue and income before income tax expense to assess profitability and to allocate resources. Accordingly, the Company has presented its operations as the following three reportable segments: • Arizona • California • Metro New York The Company has also identified Corporate operations as a non-operating segment, as it serves to support the homebuilding operations through functional departments such as executive, finance, treasury, human resources, accounting and legal. The majority of the corporate personnel and resources are primarily dedicated to activities relating to the homebuilding operations and are allocated based on each segment's respective percentage of assets, revenue and dedicated personnel. The following table summarizes total revenue and income before income tax expense by segment: Three Months Ended March 31, 2021 2020 (dollars in thousands) Revenue Arizona $ 65,326 $ 53,054 California 95,093 83,241 Metro New York (1) — — Total revenue $ 160,419 $ 136,295 (Loss) income before income tax expense: Arizona $ 1,433 $ (972) California (159) 1,492 Metro New York (1) (831) (2,796) Corporate (11,594) (1,583) Total (loss) income before income tax expense $ (11,151) $ (3,859) (1) The Metro New York reportable segment does not currently have any active selling communities. Included in (loss) income before income tax expense is a $0.0 million loss and $1.7 million loss from unconsolidated joint ventures for the three months ended March 31, 2021 and 2020, respectively. The following table summarizes total assets by segment: March 31, 2021 December 31, 2020 (dollars in thousands) Assets Arizona $ 279,246 $ 268,141 California 430,379 409,705 Metro New York 125,178 120,168 Corporate 152,736 97,750 Total assets $ 987,539 $ 895,764 As of March 31, 2021 and December 31, 2020, goodwill of $20.7 million and $20.7 million, respectively, was allocated to the Arizona segment and no other segment had goodwill.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value ASC 820 defines fair value as the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and requires assets and liabilities carried at fair value to be classified and disclosed in the following three categories: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date. Level 3 — Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date. The following table presents carrying values and estimated fair values of financial instruments: March 31, 2021 December 31, 2020 Hierarchy Carrying Value Fair Value Carrying Value Fair Value (dollars in thousands) Liabilities: Construction loans (1) Level 2 $ 91,504 $ 91,504 $ 67,757 $ 67,757 Revolving credit facility (1) Level 2 $ 179,019 $ 179,019 $ 140,142 $ 140,142 EB-5 notes payable (2) Level 2 $ 50,150 $ 50,150 $ 59,216 $ 59,216 Loan payable (2) Level 2 $ 5,136 $ 5,136 $ 5,144 $ 5,144 Warrant liability Level 3 $ 16,225 $ 16,225 $ — $ — (1) Carrying amount approximates fair value due to the variable interest rate terms of these loans. (2) Carrying amount approximates fair value due to recent issuances of debt having similar characteristics, including interest rate. The carrying values of accounts and other receivables, restricted cash, deposits and accounts payable and accrued liabilities approximate the fair value for these financial instruments based upon an evaluation of the underlying characteristics, market data and because of the short period of time between origination of the instruments and their expected realization. The fair value of cash and cash equivalents is classified in Level 1 of the fair value hierarchy. Non-financial assets such as real estate inventories are measured at fair value on a nonrecurring basis using a discounted cash flow approach with Level 3 inputs within the fair value hierarchy. This measurement is performed when events and circumstances indicate the asset's carrying value is not recoverable. The Private Placement Warrants are measured at fair value on a recurring basis using a Black-Scholes option pricing model. The significant unobservable input as of March 31, 2021 was the volatility rate implied from the public warrants, which are exchanged on an open market, of 42.2%. The following table reconciles the beginning and ending balances for the Level 3 recurring fair value measurements during the periods presented: Three Months Ended March 31, 2021 2020 Warrant liability (dollars in thousands) Beginning balance (1) $ 11,275 $ — Changes in fair value 4,950 — Ending balance $ 16,225 $ — (1) The beginning balance for the three months ended March 31, 2021 represents the balance as of January 7, 2021, the Closing Date of the Merger.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation During 2018, Landsea Holdings created a long-term incentive compensation program designed to align the interests of Landsea Holdings, the Company, and its executives by enabling key employees to participate in the Company’s future growth through the issuance of phantom equity awards. Landsea Holdings’ phantom equity awards issued on or after January 1, 2018 were accounted for pursuant to ASC 710, Compensation, as the value was not based on the shares of comparable public entities or other equity, but was based on the book value of Landsea Holdings' equity. Landsea Holdings measured the value of phantom equity awards on a quarterly basis using the intrinsic value method and pushed down the expense to the Company as the employees participating in the long-term incentive compensation program primarily benefit the Company. In connection with the Merger all of the phantom equity awards vested and were either paid out in cash or were converted to stock of LHC and the program was terminated. The Company recorded $2.7 million in general and administrative expenses in the three months ended March 31, 2021 related to the accelerated vesting of the phantom awards. The Company paid cash of $2.9 million for the phantom stock awards and granted 0.2 million shares with a grant date value of $1.9 million at the time of the Merger. The Company has developed the Landsea Homes Corporation 2020 Stock Incentive Plan ("the Plan") which provides for the grant of Options, Stock Appreciation Rights, Restricted Stock Units and Restricted Stock, any of which may be performance-based, as determined by the Company's Compensation Committee. During the three months ended March 31, 2021, the Company granted restricted stock units (“RSUs”) covering 0.1 million shares of common stock with a grant date fair value of $9.69 per share that vested immediately. In association with all grants issued, we recognized stock-based compensation expense of $2.4 million during the three months ended March 31, 2021. Stock-based compensation expense is included in general and administrative expenses on our consolidated statements of operations. The Company did not grant any RSUs or recognize any stock-based compensation expense during the three months ended March 31, 2020. There are no unvested grants of RSUs as of March 31, 2021.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' EquityThe Company’s authorized capital stock consists of 500.0 million shares of common stock with a par value of $0.0001 per share, and 50.0 million shares of preferred stock with a par value of $0.0001 per share. As of March 31, 2021, there were 46.2 million shares of common stock issued and outstanding, and no shares of preferred stock outstanding. On January 7, 2021, the Merger was consummated pursuant to the Merger Agreement. Prior to the Merger, LF Capital was authorized to issue, and had outstanding, two classes of common shares, Class A and Class B. Upon the consummation of the Merger, all issued and outstanding shares of Class B common stock converted to shares of Class A. Public stockholders were offered the opportunity to redeem, upon closing of the Merger, shares of Class A common stock for cash. All outstanding shares of Common Stock are validly issued, fully paid and nonassessable. Following the merger, the Company's equity was retroactively adjusted to reflect the 32.6 million shares issued to Landsea Holdings. As of March 31, 2021 there were 21,025,000 outstanding Warrants, consisting of 15,525,000 public warrants and 5,500,000 Private Placement Warrants. At the time of the Merger, the Warrant Agreement was amended so that each public warrant is exercisable at $1.15 into one tenth share of common stock. As part of the amendment, each holder of the public warrants received $1.85 for a total of $28.7 million paid by the Company upon closing of the Merger. Each Private Placement Warrant is exercisable at $11.50 into one share of common stock. The Warrants will expire five years after the completion of the Merger or earlier upon redemption or liquidation. The Private Placement Warrants are identical to the public warrants, except for the rate of exchange upon exercise. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the initial stockholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants, except that they will retain their rate of exchange as one-for-one. The Company may call the public warrants for redemption (except with respect to the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported closing price of the shares equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. If the Company calls the public warrants for redemption, management will have the option to require all holders that wish to exercise the public warrants to do so on a “cashless basis,” as described in the Warrant Agreement. The exercise price and number of common shares issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a share dividend, or recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for issuance of common shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Warrants shares. Accordingly, the Warrants may expire worthless.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareWe use the treasury stock method to calculate earnings per share ("EPS") as our currently issued Warrants do not have participating rights. The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (dollars in thousands, except share and per share amounts) Numerator Net (loss) attributable to Landsea Homes Corporation $ (7,074) $ (2,536) Denominator Weighted average common shares outstanding - basic 45,167,513 32,557,303 Adjustment for weighted average participating shares outstanding (922,222) — Adjustment for weighted average shares vested but awaiting issuance 556 — Adjusted weighted average common shares outstanding under two class method - basic 44,245,847 32,557,303 Dilutive effect of warrants — — Adjusted weighted average common shares outstanding under two class method - diluted 44,245,847 32,557,303 Earnings per share Basic and diluted $ (0.16) $ (0.08) Warrants are excluded from the calculation of diluted EPS as they are antidilutive. We excluded 7.1 million common stock unit equivalents from our diluted EPS during the three months ended March 31, 2021 and 2020.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information The following table presents certain supplemental cash flow information: Three Months Ended March 31, 2021 2020 (dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ 11 $ 11 Income taxes paid $ 2 $ 46 Supplemental disclosures of non-cash investing and financing activities Transfer of deferred tax asset to Landsea Holdings $ 12,119 $ — Conversion of deferred offering costs to additional paid-in-capital $ 9,229 $ — Amortization of deferred financing costs $ 951 $ 1,016 Business acquisition holdback $ — $ 2,000 Cash, cash equivalents, and restricted cash reconciliation: Cash and cash equivalents $ 190,736 $ 113,950 Restricted cash — 776 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 190,736 $ 114,726

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 4, 2021, the Company acquired 100% of Mercedes Premier Homes, LLC (also known as Vintage Estate Homes, LLC, “Vintage Estate Homes”), a Florida- and Texas-based homebuilder for an aggregate cash purchase price of $54.6 million, plus a paydown of existing debt of $3.8 million. In addition, we assumed $27.3 million of debt in connection with the acquisition. The determination of the purchase accounting is in process as of the date the consolidated financial statements were available to be issued.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation and Consolidation —The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP")
Principles of Consolidation	Landsea Holdings holds a series of notes payable to affiliated entities of its parent. The cash Landsea Holdings received from this debt was partially utilized to fund operations of the Company. Related party interest incurred by Landsea Holdings (the “Related Party Interest”) was historically pushed down to the Company and reflected on the consolidated balance sheets of the Company, primarily in real estate inventories, and on the consolidated statements of operations in cost of sales. Refer to Note 5 - Capitalized Interest for further detail. As the Company did not guarantee the notes payable nor have any obligations to repay the notes payable, and as the notes payable will not be assigned to the Company, the notes payable do not represent the liability of the Company and accordingly have not been reflected in the consolidated balance sheets. Additionally, in connection with the Merger, LHC is precluded from repaying Landsea Holdings' notes payable to the affiliated entities of its parent. Therefore, as of January 7, 2021, the Related Party Interest is no longer pushed down to LHC. During the periods presented in the consolidated financial statements prior to the Merger, the Company was included in the consolidated U.S. federal, and certain state and local income tax returns filed by Landsea Holdings, where applicable. Income tax expense and other income tax related information contained in these consolidated financial statements are presented on a separate return basis as if the Company had filed its own tax returns. Additionally, certain tax attributes such as net operating losses or credit carryforwards are presented on a separate return basis, and accordingly, may differ in the future. In jurisdictions where the Company has been included in the tax returns filed by Landsea Holdings, any income tax payables or receivables resulting from the related income tax provisions have been reflected in the consolidated balance sheets and the effect of the push down is reflected within additional paid-in capital. Management of the Company believes that the assumptions underlying the consolidated financial statements reasonably reflect the utilization of services provided or benefit received by the Company during the periods presented. Nevertheless, the consolidated financial statements may not be indicative of the Company’s future performance and therefore periods prior to the Merger do not necessarily reflect the results of operations, financial position, or cash flows of the Company if it had been an independent entity during those periods.
Use of Estimates	Use of Estimates—The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application for fiscal years beginning after December 15, 2020. The Company adopted the amendments in this update on January 1, 2021. The adoption did not have a material impact on the Company's consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivative and Hedging (Topic 815) . ASU 2020-01 clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The standard is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. The Company adopted the amendments in this update on January 1, 2021. The adoption did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform, particularly the cessation of the London Interbank Offered Rate ("LIBOR"), on financial reporting. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following is a summary of the allocation of the purchase price based on the fair value of assets acquired and liabilities assumed (dollars in thousands) . Assets Acquired Cash $ 2,905 Real estate inventories 119,466 Goodwill 15,392 Trade name 1,600 Other assets 532 Total assets $ 139,895 Liabilities Assumed Accounts payable $ 5,425 Accrued expenses 1,037 Total liabilities 6,462 Net assets acquired $ 133,433
Business Acquisition, Pro Forma Information	Unaudited pro forma net (loss) income adjusts the operating results of GWH to reflect the additional costs that would have been recorded assuming the fair value adjustments had been applied as of the beginning of the year preceding the year of acquisition including the tax-effected amortization of the acquired trade name and transaction related costs. Three Months Ended March 31, 2020 (dollars in thousands) Revenue $ 138,746 Pretax loss (4,050) Benefit for income taxes 948 Net loss $ (3,102)

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate Inventories [Abstract]
Schedule of Real Estate Inventories	Real estate inventories are summarized as follows: March 31, 2021 December 31, 2020 (dollars in thousands) Deposits and pre-acquisition costs $ 35,938 $ 34,102 Land held and land under development 233,583 221,055 Homes completed or under construction 422,350 395,926 Model homes 32,566 36,736 Total real estate inventory $ 724,437 $ 687,819

Capitalized Interest (Tables)

Capitalized Interest (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Components Of Interest Costs	For the periods reported, interest incurred, capitalized, and expensed was as follows: Three Months Ended March 31, 2021 2020 (dollars in thousands) Related party interest pushed down $ — $ 2,629 Other interest incurred 5,106 4,302 Total interest incurred 5,106 6,931 Related party interest capitalized — 2,629 Other interest capitalized 5,106 4,302 Total interest capitalized 5,106 6,931 Previously capitalized related party interest included in cost of sales $ 2,902 $ 2,846 Previously capitalized other interest included in cost of sales 4,165 4,465 Related party interest relieved to equity in earnings (loss) from unconsolidated joint ventures 348 278 Other interest relieved to equity in earnings (loss) from unconsolidated joint ventures 5 4 Other interest expensed 11 11 Total interest expense included in pretax income (loss) $ 7,431 $ 7,604

Investment in and Advances to_2

Investment in and Advances to Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The condensed combined balance sheets for the Company’s unconsolidated joint ventures accounted for under the equity method are as follows: March 31, 2021 December 31, 2020 (dollars in thousands) Cash and cash equivalents $ 6,603 $ 2,740 Restricted cash — 4,870 Real estate inventories 30,145 41,214 Other assets 122 123 Total assets $ 36,870 $ 48,947 Accounts payable $ 207 $ 188 Accrued expenses and other liabilities 4,183 3,928 Due to affiliates 871 5,735 Total liabilities 5,261 9,851 Members' capital 31,609 39,096 Total liabilities and members' capital $ 36,870 $ 48,947 The condensed combined statements of operations for the Company’s unconsolidated joint ventures accounted for under the equity method are as follows: Three Months Ended March 31, 2021 2020 (dollars in thousands) Revenues $ 14,080 $ 10,561 Cost of sales and expenses (13,431) (13,106) Net income (loss) of unconsolidated joint ventures 649 (2,545) Equity in net (loss) of unconsolidated joint ventures (1) $ (21) $ (1,743) (1) The equity in net (loss) income of unconsolidated joint ventures consists of the allocation of the Company's proportionate share of income or loss from the unconsolidated joint ventures of $0.3 million income and $1.4 million loss, as well as $0.4 million and $0.3 million of expense related to capitalized interest and other costs for the three months ended March 31, 2021 and 2020, respectively.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: March 31, 2021 December 31, 2020 (dollars in thousands) Deferred tax asset, net $ 2,621 $ 13,248 Property, equipment and capitalized selling and marketing costs, net 5,790 6,386 Right-of-use asset 5,678 5,973 Deferred offering costs — 7,617 Prepaid income taxes 3,362 1,003 Intangible asset, net 885 1,046 Prepaid expenses 5,741 3,029 Other 3,177 3,267 Total other assets $ 27,254 $ 41,569

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: March 31, 2021 December 31, 2020 (dollars in thousands) Land development and home construction accrual $ 24,499 $ 25,910 Warranty accrual 12,020 11,730 Accrued compensation and benefits 3,630 10,966 Lease liabilities 6,089 6,396 Interest payable 1,612 1,134 Income tax payable — 1,355 Sales tax payable 735 1,867 Other deposits and liabilities 3,409 3,511 Total accrued expenses and other liabilities $ 51,994 $ 62,869
Schedule of Product Warranty Liability	Changes in the Company’s warranty accrual are detailed in the table below: March 31, 2021 December 31, 2020 (dollars in thousands) Beginning warranty accrual $ 11,730 $ 8,693 Warranty provision 917 3,843 Warranty payments (627) (806) Ending warranty accrual $ 12,020 $ 11,730

Notes and Other Debts Payable_2

Notes and Other Debts Payable, net (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Amounts outstanding under notes and other debts payable, net consist of the following: March 31, 2021 December 31, 2020 (dollars in thousands) Construction loans $ 91,504 $ 67,757 Line of credit facilities 179,019 140,142 EB-5 notes payable 50,150 59,216 Loan payable 5,136 5,144 Notes Payable 325,809 272,259 Deferred loan costs (6,330) (7,450) Notes and other debts payable, net $ 319,479 $ 264,809
Schedule of Maturities of Long-term Debt	The aggregate maturities of the principal balances of the notes and other debts payable during the five years subsequent to March 31, 2021 are as follows (dollars in thousands) : 2021 $ 62 2022 121,308 2023 24,777 2024 179,102 2025 560 Thereafter — $ 325,809

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating Lease Maturity Schedule	Future minimum payments under the noncancelable operating leases in effect at March 31, 2021 were as follows (dollars in thousands) : 2021 $ 1,201 2022 1,624 2023 1,397 2024 1,182 2025 855 Thereafter 762 Total lease payments 7,021 Less: Discount (932) Present value of lease liabilities $ 6,089

Related Party Disclosures (Tabl

Related Party Disclosures (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Summary of related-party costs incurred by the Company and amounts payable to the Manager	The real estate joint venture had net assets at the date of transfer of $28.9 million and a noncontrolling interest of $1.2 million as follows (dollars in thousands) : Assets Transferred Cash $ 338 Real estate inventories 49,705 Other assets 174 Total assets $ 50,217 Liabilities Transferred Accounts payable $ 1,416 Construction loan 17,825 Accrued expenses and other liabilities 2,102 Total liabilities 21,343 Net assets transferred 28,874 Noncontrolling interest transferred $ 1,242

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes total revenue and income before income tax expense by segment: Three Months Ended March 31, 2021 2020 (dollars in thousands) Revenue Arizona $ 65,326 $ 53,054 California 95,093 83,241 Metro New York (1) — — Total revenue $ 160,419 $ 136,295 (Loss) income before income tax expense: Arizona $ 1,433 $ (972) California (159) 1,492 Metro New York (1) (831) (2,796) Corporate (11,594) (1,583) Total (loss) income before income tax expense $ (11,151) $ (3,859) (1) The Metro New York reportable segment does not currently have any active selling communities. Included in (loss) income before income tax expense is a $0.0 million loss and $1.7 million loss from unconsolidated joint ventures for the three months ended March 31, 2021 and 2020, respectively.
Reconciliation of Assets from Segment to Consolidated	The following table summarizes total assets by segment: March 31, 2021 December 31, 2020 (dollars in thousands) Assets Arizona $ 279,246 $ 268,141 California 430,379 409,705 Metro New York 125,178 120,168 Corporate 152,736 97,750 Total assets $ 987,539 $ 895,764

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents carrying values and estimated fair values of financial instruments: March 31, 2021 December 31, 2020 Hierarchy Carrying Value Fair Value Carrying Value Fair Value (dollars in thousands) Liabilities: Construction loans (1) Level 2 $ 91,504 $ 91,504 $ 67,757 $ 67,757 Revolving credit facility (1) Level 2 $ 179,019 $ 179,019 $ 140,142 $ 140,142 EB-5 notes payable (2) Level 2 $ 50,150 $ 50,150 $ 59,216 $ 59,216 Loan payable (2) Level 2 $ 5,136 $ 5,136 $ 5,144 $ 5,144 Warrant liability Level 3 $ 16,225 $ 16,225 $ — $ — (1) Carrying amount approximates fair value due to the variable interest rate terms of these loans. (2) Carrying amount approximates fair value due to recent issuances of debt having similar characteristics, including interest rate.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table reconciles the beginning and ending balances for the Level 3 recurring fair value measurements during the periods presented: Three Months Ended March 31, 2021 2020 Warrant liability (dollars in thousands) Beginning balance (1) $ 11,275 $ — Changes in fair value 4,950 — Ending balance $ 16,225 $ — (1) The beginning balance for the three months ended March 31, 2021 represents the balance as of January 7, 2021, the Closing Date of the Merger.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted EPS for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (dollars in thousands, except share and per share amounts) Numerator Net (loss) attributable to Landsea Homes Corporation $ (7,074) $ (2,536) Denominator Weighted average common shares outstanding - basic 45,167,513 32,557,303 Adjustment for weighted average participating shares outstanding (922,222) — Adjustment for weighted average shares vested but awaiting issuance 556 — Adjusted weighted average common shares outstanding under two class method - basic 44,245,847 32,557,303 Dilutive effect of warrants — — Adjusted weighted average common shares outstanding under two class method - diluted 44,245,847 32,557,303 Earnings per share Basic and diluted $ (0.16) $ (0.08)

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table presents certain supplemental cash flow information: Three Months Ended March 31, 2021 2020 (dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ 11 $ 11 Income taxes paid $ 2 $ 46 Supplemental disclosures of non-cash investing and financing activities Transfer of deferred tax asset to Landsea Holdings $ 12,119 $ — Conversion of deferred offering costs to additional paid-in-capital $ 9,229 $ — Amortization of deferred financing costs $ 951 $ 1,016 Business acquisition holdback $ — $ 2,000 Cash, cash equivalents, and restricted cash reconciliation: Cash and cash equivalents $ 190,736 $ 113,950 Restricted cash — 776 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 190,736 $ 114,726

Company (Details)

Company (Details) $ / shares in Units, $ in Thousands	Jan. 07, 2021USD ($)shares	Aug. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2021USD ($)segment$ / sharesshares	Mar. 31, 2020USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment			3
Business Acquisition [Line Items]
Proceeds from merger, net of fees and other costs			$ 64,434	$ 0
Private Placement Warrants
Business Acquisition [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares			$ 11.50
Phantom Awards
Business Acquisition [Line Items]
Grants in period (in shares) | shares			200,000
Grant date value at the time of the merger			$ 1,900
General and Administrative Expense | Phantom Awards
Business Acquisition [Line Items]
Accelerated vesting cost			$ 2,700
Merger Agreement
Business Acquisition [Line Items]
Proceeds from merger, net of fees and other costs	$ 64,400
Payments for merger related costs	28,700
Transaction expenses incurred	7,500
Direct and incremental costs	16,700
Merger Agreement | Phantom Awards
Business Acquisition [Line Items]
Cash payments of phantom stock awards	2,900
Grants in period (in shares) | shares			200,000
Grant date value at the time of the merger	$ 1,900
Merger Agreement | General and Administrative Expense | Phantom Awards
Business Acquisition [Line Items]
Accelerated vesting cost			$ 2,700
Merger Agreement | Common Class A | Level Field Capital, LLC
Business Acquisition [Line Items]
Equity interests still held (in shares) | shares	1,000,000
Merger Agreement | Common Class A | LF Capital Acquisitions Corps
Business Acquisition [Line Items]
Stock consideration, amount		$ 343,800
Stock consideration (in shares) | shares		32,600,000
Stock consideration, share price (in dollars per share) | $ / shares		$ 10.56
Merger Agreement | Earnout Shares | Landsea Holdings | Level Field Capital, LLC
Business Acquisition [Line Items]
Equity interests transferred (in shares) | shares	500,000
Merger Agreement | Private Placement Warrants | Level Field Capital, LLC
Business Acquisition [Line Items]
Equity interests forfeited (in shares) | shares	2,300,000
Merger Agreement | Private Placement Warrants | Landsea Holdings | Level Field Capital, LLC
Business Acquisition [Line Items]
Equity interests transferred (in shares) | shares	2,200,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details)	Mar. 31, 2021$ / shares
Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price of warrants (in dollars per share)	$ 11.50

Business Combinations - Narrati

Business Combinations - Narrative (Details) - Garret Walker $ in Thousands	Jan. 15, 2020USD ($)project	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Percentage interests acquired	100.00%
Cash consideration	$ 133,400
Number of projects acquired in acquisition | project	20
Number of lots acquired in acquisition | project	1,750
Goodwill acquired during the period	$ 15,392
Transaction related costs			$ 400
Revenue of acquiree since acquisition		$ 41,300
Income before tax, inclusive of purchase price accounting		$ 2,000
Trade Names
Business Acquisition [Line Items]
Trade name	$ 1,600
Useful life (in years)	3 years
Goodwill
Business Acquisition [Line Items]
Useful life (in years)	15 years

Business Combinations - Net Ass

Business Combinations - Net Assets Acquired (Details) - Garret Walker $ in Thousands	Jan. 15, 2020USD ($)
Assets Acquired
Cash	$ 2,905
Real estate inventories	119,466
Goodwill	15,392
Other assets	532
Total assets	139,895
Liabilities Assumed
Accounts payable	5,425
Accrued expenses	1,037
Total liabilities	6,462
Net assets acquired	133,433
Trade Names
Assets Acquired
Trade name	$ 1,600

Business Combinations - Pro For

Business Combinations - Pro Forma Financial Information (Details) - Garret Walker $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Revenue	$ 138,746
Pretax loss	(4,050)
Benefit for income taxes	948
Net loss	$ (3,102)

Real Estate Inventories (Detail

Real Estate Inventories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Real Estate Inventories [Abstract]
Deposits and pre-acquisition costs	$ 35,938		$ 34,102
Land held and land under development	233,583		221,055
Homes completed or under construction	422,350		395,926
Model homes	32,566		36,736
Total real estate inventory	724,437		$ 687,819
Impairment of real estate inventories	$ 0	$ 0

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Capitalization [Line Items]
Related party interest pushed down	$ 0	$ 2,629
Other interest incurred	5,106	4,302
Total interest incurred	5,106	6,931
Related party interest capitalized	0	2,629
Other interest capitalized	5,106	4,302
Total interest capitalized	5,106	6,931
Other interest expensed	11	11
Total interest expense included in pretax income (loss)	7,431	7,604
Cost of Sales
Schedule of Capitalization [Line Items]
Capitalized related party interest	2,902	2,846
Other interest expense capitalized	4,165	4,465
Income (Loss) From Equity Method Investments
Schedule of Capitalization [Line Items]
Capitalized related party interest	348	278
Other interest expense capitalized	$ 5	$ 4

Investment in and Advances to_3

Investment in and Advances to Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)joint_venture	Mar. 31, 2020USD ($)	Dec. 31, 2020joint_venture
Schedule of Equity Method Investments [Line Items]
Impairment of real estate held for sale | $	$ 0	$ 0
LS-NJ Port Imperial JV LLC and LS-Boston Point LLC
Schedule of Equity Method Investments [Line Items]
Number of investments | joint_venture	2		2
LS-NJ Port Imperial JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest (percent)	51.00%		51.00%

Investment in and Advances to_4

Investment in and Advances to Unconsolidated Joint Ventures - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 190,736	$ 113,950	$ 105,778
Restricted cash	0	776	4,270
Real estate inventories	724,437		687,819
Total assets	987,539		895,764
Liabilities [Abstract]
Accounts payable	40,826		36,243
Accrued expenses and other liabilities	51,994		62,869
Due to affiliates	2,357		2,357
Total liabilities	430,881		366,278
Equity
Total liabilities and equity	987,539		895,764
Income Statement [Abstract]
Revenue	160,419	136,295
Cost of sales and expenses	(141,621)	(119,568)
Net income (loss) of unconsolidated joint ventures	(7,086)	(2,624)
Income (loss) from equity method investments	(21)	(1,743)
LS-NJ Port Imperial JV LLC and LS-Boston Point LLC
Assets
Cash and cash equivalents	6,603		2,740
Restricted cash	0		4,870
Real estate inventories	30,145		41,214
Other assets	122		123
Total assets	36,870		48,947
Liabilities [Abstract]
Accounts payable	207		188
Accrued expenses and other liabilities	4,183		3,928
Due to affiliates	871		5,735
Total liabilities	5,261		9,851
Equity
Members' capital	31,609		39,096
Total liabilities and equity	36,870		$ 48,947
Income Statement [Abstract]
Revenue	14,080	10,561
Cost of sales and expenses	(13,431)	(13,106)
Net income (loss) of unconsolidated joint ventures	649	(2,545)
Equity in net (loss) income of unconsolidated joint ventures	(21)	(1,743)
Unconsolidated joint venture
Income Statement [Abstract]
Income (loss) from equity method investments	300	(1,400)
Amortization expense	$ (400)	$ (300)

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred tax asset, net	$ 2,621	$ 13,248
Property, equipment and capitalized selling and marketing costs, net	5,790	6,386
Right-of-use asset	5,678	5,973
Deferred offering costs	0	7,617
Prepaid income taxes	3,362	1,003
Intangible asset, net	885	1,046
Prepaid expenses	5,741	3,029
Other	3,177	3,267
Total other assets	$ 27,254	$ 41,569

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Land development and home construction accrual	$ 24,499	$ 25,910
Warranty accrual	12,020	11,730	$ 8,693
Accrued compensation and benefits	3,630	10,966
Lease liabilities	6,089	6,396
Interest payable	1,612	1,134
Income tax payable	0	1,355
Sales tax payable	735	1,867
Other deposits and liabilities	3,409	3,511
Total accrued expenses and other liabilities	$ 51,994	$ 62,869

Accrued Expenses and Other Li_4

Accrued Expenses and Other Liabilities - Product Warranty Accrual (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty accrual	$ 11,730	$ 8,693
Warranty provision	917	3,843
Warranty payments	(627)	(806)
Ending warranty accrual	$ 12,020	$ 11,730

Notes and Other Debts Payable_3

Notes and Other Debts Payable, net - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Notes Payable	$ 325,809	$ 272,259
Deferred loan costs	(6,330)	(7,450)
Notes and other debts payable, net	319,479	264,809
Construction loans
Debt Instrument [Line Items]
Notes Payable	91,504	67,757
Line of credit facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Notes Payable	179,019	140,142
EB-5 notes payable
Debt Instrument [Line Items]
Notes Payable	50,150	59,216
Loan payable
Debt Instrument [Line Items]
Notes Payable	$ 5,136	$ 5,144

Notes and Other Debts Payable_4

Notes and Other Debts Payable, net - Narrative (Details) $ in Millions	Apr. 15, 2020USD ($)	Jan. 15, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2018loan
Construction loans | Construction Loan Acquired in Acquisition of Real Estate Inventory
Debt Instrument [Line Items]
Number of loans acquired | loan				2
Construction loans | Construction Loan Acquired in Acquisition of Real Estate Inventory | LIBOR
Debt Instrument [Line Items]
Effective interest rate at period end			8.25%
Basis spread on variable rate				6.50%
Construction loans | Minimum
Debt Instrument [Line Items]
Effective interest rate at period end			4.00%
Construction loans | Minimum | Construction Loan Acquired in Acquisition of Real Estate Inventory | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				8.25%
Construction loans | Maximum
Debt Instrument [Line Items]
Effective interest rate at period end			5.50%
Line of credit facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 195
Credit facility, fair value of amount outstanding			99.8
Line of credit facilities | Revolving Credit Facility | Garret Walker
Debt Instrument [Line Items]
Proceeds from line of credit		$ 70
Credit facility, maximum borrowing capacity			100
Credit facility, fair value of amount outstanding			$ 79.2
Line of credit facilities | Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Effective interest rate at period end			5.25%
Basis spread on variable rate			1.25%
Line of credit facilities | Revolving Credit Facility | Prime Rate | Garret Walker
Debt Instrument [Line Items]
Effective interest rate at period end			5.00%
Basis spread on variable rate			1.00%
Line of credit facilities | Revolving Credit Facility | Minimum | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			5.25%
Line of credit facilities | Revolving Credit Facility | Minimum | Prime Rate | Garret Walker
Debt Instrument [Line Items]
Basis spread on variable rate			5.00%
EB-5 notes payable | Minimum
Debt Instrument [Line Items]
Effective interest rate at period end			4.00%
EB-5 notes payable | Maximum
Debt Instrument [Line Items]
Effective interest rate at period end			6.00%
Paycheck Protection Program Notes
Debt Instrument [Line Items]
Proceeds from PPP loan	$ 4.3
Interest rate, stated percentage	1.00%

Notes and Other Debts Payable_5

Notes and Other Debts Payable, net - Maturities of Principal Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021	$ 62
2022	121,308
2023	24,777
2024	179,102
2025	560
Thereafter	0
Long-term debt	$ 325,809	$ 272,259

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Loss Contingencies [Line Items]
Operating lease expense	$ 400	$ 500
Weighted average remaining lease term (in years)	4 years 1 month 6 days		4 years 4 months 24 days
Weighted average rate (percent)	5.90%
Right-of-use asset	$ 5,678		$ 5,973
Present value of lease liabilities	$ 6,089		6,396
Minimum
Loss Contingencies [Line Items]
Lease term (Less than, in years)	1 year
Maximum
Loss Contingencies [Line Items]
Lease term (Less than, in years)	7 years
Performance Guarantee
Loss Contingencies [Line Items]
Performance bonds outstanding	$ 92,100		$ 78,000

Commitments and Contingencies_2

Commitments and Contingencies - Maturity Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
2021	$ 1,201
2022	1,624
2023	1,397
2024	1,182
2025	855
Thereafter	762
Total lease payments	7,021
Less: Discount	(932)
Present value of lease liabilities	$ 6,089	$ 6,396

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jun. 30, 2020
Equity Method Investee
Related Party Transaction [Line Items]
Due to related parties	$ 700
Due from related parties			$ 300
Equity Method Investee | Management fees
Related Party Transaction [Line Items]
Incurred	$ 100	$ 300
LHold | Corporate Joint Venture
Related Party Transaction [Line Items]
Net assets transferred				$ 28,874
Noncontrolling interest transferred				1,242
Disposal Group, Including Discontinued Operation, Deferred Tax Assets				$ 12,100

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - Corporate Joint Venture - LHold $ in Thousands	Jun. 30, 2020USD ($)
Assets Transferred
Cash	$ 338
Real estate inventories	49,705
Other assets	174
Total assets	50,217
Liabilities Transferred
Accounts payable	1,416
Construction loan	17,825
Accrued expenses and other liabilities	2,102
Total liabilities	21,343
Net assets transferred	28,874
Noncontrolling interest transferred	$ 1,242

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	36.50%	32.00%

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of geographic regions | segment	3
Number of reportable segments | segment	3
Goodwill | $	$ 20,705
Arizona
Segment Reporting Information [Line Items]
Goodwill | $	$ 20,700	$ 20,705

Segment Reporting - Revenue and

Segment Reporting - Revenue and Pretax Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 160,419	$ 136,295
Total (loss) income before income tax expense	(11,151)	(3,859)
LS-NJ Port Imperial JV LLC and LS-Boston Point LLC
Segment Reporting Information [Line Items]
Revenue	14,080	10,561
Equity in net (loss) income of unconsolidated joint ventures	(21)	(1,743)
Corporate
Segment Reporting Information [Line Items]
Total (loss) income before income tax expense	(11,594)	(1,583)
Arizona
Segment Reporting Information [Line Items]
Revenue	65,326	53,054
Arizona | Operating Segments
Segment Reporting Information [Line Items]
Total (loss) income before income tax expense	1,433	(972)
California
Segment Reporting Information [Line Items]
Revenue	95,093	83,241
California | Operating Segments
Segment Reporting Information [Line Items]
Total (loss) income before income tax expense	(159)	1,492
Metro New York
Segment Reporting Information [Line Items]
Revenue	0	0
Metro New York | Operating Segments
Segment Reporting Information [Line Items]
Total (loss) income before income tax expense	$ (831)	$ (2,796)

Segment Reporting - Assets by S

Segment Reporting - Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 987,539	$ 895,764
Corporate
Segment Reporting Information [Line Items]
Total assets	152,736	97,750
Arizona | Operating Segments
Segment Reporting Information [Line Items]
Total assets	279,246	268,141
California | Operating Segments
Segment Reporting Information [Line Items]
Total assets	430,379	409,705
Metro New York | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 125,178	$ 120,168

Fair Value (Details)

Fair Value (Details) $ in Thousands	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Measurement Input, Price Volatility
Liabilities:
Warrants, measurement input	0.422
Carrying Value Disclosure | Construction loans
Liabilities:
Long-term debt	$ 91,504	$ 67,757
Carrying Value Disclosure | Line of credit facilities
Liabilities:
Long-term debt	179,019	140,142
Carrying Value Disclosure | EB-5 notes payable
Liabilities:
Long-term debt	50,150	59,216
Carrying Value Disclosure | Loan payable
Liabilities:
Long-term debt	5,136	5,144
Carrying Value Disclosure | Warrant liability
Liabilities:
Long-term debt	16,225	0
Fair Value Disclosure | Fair Value, Inputs, Level 2 | Construction loans
Liabilities:
Long-term debt	91,504	67,757
Fair Value Disclosure | Fair Value, Inputs, Level 2 | Line of credit facilities
Liabilities:
Long-term debt	179,019	140,142
Fair Value Disclosure | Fair Value, Inputs, Level 2 | EB-5 notes payable
Liabilities:
Long-term debt	50,150	59,216
Fair Value Disclosure | Fair Value, Inputs, Level 2 | Loan payable
Liabilities:
Long-term debt	5,136	5,144
Fair Value Disclosure | Fair Value, Inputs, Level 2 | Warrant liability
Liabilities:
Long-term debt	$ 16,225	$ 0

Fair Value - Schedule of Warran

Fair Value - Schedule of Warrant Liability (Details) - Fair Value, Recurring - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 11,275	$ 0
Changes in fair value	4,950	0
Ending balance	$ 16,225	$ 0

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Phantom Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid for phantom stock awards	$ 2,900
Grants in period (in shares)	200,000
Grant date value at the time of the merger	$ 1,900
Phantom Awards | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting cost	$ 2,700
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	100,000
Grant date fair value (in dollars per share)	$ 9.69
Unvested grants of RSUs (in shares)	0
Restricted Stock Units (RSUs) | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,400	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)segment$ / sharesshares	Dec. 31, 2020$ / sharesshares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	46,231,025	32,557,303
Common stock, shares outstanding (in shares)	46,231,025	32,557,303
Preferred stock, shares outstanding (in shares)	0	0
Warrants outstanding (in shares)	21,025,000
Public Warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)	15,525,000
Exercise price of warrants (in dollars per share) | $ / shares	$ 1.15
Amendment distribution price per per warrant (in dollars per share) | $ / shares	$ 1.85
Total amount paid by company | $	$ 28.7
Warrants outstanding, term (in years)	5 years
Minimum conversion price, per warrant (in dollars per share) | $ / shares	$ 0.01
Written notice, period	30 days
Stock price trigger (in dollars per share) | $ / shares	$ 18
Threshold trading days | segment	20
Threshold consecutive trading days | segment	30
Number of shares per warrant (in shares)	0.1
Private Placement Warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)	5,500,000
Exercise price of warrants (in dollars per share) | $ / shares	$ 11.50
Number of shares per warrant (in shares)	1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator
Net (loss) attributable to Landsea Homes Corporation	$ (7,074)	$ (2,536)
Denominator
Weighted average common shares outstanding - basic (in shares)	45,167,513	32,557,303
Adjustment for weighted average participating shares outstanding (in shares)	(922,222)	0
Weighted Average Number of of Shares, Vested But Awaiting Issuance	556	0
Adjusted weighted average common shares outstanding under two class method - basic (in shares)	44,245,847	32,557,303
Dilutive effect of warrants (in shares)	0	0
Adjusted weighted average common shares outstanding under two class method - diluted (in shares)	44,245,847	32,557,303
Earnings per share
Basic and diluted (in dollars per share)	$ (0.16)	$ (0.08)
Antidilutive securities excluded from computation of earnings per share, amount	7,100,000

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Supplemental disclosures of cash flow information
Interest paid, net of amounts capitalized	$ 11	$ 11
Income taxes paid	2	46
Supplemental disclosures of non-cash investing and financing activities
Transfer of deferred tax asset to Landsea Holdings	12,119	0
Conversion of deferred offering costs to additional paid-in-capital	9,229	0
Amortization of deferred financing costs	951	1,016
Business acquisition holdback	0	2,000
Cash, cash equivalents, and restricted cash reconciliation:
Cash and cash equivalents	190,736	113,950	$ 105,778
Restricted cash	0	776	4,270
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 190,736	$ 114,726	$ 110,048	$ 156,378

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Vintage Estate Homes $ in Millions	May 04, 2021USD ($)
Subsequent Event [Line Items]
Aggregate cash purchase price	$ 54.6
Debt assumed in connection with acquisition	27.3
Repayments of Long-term Debt	$ 3.8
Percentage interests acquired	100.00%

Uncategorized Items - lhi-20210

Label	Element	Value
LS-Boston Point LLC [Member]
Equity Method Investment, Ownership Percentage	us-gaap_EquityMethodInvestmentOwnershipPercentage	25.00%
Equity Method Investment, Ownership Percentage	us-gaap_EquityMethodInvestmentOwnershipPercentage	25.00%