Landsea Homes (LSEA) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,950,043
Entity CIK	0001721386
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 110,192	$ 342,810
Cash held in escrow	7,190	4,079
Restricted cash	0	443
Real estate inventories (including related party interest of $3,909 and $7,509, respectively)	1,179,418	844,792
Due from affiliates	5,180	4,465
Investment in and advances to unconsolidated joint ventures (including related party interest of $0 and $70, respectively)	0	470
Goodwill	68,639	24,457
Other assets (including right-of-use assets with a related party of $1,454 and $2,010, respectively)	98,239	43,998
Total assets	1,468,858	1,265,514
Liabilities
Accounts payable	82,347	73,734
Accrued expenses and other liabilities (including lease liabilities with a related party of $1,454 and $2,010, respectively)	114,836	97,724
Due to affiliates	2,357	2,357
Warrant liability	0	9,185
Notes and other debts payable, net	585,065	461,117
Total liabilities	784,605	644,117
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value, 50,000,000 shares authorized, none issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 42,110,794 issued and 40,950,043 outstanding as of September 30, 2022, 46,281,091 issued and outstanding as of December 31, 2021	4	5
Additional paid-in capital	497,078	535,345
Retained earnings	132,767	84,797
Total stockholders' equity	629,849	620,147
Noncontrolling interests	54,404	1,250
Total equity	684,253	621,397
Total liabilities and equity	$ 1,468,858	$ 1,265,514

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate inventories	$ 1,179,418	$ 844,792
Investment in unconsolidated joint venture	0	470
Other assets	98,239	43,998
Accrued expenses and other liabilities	$ 114,836	$ 97,724
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 issued (in shares)	0	0
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)	42,110,794	46,281,091
Common stock, shares outstanding (in shares)	40,950,043	46,281,091
Affiliated Entity
Real estate inventories	$ 3,909	$ 7,509
Investment in unconsolidated joint venture	0	70
Other assets	1,454	2,010
Accrued expenses and other liabilities	$ 1,454	$ 2,010

Consolidated Statement of Opera

Consolidated Statement of Operations - (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue	$ 335,585	$ 214,129	$ 1,020,491	$ 624,822
Total cost of sales	269,099	178,768	810,766	528,106
Gross margin	66,486	35,361	209,725	96,716
Sales and marketing expenses	21,063	12,299	64,366	34,880
General and administrative expenses	21,111	16,905	70,734	45,826
Total operating expenses	42,174	29,204	135,100	80,706
Income from operations	24,312	6,157	74,625	16,010
Other income (expense), net	920	394	(793)	3,927
Equity in net income of unconsolidated joint ventures (including related party interest expense of $0, $278, $69 and $1,042, respectively)	70	168	139	814
Gain (loss) on remeasurement of warrant liability	0	7,040	(7,315)	(3,245)
Pretax income	25,302	13,759	66,656	17,506
Provision for income taxes	4,021	2,977	17,460	3,160
Net income	21,281	10,782	49,196	14,346
Net income (loss) attributable to noncontrolling interests	1,311	(15)	1,226	(41)
Net income attributable to Landsea Homes Corporation	$ 19,970	$ 10,797	$ 47,970	$ 14,387
Income per share:
Basic (in dollars per share)	$ 0.49	$ 0.23	$ 1.10	$ 0.31
Diluted (in dollars per share)	$ 0.49	$ 0.23	$ 1.09	$ 0.31
Weighted average common shares outstanding:
Basic (in shares)	39,935,152	45,281,091	42,768,269	45,077,015
Diluted (in shares)	40,097,269	45,329,891	42,943,871	45,146,552
Home sales
Revenue	$ 326,496	$ 208,916	$ 975,269	$ 603,281
Cost of sales and expenses	258,362	175,349	770,220	511,177
Gross margin	68,134	33,567	205,049	92,104
Lot sales and other
Revenue	9,089	5,213	45,222	21,541
Cost of sales and expenses	10,737	3,419	40,546	16,929
Gross margin	$ (1,648)	$ 1,794	$ 4,676	$ 4,612

Consolidated Statement of Ope_2

Consolidated Statement of Operations - (Unaudited) - Parenthetical - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue	$ 335,585	$ 214,129	$ 1,020,491	$ 624,822
Affiliated Entity
Previously capitalized related party interest included in cost of sales	0	278	69	1,042
Lot Sales and Other | Affiliated Entity
Revenue	0	0	1,249	0
Cost of sales and expenses	0	0	1,256	0
Home sales
Revenue	326,496	208,916	975,269	603,281
Cost of sales and expenses	258,362	175,349	770,220	511,177
Home sales | Affiliated Entity
Previously capitalized related party interest included in cost of sales	$ 714	$ 2,571	$ 3,831	$ 9,813

Consolidated Statements of Equi

Consolidated Statements of Equity - (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjustment	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Additional paid-in capital	Additional paid-in capital Cumulative Effect, Period of Adoption, Adjustment	Additional paid-in capital Cumulative Effect, Period of Adoption, Adjusted Balance	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment	Retained earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling interests	Noncontrolling interests Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling interests Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2020	32,600,000			1,000	32,556,303	32,557,303
Beginning balance at Dec. 31, 2020	$ 529,486	$ 0	$ 529,486	$ 0	$ 3	$ 3	$ 496,174	$ (3)	$ 496,171	$ 32,011	$ 0	$ 32,011	$ 1,301	$ 0	$ 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	31,662			$ 2			31,660
Vesting of restricted stock units (in shares)				50,066
Vesting of restricted stock units	0
Stock-based compensation expense	4,056						4,056
Net income (loss)	14,346									14,387			(41)
Ending balance (in shares) at Sep. 30, 2021				46,281,091
Ending balance at Sep. 30, 2021	579,550			$ 5			531,887			46,398			1,260
Beginning balance (in shares) at Jun. 30, 2021				46,281,091
Beginning balance at Jun. 30, 2021	567,541			$ 5			530,660			35,601			1,275
Increase (Decrease) in Shareholders' Equity
Stock-based compensation expense	1,227						1,227
Net income (loss)	10,782									10,797			(15)
Ending balance (in shares) at Sep. 30, 2021				46,281,091
Ending balance at Sep. 30, 2021	$ 579,550			$ 5			531,887			46,398			1,260
Beginning balance (in shares) at Dec. 31, 2021	46,281,091			46,281,091
Beginning balance at Dec. 31, 2021	$ 621,397			$ 5			535,345			84,797			1,250
Ending balance (in shares) at Jun. 30, 2022				40,925,579
Ending balance at Jun. 30, 2022	$ 665,136			$ 4			496,170			112,797			56,165
Beginning balance (in shares) at Dec. 31, 2021	46,281,091			46,281,091
Beginning balance at Dec. 31, 2021	$ 621,397			$ 5			535,345			84,797			1,250
Increase (Decrease) in Shareholders' Equity
Shares issued under share based awards (in shares)				228,529
Cash paid for shares withheld for taxes	(848)						(848)
Stock-based compensation expense	2,780						2,780
Repurchase of common stock (in shares)				(5,559,577)
Repurchase of common stock	(40,200)			$ (1)			(40,199)
Contributions from noncontrolling interests	55,000												55,000
Distributions to noncontrolling interests	(3,072)												(3,072)
Net income (loss)	$ 49,196									47,970			1,226
Ending balance (in shares) at Sep. 30, 2022	40,950,043			40,950,043
Ending balance at Sep. 30, 2022	$ 684,253			$ 4			497,078			132,767			54,404
Beginning balance (in shares) at Jun. 30, 2022				40,925,579
Beginning balance at Jun. 30, 2022	665,136			$ 4			496,170			112,797			56,165
Increase (Decrease) in Shareholders' Equity
Shares issued under share based awards (in shares)				24,464
Stock-based compensation expense	908						908
Distributions to noncontrolling interests	(3,072)												(3,072)
Net income (loss)	$ 21,281									19,970			1,311
Ending balance (in shares) at Sep. 30, 2022	40,950,043			40,950,043
Ending balance at Sep. 30, 2022	$ 684,253			$ 4			$ 497,078			$ 132,767			$ 54,404

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 49,196	$ 14,346
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	4,445	3,240
Loss on remeasurement of warrant liability	7,315	3,245
Stock-based compensation expense	2,780	4,056
Loss (gain) on extinguishment or forgiveness of debt	2,496	(4,265)
Abandoned project costs	324	380
Equity in net income of unconsolidated joint ventures	(139)	(814)
Deferred taxes	(2,217)	(1,221)
Changes in operating assets and liabilities:
Cash held in escrow	(3,111)	(2,920)
Real estate inventories	(99,397)	(123,874)
Due from affiliates	(715)	(1,488)
Other assets	(46,748)	(5,982)
Accounts payable	2,284	17,461
Accrued expenses and other liabilities	287	(28,110)
Net cash used in operating activities	(83,200)	(125,946)
Cash flows from investing activities:
Purchases of property and equipment	(4,062)	(2,309)
Distributions of capital from unconsolidated joint ventures	578	17,855
Payments for business acquisition, net of cash acquired	(258,727)	(44,537)
Net cash used in investing activities	(262,211)	(28,991)
Cash flows from financing activities:
Borrowings from notes and other debts payable	361,910	491,535
Repayments of notes and other debts payable	(240,526)	(424,006)
Proceeds from the Merger, net of fees and other costs	0	64,434
Cash paid for shares withheld for taxes	(848)	0
Payment for buyback of warrants	(16,500)	0
Repayment of convertible note	0	(1,500)
Repurchases of common stock	(40,200)	0
Contributions from noncontrolling interests	55,000	0
Distributions to noncontrolling interests	(3,072)	0
Deferred offering costs paid	0	(1,832)
Debt issuance and extinguishment costs paid	(3,414)	(1,382)
Net cash provided by financing activities	112,350	127,249
Net decrease in cash, cash equivalents, and restricted cash	(233,061)	(27,688)
Cash, cash equivalents, and restricted cash at beginning of period	343,253	110,048
Cash, cash equivalents, and restricted cash at end of period	$ 110,192	$ 82,360

Company

Company	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company	Company Landsea Homes Corporation (together with its subsidiaries, “LHC” or the “Company”), a majority owned subsidiary of Landsea Holdings Corporation (“Landsea Holdings”), is engaged in the acquisition, development, and sale of homes and lots in Arizona, California, Florida, New Jersey, New York, and Texas. The Company's operations are organized into the following five reportable segments: Arizona, California, Florida, Metro New York, and Texas. 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 LF Capital 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’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 that are subject to surrender and forfeiture for no consideration in the event the common stock does not reach certain thresholds during the 24-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”, and together with the Company’s public warrants, 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 $7.5 million representing 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 during the nine months ended September 30, 2021 related to the accelerated vesting of certain phantom awards. At the time of the Merger, 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. 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, holding 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 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	9 Months Ended
	Sep. 30, 2022
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. Landsea Holdings holds a series of notes payable to affiliated entities of its parent. The cash Landsea Holdings received from the notes payable 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 6 - 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 a 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. 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 the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 16, 2022. The accompanying unaudited consolidated financial statements include all adjustments, consisting of normal recurring entries, necessary for a fair presentation of the Company’s 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. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified the scope and application of ASU 2020-04. The guidance in ASU 2020-04 may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. In June 2022, the Company modified its credit facility to use the Secured Overnight Financing Rate (“SOFR”) as a reference rate rather than LIBOR. The Company elected to apply this guidance which preserves the presentation of the loan consistent with the presentation prior to the modification. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) , which provides clarity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. Particularly, the update states that an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as an exchange of the original instrument for a new instrument. The standard is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The adoption did not have a material impact on the Company's consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, which requires application of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , to recognize and measure contract assets and liabilities from contracts with customers acquired in a business combination. ASU 2021-08 creates an exception to the general recognition and measurement principle in ASC 805, Business Combinations , and will result in recognition of contract assets and contract liabilities consistent with those recorded by the acquiree immediately before the acquisition date. The standard is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption is not expected to have a material impact on the Company's consolidated financial statements.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations On January 18, 2022, the Company acquired 100% of Hanover Family Builders, LLC (“Hanover”), a Florida-based homebuilder, for an aggregate cash purchase price, net of working capital adjustments, of $262.6 million. The aggregate purchase price included a pay-off of $69.3 million related to debt held by Hanover and a payment of $15.6 million for land-related deposits. The total assets of Hanover included approximately 20 development projects and 3,800 lots in various stages of development. The determination of the final purchase accounting allocation related to the working capital calculations and resulting goodwill are in process as of the date the consolidated financial statements were issued. In accordance with ASC 805, the assets acquired and liabilities assumed from the acquisition of Hanover 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. For acquired land and land options, the Company typically utilizes, with the assistance of a third-party appraiser, a sales comparison approach. For work in process inventories, the Company estimates the fair value based upon the stage of production of each unit and a gross margin that management believes a market participant would require to complete the remaining development 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 Hanover trade name, which is estimated to have a fair value of $1.6 million and is being amortized over one year. Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed and relates primarily to the assembled workforce and business synergies. Goodwill of $44.2 million was preliminarily 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 Florida reporting segment in Note 12, Segment Reporting . The Company incurred transaction related costs of less than $0.1 million and $0.7 million related to the Hanover acquisition during the three and nine months ended September 30, 2022, respectively. The Company's results of operations include homebuilding revenues from the Hanover acquisition of $72.2 million and $231.5 million for the three and nine months ended September 30, 2022, respectively. The accompanying results of operations also include pretax income of $4.5 million and $8.6 million from the Hanover acquisition during the three and nine months ended September 30, 2022. respectively. The pretax income is inclusive of purchase price accounting and an allocation of corporate general and administrative expenses. 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 $ 3,857 Real estate inventories 232,071 Goodwill 44,182 Trade name 1,590 Other assets 378 Total assets $ 282,078 Liabilities Assumed Accounts payable $ 6,329 Accrued expenses 13,165 Total liabilities 19,494 Net assets acquired $ 262,584 On May 4, 2021, the Company acquired 100% of Mercedes Premier Homes, LLC (also known as Vintage Estate Homes, LLC, or “Vintage”), a Florida- and Texas-based homebuilder, for cash consideration of approximately $54.6 million. In addition, the Company assumed $32.1 million of debt, of which it paid down $3.8 million in connection with the acquisition. Total assets included approximately 20 development projects and 1,800 lots in various stages of development. The intangible asset acquired relates to the Vintage trade name, which was estimated to have a fair value of $1.6 million and was amortized over one year. Goodwill of $3.8 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 Florida reporting segment. The Company incurred transaction costs of $0.3 million and $0.8 million related to the Vintage acquisition during the three and nine months ended September 30, 2021. 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 $ 10,063 Real estate inventories 93,699 Goodwill 3,752 Trade name 1,550 Other assets 3,956 Total assets $ 113,020 Liabilities Assumed Accounts payable $ 1,641 Accrued expenses 24,660 Notes payable 32,119 Total liabilities 58,420 Net assets acquired $ 54,600 Unaudited Pro Forma Financial Information Unaudited pro forma revenue and net income (loss) for the following periods presented give effect to the results of the acquisitions of Hanover and Vintage as though the respective acquisition dates were as of January 1, 2021 and January 1, 2020, the beginning of the year preceding the respective acquisitions. Unaudited pro forma net income (loss) adjusts the operating results of Hanover and Vintage 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Revenue $ 335,585 $ 266,786 $ 1,025,600 $ 818,382 Pretax income (loss) 35,935 1,586 108,188 (22,298) Provision (benefit) for income taxes 4,858 (3,811) 28,339 (4,025) Net income (loss) $ 31,077 $ 5,397 $ 79,849 $ (18,273)

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates two joint venture (“JV”) variable interest entities (“VIEs”). The consolidated VIEs include one active project in the Metro New York area (“14th Ave JV”) and one JV with the purpose of acquiring undeveloped land (the “LCF JV”). The Company has determined that it is the primary beneficiary of these VIEs as it has the power to direct activities of the operations that most significantly affect their economic performance. Both consolidated VIEs are financed by equity contributions from the Company and the JV partner. The 14th Ave JV was also funded by third-party debt which was paid off in April 2022 with proceeds from a loan provided by the Company. The intercompany loan is eliminated upon consolidation. The following table summarizes the carrying amount and classification of the VIEs’ assets and liabilities in the consolidated balances sheets as of September 30, 2022 and December 31, 2021. September 30, 2022 December 31, 2021 (dollars in thousands) Cash $ 4,960 $ 130 Cash held in escrow 11 — Restricted cash — 443 Real estate inventories 113,109 121,040 Due from affiliates 317 — Other assets 4,185 195 Total assets $ 122,582 $ 121,808 Accounts payable $ 1,596 $ 1,779 Accrued expenses and other liabilities 5,484 1,400 Due to affiliates — 226 Notes payable, net — 81,584 Total liabilities $ 7,080 $ 84,989

Real Estate Inventories

Real Estate Inventories	9 Months Ended
	Sep. 30, 2022
Real Estate Inventories [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories are summarized as follows: September 30, 2022 December 31, 2021 (dollars in thousands) Deposits and pre-acquisition costs $ 98,764 $ 65,724 Land held and land under development 216,945 243,310 Homes completed or under construction 846,291 526,950 Model homes 17,418 8,808 Total real estate inventories $ 1,179,418 $ 844,792 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, Property, Plant, and Equipment, real estate inventories are stated at cost, unless the carrying amount is determined not to be recoverable, in which case inventory is written down to its 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 the Company’s estimates of future home sales revenue, home construction costs, pace of homes sales, and the applicable discount rate, all of which are Level 3 inputs.

Capitalized Interest

Capitalized Interest	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized Interest	Capitalized Interest Interest is capitalized to real estate inventories and investment in unconsolidated joint ventures during development and as a result of 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 JVs is relieved to equity in net 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) (dollars in thousands) Related party interest incurred $ 74 $ 183 $ 231 $ 183 Other interest incurred 13,759 6,597 28,352 18,701 Total interest incurred 13,833 6,780 28,583 18,884 Related party interest capitalized 74 183 231 183 Other interest capitalized 13,759 6,597 28,352 18,701 Total interest capitalized 13,833 6,780 28,583 18,884 Previously capitalized related party interest included in cost of sales $ 714 $ 2,571 $ 3,831 $ 9,813 Previously capitalized other interest included in cost of sales 9,436 4,711 27,445 15,835 Related party interest relieved to equity in income from unconsolidated joint ventures — 278 69 1,042 Other interest relieved to equity in income from unconsolidated joint ventures — 3 1 14 Other interest expensed — 11 — 32 Total interest expense included in pretax income $ 10,150 $ 7,574 $ 31,346 $ 26,736

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other AssetsAs of September 30, 2022 and December 31, 2021, the Company had contract assets of $16.6 million and $6.1 million, respectively, related to lot sales and other revenue. The contract asset balance is included in other assets on the Company’s consolidated balance sheets and represents cash to be received for work already performed on lot sales and other contracts. The amount of the transaction price for lot sales and other contracts remaining to be recognized as revenue for performance obligations that were not fully satisfied as of September 30, 2022 and December 31, 2021 was $20.6 million and $63.9 million, respectively. As of September 30, 2022 and December 31, 2021, the Company had $0.4 million and $4.0 million of deferred revenue, respectively, related to lot sales and other revenue included in accrued expenses and other liabilities in the Company’s consolidated balance sheets. The Company reduces these liabilities and recognizes revenue as development progresses and the related performance obligations are completed. The Company recognized $0.0 million and $4.0 million of lot sales and other revenue during the three and nine months ended September 30, 2022, respectively, related to the deferred revenue balance as of December 31, 2021.

Notes and Other Debts Payable,

Notes and Other Debts Payable, net	9 Months Ended
	Sep. 30, 2022
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: September 30, 2022 December 31, 2021 (dollars in thousands) Construction loan $ — $ 82,617 Line of credit facilities 594,300 390,300 Notes payable 594,300 472,917 Deferred loan costs (9,235) (11,800) Notes and other debts payable, net $ 585,065 $ 461,117 In October 2021, the Company entered into a line of credit agreement (the “Credit Agreement”). The Credit Agreement provides for a senior unsecured borrowing of up to $675.0 million as of September 30, 2022. The Company may increase the borrowing amount up to $850.0 million, under certain conditions. Borrowings under the Credit Agreement bear interest at SOFR plus 3.35% or Prime Rate (as defined in the Credit Agreement) plus 2.75%. The interest rate includes a floor of 3.85%. As of September 30, 2022, the interest rate on the loan was 5.95%. The Credit Agreement was modified in June 2022 to increase the borrowing commitment by $70.0 million to $655.0 million and replace LIBOR with SOFR as an index rate. The Credit Agreement was modified again in September 2022 to increase the commitment by an additional $20.0 million to $675.0 million. The Credit Agreement matures in October 2024. In addition, the Company previously had one project-specific construction loan. In April 2022, the construction loan was repaid in full with proceeds from borrowings under the Credit Agreement. In connection with this payoff, the Company incurred $2.5 million of debt extinguishment fees which are included in other income, net, in the consolidated statements of operations. The Company received a Paycheck Protection Program (“PPP”) loan during the second quarter of 2020 in the amount of $4.3 million, and received a notice of forgiveness of the PPP loan in June 2021. The forgiveness was recorded as other income in the consolidated statements of operations of the Company.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal —The Company is currently involved in various legal actions and proceedings that arise from time to time and may be subject to similar or other legal and/or regulatory actions in the future. The Company is currently unable to estimate the likelihood of an unfavorable result in any such proceeding that could have a material adverse effect on the Company’s results of operations, financial position, or liquidity. In the fourth quarter of 2021, certain insurers paid $14.9 million on behalf of the Company and others to settle a wrongful death suit. The insurers contend they are entitled to seek reimbursement from the Company for some or all of such amounts, which the Company disputes. At this time the Company is unable to estimate the amount or outcome of the insurers’ claims against the Company. In addition, the Company is unable to estimate the amount or outcome of its recovery actions against relevant third parties. 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 $117.0 million and $94.7 million of performance bonds outstanding as of September 30, 2022 and December 31, 2021, respectively. Warranty —Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Changes in the Company’s warranty accrual are detailed in the table below: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Beginning warranty accrual $ 18,010 $ 13,595 $ 15,692 $ 11,730 Warranty provision 1,359 1,107 4,602 3,972 Warranty payments (1,118) (436) (2,043) (1,436) Ending warranty accrual $ 18,251 $ 14,266 $ 18,251 $ 14,266 Operating Leases —The Company primarily enters into operating leases for the right to use office space, model homes, and computer and office equipment, which have remaining lease terms that range from 1 to 8 years and often include one or more options to renew. During December 2021, the Company sold model homes and immediately leased back these models for up to two years. Certain of these model homes were not complete at the time of sale. All of the leases from the sale-leasebacks are accounted for as operating leases and are reflected as part of the Company’s right-of-use assets and lease liabilities in the accompanying consolidated balance sheets. Certain of these sales were to a related party; refer to Note 10 - Related Party Transactions for further detail. The weighted average remaining lease term as of September 30, 2022 and December 31, 2021 was 4.6 and 4.1 years, respectively. Renewal terms are included in the lease term when it is reasonably certain the option will be exercised. The Company established a right-of-use asset and a lease liability based on the present value of future minimum lease payments at the commencement date of the lease, or, if subsequently modified, the date of modification for active leases. As the rate implicit in each lease is not readily determinable, the Company’s incremental borrowing rate is used in determining the present value of future minimum payments as of the commencement date. The weighted average rate as of September 30, 2022 was 3.8%. Lease components and non-lease components are accounted for as a single lease component. As of September 30, 2022, the Company had $12.8 million and $13.6 million recognized as a right-of-use asset and lease liability, respectively, which are presented on the consolidated balance sheets within other assets and accrued expenses and other liabilities, respectively. As of December 31, 2021, the Company had $12.6 million and $13.2 million recognized as a right-of-use asset and lease liability, respectively. Operating lease expense for the three and nine months ended September 30, 2022 was $0.5 million and $1.6 million, and is included in general and administrative expenses on the consolidated statements of operations. For the three and nine months ended September 30, 2021 operating lease expense was $0.5 million and $1.3 million, respectively. Future minimum payments under the noncancelable operating leases in effect at September 30, 2022 were as follows (dollars in thousands) : 2022 $ 1,194 2023 4,101 2024 2,988 2025 2,043 2026 1,765 Thereafter 2,808 Total lease payments 14,899 Less: Discount (1,274) Present value of lease liabilities $ 13,625
Commitments and Contingencies	Commitments and Contingencies Legal —The Company is currently involved in various legal actions and proceedings that arise from time to time and may be subject to similar or other legal and/or regulatory actions in the future. The Company is currently unable to estimate the likelihood of an unfavorable result in any such proceeding that could have a material adverse effect on the Company’s results of operations, financial position, or liquidity. In the fourth quarter of 2021, certain insurers paid $14.9 million on behalf of the Company and others to settle a wrongful death suit. The insurers contend they are entitled to seek reimbursement from the Company for some or all of such amounts, which the Company disputes. At this time the Company is unable to estimate the amount or outcome of the insurers’ claims against the Company. In addition, the Company is unable to estimate the amount or outcome of its recovery actions against relevant third parties. 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 $117.0 million and $94.7 million of performance bonds outstanding as of September 30, 2022 and December 31, 2021, respectively. Warranty —Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Changes in the Company’s warranty accrual are detailed in the table below: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Beginning warranty accrual $ 18,010 $ 13,595 $ 15,692 $ 11,730 Warranty provision 1,359 1,107 4,602 3,972 Warranty payments (1,118) (436) (2,043) (1,436) Ending warranty accrual $ 18,251 $ 14,266 $ 18,251 $ 14,266 Operating Leases —The Company primarily enters into operating leases for the right to use office space, model homes, and computer and office equipment, which have remaining lease terms that range from 1 to 8 years and often include one or more options to renew. During December 2021, the Company sold model homes and immediately leased back these models for up to two years. Certain of these model homes were not complete at the time of sale. All of the leases from the sale-leasebacks are accounted for as operating leases and are reflected as part of the Company’s right-of-use assets and lease liabilities in the accompanying consolidated balance sheets. Certain of these sales were to a related party; refer to Note 10 - Related Party Transactions for further detail. The weighted average remaining lease term as of September 30, 2022 and December 31, 2021 was 4.6 and 4.1 years, respectively. Renewal terms are included in the lease term when it is reasonably certain the option will be exercised. The Company established a right-of-use asset and a lease liability based on the present value of future minimum lease payments at the commencement date of the lease, or, if subsequently modified, the date of modification for active leases. As the rate implicit in each lease is not readily determinable, the Company’s incremental borrowing rate is used in determining the present value of future minimum payments as of the commencement date. The weighted average rate as of September 30, 2022 was 3.8%. Lease components and non-lease components are accounted for as a single lease component. As of September 30, 2022, the Company had $12.8 million and $13.6 million recognized as a right-of-use asset and lease liability, respectively, which are presented on the consolidated balance sheets within other assets and accrued expenses and other liabilities, respectively. As of December 31, 2021, the Company had $12.6 million and $13.2 million recognized as a right-of-use asset and lease liability, respectively. Operating lease expense for the three and nine months ended September 30, 2022 was $0.5 million and $1.6 million, and is included in general and administrative expenses on the consolidated statements of operations. For the three and nine months ended September 30, 2021 operating lease expense was $0.5 million and $1.3 million, respectively. Future minimum payments under the noncancelable operating leases in effect at September 30, 2022 were as follows (dollars in thousands) : 2022 $ 1,194 2023 4,101 2024 2,988 2025 2,043 2026 1,765 Thereafter 2,808 Total lease payments 14,899 Less: Discount (1,274) Present value of lease liabilities $ 13,625

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Following the Merger, the Company continues to pay for certain costs on behalf of its former parent and current majority shareholder while the two companies’ respective processes are separated. The Company records a due from affiliate balance for all such payments. As of September 30, 2022 and December 31, 2021, the Company had a net receivable due from affiliates balance of $2.8 million and $2.1 million, respectively. In June 2022, the Company entered into two transactions with its majority shareholder, Landsea Holdings. On June 1, 2022, the Board of Directors authorized the Company to buyback 4.4 million shares of common stock held by Landsea Holdings. The Company paid $30.0 million at a price of $6.82 per share, a discount of 5% compared to the closing price on May 31, 2022 of $7.18. Additionally, the Company repurchased all 5.5 million outstanding Private Placement Warrants, of which Landsea Holdings held 2.2 million. The Company paid Landsea Holdings $6.6 million at $3.00 per Private Placement Warrant. In addition, 2.8 million of the repurchased Private Placement Warrants were held by Level Field Capital, LLC, a related party that is controlled by a member of the Company’s Board of Directors. The Company paid Level Field Capital, LLC $8.4 million at $3.00 per Private Placement Warrant. The Company’s common stock and Warrants are discussed further in Note 15 – Stockholders’ Equity . In June 2022, Landsea Capital Fund, who is under common control with the Company, contributed $55.0 million to the LCF JV. The LCF JV, which is consolidated by the Company, used these proceeds to purchase undeveloped land from the Company. The Company distributed $3.1 million to Landsea Capital Fund during the three and nine months ended September 30, 2022. All intercompany transactions between the Company and the LCF JV have been eliminated upon consolidation. In December 2021, the Company sold model homes to a related party for total consideration of $15.2 million. Construction of certain of these model homes was not complete at the time of sale. The Company recognized lot sales and other revenue of $1.2 million during the nine months ended September 30, 2022 related to the model homes still under construction on the sale date. Corresponding lot and other cost of sales of $1.3 million was also recognized during the same period. The Company did not recognize any revenue or other cost of sales related to these model homes during the three months ended September 30, 2022. All other model homes sold were completed homes and the revenue was fully recognized in home sales revenue at the time of sale. As part of this transaction, the Company leased back these models. The total amount of rent payments made during the three and nine months ended September 30, 2022 is $0.2 million and $0.6 million, respectively. The right-of-use asset and lease liability balances associated with these leases is $1.5 million and $1.5 million, respectively, as of September 30, 2022 and $2.0 million and $2.0 million, respectively, as of December 31, 2021. In July 2021, the Company entered into a landbank agreement for a project in its California segment with a related party. The Company will make regular payments to the related party based on an annualized rate of 7% of the undeveloped land costs while the land is developed and may purchase, at the Company’s discretion, the lots at a predetermined price of $28.9 million. The total amount of interest payments made during the three and nine months ended September 30, 2022 is $0.2 million and $0.8 million, respectively. During the three and nine months ended September 30, 2022 payments of $1.7 million and $7.9 million, including fees, have been made to purchase developed lots from the related party, respectively. In connection with the Merger in January 2021, the Company transferred a deferred tax asset (“DTA”) to Landsea Holdings, its majority shareholder, of $12.1 million. The DTA represented the deferred tax on interest, expensed through Cost of Sales, from a related party loan that remained with Landsea Holdings after the Merger.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Th e effective tax rate of the Company was 15.9% and 26.2% for the three and nine months ended September 30, 2022, respectively, with an effective tax rate of 21.6% and 18.1% for the three and nine months ended September 30, 2021, respectively. The difference between the statutory tax rate and the effective tax rate for the nine months ended September 30, 2022 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 nine months ended September 30, 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, the gain on forgiveness of the PPP loan, and tax credits for energy efficient homes. The accounting for deferred taxes is based upon estimates of future results. Differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and the valuation of the Company’s deferred tax assets. The Inflation Reduction Act (“IRA”) of 2022 was enacted into law on August 16, 2022. The IRA introduces a 15% corporate alternative minimum tax on average annual adjusted financial statement income for applicable corporations, and a 1% excise tax on stock repurchases made by publicly traded US corporations after December 31, 2022. The IRA also retroactively extends the federal tax credit for building new energy efficient homes for homes delivered from January 1, 2022 through December 31, 2032. The federal energy tax credits were recognized in the three and nine months ended September 30, 2022. The Company is currently evaluating the other potential effects of the IRA on its consolidated financial statements.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company is engaged in the acquisition, development, and sale of homes and lots in multiple states across the country. The Company is managed by geographic location and each of the five geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers. Management of the five 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 revenues and pretax income to assess profitability and to allocate resources. Accordingly, the Company has presented its operations as the following five reportable segments: • Arizona • California • Florida • Metro New York • Texas The Company has also identified its Corporate operations as a non-operating segment, as they serve to support the homebuilding operations through functional departments such as executive, finance, treasury, human resources, accounting, and legal. The majority of Corporate personnel and resources are primarily dedicated to activities relating to operations and are allocated based on each segment's respective percentage of assets, revenue, and dedicated personnel. The following table summarizes total revenues and pretax income before income tax expense by segment: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Revenue Arizona $ 76,808 $ 65,502 $ 234,927 $ 202,750 California 118,977 110,046 343,466 346,680 Florida 103,564 31,161 320,358 59,519 Metro New York 28,132 — 95,758 — Texas 8,104 7,420 25,982 15,873 Total revenues $ 335,585 $ 214,129 $ 1,020,491 $ 624,822 Pretax income Arizona $ 6,046 $ 5,103 $ 17,653 $ 10,371 California 20,059 7,965 68,085 22,706 Florida 4,172 147 8,028 1,032 Metro New York (810) (622) 646 (1,592) Texas (215) (209) (93) 186 Corporate (3,950) 1,375 (27,663) (15,197) Total pretax income $ 25,302 $ 13,759 $ 66,656 $ 17,506 The following table summarizes total assets by segment: September 30, 2022 December 31, 2021 (dollars in thousands) Assets Arizona $ 375,874 $ 360,598 California 513,967 400,292 Florida 431,851 102,158 Metro New York 60,789 124,962 Texas 39,070 35,984 Corporate 47,307 241,520 Total assets $ 1,468,858 $ 1,265,514 As of September 30, 2022, goodwill of $20.7 million and $47.9 million was allocated to the Arizona and Florida segments, respectively. As of December 31, 2021, goodwill of $20.7 million and $3.8 million was allocated to the Arizona and Florida segments, respectively.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value ASC 820, Fair Value Measurement , 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: September 30, 2022 December 31, 2021 Hierarchy Carrying Value Fair Value Carrying Value Fair Value (dollars in thousands) Liabilities: Construction loan (1)(2) Level 2 $ — $ — $ 82,617 $ 82,617 Line of credit facilities (1) Level 2 $ 594,300 $ 594,300 $ 390,300 $ 390,300 Warrant liability Level 3 $ — $ — $ 9,185 $ 9,185 (1) Carrying amount approximates fair value due to the variable interest rate terms of these loans. Carrying value excludes any associated deferred loan costs. (2) In April 2022, the remaining construction loan was repaid in full. The carrying values of restricted cash, receivables, deposits, and other assets as well as accounts payable and accrued liabilities approximate the fair value for these financial instruments based upon an evaluation of the underlying characteristics and market data 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 non-recurring 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 fully recoverable. Prior to being purchased by the Company in June 2022, the Private Placement Warrants were historically measured at fair value on a recurring basis using a Black-Scholes option pricing model. The significant unobservable input as of September 30, 2021 was the volatility rate implied from the Company’s public warrants, which are exchanged on an open market, of 48.0%. The following table reconciles the beginning and ending balances for the Level 3 recurring fair value measurements during the periods presented: Nine Months Ended September 30, 2022 2021 Warrant liability (dollars in thousands) Beginning balance (1) $ 9,185 $ 11,275 Changes in fair value 7,315 3,245 Repurchases of warrants (16,500) — Ending balance $ — $ 14,520 (1) The beginning balance for the period ended September 30, 2021 represents the balance as of January 7, 2021, the Closing Date of the Merger.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
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 instead based on the book value of Landsea Holdings’' equity. Landsea Holdings measured the value of the phantom equity awards on a quarterly basis using the intrinsic value method and pushed down the expense to the Company since the employees who participated in the long-term incentive compensation program primarily benefited 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 following table presents a summary of the Company’s nonvested PSUs and RSUs for the nine months ended September 30, 2022: Awards Weighted Average Grant Date Fair Value (in thousands) Nonvested, at December 31, 2021 768 $ 9.43 Granted 1,136 8.48 Vested (278) 9.19 Forfeited — — Nonvested, at September 30, 2022 1,626 $ 8.82 The following table presents a summary of the Company’s stock options activity for the nine months ended September 30, 2022: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Options outstanding at December 31, 2021 — $ — Granted 744 8.82 Exercised — — Forfeited (60) 8.83 Options outstanding at September 30, 2022 (1) 684 $ 8.82 9.46 $ — Options exercisable at September 30, 2022 — $ — — $ — (1) As of September 30, 2022, the stock options were out-of-the-money, as the exercise price of the stock options exceeded the average market price of the Company’s common stock. Stock-based compensation expense totaled $0.9 million and $2.8 million during the three and nine months ended September 30, 2022, respectively, and is included in general and administrative expenses on the consolidated statements of operations. For the three and nine months ended September 30, 2021, stock-based compensation expense was $1.2 million and $4.1 million, respectively. The following table presents a summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement (in thousands, except years): September 30, 2022 (in thousands, except period) Unvested units 1,626 Remaining cost on unvested units $ 4,415 Remaining vesting period 4.25 years Stock-based compensation expense associated with the outstanding RSUs and PSUs is measured using the grant date fair value. The expense associated with the PSUs also incorporates the estimated achievement of the established performance criteria at the end of each reporting period until the performance period ends.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The 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 September 30, 2022, there were 42.1 million shares of common stock issued and 41.0 million outstanding, and no shares of preferred stock issued or 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 stock, Class A common stock and Class B common stock. Upon the consummation of the Merger, all issued and outstanding shares of Class B common stock converted to shares of Class A common stock. 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 of common stock issued to Landsea Holdings. In January 2022, the Board of Directors authorized a stock repurchase program. The program allowed for the repurchase of up to $10.0 million worth of common stock, inclusive of associated fees, so long as the purchase price per share did not exceed $15.00 per share. The authorization to effect stock repurchases expired on June 30, 2022, with no remaining capacity to repurchase common stock. During the six months ended June 30, 2022, the Company repurchased 1,160,751 shares of common stock for a total of $10.0 million, which was recorded as a reduction to additional paid-in capital. In April 2022, the Board of Directors authorized an extension of the stock repurchase program for the repurchase and an additional $10.0 million of capacity to repurchase common stock, which expires December 31, 2022. As of September 30, 2022, no shares had been repurchased under this authorization. In May 2022, the Board of Directors authorized a repurchase of 4,398,826 shares of common stock directly from the Company’s majority shareholder for $30.0 million, or a price of $6.82 per share. The Company consummated this repurchase and retired the shares in June 2022. As of September 30, 2022 there were 15,525,000 outstanding Warrants, consisting entirely of public 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 of a share of common stock. As part of the amendment, each holder of the public warrants received $1.85 per warrant for a total of $28.7 million paid by the Company upon closing of the Merger. The Warrants will expire five years after the completion of the Merger or earlier upon redemption or liquidation. The Company may call the public warrants for redemption: • 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. In June 2022, the Company repurchased all 5.5 million outstanding Private Placement Warrants, which were exercisable at $11.50 into one share of common stock. The Company paid $16.5 million, or $3.00 per warrant, to repurchase all of the outstanding Private Placement Warrants. This amount included $6.6 million for the repurchase of 2.2 million of the Private Placement Warrants that were held by the Company’s majority shareholder, Landsea Holdings, and $8.4 million to Level Field Capital, LLC, a related party, for the repurchase of 2.8 million Private Placement Warrants. Refer to Note 10 - Related Party Transactions for additional information. The loss recognized on the repurchase of the Private Placement Warrants is recorded as loss on remeasurement of warrant liability on the Company’s consolidated statements of operations.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands, except share and per share amounts) Numerator Net income attributable to Landsea Homes Corporation $ 19,970 $ 10,797 $ 47,970 $ 14,387 Less: undistributed earnings allocated to participating shares (487) (239) (1,094) (315) Net income attributable to common stockholders $ 19,483 $ 10,558 $ 46,876 $ 14,072 Denominator Weighted average common shares outstanding - basic 40,935,152 46,281,091 43,768,269 46,062,200 Adjustment for weighted average participating shares outstanding (1,000,000) (1,000,000) (1,000,000) (985,185) Adjusted weighted average common shares outstanding under two class method - basic 39,935,152 45,281,091 42,768,269 45,077,015 Dilutive effect of warrants — — — — Dilutive effect of share-based awards 162,117 48,800 175,602 69,537 Adjusted weighted average common shares outstanding under two class method - diluted 40,097,269 45,329,891 42,943,871 45,146,552 Earnings per share Basic $ 0.49 $ 0.23 $ 1.10 $ 0.31 Diluted $ 0.49 $ 0.23 $ 1.09 $ 0.31

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	9 Months Ended
	Sep. 30, 2022
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: Nine Months Ended September 30, 2022 2021 (dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ 32 Income taxes paid $ 32,454 $ 5,905 Supplemental disclosures of non-cash investing and financing activities Right-of-use assets obtained in exchange for operating lease liabilities for new or modified operating leases $ 3,660 $ — Transfer of deferred tax asset to Landsea Holdings $ — $ 12,119 Conversion of deferred offering costs to additional paid-in-capital $ — $ 9,229

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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 the notes payable 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 6 - 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 a 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.
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 March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting. These changes are intended to simplify the market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which clarified the scope and application of ASU 2020-04. The guidance in ASU 2020-04 may be elected over time, through December 31, 2022, as reference rate reform activities occur. Once ASU 2020-04 is elected, the guidance must be applied prospectively for all eligible contract modifications. In June 2022, the Company modified its credit facility to use the Secured Overnight Financing Rate (“SOFR”) as a reference rate rather than LIBOR. The Company elected to apply this guidance which preserves the presentation of the loan consistent with the presentation prior to the modification. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) , which provides clarity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. Particularly, the update states that an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as an exchange of the original instrument for a new instrument. The standard is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The adoption did not have a material impact on the Company's consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, which requires application of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , to recognize and measure contract assets and liabilities from contracts with customers acquired in a business combination. ASU 2021-08 creates an exception to the general recognition and measurement principle in ASC 805, Business Combinations , and will result in recognition of contract assets and contract liabilities consistent with those recorded by the acquiree immediately before the acquisition date. The standard is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption is not expected to have a material impact on the Company's consolidated financial statements.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [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 $ 3,857 Real estate inventories 232,071 Goodwill 44,182 Trade name 1,590 Other assets 378 Total assets $ 282,078 Liabilities Assumed Accounts payable $ 6,329 Accrued expenses 13,165 Total liabilities 19,494 Net assets acquired $ 262,584 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 $ 10,063 Real estate inventories 93,699 Goodwill 3,752 Trade name 1,550 Other assets 3,956 Total assets $ 113,020 Liabilities Assumed Accounts payable $ 1,641 Accrued expenses 24,660 Notes payable 32,119 Total liabilities 58,420 Net assets acquired $ 54,600
Business Acquisition, Pro Forma Information	Unaudited pro forma net income (loss) adjusts the operating results of Hanover and Vintage 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Revenue $ 335,585 $ 266,786 $ 1,025,600 $ 818,382 Pretax income (loss) 35,935 1,586 108,188 (22,298) Provision (benefit) for income taxes 4,858 (3,811) 28,339 (4,025) Net income (loss) $ 31,077 $ 5,397 $ 79,849 $ (18,273)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table summarizes the carrying amount and classification of the VIEs’ assets and liabilities in the consolidated balances sheets as of September 30, 2022 and December 31, 2021. September 30, 2022 December 31, 2021 (dollars in thousands) Cash $ 4,960 $ 130 Cash held in escrow 11 — Restricted cash — 443 Real estate inventories 113,109 121,040 Due from affiliates 317 — Other assets 4,185 195 Total assets $ 122,582 $ 121,808 Accounts payable $ 1,596 $ 1,779 Accrued expenses and other liabilities 5,484 1,400 Due to affiliates — 226 Notes payable, net — 81,584 Total liabilities $ 7,080 $ 84,989

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate Inventories [Abstract]
Schedule of Real Estate Inventories	Real estate inventories are summarized as follows: September 30, 2022 December 31, 2021 (dollars in thousands) Deposits and pre-acquisition costs $ 98,764 $ 65,724 Land held and land under development 216,945 243,310 Homes completed or under construction 846,291 526,950 Model homes 17,418 8,808 Total real estate inventories $ 1,179,418 $ 844,792

Capitalized Interest (Tables)

Capitalized Interest (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) (dollars in thousands) Related party interest incurred $ 74 $ 183 $ 231 $ 183 Other interest incurred 13,759 6,597 28,352 18,701 Total interest incurred 13,833 6,780 28,583 18,884 Related party interest capitalized 74 183 231 183 Other interest capitalized 13,759 6,597 28,352 18,701 Total interest capitalized 13,833 6,780 28,583 18,884 Previously capitalized related party interest included in cost of sales $ 714 $ 2,571 $ 3,831 $ 9,813 Previously capitalized other interest included in cost of sales 9,436 4,711 27,445 15,835 Related party interest relieved to equity in income from unconsolidated joint ventures — 278 69 1,042 Other interest relieved to equity in income from unconsolidated joint ventures — 3 1 14 Other interest expensed — 11 — 32 Total interest expense included in pretax income $ 10,150 $ 7,574 $ 31,346 $ 26,736

Notes and Other Debts Payable_2

Notes and Other Debts Payable, net (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Amounts outstanding under notes and other debts payable, net consist of the following: September 30, 2022 December 31, 2021 (dollars in thousands) Construction loan $ — $ 82,617 Line of credit facilities 594,300 390,300 Notes payable 594,300 472,917 Deferred loan costs (9,235) (11,800) Notes and other debts payable, net $ 585,065 $ 461,117

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	Estimated future direct warranty costs are accrued and charged to cost of sales in the period when the related homebuilding revenues are recognized. Changes in the Company’s warranty accrual are detailed in the table below: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Beginning warranty accrual $ 18,010 $ 13,595 $ 15,692 $ 11,730 Warranty provision 1,359 1,107 4,602 3,972 Warranty payments (1,118) (436) (2,043) (1,436) Ending warranty accrual $ 18,251 $ 14,266 $ 18,251 $ 14,266
Operating Lease Maturity Schedule	Future minimum payments under the noncancelable operating leases in effect at September 30, 2022 were as follows (dollars in thousands) : 2022 $ 1,194 2023 4,101 2024 2,988 2025 2,043 2026 1,765 Thereafter 2,808 Total lease payments 14,899 Less: Discount (1,274) Present value of lease liabilities $ 13,625

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes total revenues and pretax income before income tax expense by segment: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Revenue Arizona $ 76,808 $ 65,502 $ 234,927 $ 202,750 California 118,977 110,046 343,466 346,680 Florida 103,564 31,161 320,358 59,519 Metro New York 28,132 — 95,758 — Texas 8,104 7,420 25,982 15,873 Total revenues $ 335,585 $ 214,129 $ 1,020,491 $ 624,822 Pretax income Arizona $ 6,046 $ 5,103 $ 17,653 $ 10,371 California 20,059 7,965 68,085 22,706 Florida 4,172 147 8,028 1,032 Metro New York (810) (622) 646 (1,592) Texas (215) (209) (93) 186 Corporate (3,950) 1,375 (27,663) (15,197) Total pretax income $ 25,302 $ 13,759 $ 66,656 $ 17,506
Reconciliation of Assets from Segment to Consolidated	The following table summarizes total assets by segment: September 30, 2022 December 31, 2021 (dollars in thousands) Assets Arizona $ 375,874 $ 360,598 California 513,967 400,292 Florida 431,851 102,158 Metro New York 60,789 124,962 Texas 39,070 35,984 Corporate 47,307 241,520 Total assets $ 1,468,858 $ 1,265,514

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
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: September 30, 2022 December 31, 2021 Hierarchy Carrying Value Fair Value Carrying Value Fair Value (dollars in thousands) Liabilities: Construction loan (1)(2) Level 2 $ — $ — $ 82,617 $ 82,617 Line of credit facilities (1) Level 2 $ 594,300 $ 594,300 $ 390,300 $ 390,300 Warrant liability Level 3 $ — $ — $ 9,185 $ 9,185 (1) Carrying amount approximates fair value due to the variable interest rate terms of these loans. Carrying value excludes any associated deferred loan costs. (2) In April 2022, the remaining construction loan was repaid in full.
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: Nine Months Ended September 30, 2022 2021 Warrant liability (dollars in thousands) Beginning balance (1) $ 9,185 $ 11,275 Changes in fair value 7,315 3,245 Repurchases of warrants (16,500) — Ending balance $ — $ 14,520 (1) The beginning balance for the period ended September 30, 2021 represents the balance as of January 7, 2021, the Closing Date of the Merger.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Compensation Expense	The following table presents a summary of the Company’s nonvested PSUs and RSUs for the nine months ended September 30, 2022: Awards Weighted Average Grant Date Fair Value (in thousands) Nonvested, at December 31, 2021 768 $ 9.43 Granted 1,136 8.48 Vested (278) 9.19 Forfeited — — Nonvested, at September 30, 2022 1,626 $ 8.82
Schedule of Stock Option Activity	The following table presents a summary of the Company’s stock options activity for the nine months ended September 30, 2022: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Options outstanding at December 31, 2021 — $ — Granted 744 8.82 Exercised — — Forfeited (60) 8.83 Options outstanding at September 30, 2022 (1) 684 $ 8.82 9.46 $ — Options exercisable at September 30, 2022 — $ — — $ — (1) As of September 30, 2022, the stock options were out-of-the-money, as the exercise price of the stock options exceeded the average market price of the Company’s common stock.
Share-based Payment Arrangement, Performance Shares, Activity	summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement (in thousands, except years): September 30, 2022 (in thousands, except period) Unvested units 1,626 Remaining cost on unvested units $ 4,415 Remaining vesting period 4.25 years

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands, except share and per share amounts) Numerator Net income attributable to Landsea Homes Corporation $ 19,970 $ 10,797 $ 47,970 $ 14,387 Less: undistributed earnings allocated to participating shares (487) (239) (1,094) (315) Net income attributable to common stockholders $ 19,483 $ 10,558 $ 46,876 $ 14,072 Denominator Weighted average common shares outstanding - basic 40,935,152 46,281,091 43,768,269 46,062,200 Adjustment for weighted average participating shares outstanding (1,000,000) (1,000,000) (1,000,000) (985,185) Adjusted weighted average common shares outstanding under two class method - basic 39,935,152 45,281,091 42,768,269 45,077,015 Dilutive effect of warrants — — — — Dilutive effect of share-based awards 162,117 48,800 175,602 69,537 Adjusted weighted average common shares outstanding under two class method - diluted 40,097,269 45,329,891 42,943,871 45,146,552 Earnings per share Basic $ 0.49 $ 0.23 $ 1.10 $ 0.31 Diluted $ 0.49 $ 0.23 $ 1.09 $ 0.31

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table presents certain supplemental cash flow information: Nine Months Ended September 30, 2022 2021 (dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ 32 Income taxes paid $ 32,454 $ 5,905 Supplemental disclosures of non-cash investing and financing activities Right-of-use assets obtained in exchange for operating lease liabilities for new or modified operating leases $ 3,660 $ — Transfer of deferred tax asset to Landsea Holdings $ — $ 12,119 Conversion of deferred offering costs to additional paid-in-capital $ — $ 9,229

Company (Details)

Company (Details) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 07, 2021 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) segment shares	Sep. 30, 2021 USD ($)	Jun. 30, 2022 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment			5
Business Acquisition [Line Items]
Proceeds from the Merger, net of fees and other costs			$ 0	$ 64,434
Phantom Awards
Business Acquisition [Line Items]
Grants in period (in shares) | shares			200,000
Grant date value at the time of merger			$ 1,900
Private Placement Warrants
Business Acquisition [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares	$ 11.50				$ 11.50
General and Administrative Expense | Phantom Awards
Business Acquisition [Line Items]
Accelerated vesting cost		$ 2,700
Merger Agreement
Business Acquisition [Line Items]
Proceeds from the 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 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

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Jan. 18, 2022 USD ($) lot realEstate_Community	May 04, 2021 USD ($) project	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 68,639		$ 68,639		$ 24,457
Goodwill
Business Acquisition [Line Items]
Goodwill amortization period	15 years
Hanover
Business Acquisition [Line Items]
Percentage interests acquired	100%	100%
Cash consideration	$ 262,600
Repayments of debt	69,300
Payment of land related deposits	$ 15,600
Number of communities | realEstate_Community	20
Number of lots | lot	3,800
Goodwill	$ 44,182
Transaction related costs			100		700
Revenue of acquiree since acquisition			72,200		231,500
Income before tax, inclusive of purchase price accounting			$ 4,500		$ 8,600
Hanover | Trade Names
Business Acquisition [Line Items]
Intangible assets acquired	$ 1,590
Useful life (in years)	1 year
Vintage
Business Acquisition [Line Items]
Cash consideration		$ 54,600
Repayments of debt		3,800
Intangible assets acquired		1,600
Goodwill		3,752
Transaction related costs				$ 300		$ 800
Debt assumed in connection with acquisition		$ 32,100
Number of projects acquired in acquisition (number of projects) | project		20
Number of lots acquired in acquisition | project		1,800
Vintage | Trade Names
Business Acquisition [Line Items]
Intangible assets acquired		$ 1,550
Useful life (in years)		1 year
Vintage | Goodwill
Business Acquisition [Line Items]
Useful life (in years)		15 years
Goodwill		$ 3,800

Business Combinations - Net Ass

Business Combinations - Net Assets Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 18, 2022	Dec. 31, 2021	May 04, 2021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 68,639		$ 24,457
Hanover
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash		$ 3,857
Real estate inventories		232,071
Goodwill		44,182
Other assets		378
Total assets		282,078
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable		6,329
Accrued expenses		13,165
Total liabilities		19,494
Net assets acquired		262,584
Hanover | Trade Names
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Trade name		$ 1,590
Vintage
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash				$ 10,063
Real estate inventories				93,699
Goodwill				3,752
Trade name				1,600
Other assets				3,956
Total assets				113,020
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable				1,641
Accrued expenses				24,660
Notes payable				32,119
Total liabilities				58,420
Net assets acquired				54,600
Vintage | Trade Names
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Trade name				$ 1,550

Business Combinations - Pro For

Business Combinations - Pro Forma Financial Information (Details) - Hanover and Vintage - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Revenue	$ 335,585	$ 266,786	$ 1,025,600	$ 818,382
Pretax income (loss)	35,935	1,586	108,188	(22,298)
Provision (benefit) for income taxes	4,858	(3,811)	28,339	(4,025)
Net income (loss)	$ 31,077	$ 5,397	$ 79,849	$ (18,273)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Cash	$ 110,192	$ 342,810
Cash held in escrow	7,190	4,079
Restricted cash	0	443
Real estate inventories	1,179,418	844,792
Due from affiliates	5,180	4,465
Total assets	1,468,858	1,265,514
Accounts payable	82,347	73,734
Accrued expenses and other liabilities	114,836	97,724
Due to affiliates	2,357	2,357
Notes payable, net	585,065	461,117
Total liabilities	784,605	644,117
Variable Interest Entities
Variable Interest Entity [Line Items]
Cash	4,960	130
Cash held in escrow	11	0
Restricted cash	0	443
Real estate inventories	113,109	121,040
Due from affiliates	317	0
Other assets	4,185	195
Total assets	122,582	121,808
Accounts payable	1,596	1,779
Accrued expenses and other liabilities	5,484	1,400
Due to affiliates	0	226
Notes payable, net	0	81,584
Total liabilities	$ 7,080	$ 84,989

Real Estate Inventories - Sched

Real Estate Inventories - Schedule of Real Estate Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate Inventories [Abstract]
Deposits and pre-acquisition costs	$ 98,764	$ 65,724
Land held and land under development	216,945	243,310
Homes completed or under construction	846,291	526,950
Model homes	17,418	8,808
Total real estate inventories	$ 1,179,418	$ 844,792

Real Estate Inventories - Narra

Real Estate Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate Inventories [Abstract]
Impairment of real estate inventories	$ 0	$ 0	$ 0	$ 0

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Capitalization [Line Items]
Related party interest incurred	$ 74	$ 183	$ 231	$ 183
Other interest incurred	13,759	6,597	28,352	18,701
Total interest incurred	13,833	6,780	28,583	18,884
Related party interest capitalized	74	183	231	183
Other interest capitalized	13,759	6,597	28,352	18,701
Total interest capitalized	13,833	6,780	28,583	18,884
Other interest expensed	0	11	0	32
Total interest expense included in pretax income	10,150	7,574	31,346	26,736
Cost of Sales
Schedule of Capitalization [Line Items]
Previously capitalized related party interest included in cost of sales	714	2,571	3,831	9,813
Other interest relieved to equity in income from unconsolidated joint ventures	9,436	4,711	27,445	15,835
Income (Loss) From Unconsolidated Joint Ventures
Schedule of Capitalization [Line Items]
Previously capitalized related party interest included in cost of sales	0	278	69	1,042
Other interest relieved to equity in income from unconsolidated joint ventures	$ 0	$ 3	$ 1	$ 14

Other Assets - Narrative (Detai

Other Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 16.6	$ 16.6	$ 6.1
Revenue, remaining performance obligation, amount	20.6	20.6	63.9
Deferred revenue	0.4	0.4	$ 4
Lot sales and other
Disaggregation of Revenue [Line Items]
Deferred revenue recognized from lot sales in prior years	$ 0	$ 4

Notes and Other Debts Payable_3

Notes and Other Debts Payable, net - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Notes payable	$ 594,300	$ 472,917
Deferred loan costs	(9,235)	(11,800)
Notes and other debts payable, net	585,065	461,117
Construction loan
Debt Instrument [Line Items]
Notes payable	0	82,617
Line of credit facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	$ 594,300	$ 390,300

Notes and Other Debts Payable_4

Notes and Other Debts Payable, net - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Jun. 30, 2020	Sep. 30, 2022	Jun. 30, 2022
Line of credit facilities | Credit Agreement
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 850,000,000
Line of credit facilities | Credit Agreement | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			3.35%
Line of credit facilities | Credit Agreement | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
Effective interest rate at period end			5.95%
Line of credit facilities | Credit Agreement | Minimum
Debt Instrument [Line Items]
Credit agreement, current borrowing capacity			$ 20,000,000	$ 70,000,000
Line of credit facilities | Credit Agreement | Minimum | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			3.85%
Line of credit facilities | Credit Agreement | Maximum
Debt Instrument [Line Items]
Credit agreement, current borrowing capacity			$ 675,000,000	$ 655,000,000
Paycheck Protection Program Notes
Debt Instrument [Line Items]
Proceeds from PPP loan	$ 14,900,000	$ 4,300,000
Paycheck Protection Program Notes | Debt Extinguishment Fees
Debt Instrument [Line Items]
Payment for debt extinguishment			$ 2,500,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2020	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Loss Contingencies [Line Items]
Weighted average remaining lease term (in years)	4 years 7 months 6 days	4 years 1 month 6 days			4 years 7 months 6 days		4 years 1 month 6 days
Weighted average rate (percent)	3.80%				3.80%
Operating Lease, Right-of-Use Asset	$ 12,800	$ 12,600			$ 12,800		$ 12,600
Lease liabilities	13,625	13,200			13,625		$ 13,200
Operating lease expense	$ 500		$ 500		$ 1,600	$ 1,300
Minimum
Loss Contingencies [Line Items]
Lease term (in years)	1 year				1 year
Maximum
Loss Contingencies [Line Items]
Lease term (in years)	8 years				8 years
Sale and Lease Back of Model Homes
Loss Contingencies [Line Items]
Sale, leaseback lease terms (in years)							2 years
Performance Guarantee
Loss Contingencies [Line Items]
Performance bonds outstanding	$ 117,000	94,700			$ 117,000		$ 94,700
Paycheck Protection Program Notes
Loss Contingencies [Line Items]
Proceeds from PPP loan		$ 14,900		$ 4,300

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty accrual	$ 18,010	$ 13,595	$ 15,692	$ 11,730
Warranty provision	1,359	1,107	4,602	3,972
Warranty payments	(1,118)	(436)	(2,043)	(1,436)
Ending warranty accrual	$ 18,251	$ 14,266	$ 18,251	$ 14,266

Commitments and Contingencies_3

Commitments and Contingencies - Maturity Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ 1,194
2023	4,101
2024	2,988
2025	2,043
2026	1,765
Thereafter	2,808
Total lease payments	14,899
Less: Discount	(1,274)
Present value of lease liabilities	$ 13,625	$ 13,200

Related Party Transactions (Det

Related Party Transactions (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Jun. 30, 2022 USD ($) transaction $ / shares shares	Dec. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	May 31, 2022 USD ($) $ / shares shares	Jan. 31, 2022 USD ($)	Jan. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares				0		0
Revenue				$ 335,585	$ 214,129	$ 1,020,491	$ 624,822
Operating Lease, Right-of-Use Asset		$ 12,600		12,800		12,800
Lease liabilities		13,200		13,625		13,625
Home sales
Related Party Transaction [Line Items]
Revenue				326,496	208,916	975,269	603,281
Cost of sales and expenses				258,362	175,349	770,220	511,177
Lot sales and other
Related Party Transaction [Line Items]
Revenue				9,089	5,213	45,222	21,541
Cost of sales and expenses				10,737	3,419	40,546	16,929
California
Related Party Transaction [Line Items]
Revenue				118,977	110,046	343,466	346,680
Private Placement Warrants
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares	2,800,000
Landsea Holding Share Repurchase Program
Related Party Transaction [Line Items]
Number of transactions | transaction	2
Stock repurchase program, authorized (in shares) | shares	4,400,000
Stock repurchase program, authorized amount	$ 30,000
Stock consideration, share price (in dollars per share) | $ / shares	$ 6.82							$ 7.18
Discount rate	5%
Landsea Holding Share Repurchase Program | Private Placement Warrants
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares	5,500,000
Stock repurchase program, authorized amount				$ 8,400		$ 8,400
Stock consideration, share price (in dollars per share) | $ / shares	$ 3
Landsea Holding Share Repurchase Program | Private Placement Warrants | Landsea Holdings
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares	2,200,000
Share Repurchase Program
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares								4,398,826
Stock repurchase program, authorized amount								$ 30,000	$ 10,000
Stock consideration, share price (in dollars per share) | $ / shares				$ 3		$ 3		$ 6.82
Share Repurchase Program | Private Placement Warrants
Related Party Transaction [Line Items]
Stock repurchase program, authorized amount				$ 16,500		$ 16,500
Share Repurchase Program | Private Placement Warrants | Landsea Holdings
Related Party Transaction [Line Items]
Stock repurchase program, authorized (in shares) | shares				2,200,000		2,200,000
Stock repurchase program, authorized amount	$ 6,600			$ 6,600		$ 6,600
Equity Method Investee
Related Party Transaction [Line Items]
Due from related parties		2,100		2,800		2,800
Affiliated Entity
Related Party Transaction [Line Items]
Payments for rent				200		600
Operating Lease, Right-of-Use Asset		2,000		1,500		1,500
Lease liabilities		2,000		1,500		1,500
Related party interest expense				0	278	69	1,042
Affiliated Entity | Home sales
Related Party Transaction [Line Items]
Revenue from Related Parties		$ 15,200
Related party interest expense				714	2,571	3,831	9,813
Affiliated Entity | Lot Sales and Other
Related Party Transaction [Line Items]
Revenue				0	0	1,249	0
Cost of sales and expenses				0	$ 0	1,256	$ 0
Affiliated Entity | California
Related Party Transaction [Line Items]
Related party transaction, rate			7%
Related party interest expense				200		800
Developed lots purchased in the period				1,700		7,900
Affiliated Entity | Predetermined Land Purchase Price | California
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 28,900
Affiliated Entity | Sale and Lease Back of Model Homes | Lot Sales and Other
Related Party Transaction [Line Items]
Revenue						1,200
LHold | Corporate Joint Venture
Related Party Transaction [Line Items]
Deferred tax assets transferred to Landsea Holdings										$ 12,100
Landsea Capital Fund
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				$ 3,100		$ 3,100
Landsea Capital Fund | LCF JV
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 55,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	15.90%	21.60%	26.20%	18.10%

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of geographic regions | segment	5
Number of reportable segments | segment	5
Goodwill	$ 68,639	$ 24,457
Arizona
Segment Reporting Information [Line Items]
Goodwill	20,700	20,700
Florida
Segment Reporting Information [Line Items]
Goodwill	$ 47,900	$ 3,800

Segment Reporting - Revenue and

Segment Reporting - Revenue and Pretax Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 335,585	$ 214,129	$ 1,020,491	$ 624,822
Total pretax income	25,302	13,759	66,656	17,506
Corporate
Segment Reporting Information [Line Items]
Total pretax income	(3,950)	1,375	(27,663)	(15,197)
Arizona
Segment Reporting Information [Line Items]
Revenue	76,808	65,502	234,927	202,750
Arizona | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	6,046	5,103	17,653	10,371
California
Segment Reporting Information [Line Items]
Revenue	118,977	110,046	343,466	346,680
California | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	20,059	7,965	68,085	22,706
Florida
Segment Reporting Information [Line Items]
Revenue	103,564	31,161	320,358	59,519
Florida | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	4,172	147	8,028	1,032
Metro New York
Segment Reporting Information [Line Items]
Revenue	28,132	0	95,758	0
Metro New York | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	(810)	(622)	646	(1,592)
Texas
Segment Reporting Information [Line Items]
Revenue	8,104	7,420	25,982	15,873
Texas | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	$ (215)	$ (209)	$ (93)	$ 186

Segment Reporting - Assets by S

Segment Reporting - Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 1,468,858	$ 1,265,514
Corporate
Segment Reporting Information [Line Items]
Total assets	47,307	241,520
Arizona | Operating Segments
Segment Reporting Information [Line Items]
Total assets	375,874	360,598
California | Operating Segments
Segment Reporting Information [Line Items]
Total assets	513,967	400,292
Florida | Operating Segments
Segment Reporting Information [Line Items]
Total assets	431,851	102,158
Metro New York | Operating Segments
Segment Reporting Information [Line Items]
Total assets	60,789	124,962
Texas | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 39,070	$ 35,984

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying Value | Construction loan
Liabilities:
Long-term debt	$ 0	$ 82,617
Carrying Value | Line of credit facilities
Liabilities:
Long-term debt	594,300	390,300
Carrying Value | Warrant liability
Liabilities:
Long-term debt	0	9,185
Fair Value | Level 2 | Construction loan
Liabilities:
Long-term debt	0	82,617
Fair Value | Level 2 | Line of credit facilities
Liabilities:
Long-term debt	594,300	390,300
Fair Value | Level 3 | Warrant liability
Liabilities:
Long-term debt	$ 0	$ 9,185

Fair Value - Narrative (Details

Fair Value - Narrative (Details)	Sep. 30, 2021
Measurement Input, Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	0.480

Fair Value - Schedule of Warran

Fair Value - Schedule of Warrant Liability (Details) - Fair Value, Recurring - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 9,185	$ 11,275
Changes in fair value	7,315	3,245
Repurchases of warrants	(16,500)	0
Ending balance	$ 0	$ 14,520

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Phantom Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid for phantom stock awards				$ 2.9
Grants in period (in shares)				200,000
Grant date value at the time of merger	$ 1.9			$ 1.9
Phantom Awards | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting cost			$ 2.7
Restricted Stock Units and Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)				1,136,000
Restricted Stock Units and Performance Stock Units | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.9	$ 1.2		$ 2.8	$ 4.1

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Compensation Expense (Details) - Restricted Stock Units and Performance Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Awards
Nonvested, beginning of the year (in shares) | shares	768
Grants in period (in shares) | shares	1,136
Vested (in shares) | shares	(278)
Forfeited (in shares) | shares	0
Nonvested, End of the year (in shares) | shares	1,626
Weighted Average Grant Date Fair Value
Weighted Average Grand Date Fair Value Outstanding, beginning of the year (in dollars per share) | $ / shares	$ 9.43
Grant date fair value (in dollars per share) | $ / shares	8.48
Vested (in dollars per share) | $ / shares	9.19
Forfeited (in dollars per share) | $ / shares	0
Weighted Average Grand Date Fair Value Outstanding, End of the year (in dollars per share) | $ / shares	$ 8.82

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - Stock Option - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Options
Options outstanding, beginning balance (in shares)	0
Granted (in shares)	744,000
Exercised (in shares)	0
Forfeited (in shares)	(60,000)
Options outstanding, ending balance (in shares)	684,000	0
Options exercisable (in shares)	0
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in USD per share)	$ 0
Granted (in USD per share)	8.82
Exercised (in USD per share)	0
Forfeited (in USD per share)	8.83
Weighted average exercise price, ending balance (in USD per share)	8.82	$ 0
Options exercisable (in USD per share)	$ 0
Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term	9 years 5 months 15 days
Aggregate Intrinsic Value
Aggregate intrinsic value	$ 0
Options exercisable	$ 0

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Unvested Outstanding RSUs and PSUs (Details) - Restricted Stock Units and Performance Stock Units shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested units (in shares) | shares	1,626
Remaining cost on unvested units | $	$ 4,415
Remaining vesting period (in years)	4 years 3 months

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) segment $ / shares shares	Sep. 30, 2021 USD ($)	May 31, 2022 USD ($) $ / shares shares	Apr. 30, 2022 USD ($)	Jan. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 $ / shares shares	Jan. 07, 2021 $ / shares	Dec. 31, 2020 shares
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)		42,110,794					46,281,091		32,600,000
Common stock, shares outstanding (in shares)		40,950,043					46,281,091		32,600,000
Preferred stock, shares issued (in shares)		0					0
Preferred stock, shares outstanding (in shares)		0					0
Repurchase of common stock | $		$ 40,200
Additional authorized repurchase amount | $					$ 10,000
Stock repurchase program, authorized (in shares)		0
Warrants outstanding (in shares)		15,525,000
Payment for buyback of warrants | $		$ 16,500	$ 0
Public Warrants
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares		$ 1.15
Amendment distribution price per per warrant (in dollars per share) | $ / shares		$ 1.85
Payment for buyback of warrants | $		$ 28,700
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]
Stock repurchase program, authorized (in shares)	2,800,000
Exercise price of warrants (in dollars per share) | $ / shares	$ 11.50							$ 11.50
Number of shares per warrant (in shares)	1
Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $				$ 30,000		$ 10,000
Share repurchase price, maximum price per share (in dollars per share) | $ / shares						$ 15
Remaining authorized repurchase amount | $		$ 0
Repurchase of common stock (in shares)	1,160,751
Repurchase of common stock | $	$ 10,000
Stock repurchase program, authorized (in shares)				4,398,826
Stock consideration, share price (in dollars per share) | $ / shares		$ 3		$ 6.82
Share Repurchase Program | Private Placement Warrants
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $		$ 16,500
Share Repurchase Program | Private Placement Warrants | Landsea Holdings
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $	6,600	$ 6,600
Stock repurchase program, authorized (in shares)		2,200,000
Landsea Holding Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $	$ 30,000
Stock repurchase program, authorized (in shares)	4,400,000
Stock consideration, share price (in dollars per share) | $ / shares	$ 6.82			$ 7.18
Landsea Holding Share Repurchase Program | Private Placement Warrants
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $		$ 8,400
Stock repurchase program, authorized (in shares)	5,500,000
Stock consideration, share price (in dollars per share) | $ / shares	$ 3

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net income attributable to Landsea Homes Corporation	$ 19,970	$ 10,797	$ 47,970	$ 14,387
Less: undistributed earnings allocated to participating shares	(487)	(239)	(1,094)	(315)
Net income attributable to common stockholders	$ 19,483	$ 10,558	$ 46,876	$ 14,072
Denominator
Weighted average common shares outstanding - basic (in shares)	40,935,152	46,281,091	43,768,269	46,062,200
Adjustment for weighted average participating shares outstanding (in shares)	(1,000,000)	(1,000,000)	(1,000,000)	(985,185)
Adjusted weighted average common shares outstanding under two class method - basic (in shares)	39,935,152	45,281,091	42,768,269	45,077,015
Dilutive effect of warrants (in shares)	0	0	0	0
Dilutive effect of share-based awards (in shares)	162,117	48,800	175,602	69,537
Adjusted weighted average common shares outstanding under two class method - diluted (in shares)	40,097,269	45,329,891	42,943,871	45,146,552
Earnings per share
Basic (in dollars per share)	$ 0.49	$ 0.23	$ 1.10	$ 0.31
Diluted (in dollars per share)	$ 0.49	$ 0.23	$ 1.09	$ 0.31
Antidilutive securities excluded from computation of earnings per share, amount	1,600,000	7,100,000	1,600,000	7,100,000

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental disclosures of cash flow information
Interest paid, net of amounts capitalized	$ 0	$ 32
Income taxes paid	32,454	5,905
Supplemental disclosures of non-cash investing and financing activities
Right-of-use assets obtained in exchange for operating lease liabilities for new or modified operating leases	3,660	0
Transfer of deferred tax asset to Landsea Holdings	0	12,119
Conversion of deferred offering costs to additional paid-in-capital	$ 0	$ 9,229