Landsea Homes (LSEA) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	1717 McKinney Avenue
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75202
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,275,392
Entity CIK	0001721386
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 82,150	$ 119,555
Cash held in escrow	24,071	49,091
Real estate inventories	1,350,165	1,121,726
Goodwill	152,322	68,639
Other assets	129,633	107,873
Total assets	1,742,910	1,471,232
Liabilities
Accounts payable	95,471	77,969
Accrued expenses and other liabilities	219,569	160,256
Line of credit facility, net	225,655	307,631
Senior notes, net	528,452	236,143
Total liabilities	1,070,028	782,880
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 50,000,000 shares authorized, none issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 41,671,387 issued and 36,275,392 outstanding as of June 30, 2024, 41,382,453 issued and 36,520,894 outstanding as of December 31, 2023	4	4
Additional paid-in capital	460,001	465,290
Retained earnings	190,659	187,584
Total stockholders’ equity	650,664	652,878
Noncontrolling interests	22,218	35,474
Total equity	672,882	688,352
Total liabilities and equity	1,742,910	1,471,232
Related Party
Assets
Due from affiliates	4,569	4,348
Liabilities
Due to affiliates	$ 881	$ 881

Consolidated Balance Sheets -_2

Consolidated Balance Sheets - (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
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)	41,671,387	41,382,453
Common stock, shares outstanding (in shares)	36,275,392	36,520,894

Consolidated Statements of Oper

Consolidated Statements of Operations - (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue	$ 431,143	$ 293,244	$ 725,184	$ 534,984
Cost of sales	366,967	242,583	617,547	440,350
Gross margin	64,176	50,661	107,637	94,634
Sales and marketing expenses	24,663	18,334	43,151	34,742
General and administrative expenses	29,555	25,980	55,637	48,760
Total operating expenses	54,218	44,314	98,788	83,502
Income from operations	9,958	6,347	8,849	11,132
Other (expense) income, net	(5,353)	1,159	(3,540)	2,114
Pretax income	4,605	7,506	5,309	13,246
Provision for income taxes	1,370	1,640	1,340	3,257
Net income	3,235	5,866	3,969	9,989
Net income attributable to noncontrolling interests	350	919	894	1,824
Net income attributable to Landsea Homes Corporation	$ 2,885	$ 4,947	$ 3,075	$ 8,165
Income per share:
Basic (in dollars per share)	$ 0.08	$ 0.12	$ 0.08	$ 0.20
Diluted (in dollars per share)	$ 0.08	$ 0.12	$ 0.08	$ 0.20
Weighted average common shares outstanding:
Basic (in shares)	36,199,850	39,891,982	36,239,765	39,944,549
Diluted (in shares)	36,369,827	39,971,731	36,558,862	40,059,731
Home sales
Revenue	$ 418,182	$ 291,512	$ 710,774	$ 532,137
Cost of sales	355,736	240,835	604,633	437,889
Gross margin	62,446	50,677	106,141	94,248
Lot sales and other
Revenue	12,961	1,732	14,410	2,847
Cost of sales	11,231	1,748	12,914	2,461
Gross margin	$ 1,730	$ (16)	$ 1,496	$ 386

Consolidated Statements of Equi

Consolidated Statements of Equity - (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Retained earnings	Total stockholders' equity	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2022		40,884,268
Beginning balance at Dec. 31, 2022	$ 710,319	$ 4	$ 497,598	$ 158,348	$ 655,950	$ 54,369
Increase (Decrease) in Shareholders' Equity
Shares issued under share-based awards (in shares)		267,782
Cash paid for shares withheld for taxes	(695)		(695)		(695)
Stock-based compensation	1,370		1,370		1,370
Repurchase of common stock and associated tax (in shares)		(968,869)
Repurchase of common stock and associated tax	(7,532)		(7,532)		(7,532)
Forfeiture and cancellation of Earnout Shares (in shares)		(1,000,000)
Distributions to noncontrolling interests	(1,845)					(1,845)
Net income	9,989			8,165	8,165	1,824
Ending balance (in shares) at Jun. 30, 2023		39,183,181
Ending balance at Jun. 30, 2023	711,606	$ 4	490,741	166,513	657,258	54,348
Beginning balance (in shares) at Mar. 31, 2023		40,019,283
Beginning balance at Mar. 31, 2023	712,618	$ 4	496,687	161,566	658,257	54,361
Increase (Decrease) in Shareholders' Equity
Shares issued under share-based awards (in shares)		132,767
Cash paid for shares withheld for taxes	(145)		(145)		(145)
Stock-based compensation	1,731		1,731		1,731
Repurchase of common stock and associated tax (in shares)		(968,869)
Repurchase of common stock and associated tax	(7,532)		(7,532)		(7,532)
Distributions to noncontrolling interests	(932)					(932)
Net income	5,866			4,947	4,947	919
Ending balance (in shares) at Jun. 30, 2023		39,183,181
Ending balance at Jun. 30, 2023	$ 711,606	$ 4	490,741	166,513	657,258	54,348
Beginning balance (in shares) at Dec. 31, 2023	36,520,894	36,520,894
Beginning balance at Dec. 31, 2023	$ 688,352	$ 4	465,290	187,584	652,878	35,474
Increase (Decrease) in Shareholders' Equity
Shares issued under share-based awards (in shares)		188,449
Stock options exercised (in shares)		100,485
Stock options exercised	976		976		976
Cash paid for shares withheld for taxes	(1,299)		(1,299)		(1,299)
Stock-based compensation	1,543		1,543		1,543
Repurchase of common stock and associated tax (in shares)		(534,436)
Repurchase of common stock and associated tax	(6,509)		(6,509)		(6,509)
Distributions to noncontrolling interests	(14,150)					(14,150)
Net income	$ 3,969			3,075	3,075	894
Ending balance (in shares) at Jun. 30, 2024	36,275,392	36,275,392
Ending balance at Jun. 30, 2024	$ 672,882	$ 4	460,001	190,659	650,664	22,218
Beginning balance (in shares) at Mar. 31, 2024		36,129,736
Beginning balance at Mar. 31, 2024	676,524	$ 4	459,521	187,774	647,299	29,225
Increase (Decrease) in Shareholders' Equity
Shares issued under share-based awards (in shares)		117,197
Stock options exercised (in shares)		28,459
Stock options exercised	240		240		240
Cash paid for shares withheld for taxes	(625)		(625)		(625)
Stock-based compensation	865		865		865
Distributions to noncontrolling interests	(7,357)					(7,357)
Net income	$ 3,235			2,885	2,885	350
Ending balance (in shares) at Jun. 30, 2024	36,275,392	36,275,392
Ending balance at Jun. 30, 2024	$ 672,882	$ 4	$ 460,001	$ 190,659	$ 650,664	$ 22,218

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 3,969	$ 9,989
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	3,170	2,557
Real estate inventories impairment	0	4,700
Stock-based compensation	1,543	1,370
Loss on modification of debt	5,180	0
Abandoned project costs	1,954	312
Write-off of offering costs	0	436
Deferred taxes	264	346
Changes in operating assets and liabilities:
Cash held in escrow	25,020	15,197
Real estate inventories	(47,760)	(35,138)
Due from affiliates	(221)	(366)
Other assets	(3,606)	2,104
Accounts payable	15,030	(1,547)
Accrued expenses and other liabilities	(4,142)	(11,374)
Net cash provided by (used in) operating activities	401	(11,414)
Cash flows from investing activities:
Purchases of property and equipment	(3,619)	(3,571)
Payments for business acquisition, net of cash acquired	(235,043)	0
Net cash used in investing activities	(238,662)	(3,571)
Cash flows from financing activities:
Borrowings from notes, other debts payable, and other liabilities	473,047	190,000
Repayments of notes, other debts payable, and other liabilities	(240,545)	(214,300)
Cash paid for shares withheld for taxes	(1,299)	(695)
Proceeds from exercise of stock options	976	0
Repurchases of common stock	(6,452)	(7,476)
Distributions to noncontrolling interests	(14,150)	(1,845)
Deferred offering costs paid	(2,324)	(147)
Debt issuance and modification costs paid	(8,397)	0
Net cash provided by (used in) financing activities	200,856	(34,463)
Net decrease in cash and cash equivalents	(37,405)	(49,448)
Cash and cash equivalents at beginning of period	119,555	123,634
Cash and cash equivalents at end of period	$ 82,150	$ 74,186

Company and Summary of Signific

Company and Summary of Significant Account Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Company and Summary of Significant Account Policies	Company and Summary of Significant Account Policies Landsea Homes Corporation (together with its subsidiaries, “Landsea Homes” or the “Company”) is engaged in the acquisition, development, and sale of homes and lots in Arizona, California, Colorado, Florida, New York, and Texas. The Company’s operations are organized into the following six reportable segments: Arizona, California, Colorado, Florida, Metro New York, and Texas. 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, partnerships, and other entities in which the Company has a controlling interest as well as variable interest entities (“VIEs”) in which the Company is deemed the primary beneficiary. The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary are accounted for under the equity method. All intercompany transactions and balances have been eliminated in consolidation. 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, 2023, filed with the SEC on February 29, 2024. 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 2023, the FASB issued ASU 2023-01, which amends the application of ASU 2016-02, Leases (Topic 842), related to leases with entities under common control, also referred to as common control leases. The amendments to this update require an entity to consider the useful life of leasehold improvements associated with common control leases from the perspective of the common control group and amortize the leasehold improvements over the useful life of the assets to the common control group, instead of the term of the lease. Any remaining value for the leasehold improvement at the end of the lease would be adjusted through equity. The standard was effective for fiscal years beginning after December 15, 2023, early adoption was permitted. The adoption did not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of additional segment information. The guidance requires entities to provide significant segment expenses that are regularly provided to the entity’s chief operating decision maker (“CODM”), other segment items to reconcile segment revenue and significant expenses to the reported measure of segment profit or loss, a description of the composition of the other segment items, and the title and position of the CODM. The amendments in this update also expand the segment disclosure requirements to interim periods. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The new guidance must be applied retrospectively to all prior periods presented in the financial statements, with the significant segment expense and other segment item amounts disclosed based on categories identified in the period of adoption. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires annual disclosure of specific categories in the income tax rate reconciliation and of additional information for reconciling items that meet a quantitative threshold among other changes. Specifically, the guidance requires a tabular reconciliation disclosure, using both percentages and amounts. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Business Combination and Asset

Business Combination and Asset Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination and Asset Acquisition	Business Combination and Asset Acquisition On April 1, 2024, the Company completed the acquisition of Antares Acquisition, LLC (“Antares”), a Dallas Fort Worth based homebuilder, for approximately $239.8 million (subject to certain customary post-closing adjustments) using a combination of cash on hand and borrowings under the Company’s existing credit facility, which included repayment of approximately $40.2 million of Antares debt. The total assets of Antares included approximately 2,100 lots owned or controlled in the Dallas Fort Worth market. This acquisition was accounted for as a business combination. In accordance with ASC 805, the assets acquired and liabilities assumed from the acquisition of Antares were measured and recognized at fair value as of the date of the acquisition to reflect the purchase price paid. The determination of the final purchase accounting allocation related to the working capital calculations and resulting goodwill are in process as of the date of these consolidated financial statements. Changes in the determination of the fair value of the assets acquired and liabilities assumed will be recorded as a measurement period adjustment in the period in which they are identified up to one year from the acquisition date. 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 assets acquired relate to the Antares trade name and material contracts, which are estimated to have a fair value of $2.0 million and are being amortized over 12 to 18 months. 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 $83.7 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 Texas reporting segment in Note 11 – Segment Reporting . The Company incurred transaction related costs of $2.6 million and $3.6 million related to the Antares acquisition during the three and six months ended June 30, 2024, respectively. These transaction costs are included in general and administrative expenses on the consolidated statements of operations. The Company's results of operations include homebuilding revenues from the Antares acquisition of $35.7 million for both the three and six months ended June 30, 2024. The accompanying results of operations also include pretax loss of $0.8 million from the Antares acquisition during both the three and six months ended June 30, 2024. The pretax loss is inclusive of purchase price accounting and an allocation of corporate general and administrative expenses. The following is a summary of the preliminary allocation of the purchase price based on the fair value of assets acquired and liabilities assumed (dollars in thousands) . Assets Acquired Cash $ 4,760 Real estate inventories 157,279 Goodwill 83,683 Other intangible assets 1,950 Other assets 4,539 Total assets $ 252,211 Liabilities Assumed Accounts payable $ 2,472 Accrued expenses 9,936 Total liabilities 12,408 Net assets acquired $ 239,803 On October 10, 2023, the Company expanded into the Colorado market by acquiring certain assets of Richfield Homes, LLC (“Richfield”). The Company paid an aggregate cash purchase price of $22.5 million to acquire approximately 290 owned or controlled lots in the greater Denver, Colorado area, including any construction in progress on those lots. This acquisition was accounted for as an asset acquisition. Unaudited Pro Forma Financial Information Unaudited pro forma revenue and net income for the following periods presented give effect to the results of the acquisition of Antares as though the respective acquisition dates were as of January 1, 2023, the beginning of the year preceding the acquisition. Unaudited pro forma net income adjusts the operating results of Antares 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 intangible assets and transaction related costs. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in thousands) Revenue $ 431,143 $ 346,637 $ 767,840 $ 627,604 Pretax income 11,246 8,752 17,617 9,841 Provision for income taxes 4,718 2,113 4,447 2,420 Net income $ 6,528 $ 6,639 $ 13,170 $ 7,421

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates two joint venture (“JV”) 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 2022. The following table summarizes the carrying amount and classification of the VIEs’ assets and liabilities in the consolidated balance sheets as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 (dollars in thousands) Cash $ 6,402 $ 2,950 Real estate inventories 60,605 79,441 Due from affiliates 115 203 Other assets 2,248 2,107 Total assets $ 69,370 $ 84,701 Accounts payable $ 525 $ 384 Accrued expenses and other liabilities 5,353 5,257 Total liabilities $ 5,878 $ 5,641

Real Estate Inventories

Real Estate Inventories	6 Months Ended
	Jun. 30, 2024
Real Estate Inventories [Abstract]
Real Estate Inventories	Real Estate Inventories Real estate inventories are summarized as follows: June 30, 2024 December 31, 2023 (dollars in thousands) Deposits and pre-acquisition costs $ 124,883 $ 99,702 Land held and land under development 505,631 272,825 Homes completed or under construction 701,819 692,126 Model homes 17,832 57,073 Total real estate inventories $ 1,350,165 $ 1,121,726 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. The Company generally determines 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. For the three and six months ended June 30, 2024, the Company did not recognize any impairments on real estate inventories. For the three and six months ended June 30, 2023, the Company recorded $4.7 million of real estate inventories impairment charges related to one community in its California segment. In this instance, the Company determined that additional incentives and persistent discounts were required to sell the remaining homes, which was the primary reason the estimated future cash flows for the community were driven below their previous carrying values. Real estate inventories impairment charges are recorded to cost of home sales in the consolidated statements of operations. Impairment Data Quantitative Data Three Months Ended Number of Projects Impaired Real Estate Inventories Impairment Fair Value of Inventory After Impairment Discount Rate (dollars in thousands) June 30, 2023 1 $ 4,700 $ 19,363 11 %

Capitalized Interest

Capitalized Interest	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized Interest	Capitalized Interest Interest is capitalized to real estate inventories 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. For the three and six months ended June 30, 2024, the Company incurred and capitalized interest of $21.6 million and $36.9 million, respectively. For the three and six months ended June 30, 2023, the Company incurred and capitalized interest of $11.3 million and $23.2 million, respectively. Previously capitalized interest included in cost of sales during the three and six months ended June 30, 2024 was $18.0 million and $28.6 million, respectively. Previously capitalized interest included in cost of sales during the three and six months ended June 30, 2023 was $7.3 million and $11.9 million, respectively. These amounts included interest from certain related party transactions, refer to Note 9 – Related Party Transactions for additional information.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other AssetsAs of June 30, 2024 and December 31, 2023, the Company had contract assets of $2.6 million and $6.0 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 June 30, 2024 and December 31, 2023 was $0.2 million and $1.1 million, respectively. As of June 30, 2024, the Company had no deferred revenue related to lot sales and other revenue included in accrued expenses and other liabilities in the Company’s consolidated balance sheets. As of December 31, 2023, the Company had $0.2 million deferred revenue related to lot sales and other revenue. The Company reduces these liabilities and recognizes revenue as development progresses and the related performance obligations are completed.

Notes and Other Debts Payable,

Notes and Other Debts Payable, net	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 December 31, 2023 (dollars in thousands) 11.0% Senior Notes due July 2028 $ 250,000 $ 250,000 8.875% Senior Notes due April 2029 300,000 — Discount and deferred loan costs (21,548) (13,857) Senior Notes, net $ 528,452 $ 236,143 June 30, 2024 December 31, 2023 (dollars in thousands) Line of credit facility $ 231,000 $ 315,000 Deferred loan costs (5,345) (7,369) Line of credit facility, net $ 225,655 $ 307,631 In April 2024, the Company completed the sale to certain purchasers of $300.0 million of 8.875% senior notes (the “8.875% Senior Notes”, together with the 11.0% Senior Notes, the “Senior Notes”). The Company received the proceeds, net of fees, in April 2024. The 8.875% Senior Notes mature in April 2029. In July 2023, the Company entered into a senior unsecured note (the “Note Purchase Agreement”). The Note Purchase Agreement provided for the private placement of $250.0 million aggregate principal amount of 11.0% senior notes (the “11.0% Senior Notes”). The Company received the proceeds, net of discount and fees, in July 2023. The 11.0% Senior Notes mature in July 2028. In October 2021, the Company entered into a line of credit agreement which was amended in April 2024 (the “Amended Credit Agreement”). The Amended Credit Agreement provides for a senior unsecured borrowing of up to $455.0 million of which there was $231.0 million outstanding as of June 30, 2024. As part of the amendment, the Company wrote off $5.2 million of previously deferred financing costs associated with the line of credit facility prior to the amendment. This write-off is included in other (expense) income, net on the consolidated statements of operations. The Company may increase the borrowing capacity up to $850.0 million, under certain conditions. Funds available under the Amended Credit Agreement are subject to a borrowing base requirement which is calculated on specified percentages of our real estate inventories. The borrowings under the Amended Credit Agreement bear interest at a daily simple Secured Overnight Financing Rate (“SOFR”) rate, a term SOFR rate, or a base rate (in each case calculated in accordance with the Amended Credit Agreement), plus, in each case, an applicable margin. The applicable margin is adjusted by reference to a grid based on a leverage ratio calculated in accordance with the Amended Credit Agreement. As of June 30, 2024, the applicable margin was 2.85%. The Amended Credit Agreement matures in April 2027. As of June 30, 2024, the interest rate on the loan was 8.16%. The Amended Credit Agreement and the Note Purchase Agreement contain certain restrictive financial covenants, such as requirements for the Company to maintain a minimum liquidity balance, minimum tangible net worth, and leverage and interest coverage ratios. The 8.875% Senior Notes do not contain financial covenants. As of June 30, 2024, the Company was in compliance with all financial covenants. Our Senior Notes are not secured, however, the agreements governing the Senior Notes contain some restrictions on secured debt and other transactions. Our Senior Notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by most of our homebuilding segment subsidiaries. The Senior Notes are redeemable in whole or in part at any time at our option, at prices that vary based upon the remaining original term of the Senior Notes to be redeemed.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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, three 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. During October 2023, one of the insurers filed a lawsuit seeking reimbursement and the two other insurers subsequently asserted reimbursement claims in the lawsuit. However, at this time the Company is unable to predict the outcome of the insurers’ claims against the Company or estimate the amount of any potential damages associated therewith. 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 $124.4 million and $109.3 million of performance bonds outstanding as of June 30, 2024 and December 31, 2023, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in thousands) Beginning warranty accrual $ 49,101 $ 46,230 $ 48,949 $ 46,657 Warranty provision 2,535 1,263 4,271 2,174 Warranty payments (2,374) (1,266) (3,958) (2,604) Ending warranty accrual $ 49,262 $ 46,227 $ 49,262 $ 46,227 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 less than 1 year up to 8 years and often include one or more options to renew. The weighted average remaining lease term as of June 30, 2024 and December 31, 2023 was 4.2 and 5.7 years, respectively. Renewal terms are included in the lease term when it is reasonably certain the option will be exercised. During June 2024, the Company sold model homes which generated home sales revenue of $60.8 million and cost of sales of $57.9 million. The model homes were immediately leased back for terms ranging from 3 to 36 months. The Company determined that control of the model homes transferred to the buyer and, as a result, the transaction qualified as a sale. All of the leases from the transaction are accounted for as operating leases and the Company recorded right-of-use assets and lease liabilities of $12.5 million in the accompanying consolidated balance sheets. 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 June 30, 2024 and December 31, 2023 was 8.0% and 5.5%, respectively. Lease components and non-lease components are accounted for as a single lease component. As of June 30, 2024, the Company had $24.9 million and $26.0 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, 2023, the Company had $11.9 million and $13.1 million recognized as a right-of-use asset and lease liability, respectively. Operating lease expense for the three and six months ended June 30, 2024 was $0.9 million and $1.6 million, respectively, and is included in general and administrative expenses on the consolidated statements of operations. Operating lease expense for the three and six months ended June 30, 2023 was $0.8 million and $1.9 million, respectively. Future minimum payments under the noncancelable operating leases in effect at June 30, 2024 were as follows (dollars in thousands) : 2024 $ 5,293 2025 8,862 2026 5,608 2027 3,456 2028 2,384 Thereafter 4,958 Total lease payments 30,561 Less: Discount (4,546) Present value of lease liabilities $ 26,015
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, three 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. During October 2023, one of the insurers filed a lawsuit seeking reimbursement and the two other insurers subsequently asserted reimbursement claims in the lawsuit. However, at this time the Company is unable to predict the outcome of the insurers’ claims against the Company or estimate the amount of any potential damages associated therewith. 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 $124.4 million and $109.3 million of performance bonds outstanding as of June 30, 2024 and December 31, 2023, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in thousands) Beginning warranty accrual $ 49,101 $ 46,230 $ 48,949 $ 46,657 Warranty provision 2,535 1,263 4,271 2,174 Warranty payments (2,374) (1,266) (3,958) (2,604) Ending warranty accrual $ 49,262 $ 46,227 $ 49,262 $ 46,227 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 less than 1 year up to 8 years and often include one or more options to renew. The weighted average remaining lease term as of June 30, 2024 and December 31, 2023 was 4.2 and 5.7 years, respectively. Renewal terms are included in the lease term when it is reasonably certain the option will be exercised. During June 2024, the Company sold model homes which generated home sales revenue of $60.8 million and cost of sales of $57.9 million. The model homes were immediately leased back for terms ranging from 3 to 36 months. The Company determined that control of the model homes transferred to the buyer and, as a result, the transaction qualified as a sale. All of the leases from the transaction are accounted for as operating leases and the Company recorded right-of-use assets and lease liabilities of $12.5 million in the accompanying consolidated balance sheets. 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 June 30, 2024 and December 31, 2023 was 8.0% and 5.5%, respectively. Lease components and non-lease components are accounted for as a single lease component. As of June 30, 2024, the Company had $24.9 million and $26.0 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, 2023, the Company had $11.9 million and $13.1 million recognized as a right-of-use asset and lease liability, respectively. Operating lease expense for the three and six months ended June 30, 2024 was $0.9 million and $1.6 million, respectively, and is included in general and administrative expenses on the consolidated statements of operations. Operating lease expense for the three and six months ended June 30, 2023 was $0.8 million and $1.9 million, respectively. Future minimum payments under the noncancelable operating leases in effect at June 30, 2024 were as follows (dollars in thousands) : 2024 $ 5,293 2025 8,862 2026 5,608 2027 3,456 2028 2,384 Thereafter 4,958 Total lease payments 30,561 Less: Discount (4,546) Present value of lease liabilities $ 26,015

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company continues to pay for certain costs on behalf of Landsea Holdings Corporation (“Landsea Holdings”) which was previously the majority stockholder of the Company. The Company records a due from affiliate balance for all such payments. As of June 30, 2024 and December 31, 2023, the Company had a net receivable due from affiliates balance of $3.7 million and $3.5 million, respectively. In March 2024, Landsea Holdings, the Company’s then-majority stockholder, completed a registered secondary offering of the Company’s common stock. The Company did not purchase any shares of common stock that were sold by Landsea Holdings in the offering. The Company paid costs, fees, and expenses for the offering of $0.6 million, and Landsea Holdings received all net proceeds from the sale. Landsea Holdings no longer owns greater than 50% of the Company’s common stock upon completion of the offering. As a result, the Company no longer qualifies as a “controlled company” under The Nasdaq Stock Market LLC listing standards. In August 2023, the Company repurchased from the underwriters, at the public offering price of $9.75 per share, 800,000 shares of common stock that were sold by Green Investment Alpha Limited (“Green Investment”), a beneficial owner of the Company, in a registered secondary offering, for a total purchase price of $7.8 million. The Company paid costs, fees, and expenses for the offering of $0.3 million, and Green Investment received all net proceeds from the sale. Green Investment is required to reimburse the Company for the costs, fees and expenses incurred in offering. Green Investment no longer qualified as a related party upon the completion of the offering. In June 2023, the Company repurchased from the underwriters, at the public offering price of $7.50 per share, 443,478 shares of common stock that were sold by Landsea Holdings, the Company’s then-majority stockholder, in a registered secondary offering, for a total purchase price of $3.3 million. The Company paid costs, fees, and expenses for the offering of $0.8 million, and Landsea Holdings received all net proceeds from the offering. 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 $7.4 million and $14.1 million to Landsea Capital Fund during the three and six months ended June 30, 2024, respectively. The Company distributed $0.9 million and $1.8 million to Landsea Capital Fund during the three and six months ended June 30, 2023, respectively. 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. As part of this transaction, the Company leased back these models. The leases completed in April 2024. The total amount of rent payments made during the three and six months ended June 30, 2024 were less than $0.1 million and $0.2 million, respectively. The total amount of rent payments made during the three and six months ended June 30, 2023 were $0.2 million and $0.4 million, respectively. As the leases ended prior to June 30, 2024, we have no remaining right-of-use asset or lease liability balances associated with this transaction. As of December 31, 2023, we had right-of-use asset and lease liability balances of $0.5 million and $0.5 million, respectively. 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 both the three and six months ended June 30, 2024 was less than $0.1 million. The total amount of interest payments made during the three and six months ended June 30, 2023 was $0.2 million and $0.4 million, respectively. During the three and six months ended June 30, 2024, payments of $4.0 million have been made to purchase the remaining land at the conclusion of the agreement as of June 30, 2024. During the three and six months ended June 30, 2023, payments of $3.0 million and $4.0 million, including fees, were made to purchase developed lots from the related party, respectively. Capitalized interest included in real estate inventories on the consolidated balance sheets associated with this transaction was $0.6 million and $1.0 million as of June 30, 2024 and December 31, 2023, respectively. Previously capitalized related party interest included in cost of sales during the three and six months ended June 30, 2024 was $0.3 million and $0.4 million, respectively. Previously capitalized related party interest included in cost of sales during the three and six months ended June 30, 2023 was $0.2 million and $0.4 million, respectively. Landsea Holdings holds a series of notes payable to affiliated entities of its parent. The cash Landsea Holdings received from this debt was previously utilized to partially fund operations of the Company. Related party interest incurred by Landsea Holdings was historically pushed down to the Company and reflected on the consolidated balance sheets of the Company, primarily in real estate inventories, and on the consolidated statements of operations in cost of sales. Refer to Note 5 – Capitalized Interest for further detail. As the Company did not guarantee the notes payable nor have any obligations to repay the notes payable, and as the notes payable were not 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 (as defined below), the Company is precluded from repaying Landsea Holdings ’ notes payable to the affiliated entities of its parent. Therefore, beginning January 7, 2021, additional interest from these notes payable is no longer pushed do

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income taxes for the three and six months ended June 30, 2024 was $1.4 million and $1.3 million, respectively. Income taxes for the three and six months ended June 30, 2023 was $1.6 million and $3.3 million, respectively. The effective tax rate for the three and six months ended June 30, 2024 was 29.8% and 25.2% compared to a provision of 21.8% and 24.6% for the three and six months ended June 30, 2023. The difference between the statutory tax rate and the effective tax rate for the three and six months ended June 30, 2024 is primarily related to state income taxes net of federal income tax benefits and estimated deduction limitations for executive compensation under Section 162(m), partially offset by tax credits for energy-efficient homes and excess tax benefits on share-based compensation. The difference between the statutory tax rate and the effective tax rate for the three and six months ended June 30, 2023 is primarily related to state income taxes net of federal income tax benefits and estimated deduction limitations for executive compensation under Section 162(m), partially offset by 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.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
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 six geographic regions targets a wide range of buyer profiles including: first time, move-up, and luxury homebuyers. Management of the six geographic regions report to the Company’s chief operating decision makers (“CODMs”), the Chief Executive Officer and Chief Operating Officer of the Company. The CODMs review the results of operations, including total revenue and pretax income to assess profitability and to allocate resources. Accordingly, the Company has presented its operations as the following six reportable segments: • Arizona • California • Colorado • Florida • Metro New York • Texas The Company has also identified its Corporate operations as a non-operating segment, as it serves to support the homebuilding operations through functional departments such as executive, finance, treasury, human resources, accounting, and legal. The majority of 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 revenue and pretax income by segment: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in thousands) Revenue Arizona $ 108,170 $ 72,103 $ 187,655 $ 145,692 California 134,211 99,516 266,105 166,774 Colorado 10,201 — 19,055 — Florida 131,052 121,625 204,112 216,682 Metro New York 4,475 — 4,475 1,649 Texas 43,034 — 43,782 4,187 Total revenues $ 431,143 $ 293,244 $ 725,184 $ 534,984 Pretax income (loss) Arizona $ 4,354 $ (610) $ 4,833 $ (427) California 10,997 4,452 19,208 7,389 Colorado (928) — (2,080) — Florida 6,059 11,388 5,824 19,615 Metro New York (1,758) (298) (2,249) (901) Texas (2,802) (1,441) (4,738) (2,761) Corporate (11,317) (5,985) (15,489) (9,669) Total pretax income $ 4,605 $ 7,506 $ 5,309 $ 13,246 The following table summarizes total assets by segment: June 30, 2024 December 31, 2023 (dollars in thousands) Assets Arizona $ 329,895 $ 336,424 California 449,541 479,218 Colorado 35,464 27,240 Florida 430,071 425,154 Metro New York 39,692 42,047 Texas 357,264 60,255 Corporate 100,983 100,894 Total assets $ 1,742,910 $ 1,471,232 Included in the Corporate segment assets is cash and cash equivalents of $65.2 million and $65.2 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 goodwill of $83.7 million, $47.9 million and $20.7 million was allocated to the Texas, Florida, and Arizona segments, respectively. As of December 31, 2023, goodwill of $47.9 million and $20.7 million was allocated to the Florida and Arizona segments, respectively.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 December 31, 2023 Hierarchy Carrying Value Fair Value Carrying Value Fair Value (dollars in thousands) Liabilities: Line of credit facility (1) Level 2 $ 231,000 $ 231,000 $ 315,000 $ 315,000 11.0% Senior Notes Level 2 $ 250,000 $ 261,250 $ 250,000 $ 257,500 8.875% Senior Notes Level 2 $ 300,000 $ 295,875 $ — $ — (1) Carrying amount approximates fair value due to the variable interest rate terms of this loan. Carrying value excludes any associated deferred loan costs. The carrying values of 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, market data, and because of the short period of time between origination of the instruments and their expected realization. The fair value of cash and cash equivalents is classified in Level 1 of the fair value hierarchy. Non-financial assets such as real estate inventories and goodwill 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. During the three and six months ended June 30, 2024, the Company did not recognize any impairments on real estate inventories or goodwill. During the three and six months ended June 30, 2023, it was determined that real estate inventories with a carrying value of $24.1 million within one community in the California segment was not expected to be fully recoverable. Accordingly, a real estate inventories impairment charge was recognized in the amount of $4.7 million to reflect the estimated fair value of the community of $19.4 million. Refer to Note 4 – Real Estate Inventories for additional information.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table presents a summary of the Company’s nonvested performance share units (“PSUs”) and restricted stock units (“RSUs”) for the six months ended June 30, 2024: Awards Weighted Average Grant Date Fair Value (in thousands) Nonvested, at December 31, 2023 1,488 $ 8.74 Granted 485 8.34 Vested (274) 9.33 Forfeited (39) 9.44 Nonvested, at June 30, 2024 1,660 $ 8.51 The following table presents a summary of the Company’s stock options activity for the six months ended June 30, 2024: 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, 2023 684 $ 8.08 Granted 303 12.44 Exercised (101) 8.36 Forfeited (83) 10.00 Options outstanding at June 30, 2024 803 $ 9.49 8.35 $ 605 Options exercisable at June 30, 2024 286 $ 8.39 7.24 $ 228 Stock-based compensation expense totaled $0.9 million and $1.5 million during the three and six months ended June 30, 2024, respectively, and is included in general and administrative expenses on the consolidated statements of operations. For the three and six months ended June 30, 2023, stock-based compensation expense totaled $1.7 million and $1.4 million, respectively. Net stock-based compensation activity during the three months ended March 31, 2023 resulted in a reduction to expense due to the forfeiture of certain options as well as the revised estimates on the expected PSU achievement. The following table presents a summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement: June 30, 2024 (in thousands, except period) Unvested units 1,660 Remaining cost on unvested units $ 3,130 Remaining vesting period 2.91 years Stock-based compensation expense associated with the outstanding RSUs and PSUs is measured using the grant date fair value which is based on the closing price as of the grant date. 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	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, there were 41.7 million shares of common stock issued and 36.3 million outstanding, and no shares of preferred stock issued or outstanding. All outstanding shares of common stock are validly issued, fully paid and nonassessable. Stock Repurchases In March 2023, the Board of Directors authorized a stock repurchase program allowing for the repurchase of up to $10.0 million worth of common stock, with an expiration of December 31, 2023. In July 2023, the Board of Directors authorized additional capacity of approximately $3.3 million, with an expiration date of December 31, 2023, and an additional $10.0 million with no stated expiration date. In October 2023, the Board of Directors authorized additional capacity of $20.0 million with no stated expiration date. No additional stock repurchase authorizations occurred during the six months ended June 30, 2024. During the six months ended June 30, 2024, the Company repurchased 534,436 shares of common stock for a total of $6.4 million, excluding commissions, which was recorded as a reduction to additional paid-in capital. During the three months ended June 30, 2024, the Company did not repurchase any shares of common stock. As of June 30, 2024, the Company had approximately $2.5 million in remaining capacity from previous authorizations. During the three and six months ended June 30, 2023, the Company repurchased 968,869 shares of common stock for a total of $7.5 million, excluding commissions, which was recorded as a reduction to additional paid-in capital. A portion of these shares were repurchased directly from the Company’s majority shareholder at the time. Refer to Note 9 – Related Party Transactions for additional information. The timing and amount of repurchases are based on a variety of factors such as the market price of the Company's common stock, corporate and contractual requirements, market and economic conditions, and legal requirements. Merger Transaction On August 31, 2020, Landsea Homes and 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. Upon closing of the Merger, Level Field Capital, LLC (the “Sponsor”) held 1.0 million shares that were subject to surrender and forfeiture for no consideration in the event the common stock did not reach certain thresholds during the 24-month period following the closing of the Merger (the “Earnout Shares”). The Sponsor transferred 0.5 million Earnout Shares to Landsea Holdings. In January 2023, the Company concluded that the threshold for the Earnout Shares was not met and therefore those shares were forfeited and cancelled. Warrants As of June 30, 2024, there were 15,525,000 outstanding warrants consisting entirely of public warrants (the “Warrants”). At the time of the Merger, the Warrant Agreement was amended so that each public warrant is exercisable at $1.15 for 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.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in thousands, except share and per share amounts) Numerator Net income attributable to common stockholders $ 2,885 $ 4,947 $ 3,075 $ 8,165 Denominator Weighted average common shares outstanding - basic 36,199,850 39,891,982 36,239,765 39,944,549 Dilutive effect of warrants — — 12,575 — Dilutive effect of options 77,029 — 114,851 — Dilutive effect of share-based awards 92,948 79,749 191,671 115,182 Weighted average common shares outstanding - diluted 36,369,827 39,971,731 36,558,862 40,059,731 Earnings per share Basic $ 0.08 $ 0.12 $ 0.08 $ 0.20 Diluted $ 0.08 $ 0.12 $ 0.08 $ 0.20

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	6 Months Ended
	Jun. 30, 2024
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: Six Months Ended June 30, 2024 2023 (dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ — Income taxes paid $ 7,600 $ 6,691 Supplemental disclosures of non-cash investing and financing activities Change in right-of-use assets for new, modified, or terminated operating leases $ 14,296 $ 338 Conversion of deferred offering costs to debt issuance costs $ 5,140 $ —

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,885	$ 4,947	$ 3,075	$ 8,165

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Company and Summary of Signif_2

Company and Summary of Significant Account Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation
Principles of Consolidation	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, 2023, filed with the SEC on February 29, 2024. 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	Use of Estimates
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, which amends the application of ASU 2016-02, Leases (Topic 842), related to leases with entities under common control, also referred to as common control leases. The amendments to this update require an entity to consider the useful life of leasehold improvements associated with common control leases from the perspective of the common control group and amortize the leasehold improvements over the useful life of the assets to the common control group, instead of the term of the lease. Any remaining value for the leasehold improvement at the end of the lease would be adjusted through equity. The standard was effective for fiscal years beginning after December 15, 2023, early adoption was permitted. The adoption did not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of additional segment information. The guidance requires entities to provide significant segment expenses that are regularly provided to the entity’s chief operating decision maker (“CODM”), other segment items to reconcile segment revenue and significant expenses to the reported measure of segment profit or loss, a description of the composition of the other segment items, and the title and position of the CODM. The amendments in this update also expand the segment disclosure requirements to interim periods. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The new guidance must be applied retrospectively to all prior periods presented in the financial statements, with the significant segment expense and other segment item amounts disclosed based on categories identified in the period of adoption. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires annual disclosure of specific categories in the income tax rate reconciliation and of additional information for reconciling items that meet a quantitative threshold among other changes. Specifically, the guidance requires a tabular reconciliation disclosure, using both percentages and amounts. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Business Combination and Asse_2

Business Combination and Asset Acquisition (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following is a summary of the preliminary allocation of the purchase price based on the fair value of assets acquired and liabilities assumed (dollars in thousands) . Assets Acquired Cash $ 4,760 Real estate inventories 157,279 Goodwill 83,683 Other intangible assets 1,950 Other assets 4,539 Total assets $ 252,211 Liabilities Assumed Accounts payable $ 2,472 Accrued expenses 9,936 Total liabilities 12,408 Net assets acquired $ 239,803
Schedule of Business Acquisition, Pro Forma Information	Unaudited pro forma net income adjusts the operating results of Antares 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 intangible assets and transaction related costs. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in thousands) Revenue $ 431,143 $ 346,637 $ 767,840 $ 627,604 Pretax income 11,246 8,752 17,617 9,841 Provision for income taxes 4,718 2,113 4,447 2,420 Net income $ 6,528 $ 6,639 $ 13,170 $ 7,421

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2024
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 balance sheets as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 (dollars in thousands) Cash $ 6,402 $ 2,950 Real estate inventories 60,605 79,441 Due from affiliates 115 203 Other assets 2,248 2,107 Total assets $ 69,370 $ 84,701 Accounts payable $ 525 $ 384 Accrued expenses and other liabilities 5,353 5,257 Total liabilities $ 5,878 $ 5,641

Real Estate Inventories (Tables

Real Estate Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate Inventories [Abstract]
Schedule of Real Estate Inventories	Real estate inventories are summarized as follows: June 30, 2024 December 31, 2023 (dollars in thousands) Deposits and pre-acquisition costs $ 124,883 $ 99,702 Land held and land under development 505,631 272,825 Homes completed or under construction 701,819 692,126 Model homes 17,832 57,073 Total real estate inventories $ 1,350,165 $ 1,121,726
Schedule Of Fair Value Of Impaired Inventory	Real estate inventories impairment charges are recorded to cost of home sales in the consolidated statements of operations. Impairment Data Quantitative Data Three Months Ended Number of Projects Impaired Real Estate Inventories Impairment Fair Value of Inventory After Impairment Discount Rate (dollars in thousands) June 30, 2023 1 $ 4,700 $ 19,363 11 %

Notes and Other Debts Payable_2

Notes and Other Debts Payable, net (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Amounts outstanding under notes and other debts payable, net consist of the following: June 30, 2024 December 31, 2023 (dollars in thousands) 11.0% Senior Notes due July 2028 $ 250,000 $ 250,000 8.875% Senior Notes due April 2029 300,000 — Discount and deferred loan costs (21,548) (13,857) Senior Notes, net $ 528,452 $ 236,143 June 30, 2024 December 31, 2023 (dollars in thousands) Line of credit facility $ 231,000 $ 315,000 Deferred loan costs (5,345) (7,369) Line of credit facility, net $ 225,655 $ 307,631

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in thousands) Beginning warranty accrual $ 49,101 $ 46,230 $ 48,949 $ 46,657 Warranty provision 2,535 1,263 4,271 2,174 Warranty payments (2,374) (1,266) (3,958) (2,604) Ending warranty accrual $ 49,262 $ 46,227 $ 49,262 $ 46,227
Schedule of Operating Lease Maturity	Future minimum payments under the noncancelable operating leases in effect at June 30, 2024 were as follows (dollars in thousands) : 2024 $ 5,293 2025 8,862 2026 5,608 2027 3,456 2028 2,384 Thereafter 4,958 Total lease payments 30,561 Less: Discount (4,546) Present value of lease liabilities $ 26,015

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes total revenue and pretax income by segment: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in thousands) Revenue Arizona $ 108,170 $ 72,103 $ 187,655 $ 145,692 California 134,211 99,516 266,105 166,774 Colorado 10,201 — 19,055 — Florida 131,052 121,625 204,112 216,682 Metro New York 4,475 — 4,475 1,649 Texas 43,034 — 43,782 4,187 Total revenues $ 431,143 $ 293,244 $ 725,184 $ 534,984 Pretax income (loss) Arizona $ 4,354 $ (610) $ 4,833 $ (427) California 10,997 4,452 19,208 7,389 Colorado (928) — (2,080) — Florida 6,059 11,388 5,824 19,615 Metro New York (1,758) (298) (2,249) (901) Texas (2,802) (1,441) (4,738) (2,761) Corporate (11,317) (5,985) (15,489) (9,669) Total pretax income $ 4,605 $ 7,506 $ 5,309 $ 13,246
Schedule of Reconciliation of Assets from Segment to Consolidated	The following table summarizes total assets by segment: June 30, 2024 December 31, 2023 (dollars in thousands) Assets Arizona $ 329,895 $ 336,424 California 449,541 479,218 Colorado 35,464 27,240 Florida 430,071 425,154 Metro New York 39,692 42,047 Texas 357,264 60,255 Corporate 100,983 100,894 Total assets $ 1,742,910 $ 1,471,232

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
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: June 30, 2024 December 31, 2023 Hierarchy Carrying Value Fair Value Carrying Value Fair Value (dollars in thousands) Liabilities: Line of credit facility (1) Level 2 $ 231,000 $ 231,000 $ 315,000 $ 315,000 11.0% Senior Notes Level 2 $ 250,000 $ 261,250 $ 250,000 $ 257,500 8.875% Senior Notes Level 2 $ 300,000 $ 295,875 $ — $ — (1) Carrying amount approximates fair value due to the variable interest rate terms of this loan. Carrying value excludes any associated deferred loan costs.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Compensation Expense	The following table presents a summary of the Company’s nonvested performance share units (“PSUs”) and restricted stock units (“RSUs”) for the six months ended June 30, 2024: Awards Weighted Average Grant Date Fair Value (in thousands) Nonvested, at December 31, 2023 1,488 $ 8.74 Granted 485 8.34 Vested (274) 9.33 Forfeited (39) 9.44 Nonvested, at June 30, 2024 1,660 $ 8.51
Schedule of Stock Option Activity	The following table presents a summary of the Company’s stock options activity for the six months ended June 30, 2024: 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, 2023 684 $ 8.08 Granted 303 12.44 Exercised (101) 8.36 Forfeited (83) 10.00 Options outstanding at June 30, 2024 803 $ 9.49 8.35 $ 605 Options exercisable at June 30, 2024 286 $ 8.39 7.24 $ 228
Schedule of Outstanding RSUs and PSUs	The following table presents a summary of the Company’s outstanding RSUs and PSUs, assuming the current estimated level of performance achievement: June 30, 2024 (in thousands, except period) Unvested units 1,660 Remaining cost on unvested units $ 3,130 Remaining vesting period 2.91 years

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (dollars in thousands, except share and per share amounts) Numerator Net income attributable to common stockholders $ 2,885 $ 4,947 $ 3,075 $ 8,165 Denominator Weighted average common shares outstanding - basic 36,199,850 39,891,982 36,239,765 39,944,549 Dilutive effect of warrants — — 12,575 — Dilutive effect of options 77,029 — 114,851 — Dilutive effect of share-based awards 92,948 79,749 191,671 115,182 Weighted average common shares outstanding - diluted 36,369,827 39,971,731 36,558,862 40,059,731 Earnings per share Basic $ 0.08 $ 0.12 $ 0.08 $ 0.20 Diluted $ 0.08 $ 0.12 $ 0.08 $ 0.20

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table presents certain supplemental cash flow information: Six Months Ended June 30, 2024 2023 (dollars in thousands) Supplemental disclosures of cash flow information Interest paid, net of amounts capitalized $ — $ — Income taxes paid $ 7,600 $ 6,691 Supplemental disclosures of non-cash investing and financing activities Change in right-of-use assets for new, modified, or terminated operating leases $ 14,296 $ 338 Conversion of deferred offering costs to debt issuance costs $ 5,140 $ —

Company and Summary of Signif_3

Company and Summary of Significant Account Policies (Details)	6 Months Ended
	Jun. 30, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	6

Business Combination and Asse_3

Business Combination and Asset Acquisition - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 10, 2023 USD ($) lot	Apr. 30, 2024 USD ($) lot	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Apr. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 18, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 152,322		$ 152,322			$ 68,639
Richfield Homes Lots
Business Acquisition [Line Items]
Number of lots acquired | lot	290
Payments to acquire productive assets	$ 22,500
Goodwill
Business Acquisition [Line Items]
Goodwill amortization period									15 years
Antares Debt
Business Acquisition [Line Items]
Repayments of Debt		$ 40,200
Antares
Business Acquisition [Line Items]
Business acquisition, consideration		$ 239,800
Number of lots acquired | lot		2,100
Other intangible assets							$ 1,950
Goodwill							$ 83,683		$ 83,700
Transaction related costs			2,600		3,600
Revenue			431,143	$ 346,637	767,840	$ 627,604
Net income			6,528	$ 6,639	13,170	$ 7,421
Antares | Homebuilding Revenues
Business Acquisition [Line Items]
Revenue			35,700		35,700
Net income			$ (800)		$ (800)
Antares | Trade Names
Business Acquisition [Line Items]
Other intangible assets									$ 2,000
Antares | Trade Names | Minimum
Business Acquisition [Line Items]
Useful life (in years)			12 months		12 months
Antares | Trade Names | Maximum
Business Acquisition [Line Items]
Useful life (in years)			18 months		18 months

Business Combination and Asse_4

Business Combination and Asset Acquisition - Net Assets Acquired (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 01, 2024	Dec. 31, 2023	Jan. 18, 2022
Assets Acquired
Goodwill	$ 152,322		$ 152,322			$ 68,639
Antares
Assets Acquired
Cash					$ 4,760
Real estate inventories					157,279
Goodwill					83,683		$ 83,700
Other intangible assets					1,950
Other assets					4,539
Total assets					252,211
Liabilities Assumed
Accounts payable					2,472
Accrued expenses					9,936
Total liabilities					12,408
Net assets acquired					$ 239,803
Revenue	431,143	$ 346,637	767,840	$ 627,604
Pretax income	11,246	8,752	17,617	9,841
Business Acquisition, Pro Forma Net Income (Loss), Provision for Income Taxes	4,718	2,113	4,447	2,420
Net income	$ 6,528	$ 6,639	$ 13,170	$ 7,421

Business Combination and Asse_5

Business Combination and Asset Acquisition - Pro Forma Financial Information (Details) - Antares - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 431,143	$ 346,637	$ 767,840	$ 627,604
Pretax income	11,246	8,752	17,617	9,841
Provision for income taxes	(4,718)	(2,113)	(4,447)	(2,420)
Net income	$ 6,528	$ 6,639	$ 13,170	$ 7,421

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2024 USD ($) project	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Cash	$ 82,150	$ 119,555
Real estate inventories	1,350,165	1,121,726
Total assets	1,742,910	1,471,232
Accounts payable	95,471	77,969
Accrued expenses and other liabilities	219,569	160,256
Total liabilities	$ 1,070,028	782,880
Variable Interest Entities
Variable Interest Entity [Line Items]
Number of VIE's | project	2
Cash	$ 6,402	2,950
Real estate inventories	60,605	79,441
Other assets	2,248	2,107
Total assets	69,370	84,701
Accounts payable	525	384
Accrued expenses and other liabilities	5,353	5,257
Total liabilities	5,878	5,641
Variable Interest Entities | Related Party
Variable Interest Entity [Line Items]
Due from affiliates	$ 115	$ 203
Variable Interest Entities | 14th Ave JV | NEW YORK
Variable Interest Entity [Line Items]
Number of VIE's | project	1
Variable Interest Entities | LCF Joint Venture
Variable Interest Entity [Line Items]
Number of VIE's | project	1

Real Estate Inventories - Sched

Real Estate Inventories - Schedule of Real Estate Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate Inventories [Abstract]
Deposits and pre-acquisition costs	$ 124,883	$ 99,702
Land held and land under development	505,631	272,825
Homes completed or under construction	701,819	692,126
Model homes	17,832	57,073
Total real estate inventories	$ 1,350,165	$ 1,121,726

Real Estate Inventories - Narra

Real Estate Inventories - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate Inventories [Abstract]
Real estate inventories impairment	$ 4,700	$ 0	$ 4,700

Real Estate Inventories - Sch_2

Real Estate Inventories - Schedule of Fair Value of Impaired Inventory (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) numberOfProjectImpaired	Jun. 30, 2024 USD ($) numberOfProjectImpaired	Jun. 30, 2023 USD ($) numberOfProjectImpaired
Real Estate Inventories [Line Items]
Real estate inventories impairment	$ 4,700	$ 0	$ 4,700
Real Estate | Level 3
Real Estate Inventories [Line Items]
Number of Projects Impaired | numberOfProjectImpaired	1	1	1
Real estate inventories impairment		$ 4,700
Fair Value of Inventory After Impairment		$ 19,363
Real Estate | Level 3 | Measurement Input, Default Rate | Valuation Technique, Discounted Cash Flow
Real Estate Inventories [Line Items]
Discount Rate		0.11

Capitalized Interest (Details)

Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Interest costs capitalized adjustment	$ 21.6	$ 11.3	$ 36.9	$ 23.2
Interest expense, related party	$ 18	$ 7.3	$ 28.6	$ 11.9

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Contract assets	$ 2.6	$ 6
Remaining performance obligation, amount	0.2	1.1
Deferred revenue	$ 0	$ 0.2

Notes and Other Debts Payable_3

Notes and Other Debts Payable, net - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
11.0% Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 250,000	$ 250,000
Discount and deferred loan costs	(21,548)	(13,857)
Line of credit facility, net	528,452	236,143
8.875% Senior Notes due April 2029
Debt Instrument [Line Items]
Long-term debt, gross	300,000	0
Line of credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	231,000	315,000
Deferred loan costs	(5,345)	(7,369)
Line of credit facility, net	$ 225,655	$ 307,631

Notes and Other Debts Payable_4

Notes and Other Debts Payable, net - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Apr. 30, 2024	Dec. 31, 2023	Jul. 31, 2023	Oct. 31, 2021
Debt Instrument [Line Items]
Line of credit facility, outstanding	$ 225,655,000		$ 307,631,000
Line of credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate, stated percentage	2.85%
Credit agreement, current borrowing capacity			$ 455,000,000
Write off of previously deferred financing costs	$ 5,200,000
Line of credit facility, outstanding	$ 231,000,000
Credit facility, maximum borrowing capacity					$ 850,000,000
Effective interest rate at period end	8.16%
Note Purchase Agreement | Unsecured Debt
Debt Instrument [Line Items]
Principal amount				$ 250,000,000
Interest rate, stated percentage				11%
8.875% Senior Notes due April 2029
Debt Instrument [Line Items]
Principal amount		$ 300,000,000
Interest rate, stated percentage		8.875%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Jun. 30, 2024 USD ($) extension	Oct. 31, 2023 insurer	Jun. 30, 2024 USD ($) extension	Jun. 30, 2023 USD ($)	Dec. 31, 2021 USD ($) insurer	Jun. 30, 2024 USD ($) extension	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of options to renew | extension	1		1			1
Weighted average remaining lease term (in years)	4 years 2 months 12 days		4 years 2 months 12 days			4 years 2 months 12 days		5 years 8 months 12 days
Revenue			$ 431,143	$ 293,244		$ 725,184	$ 534,984
Right-of-use asset	$ 24,900		24,900			24,900		$ 11,900
Lease liabilities	$ 26,015		$ 26,015			$ 26,015		$ 13,100
Weighted average rate (percent)	8%		8%			8%		5.50%
Operating lease expense			$ 900	$ 800		$ 1,600	$ 1,900
Model Homes Sale LeaseBack
Loss Contingencies [Line Items]
Revenue	$ 60,800
Sale Leaseback Transaction, Historical Cost	57,900		57,900			57,900
Right-of-use asset	12,500		12,500			12,500
Lease liabilities	$ 12,500		$ 12,500			$ 12,500
Minimum
Loss Contingencies [Line Items]
Lease term (in years)	1 year		1 year			1 year
Minimum | Model Homes Sale LeaseBack
Loss Contingencies [Line Items]
Sale Leaseback Transaction, Lease Term	3 months
Maximum
Loss Contingencies [Line Items]
Lease term (in years)	8 years		8 years			8 years
Maximum | Model Homes Sale LeaseBack
Loss Contingencies [Line Items]
Sale Leaseback Transaction, Lease Term	36 months
Performance Guarantee
Loss Contingencies [Line Items]
Performance bonds outstanding	$ 124,400		$ 124,400			$ 124,400		$ 109,300
Paycheck Protection Program Notes
Loss Contingencies [Line Items]
Proceeds from PPP loan					$ 14,900
Number of other insurers filed lawsuit seeking reimbursement | insurer		2
Number of insurers who paid claims on behalf of the Company in the wrongful death settlement | insurer					3
Number of Insurers Filed Lawsuit Seeking Reimbursement | insurer		1

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty accrual	$ 49,101	$ 46,230	$ 48,949	$ 46,657
Warranty provision	2,535	1,263	4,271	2,174
Warranty payments	(2,374)	(1,266)	(3,958)	(2,604)
Ending warranty accrual	$ 49,262	$ 46,227	$ 49,262	$ 46,227

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 5,293
2025	8,862
2026	5,608
2027	3,456
2028	2,384
Thereafter	4,958
Total lease payments	30,561
Less: Discount	(4,546)
Present value of lease liabilities	$ 26,015	$ 13,100

Related Party Transactions (Det

Related Party Transactions (Details) $ / shares in Units, $ in Thousands	1 Months Ended						3 Months Ended		6 Months Ended
	Mar. 31, 2024 USD ($)	Aug. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Right-of-use asset							$ 24,900		$ 24,900		$ 11,900
Present value of lease liabilities							26,015		26,015		13,100
Interest expense, related party							18,000	$ 7,300	28,600	$ 11,900
Real estate inventories							1,350,165		1,350,165		1,121,726
California
Related Party Transaction [Line Items]
Related party transaction, rate						7%
Landsea Holding Share Repurchase Program
Related Party Transaction [Line Items]
Aggregate net proceeds from stock offering			$ 3,300
Deferred offering costs			$ 800					$ 800		$ 800
Landsea Holding Share Repurchase Program | Public Stock Offering
Related Party Transaction [Line Items]
Common stock period of transaction	0.50
Shares sold in offering | shares			443,478
Landsea Holding Share Repurchase Program | Public Stock Offering | Maximum
Related Party Transaction [Line Items]
Reimbursable expenses to the underwriters	$ 600
Landsea Holding Share Repurchase Program | IPO
Related Party Transaction [Line Items]
Share price (in dollars per share) | $ / shares			$ 7.50					$ 7.50		$ 7.50
Green Investment Alpha Limited Share Repurchase Program
Related Party Transaction [Line Items]
Aggregate net proceeds from stock offering		$ 7,800
Deferred offering costs		$ 300
Green Investment Alpha Limited Share Repurchase Program | Public Stock Offering
Related Party Transaction [Line Items]
Shares sold in offering | shares		800,000
Green Investment Alpha Limited Share Repurchase Program | IPO
Related Party Transaction [Line Items]
Share price (in dollars per share) | $ / shares		$ 9.75
Equity Method Investee
Related Party Transaction [Line Items]
Due from affiliates							3,700		3,700		3,500
Landsea Capital Fund
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction							7,400	$ 900	14,100	$ 1,800
Landsea Capital Fund | LCF JV
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				$ 55,000
Related Party
Related Party Transaction [Line Items]
Revenue from related parties					$ 15,200
Interest expense, related party							300	200	400	400
Related Party | Minimum | California
Related Party Transaction [Line Items]
Interest expense, related party							100	200	100	400
Related Party | Minimum | Landsea Holdings
Related Party Transaction [Line Items]
Interest expense, related party							100	500	100	1,300
Affiliated Entity
Related Party Transaction [Line Items]
Payments for rent								200	200	400
Right-of-use asset							0		0		500
Present value of lease liabilities							0		0		500
Real estate inventories							600		600		1,000
Affiliated Entity | California
Related Party Transaction [Line Items]
Developed lots purchased in the period							4,000	$ 3,000	4,000	$ 4,000
Affiliated Entity | California | Predetermined Land Purchase Price
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction						$ 28,900
Affiliated Entity | Landsea Holdings
Related Party Transaction [Line Items]
Real estate inventories							300		$ 300		$ 400
Affiliated Entity | Minimum
Related Party Transaction [Line Items]
Payments for rent							$ 100

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,370	$ 1,640	$ 1,340	$ 3,257
Effective income tax rate	29.80%	21.80%	25.20%	24.60%

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of geographic regions | segment	6
Number of reportable segments | segment	6
Cash	$ 82,150	$ 119,555
Goodwill	152,322	68,639
Florida
Segment Reporting Information [Line Items]
Goodwill	47,900	47,900
Arizona
Segment Reporting Information [Line Items]
Goodwill	20,700	20,700
Texas
Segment Reporting Information [Line Items]
Goodwill	83,700
Corporate
Segment Reporting Information [Line Items]
Cash	$ 65,200	$ 65,200

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 431,143	$ 293,244	$ 725,184	$ 534,984
Total pretax income	4,605	7,506	5,309	13,246
Corporate
Segment Reporting Information [Line Items]
Total pretax income	(11,317)	(5,985)	(15,489)	(9,669)
Arizona
Segment Reporting Information [Line Items]
Revenue	108,170	72,103	187,655	145,692
Arizona | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	4,354	(610)	4,833	(427)
California
Segment Reporting Information [Line Items]
Revenue	134,211	99,516	266,105	166,774
California | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	10,997	4,452	19,208	7,389
Colorado
Segment Reporting Information [Line Items]
Revenue	10,201	0	19,055	0
Colorado | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	(928)	0	(2,080)	0
Florida
Segment Reporting Information [Line Items]
Revenue	131,052	121,625	204,112	216,682
Florida | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	6,059	11,388	5,824	19,615
Metro New York
Segment Reporting Information [Line Items]
Revenue	4,475	0	4,475	1,649
Metro New York | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	(1,758)	(298)	(2,249)	(901)
Texas
Segment Reporting Information [Line Items]
Revenue	43,034	0	43,782	4,187
Texas | Operating Segments
Segment Reporting Information [Line Items]
Total pretax income	$ (2,802)	$ (1,441)	$ (4,738)	$ (2,761)

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 1,742,910	$ 1,471,232
Operating Segments | Arizona
Segment Reporting Information [Line Items]
Total assets	329,895	336,424
Operating Segments | California
Segment Reporting Information [Line Items]
Total assets	449,541	479,218
Operating Segments | Colorado
Segment Reporting Information [Line Items]
Total assets	35,464	27,240
Operating Segments | Florida
Segment Reporting Information [Line Items]
Total assets	430,071	425,154
Operating Segments | Metro New York
Segment Reporting Information [Line Items]
Total assets	39,692	42,047
Operating Segments | Texas
Segment Reporting Information [Line Items]
Total assets	357,264	60,255
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 100,983	$ 100,894

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value | Line of credit facility
Liabilities:
Long-term debt	$ 231,000	$ 315,000
Carrying Value | 11.0% Senior Notes
Liabilities:
Long-term debt	250,000	250,000
Carrying Value | 8.875% Senior Notes due April 2029
Liabilities:
Long-term debt	300,000	0
Fair Value | Line of credit facility | Level 2
Liabilities:
Long-term debt	231,000	315,000
Fair Value | 11.0% Senior Notes | Level 2
Liabilities:
Long-term debt	261,250	257,500
Fair Value | 8.875% Senior Notes due April 2029 | Level 2
Liabilities:
Long-term debt	$ 295,875	$ 0

Fair Value - Narrative (Details

Fair Value - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) numberOfProjectImpaired	Jun. 30, 2024 USD ($) numberOfProjectImpaired	Jun. 30, 2023 USD ($) numberOfProjectImpaired
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate	$ 4,700	$ 0	$ 4,700
Level 3 | Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Projects Impaired | numberOfProjectImpaired	1	1	1
Impairment of real estate		$ 4,700
Fair value of inventory after impairment		$ 19,363
California
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate inventories, carrying value	$ 24,100		$ 24,100
California | Level 3 | Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of inventory after impairment	$ 19,400		$ 19,400

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Compensation Expense (Details) - Restricted Stock Units and Performance Stock Units shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Awards
Nonvested, beginning of the year (in shares) | shares	1,488
Grants in period (in shares) | shares	485
Vested (in shares) | shares	(274)
Forfeited (in shares) | shares	(39)
Nonvested, End of the year (in shares) | shares	1,660
Weighted Average Grant Date Fair Value
Weighted average grand date fair value outstanding, beginning of the year (in dollars per share) | $ / shares	$ 8.74
Grant date fair value (in dollars per share) | $ / shares	8.34
Vested (in dollars per share) | $ / shares	9.33
Forfeited (in dollars per share) | $ / shares	9.44
Weighted average grand date fair value outstanding, End of the year (in dollars per share) | $ / shares	$ 8.51

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock Option $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares
Options outstanding, beginning balance (in shares) | shares	684,000
Granted (in shares) | shares	303,000
Exercised (in shares) | shares	(101,000)
Forfeited (in shares) | shares	(83,000)
Options outstanding, ending balance (in shares) | shares	803,000	684,000
Options exercisable (in shares) | shares	286,000
Weighted Average Exercise Price per Share
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares	$ 8.08
Granted (in dollars per share) | $ / shares	12.44
Exercised (in dollars per share) | $ / shares	8.36
Forfeited (in dollars per share) | $ / shares	10
Weighted average exercise price, ending balance (in dollars per share) | $ / shares	9.49	$ 8.08
Options exercisable (in dollars per share) | $ / shares	$ 8.39
Weighted Average Remaining Contractual Term
Weighted average remaining contractual term	8 years 4 months 6 days
Options exercisable, Weighted average remaining contractual term	7 years 2 months 26 days
Aggregate Intrinsic Value
Aggregate intrinsic value | $	$ 605
Options exercisable | $	$ 228

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	$ 1.7	$ 1.5	$ 1.4

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Outstanding RSUs and PSUs (Details) - Restricted Stock Units and Performance Stock Units shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested units (in shares) | shares	1,660
Remaining cost on unvested units | $	$ 3,130
Remaining vesting period (in years)	2 years 10 months 28 days

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 07, 2021 shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) trading_day $ / shares shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 $ / shares shares	Oct. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000		500,000,000		500,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Preferred stock, shares authorized (in shares)		50,000,000		50,000,000		50,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Common stock, shares issued (in shares)		41,671,387		41,671,387		41,382,453
Common stock, shares outstanding (in shares)		36,275,392		36,275,392		36,520,894
Preferred stock, shares issued (in shares)		0		0		0
Preferred stock, shares outstanding (in shares)		0		0		0
Repurchase of common stock | $			$ 7,532	$ 6,509	$ 7,532
Warrants outstanding (in shares)		15,525,000		15,525,000
Public Warrants
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares		$ 1.15		$ 1.15
Number of shares per warrant (in shares)		0.1		0.1
Amendment distribution price per per warrant (in dollars per share) | $ / shares		$ 1.85		$ 1.85
Payments for repurchase of warrants | $				$ 28,700
Warrants outstanding, term (in years)		5 years		5 years
Minimum conversion price, per warrant (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Written notice, period				30 days
Stock price trigger (in dollars per share) | $ / shares				$ 18
Threshold trading days | trading_day				20
Threshold consecutive trading days | trading_day				30
Merger Agreement | Common Class A | Level Field Capital, LLC
Class of Stock [Line Items]
Equity interests still held (in shares)	1,000,000
Business Combination, Contingent Consideration Arrangements, Common Stock Threshold Period	24 months
Merger Agreement | Earnout Shares | Level Field Capital, LLC | Landsea Holdings
Class of Stock [Line Items]
Equity interests transferred (in shares)	500,000
Share Repurchase Program
Class of Stock [Line Items]
Additional authorized repurchase amount | $								$ 3,300	$ 10,000
Additional authorized repurchase amount with no stated expiration date | $							$ 20,000	$ 10,000
Repurchase of common stock and associated tax (in shares)		0	968,869	534,436	968,869
Stock repurchase program, authorized (in shares)		0		0
Repurchase of common stock | $			$ 7,500	$ 6,400	$ 7,500
Remaining authorized repurchase amount | $		$ 2,500		$ 2,500

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net Income (Loss)	$ 2,885	$ 4,947	$ 3,075	$ 8,165
Denominator
Weighted average common shares outstanding - basic (in shares)	36,199,850	39,891,982	36,239,765	39,944,549
Dilutive effect of warrants (in shares)	0	0	12,575	0
Dilutive effect of options (in shares)	77,029	0	114,851	0
Dilutive effect of share-based awards (in shares)	92,948	79,749	191,671	115,182
Diluted (in shares)	36,369,827	39,971,731	36,558,862	40,059,731
Earnings per share
Basic (in dollars per share)	$ 0.08	$ 0.12	$ 0.08	$ 0.20
Diluted (in dollars per share)	$ 0.08	$ 0.12	$ 0.08	$ 0.20
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,800,000	2,500,000	200,000	2,200,000

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental disclosures of cash flow information
Interest paid, net of amounts capitalized	$ 0	$ 0
Income taxes paid	7,600	6,691
Supplemental disclosures of non-cash investing and financing activities
Change in right-of-use assets for new, modified, or terminated operating leases	14,296	338
Conversion of deferred offering costs to debt issuance costs	$ 5,140	$ 0