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FY2025
12 months to Dec 31, 2025
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FY2024
12 months to Dec 31, 2024
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|---|---|---|
| Cash flows from operating activities: | ||
| Net income | ||
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Depreciation | ||
| Accrued incentive compensation expense | ||
| Share-based payment expense | ||
| Abandonment of lot option contracts | ||
| Impairment of real estate inventory | ||
| Amortization of debt issuance costs | ||
| Equity in earnings from unconsolidated entities | ||
| Distributions of income from unconsolidated entities | ||
| Non-cash lease expense | ||
| Provision for deferred income taxes | ||
| Change in value of TRA liability | ||
| Other | ||
| Changes in assets and liabilities: | ||
| Real estate inventory | ||
| Deposits on real estate under option or contract | ||
| Other assets | ||
| Accounts payable | ||
| Customer deposits | ||
| Accrued expenses and other liabilities | ||
| Net cash (used in) provided by operating activities | ||
| Cash flows from investing activities: | ||
| Purchases of property and equipment | ||
| Investments in unconsolidated entities | ||
| Distributions of capital from unconsolidated entities | ||
| Acquisition of Devon Street | ||
| Other | ||
| Net cash used in investing activities | ||
| Cash flows from financing activities: | ||
| Issuance of Class B common stock | ||
| Payment of offering costs | ||
| Redemption of Class C and D units | ||
| Purchase of LLC interests from Continuing Equity Owners | ||
| Borrowings under revolving credit facility | ||
| Repayments under revolving credit facility | ||
| Payments on notes payable | ||
| Payments on notes payable - related party | ||
| Proceeds from sales of real estate not owned | ||
| Payments related to repurchases of real estate not owned | ||
| Distributions | ||
| Payment of debt issuance costs | ||
| Payment of shares withheld for taxes | ||
| Payment of contingent consideration related to acquisition | ||
| Net cash provided by (used in) financing activities | ||
| Net (decrease) increase in cash and cash equivalents | ||
| Cash and cash equivalents, beginning of year | ||
| Cash and cash equivalents, end of year | ||
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash paid for interest, net of amounts capitalized | ||
| Cash paid for income taxes | ||
| Right-of-use assets obtained in exchange for new operating lease liabilities | ||
| Seller note payable and contingent consideration related to acquisition of Devon Street | ||
| Purchases of property, plant, and equipment through issuance of related party note payable | ||
| Offering costs prepaid in prior year |
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