v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 35,145 $ 45,220
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 1,066 709
Accrued incentive compensation expense 384 1,292
Share-based payment expense 1,581 1,929
Abandonment of lot option contracts 716 0
Impairment of real estate inventory 642 0
Amortization of debt issuance costs 456 512
Equity in earnings from unconsolidated entities (817) (404)
Distributions of income from unconsolidated entities 747 441
Non-cash lease expense 388 278
Provision for deferred income taxes 263 325
Other (10) 36
Changes in assets and liabilities:    
Real estate inventory (63,953) (50,269)
Deposits on real estate under option or contract (30,062) (9,157)
Other assets 677 (4,619)
Accounts payable (1,411) 4,140
Customer deposits 602 2,375
Accrued expenses and other liabilities (10,261) (2,042)
Net cash used in operating activities (63,847) (9,234)
Cash flows from investing activities:    
Purchases of property and equipment (3,156) (2,573)
Investments in unconsolidated entities (1,086) (600)
Other 17 20
Net cash used in investing activities (4,225) (3,153)
Cash flows from financing activities:    
Issuance of Class A common stock in IPO, net of underwriting discount 0 172,765
Issuance of Class B common stock 0 4
Payment of offering costs 0 (6,869)
Redemption of Class C and D units 0 (2,600)
Purchase of LLC interests from Continuing Equity Owners 0 (47,573)
Borrowings under revolving credit facility 149,000 24,000
Repayments under revolving credit facility (80,100) (95,000)
Payments on notes payable (832) (772)
Payments on notes payable - related party (40) (938)
Proceeds from sales of real estate not owned 27,115 4,890
Payments related to repurchases of real estate not owned (6,818) (8,070)
Distributions (23,621) (28,078)
Payment of debt issuance costs (2,218) (1,851)
Net cash provided by financing activities 62,486 9,908
Net (decrease) in cash and cash equivalents (5,586) (2,479)
Cash and cash equivalents, beginning of period 22,363 19,777
Cash and cash equivalents, end of period 16,777 17,298
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of amounts capitalized 629 935
Cash paid for income taxes 1,331 1,800
Right-of-use assets obtained in exchange for new operating lease liabilities 574 630
Capital expenditures financed by issuance of related party note payable $ 3,000 $ 0