0001104659-23-089778.txt : 20230810 0001104659-23-089778.hdr.sgml : 20230810 20230810160521 ACCESSION NUMBER: 0001104659-23-089778 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230810 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230810 DATE AS OF CHANGE: 20230810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: United Homes Group, Inc. CENTRAL INDEX KEY: 0001830188 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 853460766 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39936 FILM NUMBER: 231159241 BUSINESS ADDRESS: STREET 1: 250 PARK AVE. 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10177 BUSINESS PHONE: 212-572-6260 MAIL ADDRESS: STREET 1: 250 PARK AVE. 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10177 FORMER COMPANY: FORMER CONFORMED NAME: DiamondHead Holdings Corp. DATE OF NAME CHANGE: 20201027 8-K 1 tm2323333d1_8k.htm FORM 8-K
0001830188 false 0001830188 2023-08-10 2023-08-10 0001830188 us-gaap:CommonClassAMember 2023-08-10 2023-08-10 0001830188 us-gaap:WarrantMember 2023-08-10 2023-08-10 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or Section 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 10, 2023

 

 

UNITED HOMES GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware   001-39936   85-3460766
(State or other jurisdiction of
incorporation or organization)		   (Commission
File Number)		   (I.R.S. Employer
Identification Number)

 

90 N Royal Tower Drive

Irmo, South Carolina

 29063
(Address of principal executive offices) (Zip Code)

 

(844) 766-4663

Registrant’s telephone number, including area code

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
Symbol(s)		   Name of each exchange
 on which registered
Class A Common Shares, par value $0.0001 per share   UHG   The Nasdaq Stock Market LLC
Warrants, each exercisable for one Class A Common Share for $11.50 per share   UHGWW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company  x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition

 

On August 10, 2023, United Homes Group, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2023. The press release is being furnished hereto as Exhibit 99.1. The information in this Item 2.02, including the Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits:

 

99.1            Press Release, dated August 10, 2023

 

104             Cover page interactive data file (embedded within the Inline XBRL document)

 

2

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 10, 2023

 

  United Homes Group, Inc.
   
  By: /s/ Keith Feldman
  Name:  Keith Feldman
  Title: Chief Financial Officer

 

3

 

 EX-99.1 2 tm2323333d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

UNITED HOMES GROUP, INC. REPORTS 2023 SECOND QUARTER RESULTS

 

Second Quarter 2023 Highlights

 

·Average sale price (ASP) of production-built homes increased to $313,000 from $300,000 in Q2 2022

·385 homes closed resulted in $122.1 million of revenues

·341 net new home orders during Q2 2023

·Backlog value was $94.2 million as of June 30, 2023

·Active community count of 53 as of June 30, 2023

·Approximately 8,000 lots owned or controlled by the Company or affiliates as of June 30, 2023

·Total liquidity of $178.7 million as of June 30, 2023, comprised of $92.7 million of cash and $86.0 million of undrawn revolver capacity under our credit facility

·Subsequent to the second quarter, closed on new credit facility for $240 million with 3-year term, increasing liquidity by $90 million.

 

COLUMBIA, SC., August 10, 2023 / United Homes Group, Inc. (the “Company”) (NASDAQ: UHG) today announced results for the second quarter ended June 30, 2023.

 

Second Quarter 2023 Operating Results

 

For the second quarter 2023, net income was $245.4 million, or $4.27 per diluted share, which included change in fair value of derivative liabilities of $242.3 million, predominantly due to changes in fair value on potential earn-out consideration due to fluctuation in the stock price during the measurement period. The earn-out consideration would be paid in common shares upon reaching certain stock price hurdles. The Company is required to record the non-cash fair value of this earn-out as derivative liabilities on the consolidated balance sheets until UHG shares reach certain predetermined values. Excluding the derivative liability, our adjusted book value1 was $91.0 million. Net income for the second quarter 2022 was $25.9 million, or $0.69 per diluted share.

 

“United Homes Group produced solid results in the second quarter of 2023, generating adjusted EBITDA2 of approximately $13.1 million,” said Michael Nieri, Chief Executive Officer of United Homes Group, “Order activity throughout the quarter was strong, and as the mix of closings with high lumber costs started to decline, we began realizing margin expansion. Based on current market conditions and what’s already in backlog, we expect to see further sequential margin improvement in the second half of the year.”

 

Keith Feldman, Chief Financial Officer commented. “Our balance sheet is solid with approximately $93 million of cash and having recently significantly increased our line of credit to $240 million, we have ample liquidity to execute on our various growth initiatives which include acquiring other homebuilders that complement our business.”

 

Mr. Nieri concluded, “We see a clear runway for growth for well-capitalized homebuilders moving forward. Millions of existing homeowners who financed their homes with lower-rate mortgages are staying in their existing homes, resulting in a massive supply shortage in the existing home market. I believe this creates a huge opportunity for the homebuilding industry and especially for United Homes Group given our focus on affordability and markets with favorable in-migration trends. We are excited for what the future holds for our company.”

 

Homebuilding revenues for the second quarter 2023 were $122.1 million, compared to $142.5 million in the second quarter 2022. Home closings during the second quarter 2023 were 385 compared to 459 in the year-ago quarter. Average sales price (“ASP”) of 376 production-built homes (which excludes nine general contractor and build for rent homes) closed during the second quarter 2023 was $313,000, compared to $300,000 during the second quarter 2022 of 451 production-built homes (which excludes eight general contractor and build for rent homes), representing a 4.3% increase.

 

Homebuilding gross profit margin during the second quarter of 2023 was 19.6% compared to 28.8% during the second quarter 2022. Homebuilding adjusted gross profit margin3 in the second quarter 2023 was 21.4%, compared to 29.2% in the second quarter 2022. UHG’s year-over-year decline in both gross profit margin and adjusted gross profit margin can be largely attributable to the Company offering sales incentives and selling inventory with higher lumber costs that contracted in the second half of 2022. The Company expects margins to expand throughout the year due to closings on homes with current lumber costs and as we see price increases on new sales.

 

 

1 Adjusted book value is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures.”

2 Adjusted EBITDA is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures.”

3 Adjusted gross profit margin is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures.”

 

1

 

 

Selling, general and administrative expenses (SG&A) as a percentage of homebuilding revenues was 13.4% in the second quarter 2023, which included $410,530 of equity-based compensation. Excluding equity-based compensation and transaction related expenses, SG&A for the second quarter 2023 was 12.1% of homebuilding revenues.

 

Adjusted EBITDA during the second quarter 2023 was $13.1 million compared to $27.8 million during the second quarter 2022. This decrease is largely related to fewer closings and lower gross margins as described above.

 

Six Months Ended June 30, 2023 Operating Results

 

Net income was $40.9 million, or $0.89 per diluted share, which included change in fair value of derivative liabilities of $35.3 million predominantly due to changes in fair value on potential earn-out consideration due to fluctuation in the stock price during the measurement period. The earn-out consideration would be paid in common shares upon reaching certain stock price hurdles. The Company is required to record the non-cash fair value of this earn-out as derivative liabilities on the consolidated balance sheets until UHG shares reach certain predetermined values. Net income for the six months ended 2022 was $42.9 million, or $1.15 per diluted share.

 

For the six months ended June 30, 2023, homebuilding revenues were $216.9 million, compared to $250.9 million in the same period of fiscal 2022. Home closings for the six months ended June 30, 2023 were 713 compared to 873 in the same period of fiscal 2022.

 

Homebuilding gross profit margin for the six months ended June 30, 2023 was 18.8% compared to 27.2% during the same period of fiscal 2022. Homebuilding adjusted gross profit margin for the six months ended June 30, 2023 was 20.9%, compared to 27.8% for the six months ended June 30, 2022. This reduction in margin is largely attributable to fewer closings and selling through inventory constructed with higher lumber costs.

 

Adjusted EBITDA for the six months ended June 30, 2023 was $21.6 million compared to $47.1 million during the same period of fiscal 2022.

 

Credit Facility

 

In August, UHG closed a new $240 million credit facility, replacing the previous $150 million facility, which was due to expire in June 2024. The new facility has a three-year term, with a one-year extension option. The new facility’s covenants and reporting requirements are materially consistent with the previous facility. Wells Fargo continues to serve as the Administrative Agent on the new facility, as the number of participating lenders remains at five, of which, three lenders are new to the syndication group.

 

2

 

 

Earnings Conference Call

 

The Company will host a conference call via live webcast for investors and other interested parties beginning at 5:00 p.m. Eastern Time on Thursday, August 10, 2023.   Interested parties can listen to the call live and view the related slides on the Internet under the Events & Presentations heading in the Investors section of the Company’s website at www.unitedhomesgroup.com. Listeners should log into the website at least fifteen minutes prior to the call to download and install any necessary audio software. The call can also be accessed toll free at 888-259-6580, or 416-764-8624 for international participants, Conference ID: 29788545. Those dialing in should do so at least ten minutes prior to the start of the call. An archive of the webcast will also be available on the Company’s website.

 

About United Homes Group, Inc.

 

UHG is a publicly traded residential builder headquartered in Columbia, SC. The company focuses on southeastern markets with 53 active communities in South Carolina and Georgia.

 

UHG employs an asset-light operating strategy with a focus on the design, construction and sale of entry-level, first move up and second move up single-family houses. UHG currently designs, builds and sells detached single-family homes, and, to a lesser extent, attached single-family homes, including duplex homes and town homes in three major market regions in South Carolina: Midlands, Upstate, and Coastal, with a smaller presence in Georgia. UHG seeks to operate its homebuilding business in high-growth markets, with substantial in-migrations and employment growth.

 

Under its asset-light lot operating strategy, UHG controls its supply of finished building lots through lot purchase agreements with third parties including its Land Development Affiliates, which provide UHG with the right to purchase finished lots after they have been developed by the applicable third party. This asset-light operating strategy provides UHG with the ability to amass a pipeline of lots without the same risks associated with acquiring and developing raw land.

 

As UHG reviews potential geographic markets into which it could expand its homebuilding business, either organically or through strategic acquisitions, it intends to focus on selecting markets with positive population and employment growth trends, favorable migration patterns, attractive housing affordability, low state and local income taxes, and desirable lifestyle and weather characteristics. UHG believes that the Southeastern states generally offer these characteristics to a greater extent than other geographic regions of the country, and expects the Southeastern states to be the principal focus of any future expansion of its homebuilding business.

 

Forward-Looking Statements

 

Certain statements contained in this earnings release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “seek,” “continue,” or other similar words.

 

Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, our management and involve uncertainties that could significantly affect our financial results. Such statements include, but are not limited to, statements about our future financial performance, strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation:

 

3

 

 

·the outcome of any legal proceedings;

·our ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined business to grow and manage growth profitably;

·changes in applicable laws or regulations;

·our ability to execute our business model, including the success of our operations in new markets and our ability to expand into additional new markets;

·our ability to successfully integrate homebuilding operations that we acquire;

·a slowdown in the homebuilding industry or changes in population growth rates in our markets;

·volatility and uncertainty in the credit markets and broader financial markets;

·disruption in the terms or availability of mortgage financing or an increase in the number of foreclosures in our markets;

·shortages of, or increased prices for, labor, land or raw materials used in land development and housing construction, including due to changes in trade policies;

·delays in land development or home construction resulting from natural disasters, adverse weather conditions or other events outside our control;

·our ability to continue to leverage our asset-light operating strategy;

·that we have identified material weaknesses in our internal control over financial reporting which, if not corrected, could affect the reliability of our consolidated financial statements;

·the ability to maintain the listing of our securities on Nasdaq or any other exchange; and

·the possibility that we may be adversely affected by other economic, business or competitive factors.

 

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the “Risk Factors” sections of the documents we file from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and our quarterly reports on Form 10-Q, copies of which may be obtained from our website at https://ir.unitedhomesgroup.com/financials/sec-filings/default.aspx

 

Investor Relations Contact:

Drew Mackintosh

drew@mackintoshir.com

Mobile:  310-924-9036

 

Media Contact:

Allen Hutto

allenhutto@greatsouthernhomes.com

Mobile:  803-665-2764

 

4

 

 

UNITED HOMES GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

JUNE 30, 2023 and DECEMBER 31, 2022 (UNAUDITED)

 

   June 30, 2023   December 31, 2022 (2)  
ASSETS          
Cash and cash equivalents  $92,741,831   $12,238,835 
Accounts receivable, net   1,919,934    1,976,334 
Inventories:          
Homes under construction and finished homes   89,756,401    163,997,487 
Developed lots   24,801,833    16,205,448 
Due from related party   8,420,919    1,437,235 
Related party note receivable   647,106    — 
Lot purchase agreement deposits   16,416,693    3,804,436 
Investment in Joint Venture   822,568    186,086 
Property and equipment, net   639,470    1,385,698 
Operating right-of-use assets   656,772    1,001,277 
Deferred tax asset   3,495,518    — 
Prepaid expenses and other assets   6,565,316    6,112,044 
Total Assets  $246,884,361   $208,344,880 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Accounts payable  $18,031,023   $22,077,240 
Homebuilding debt and other affiliate debt   63,961,416    120,797,006 
Operating lease liabilities   656,772    1,001,277 
Other accrued expenses and liabilities   4,759,106    5,465,321 
Income tax payable   1,320,104    — 
Derivative liabilities   208,155,641    — 
Convertible note payable   67,133,585    — 
Total Liabilities   364,017,647    149,340,844 
Class A common stock, $0.0001 par value; 350,000,000 shares authorized; 11,381,736 shares issued and outstanding on June 30, 2023, and December 31, 2022, respectively. (1)   1,137    37 
Class B common stock, $0.0001 par value; 60,000,000 shares authorized; 36,973,877 shares issued and outstanding on June 30, 2023, and December 31, 2022, respectively. (1)   3,697    3,697 
Preferred Stock, $0.0001 par value; 40,000,000 shares authorized; none issued or outstanding.   —    — 
Additional paid-in capital(1)   764,887    1,422,630 
Retained Earnings/(accumulated deficit) (1)   (117,903,007)   57,577,672 
Total Stockholders' equity(1)   (117,133,286)   59,004,036 
Total Liabilities and Stockholders' equity  $246,884,361   $208,344,880 

 

(1)Retroactively restated as of December 31, 2022 for the Reverse Recapitalization as a result of the Business Combination

 

(2)The Condensed Consolidated Balance Sheet as of December 31, 2022 (“Legacy UHG financial statements”) has been prepared from Legacy UHG’s historical financial records and reflect the historical financial position of Legacy UHG for the period presented on a carve-out basis in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The Legacy UHG financial statements present historical information and results attributable to the homebuilding operations of Great Southern Homes, Inc.

 

5

 

 

UNITED HOMES GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022 (UNAUDITED)

 

   Three Months Ended June 30,   Six Months Ended June 30, 
   2023   2022   2023   2022 
Revenue, net of sales discounts  $122,091,629   $142,468,681   $216,918,331   $250,905,541 
Cost of sales   98,174,149    101,458,330    176,223,078    182,623,290 
Gross profit   23,917,480    41,010,351    40,695,253    68,282,251 
                     
Selling, general and administrative expense   16,335,318    15,200,745    33,022,719    25,625,795 
Net income from operations  $7,582,162   $25,809,606   $7,672,534   $42,656,456 
                     
Other (expense) income, net   (2,295,330)   92,400    (2,092,615)   263,478 
Equity in net earnings from investment in joint venture   390,674    —    636,482    — 
Change in fair value of derivative liabilities   242,342,979    —    35,278,491    — 
Income before taxes  $248,020,485   $25,902,006   $41,494,892   $42,919,934 
Income tax expense   (2,657,726)   —    (636,461)   — 
Net income  $245,362,759   $25,902,006   $40,858,431   $42,919,934 
                     
Basic and diluted earnings per share                    
Basic  $5.10   $0.69   $0.95   $1.15 
Diluted  $4.27   $0.69   $0.89   $1.15 
                     
Basic and diluted weighted-average number of shares  (1)                    
Basic   48,122,141    37,347,350    42,877,744    37,347,350 
Diluted   57,874,253    37,444,348    48,800,225    37,395,849 

 

(1) Retroactively restated for the three and six months ending June 30, 2022 for the Reverse Recapitalization as a result of the Business Combination

 

6

 

 

UNITED HOMES GROUP, INC

GAAP TO NON-GAAP RECONCILIATIONS

THREE AND SIX MONTHS ENDED JUNE 30, 2023 and 2022 (UNAUDITED)

 

Adjusted gross profit is a non-GAAP financial measure used by management of UHG as a supplemental measure in evaluating operating performance. UHG defines adjusted gross profit as gross profit excluding the effects of capitalized interest expensed in cost of sales. UHG’s management believes this information is meaningful because it separates the impact that capitalized interest expensed in cost of sales has on gross profit to provide a more specific measurement of UHG’s gross profits. However, because adjusted gross profit information excludes capitalized interest expensed in cost of sales, which has real economic effects and could impact UHG’s results of operations, the utility of adjusted gross profit information as a measure of UHG’s operating performance may be limited. Other companies may not calculate adjusted gross profit information in the same manner that UHG does. Accordingly, adjusted gross profit information should be considered only as a supplement to gross profit information as a measure of UHG’s performance.

 

The following table presents a reconciliation of adjusted gross profit to the GAAP financial measure of gross profit for each of the periods indicated.

 

   Three Months Ended June 30   Six Months Ended June 30 
   2023   2022   2023   2022 
Revenue, net of sales discounts  $122,091,629   $142,468,681   $216,918,331   $250,905,541 
Cost of sales   98,174,149    101,458,330    176,223,078    182,623,290 
Gross profit  $23,917,480   $41,010,351   $40,695,253   $68,282,251 
Interest expense in cost of sales   2,159,967    627,369    4,546,799    1,585,269 
Adjusted gross profit  $26,077,447   $41,637,720   $45,242,052   $69,867,520 
Gross profit %(a)   19.6%   28.8%   18.8%   27.2%
Adjusted gross profit %(a)   21.4%   29.2%   20.9%   27.8%

 

(a) Calculated as a percentage of revenue

 

7

 

 

UNITED HOMES GROUP, INC

GAAP TO NON-GAAP RECONCILIATIONS

THREE AND SIX MONTHS ENDED JUNE 30, 2023 and 2022 (UNAUDITED)

 

Earnings before interest, taxes, depreciation and amortization, or EBITDA, and adjusted EBITDA are supplemental non-GAAP financial measures used by management of UHG. UHG defines EBITDA as net income before (i) capitalized interest expensed in cost of sales, (ii) interest expensed in other (expense) income, net, (iii) depreciation and amortization, (iv) taxes. UHG defines adjusted EBITDA as EBITDA before stock-based compensation expense, transaction cost expense and change in fair value of derivative liabilities. Management of UHG believes EBITDA and adjusted EBITDA are useful because they provide a more effective evaluation of UHG’s operating performance and allow comparison of UHG’s results of operations from period to period without regard to UHG’s financing methods or capital structure or other items that impact comparability of financial results from period to period such as fluctuations in interest expense or effective tax rates, levels of depreciation or amortization, or unusual items. EBITDA and adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. UHG’s computations of EBITDA and adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA of other companies. UHG presents EBITDA and adjusted EBITDA because they believe these metrics provide useful information regarding the factors and trends affecting UHG’s business.

 

The following table presents a reconciliation of EBITDA and adjusted EBITDA to the GAAP financial measure of net income for each of the periods indicated.

 

   Three Months Ended June 30,   Six Months Ended June 30, 
   2023   2022   2023   2022 
Net income  $245,362,759   $25,902,006   $40,858,431   $42,919,934 
Interest expense in cost of sales   2,159,967    627,369    4,546,799    1,585,269 
Interest expense in other (expense) income, net   3,419,309    —    3,419,309    — 
Depreciation and amortization   251,846    2,606    466,776    175,217 
Taxes   2,745,736    2,952    637,844    (44,306)
EBITDA  $253,939,617   $26,534,933   $49,929,159   $44,636,114 
Stock-based compensation expense   410,530    53,288    4,909,686    1,321,510 
Transaction cost expense   1,102,094    1,163,894    2,066,118    1,163,894 
Change in fair value of derivative liabilities   (242,342,979)   —    (35,278,491)   — 
Adjusted EBITDA  $13,109,262   $27,752,115   $21,626,472   $47,121,518 
EBITDA margin(a)   208.0%   18.6%   23.0%   17.8%
Adjusted EBITDA margin(a)   10.7%   19.5%   10.0%   18.8%

 

(a) Calculated as a percentage of revenue

 

8

 

 

UNITED HOMES GROUP, INC

GAAP TO NON-GAAP RECONCILIATIONS

Continued

 

The Company does not use derivative instruments to hedge exposure to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments, including issued warrants to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The following table presents information about the Company’s Stockholders’ equity, removing all derivative liabilities that are measured at fair value as of June 30, 2023 to present the Company’s Adjusted Total Stockholders’ equity. The Company believes adjusted Total Stockholders’ equity is useful because it believes this non-GAAP measure provides a more accurate depiction of the Company’s true equity to its Stockholders’, removing these longer-term, non-cash liabilities, which fluctuate with their valuation.

 

       June 30, 2023  
Total Stockholders' equity       $ (117,133,286 )
Contingent earnout liability   199,711,577       
Derivative private placement warrant liability   2,343,664       
Derivative public warrant liability   5,606,250       
Derivative stock option liability   494,150       
Total Derivative Liability       208,155,641  
Adjusted Book Value       $ 91,022,355  

 

9

 

 

UNITED HOMES GROUP, INC

OPERATIONAL METRICS BY MARKET

 

$’s in millions

 

   Three Months Ended June 30,    
   2023   2022   Period Over Period % Change 
Market  Net New Orders   Closings   Net New Orders   Closings   Net New Orders   Closings 
Coastal   39    67    42    25    -7%   168%
Midlands   245    241    196    286    25%   -16%
Upstate   57    77    101    148    -44%   -48%
Total   341    385    339    459    1%   -16%

 

   As of June 30,   As of June 30,    
   2023   2022   Period Over Period % Change 
Market  Backlog Inventory   Revenue   Backlog Inventory   Revenue   Backlog Inventory   Revenue 
Coastal   49   $16.9    125   $40.4    -61%   -58%
Midlands   172   $53.0    333   $99.1    -48%   -46%
Upstate   72   $24.3    133   $42.5    -46%   -43%
Total   293   $94.2    591   $182.0    -50%   -48%

 

   Six Months Ended June 30,    
   2023   2022   Period Over Period % Change 
Market  Net New Orders   Closings   Net New Orders   Closings   Net New Orders   Closings 
Coastal   109    138    91    102    20%   35%
Midlands   442    417    482    530    -8%   -21%
Upstate   179    158    240    241    -25%   -34%
Total   730    713    813    873    -10%   -18%

 

10

 

 

 EX-101.SCH 3 uhg-20230810.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 4 uhg-20230810_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 uhg-20230810_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Class of Stock [Axis] Common Class A [Member] Warrant [Member] Statement [Table] Document Information [Line Items] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] EX-101.PRE 6 uhg-20230810_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 7 R1.htm IDEA: XBRL DOCUMENT v3.23.2
Cover
Aug. 10, 2023
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 10, 2023
Entity File Number 001-39936
Entity Registrant Name UNITED HOMES GROUP, INC.
Entity Central Index Key 0001830188
Entity Tax Identification Number 85-3460766
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 90 N Royal Tower Drive
Entity Address, City or Town Irmo
Entity Address, State or Province SC
Entity Address, Postal Zip Code 29063
City Area Code 844
Local Phone Number 766-4663
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Common Class A [Member]  
Document Information [Line Items]  
Title of 12(b) Security Class A Common Shares, par value $0.0001 per share
Trading Symbol UHG
Security Exchange Name NASDAQ
Warrant [Member]  
Document Information [Line Items]  
Title of 12(b) Security Warrants, each exercisable for one Class A Common Share for $11.50 per share
Trading Symbol UHGWW
Security Exchange Name NASDAQ
XML 8 tm2323333d1_8k_htm.xml IDEA: XBRL DOCUMENT 0001830188 2023-08-10 2023-08-10 0001830188 us-gaap:CommonClassAMember 2023-08-10 2023-08-10 0001830188 us-gaap:WarrantMember 2023-08-10 2023-08-10 iso4217:USD shares iso4217:USD shares 0001830188 false 8-K 2023-08-10 UNITED HOMES GROUP, INC. DE 001-39936 85-3460766 90 N Royal Tower Drive Irmo SC 29063 844 766-4663 false false false false Class A Common Shares, par value $0.0001 per share UHG NASDAQ Warrants, each exercisable for one Class A Common Share for $11.50 per share UHGWW NASDAQ true false EXCEL 9 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( *J "E<'04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " "J@ I7-@9Y ^X K @ $0 &1O8U!R;W!S+V-O&ULS9+! M:L,P#(9?9?B>R$E8&2;UI:.G#@8K;.QF;+4UBQUC:R1]^SE9FS*V!]C1TN]/ MGT"M#D+W$9]C'S"2Q70WNLXGH<.:G8B" $CZA$ZE,B=\;A[ZZ!3E9SQ"4/I# M'1%JSE?@D)11I& "%F$A,MD:+71$17V\X(U>\.$S=C/,:, .'7I*4)45,#E- M#.>Q:^$&F&"$T:7O IJ%.%?_Q,X=8)?DF.R2&H:A')HYEW>HX.UI]S*O6UB? M2'F-^5>R@LX!U^PZ^;79/.ZW3-:\;@K^4%1\7W/![T6U>I]621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS[BYBZ(:(E/)X M8-DOV]:[MR_>X%#BVR]*+ M41B1%G\@M MNN01.+5)#3(3/PB=AIAJ4!P"I DQEJ&&^+3&K!'@$WVWO@C(WXV(]ZMOFCU7 MH5A)VH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU+,76>)7 \:V< M/!T3$LV4"P9!AI@S M&L%&KQMUAVC2/'K^!?F<-0HACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=*Y \FIS_I,C0' MHYI9";V$5FJ?JH,@H%\;D>/N5Z> HWEL:\4*Z">P'_T=HWPJOX@L Y M?RY]SZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=RSTS0LS0[=R2^JVE+ZU)CA* M]+',<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^ VVZG=PZ.)Z8D;D* MTU*0;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCRHB'NH8:8S\-# MAWE[7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+: '@Z]1 O)256 Q6\8#*Y"B M?$R,1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYEL<%5'<]56_*P MOFH]M!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7GFYRN>B)V^I=W MP6#R_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41 71% B.5' 86%S+D4.Z2 MD 83 >LX=SFWJXPD6L_UC6'ODRWSEPVSK> U[F M$RQ#I'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X Q\U*M:I60K$3]+ M!WP?D@9CC%OT-%^/%&*MIK&MQMHQ#'F 6/,,H68XWX=%FAHSU8NL.8T*;T'5 M0.4_V]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\!4$L#!!0 ( M *J "E=WYRFL' 4 /P5 8 >&PO=V]R:W-H965T&UL MM9AM;^)&$,>_RHJ>JE9*P ] ( 4DCI $W8700!JII[Y8[ 569WM]N^L W[ZS M-K'IG1G32/U02\]-I.#GDATP",VDT0E84CE M_B,+Q+9?LVMO!Y[X>J/-@<:@%],UFS/]',\D[#5R%9^'+%)<1$2R5;\VM*\_ MNHX9D%[Q%V=;=;1-S*,LA?AJ=B9^OV89(A8P3QL)"C^O;,2"P"@!Q[>#:"V_ MIQEXO/VF?IL^/#S,DBHV$L$+]_6F7^O4B,]6- GTD]C>L\,#M8R>)P*5_B?; M[-J652->HK0(#X.!(.11]DMWAT <#;CJGAC@' :D@6AD-THI;ZBF@YX46R+- MU:!F-M)'34<#'(],5N9:PED.X_1@)%Z9[#4T2)D##>\P[&,VS#DQ;)BLZ\2V M+HAC.>Y_AS> (,=P<@PGU7-/Z-T(+X%<:S*)LIEF,O;E,UQ%)IJ%ZI\RQ$RR M62YIIO.UBJG'^C68KXK)5U8;_/J+W;;^0(#='-C%U O@Q3YF97#X\,[E)P2B MF4,T494A$/@IQ6U UV44^/@5#11#.%HY1^N\8,R8Y,(GX\@G,!M+XX(KY?.J M:F*U<[0V*CB.--=[JYSGZAR>)[;F2DL* M,9O2L#10N,[S=+(8WY#[QX?QG-P]/3[/+LAD.JHCB)TFS M'?G$]F60N)(%D>NX\-=!L+HY5O<63W]CF0 M0]\'3U07;QLDM=K'J)P,E^Q:9$J>Q![FRD)LF20W$AHM1EMT!1OU\!]H1V8/ M8@GWB4I)<;F)# 7&59B_C=OW]UQYDF=2O/+(*P\CKCD?86A%2[!Q3_\>;2:4 MALS\S>/3,P]7=+I6&[-BNV@3-N[N:?J&L'@\C8(+=)I-#*1H"C;NZ)^%!S&9 M;42$=84*$?"-RV8;#TW1%FS> MBX![7/-H31Y@>DM.@U(>7*62I_!_&[?KF627'H2'07UE2R]8_8#=/*Y6)_*' MZU61.87S.[@W_T V42H!LBK "ME*P,+UG;-SYA/I@+R*"]S$5[ M<'!W7W -JW2Q(K;SV_)W,F=> JY8/CTK&HU)4$8V)(>DS3<4H"](3"5YI4'" MR >K;E:H)(8:5>8L]A1%;W'PM@ SUCOJ# M;==;UED%Y1;-R\5[375!50A 0;V\8"A%MW+Q3G)^254(G2ZIQM&W//-=](&: MEJU(P%:@9-6OP/ED]JDQV]$B3C_O+876(DPW-XS"NL-< .=70NBW'?/%,/_@ M._@74$L#!!0 ( *J "E>?H!OPL0( .(, - >&PO9KEMWDOSAR+DCO9*ZW="C<\W[)&D/1ZY8^\XT7'ND M,E8QYU5;)VUC.2M;<%(R6=[<9(EB0M-BK3MUIUQ+#J;3;D-O:%*L*Z//EI0& M@U_*%">/3&[HEDFQMV)8RY20IV!>@N%@I+'$>2I\0Q=@:9\"O @:L!SC**&- M!6,2,H3O_;C\&3!IK5>%E#/!)0V&8MTPY[C5=UX9%@_&%Q 9Y=VI\0QKRTZ+ MY2T].PP_/LG>V)+;.'36-/+T08I:*Q[V_LL)BS6;_,C16/'D ML\&D'+R!6TH>N77B<&GY85FSX[V;IJFO<,[+?Y#SGZUSS36W3%Z2]J/_-U?Y M+8R3\?1<'-&K SI;"5R$&_H5[E=YYD#VG9!.Z%$[BK+D^L4Y]>$=V_L+_"J^ M7U_RBG72[69P0\_R%UZ*3N7SJGNHR[CJ+'^&^VB1S;>PSR5TR7M>;D?5UOM! M)%[P6<<'')XC=\,31S"?@,41P+ \& /,)WAA>?ZG_:S0_00,X[:*(BO49X7Z M!*\8LAT^6)ZX3^Z?^$[S/$VS#*OH=AMEL,7JEF7P%X^&<0,/+ ]D>ENM\6[C M$_+Z'& ]?6U"L)WBDXCM%*\U(/&Z@4>>Q[N-Y0$/K O8[$#^>!Z8J;A/FD)7 M,6[8"<:1/,<0F,7XC&894IT,/O'^8* \^>Q\ETWLJ.?]74_P$4$L#!!0 ( *J "E>7BKL

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end XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.23.2 html 3 23 1 false 2 0 false 3 false false R1.htm 00000001 - Document - Cover Sheet http://unitedhomesgroup.com/role/Cover Cover Cover 1 false false All Reports Book All Reports tm2323333d1_8k.htm tm2323333d1_ex99-1.htm uhg-20230810.xsd uhg-20230810_def.xml uhg-20230810_lab.xml uhg-20230810_pre.xml http://xbrl.sec.gov/dei/2023 true false JSON 14 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "tm2323333d1_8k.htm": { "axisCustom": 0, "axisStandard": 1, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2023": 26 }, "contextCount": 3, "dts": { "definitionLink": { "local": [ "uhg-20230810_def.xml" ] }, "inline": { "local": [ "tm2323333d1_8k.htm" ] }, "labelLink": { "local": [ "uhg-20230810_lab.xml" ] }, "presentationLink": { "local": [ "uhg-20230810_pre.xml" ] }, "schema": { "local": [ "uhg-20230810.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-roles-2023.xsd", "https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-roles-2023.xsd", "https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd", "https://xbrl.sec.gov/country/2023/country-2023.xsd", "https://xbrl.sec.gov/dei/2023/dei-2023.xsd" ] } }, "elementCount": 65, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2023": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 23, "memberCustom": 0, "memberStandard": 2, "nsprefix": "UHG", "nsuri": "http://unitedhomesgroup.com/20230810", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm2323333d1_8k.htm", "contextRef": "AsOf2023-08-10", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "00000001 - Document - Cover", "menuCat": "Cover", "order": "1", "role": "http://unitedhomesgroup.com/role/Cover", "shortName": "Cover", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm2323333d1_8k.htm", "contextRef": "AsOf2023-08-10", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 2, "tag": { "dei_AmendmentDescription": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Description of changes contained within amended document.", "label": "Amendment Description" } } }, "localname": "AmendmentDescription", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "stringItemType" }, "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AnnualInformationForm": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.", "label": "Annual Information Form" } } }, "localname": "AnnualInformationForm", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AuditedAnnualFinancialStatements": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.", "label": "Audited Annual Financial Statements" } } }, "localname": "AuditedAnnualFinancialStatements", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CountryRegion": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Region code of country", "label": "Country Region" } } }, "localname": "CountryRegion", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page." } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2023", "xbrltype": "stringItemType" }, "dei_CurrentFiscalYearEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "End date of current fiscal year in the format --MM-DD.", "label": "Current Fiscal Year End Date" } } }, "localname": "CurrentFiscalYearEndDate", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "gMonthDayItemType" }, "dei_DocumentAccountingStandard": { "auth_ref": [ "r13" ], "lang": { "en-us": { "role": { "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.", "label": "Document Accounting Standard" } } }, "localname": "DocumentAccountingStandard", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "accountingStandardItemType" }, "dei_DocumentAnnualReport": { "auth_ref": [ "r11", "r13", "r14" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as an annual report.", "label": "Document Annual Report" } } }, "localname": "DocumentAnnualReport", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentFiscalPeriodFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.", "label": "Document Fiscal Period Focus" } } }, "localname": "DocumentFiscalPeriodFocus", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "fiscalPeriodItemType" }, "dei_DocumentFiscalYearFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.", "label": "Document Fiscal Year Focus" } } }, "localname": "DocumentFiscalYearFocus", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "gYearItemType" }, "dei_DocumentInformationLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Document Information [Line Items]" } } }, "localname": "DocumentInformationLineItems", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentPeriodStartDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format.", "label": "Document Period Start Date" } } }, "localname": "DocumentPeriodStartDate", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentQuarterlyReport": { "auth_ref": [ "r12" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as an quarterly report.", "label": "Document Quarterly Report" } } }, "localname": "DocumentQuarterlyReport", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentRegistrationStatement": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as a registration statement.", "label": "Document Registration Statement" } } }, "localname": "DocumentRegistrationStatement", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentShellCompanyEventDate": { "auth_ref": [ "r13" ], "lang": { "en-us": { "role": { "documentation": "Date of event requiring a shell company report.", "label": "Document Shell Company Event Date" } } }, "localname": "DocumentShellCompanyEventDate", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentShellCompanyReport": { "auth_ref": [ "r13" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.", "label": "Document Shell Company Report" } } }, "localname": "DocumentShellCompanyReport", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentTransitionReport": { "auth_ref": [ "r15" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a form used as a transition report.", "label": "Document Transition Report" } } }, "localname": "DocumentTransitionReport", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "submissionTypeItemType" }, "dei_DocumentsIncorporatedByReferenceTextBlock": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Documents incorporated by reference.", "label": "Documents Incorporated by Reference [Text Block]" } } }, "localname": "DocumentsIncorporatedByReferenceTextBlock", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "textBlockItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine3": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 3 such as an Office Park", "label": "Entity Address, Address Line Three" } } }, "localname": "EntityAddressAddressLine3", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCountry": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "ISO 3166-1 alpha-2 country code.", "label": "Entity Address, Country" } } }, "localname": "EntityAddressCountry", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "countryCodeItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityBankruptcyProceedingsReportingCurrent": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not. Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.", "label": "Entity Bankruptcy Proceedings, Reporting Current" } } }, "localname": "EntityBankruptcyProceedingsReportingCurrent", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityCommonStockSharesOutstanding": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.", "label": "Entity Common Stock, Shares Outstanding" } } }, "localname": "EntityCommonStockSharesOutstanding", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "sharesItemType" }, "dei_EntityCurrentReportingStatus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Current Reporting Status" } } }, "localname": "EntityCurrentReportingStatus", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityExTransitionPeriod": { "auth_ref": [ "r19" ], "lang": { "en-us": { "role": { "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.", "label": "Elected Not To Use the Extended Transition Period" } } }, "localname": "EntityExTransitionPeriod", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "fileNumberItemType" }, "dei_EntityFilerCategory": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Filer Category" } } }, "localname": "EntityFilerCategory", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "filerCategoryItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityInteractiveDataCurrent": { "auth_ref": [ "r16" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).", "label": "Entity Interactive Data Current" } } }, "localname": "EntityInteractiveDataCurrent", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityPrimarySicNumber": { "auth_ref": [ "r14" ], "lang": { "en-us": { "role": { "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.", "label": "Entity Primary SIC Number" } } }, "localname": "EntityPrimarySicNumber", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "sicNumberItemType" }, "dei_EntityPublicFloat": { "auth_ref": [], "crdr": "credit", "lang": { "en-us": { "role": { "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.", "label": "Entity Public Float" } } }, "localname": "EntityPublicFloat", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "monetaryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityShellCompany": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.", "label": "Entity Shell Company" } } }, "localname": "EntityShellCompany", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntitySmallBusiness": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).", "label": "Entity Small Business" } } }, "localname": "EntitySmallBusiness", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "employerIdItemType" }, "dei_EntityVoluntaryFilers": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.", "label": "Entity Voluntary Filers" } } }, "localname": "EntityVoluntaryFilers", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityWellKnownSeasonedIssuer": { "auth_ref": [ "r17" ], "lang": { "en-us": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.", "label": "Entity Well-known Seasoned Issuer" } } }, "localname": "EntityWellKnownSeasonedIssuer", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_Extension": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Extension number for local phone number.", "label": "Extension" } } }, "localname": "Extension", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_NoTradingSymbolFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a security having no trading symbol.", "label": "No Trading Symbol Flag" } } }, "localname": "NoTradingSymbolFlag", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "trueItemType" }, "dei_OtherReportingStandardItemNumber": { "auth_ref": [ "r13" ], "lang": { "en-us": { "role": { "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.", "label": "Other Reporting Standard Item Number" } } }, "localname": "OtherReportingStandardItemNumber", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "otherReportingStandardItemNumberItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r7" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r8" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_Security12gTitle": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(g) registered security.", "label": "Title of 12(g) Security" } } }, "localname": "Security12gTitle", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SecurityReportingObligation": { "auth_ref": [ "r9" ], "lang": { "en-us": { "role": { "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.", "label": "Security Reporting Obligation" } } }, "localname": "SecurityReportingObligation", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "securityReportingObligationItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r10" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r18" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "booleanItemType" }, "us-gaap_ClassOfStockDomain": { "auth_ref": [], "localname": "ClassOfStockDomain", "nsuri": "http://fasb.org/us-gaap/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "domainItemType" }, "us-gaap_CommonClassAMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Common Class A [Member]" } } }, "localname": "CommonClassAMember", "nsuri": "http://fasb.org/us-gaap/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "domainItemType" }, "us-gaap_StatementClassOfStockAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Axis]" } } }, "localname": "StatementClassOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "stringItemType" }, "us-gaap_StatementTable": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Statement [Table]" } } }, "localname": "StatementTable", "nsuri": "http://fasb.org/us-gaap/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "stringItemType" }, "us-gaap_WarrantMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Warrant [Member]" } } }, "localname": "WarrantMember", "nsuri": "http://fasb.org/us-gaap/2023", "presentation": [ "http://unitedhomesgroup.com/role/Cover" ], "xbrltype": "domainItemType" } }, "unitCount": 3 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r10": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r11": { "Name": "Form 10-K", "Number": "249", "Publisher": "SEC", "Section": "310", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r12": { "Name": "Form 10-Q", "Number": "240", "Publisher": "SEC", "Section": "308", "Subsection": "a", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r13": { "Name": "Form 20-F", "Number": "249", "Publisher": "SEC", "Section": "220", "Subsection": "f", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r14": { "Name": "Form 40-F", "Number": "249", "Publisher": "SEC", "Section": "240", "Subsection": "f", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r15": { "Name": "Forms 10-K, 10-Q, 20-F", "Number": "240", "Publisher": "SEC", "Section": "13", "Subsection": "a-1", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r16": { "Name": "Regulation S-T", "Number": "232", "Publisher": "SEC", "Section": "405", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r17": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "405", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r18": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r19": { "Name": "Securities Act", "Number": "7A", "Publisher": "SEC", "Section": "B", "Subsection": "2", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-23", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "g", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r6": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12, 13, 15d", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r7": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r8": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r9": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "15", "Subsection": "d", "role": "http://www.xbrl.org/2003/role/presentationRef" } }, "version": "2.2" } ZIP 15 0001104659-23-089778-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-23-089778-xbrl.zip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end