Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 45,220	$ 59,567
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	709	503
Accrued incentive compensation expense	1,292	755
Share-based payment expense	1,929	0
Amortization of debt issuance costs	512	339
Equity in earnings from unconsolidated entities	(404)	(436)
Distributions of income from unconsolidated entities	441	462
Noncash lease expense	278	228
Provision for deferred income taxes	325	0
Other	36	15
Changes in assets and liabilities:
Real estate inventory	(50,269)	(21,310)
Deposits on real estate under option or contract	(9,157)	(2,725)
Other assets	(4,619)	2,704
Accounts payable	4,140	(247)
Customer deposits	2,375	22
Accrued expenses and other liabilities	(2,042)	(3,975)
Net cash (used in) provided by operating activities	(9,234)	35,902
Cash flows from investing activities:
Purchases of property and equipment	(2,573)	(486)
Investments in unconsolidated entities	(600)	0
Distributions of capital from unconsolidated entities	0	286
Other	20	20
Net cash used in investing activities	(3,153)	(180)
Cash flows from financing activities:
Issuance of Class A Common stock in IPO, net of underwriting discount	172,765	0
Issuance of Class B common stock	4	0
Payment of offering costs	(6,869)	0
Redemption of Class C and D units	(2,600)	0
Purchase of LLC interests from Continuing Equity Owners	(47,573)	0
Borrowings under revolving credit facility	24,000	43,000
Repayments under revolving credit facility	(95,000)	(48,000)
Payments on notes payable	(772)	(3)
Payments on notes payable - related party	(938)	(47)
Proceeds from sales of real estate not owned	4,890	1,044
Payments related to repurchases of real estate not owned	(8,070)	(1,753)
Distributions	(28,078)	(48,172)
Payment of debt issuance costs	(1,851)	0
Net cash provided by (used in) financing activities	9,908	(53,931)
Net decrease in cash and cash equivalents	(2,479)	(18,209)
Cash and cash equivalents, beginning of period	19,777	29,601
Cash and cash equivalents, end of period	17,298	11,392
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest, net of amounts capitalized	935	289
Cash paid for income taxes	1,800	0
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 630	$ 0