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DE 93-1969003 110 Village Trail, Suite 215 Woodstock GA 30188 770 213-8067 Class A common Stock, $0.0001 par value per share SDHC NYSE No Yes Non-accelerated Filer true true true false 8846154 42435897 17298000 19777000 266553000 213104000 66253000 57096000 13635000 16815000 3351000 1543000 25726000 25726000 10934000 0 25504000 18631000 429254000 352692000 21458000 17318000 9543000 7168000 3859000 75627000 13635000 16815000 25799000 26861000 10401000 0 84695000 143789000 0 206303000 0 2000000 0 600000 0 208903000 0.0001 10000000 0 0 0 0 0.0001 250000000 8846154 8846154 1000 0 0.0001 100000000 42435897 42435897 4000 0 55776000 0 6321000 0 62102000 0 282457000 0 344559000 208903000 429254000 352692000 220933000 181522000 410142000 349666000 161875000 128824000 301624000 248435000 59058000 52698000 108518000 101231000 31809000 21928000 59350000 41722000 220000 226000 404000 436000 591000 301000 1289000 546000 -1012000 46000 -1010000 168000 25866000 30741000 47273000 59567000 1132000 0 2053000 0 24734000 30741000 45220000 59567000 21088000 38602000 3646000 6618000 0.41 0.75 0.4 0.74 8846154 8846154 51431974 51414509 0 0 0 0 0 0 8846154 1000 42435897 4000 56746000 2972000 59723000 273392000 333115000 0 -297000 -297000 -11522000 -11819000 0 0 0 0 0 0 0 0 104000 0 104000 501000 605000 -1903000 -1903000 -1903000 1037000 1037000 1037000 0 0 0 0 0 0 3646000 3646000 21088000 24734000 0 0 0 0 0 0 8846154 1000 42435897 4000 55776000 6321000 62102000 282457000 344559000 111111 206303000 2000 2000000 600 600000 208903000 16259000 16259000 1160000 1160000 111111 188884000 44871794 4000 4000 188884000 4000 2000 2000000 600 600000 -8846154 -1000 2435897 0 -52989000 0 -52990000 -65333000 -115723000 858000 858000 858000 0 -297000 -297000 -11522000 -11819000 1929000 1929000 1929000 6618000 6618000 39762000 46380000 0 0 0 0 0 0 8846154 1000 42435897 4000 55776000 6321000 62102000 282457000 344559000 111111 163422000 2000 2000000 600 600000 166022000 20810000 20000 27000 20857000 30694000 20000 27000 30741000 111111 173306000 2000 2000000 600 600000 175906000 111111 161911000 2000 2000000 600 600000 164511000 48078000 40000 54000 48172000 59473000 40000 54000 59567000 111111 173306000 2000 2000000 600 600000 175906000 45220000 59567000 709000 503000 1292000 755000 1929000 0 512000 339000 404000 436000 441000 462000 278000 228000 325000 0 36000 15000 50269000 21310000 9157000 2725000 4619000 -2704000 4140000 -247000 2375000 22000 -2042000 -3975000 -9234000 35902000 2573000 486000 600000 0 0 286000 -20000 -20000 -3153000 -180000 172765000 0 4000 0 6869000 0 2600000 0 -47573000 0 24000000 43000000 95000000 48000000 772000 3000 938000 47000 4890000 1044000 8070000 1753000 28078000 48172000 1851000 0 9908000 -53931000 -2479000 -18209000 19777000 29601000 17298000 11392000 935000 289000 1800000 0 630000 0 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 1 - Description of business and summary of significant accounting policies:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Nature of business</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Smith Douglas Homes Corp. (the Company) was incorporated in the state of Delaware on June 20, 2023 (Date of Formation) for the purpose of facilitating an initial public offering (IPO) of its common stock and executing other related transactions in order to carry on the business of Smith Douglas Holdings LLC and its consolidated subsidiaries as a publicly-traded entity.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company is a builder of single-family homes in communities in certain markets in the southeastern and southern United States. The Company’s homes and communities are primarily targeted to first-time and empty-nest homebuyers. The Company currently operates in metropolitan Atlanta, Birmingham, Charlotte, Huntsville, Nashville, Raleigh and Houston. The Company operates a land-light business model whereby the Company typically purchases finished lots via lot-option contracts from various third-party land developers or land bankers. Additionally, the Company offers title insurance services through an unconsolidated title company.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Initial Public Offering and Reorganization Transactions</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company successfully closed an IPO of 8,846,154 shares of Class A common stock at a public offering price of $21.00 per share on January 16, 2024, which included 1,153,846 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. The net proceeds from the IPO aggregated approximately $172.8 million. Shares of Class A common stock began trading on the New York Stock Exchange under the ticker symbol "SDHC" on January 11, 2024.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In connection with the IPO, Smith Douglas Holdings LLC amended and restated its existing limited liability company agreement to, among other things, (i) recapitalize all existing ownership interests in Smith Douglas Holdings LLC into 44,871,794 LLC Interests (before giving effect to the use of proceeds from the IPO, as described below), (ii) appoint Smith Douglas Homes Corp. as the sole managing member of Smith Douglas Holdings LLC upon its acquisition of LLC Interests in connection with the IPO, and (iii) provide certain redemption rights to the owners of the LLC Interests in Smith Douglas Holdings LLC, exclusive of the Company (the Continuing Equity Owners).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Simultaneously, Smith Douglas Homes Corp. amended and restated its certificate of incorporation to, among other things, provide (i) for Class A common stock, with each share of Class A common stock entitling its holder to one vote per share on all matters presented to the stockholders generally; (ii) for Class B common stock, with each share of Class B common stock entitling its holder to ten votes per share on all matters presented to the stockholders generally, until the aggregate number of shares of Class B common stock then outstanding is less than 10% of the aggregate number of shares of Class A common stock and Class B common stock then outstanding (Sunset Date), and from and after the occurrence of the Sunset Date, each share of Class B common stock will entitle its holder to one vote per share on all matters presented to the stockholders generally; (iii) that shares of Class B common stock may only be held by the Continuing Equity Owners and their respective permitted transferees; and (iv) for preferred stock, which can be issued by the board of directors in one or more series without stockholder approval. As a result, Smith Douglas Homes Corp. became a holding company and the sole managing member of Smith Douglas Holdings LLC and controls the business and affairs of Smith Douglas Holdings LLC. After giving effect to the use of net proceeds as described below, Smith Douglas Homes Corp. issued 42,435,897 shares of Class B common stock to the Continuing Equity Owners, which is equal to the number of LLC Interests held by such Continuing Equity Owners, for nominal consideration.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Subsequent to the IPO, Smith Douglas Homes Corp. used the net proceeds to: (i) purchase 6,410,257 newly issued LLC Interests for approximately $125.2 million directly from Smith Douglas Holdings LLC at a price per unit equal to $21.00 per share (IPO price) of Class A common stock less the underwriting discount; and (ii) purchase 2,435,897 LLC Interests from the Continuing Equity Owners on a pro rata basis for $47.6 million in aggregate at a price per unit equal to the IPO price per share of Class A common stock less the underwriting discount.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Basis of presentation</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), since the Continuing Equity Owners continue to hold a controlling interest in Smith Douglas Holdings LLC after the IPO (i.e., there was no change in control of Smith Douglas Holdings LLC), the financial statements of the combined entity represent a continuation of the financial position and results of operations of Smith Douglas Holdings LLC. Accordingly, the historical cost basis of assets, liabilities, and equity of Smith Douglas Holdings LLC are carried over to the unaudited condensed consolidated financial statements of the combined company as a common control transaction.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying unaudited condensed consolidated financial statements for the periods prior to the Reorganization Transactions and IPO have been presented to combine the previously separate entities. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and the applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. As such, these financial statements do not include all information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position, results of operations and cash flows as of the dates and for the periods presented. A reclassification to the unaudited condensed consolidated financial statements and notes has been made to the prior year amount to conform to the current year presentation, which is not material.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">These unaudited interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Historically, the homebuilding industry has experienced seasonal fluctuations; therefore, interim results are not necessarily indicative of results for the full fiscal year.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Principles of consolidation and non-controlling interests</span></div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying unaudited condensed consolidated financial statements include the accounts of Smith Douglas Homes Corp. and Smith Douglas Holdings LLC and its wholly-owned subsidiaries. Smith Douglas Holdings LLC is considered a variable interest entity and Smith Douglas Homes Corp. is the primary beneficiary and sole managing member of Smith Douglas Holdings LLC and has decision making authority that significantly affects the performance of the entity. Accordingly, the Company consolidates Smith Douglas Holdings LLC and reports non-controlling interests representing the economic interest in Smith Douglas Holdings LLC held by the Continuing Equity Owners.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">All intercompany balances and transactions have been eliminated in consolidation. Investments in unconsolidated entities in which the Company has less than a controlling financial interest are accounted for using the equity method.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The non-controlling interests in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2024 represent the portion of earnings attributable to the economic interest in Smith Douglas Holdings LLC held by the Continuing Equity Owners. The non-controlling interests in the unaudited condensed consolidated balance sheet as of June 30, 2024 represent the portion of the net assets of the Company attributable to the Continuing Equity Owners, based on the portion of the LLC Interests owned by such unit holders. As of June 30, 2024, the non-controlling interests were 82.7%.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Use of estimates in the preparation of unaudited condensed consolidated financial statements</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Business combination</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On July 31, 2023, the Company acquired substantially all of the assets of Devon Street Homes, L.P. (Devon Street) and accounted for the transaction as a business combination in accordance with Accounting Standards Codification (ASC) Topic 805, <span style="font-size: 10pt; font-style: italic;">Business Combinations</span>, recognizing the identifiable assets acquired and liabilities assumed at their fair values as of the acquisition date. As disclosed in previous filings, the Company's acquisition accounting for the Devon Street business combination was preliminary as of December 31, 2023 and March 31, 2024. The Company has completed the purchase price allocation for the acquisition of Devon Street Homes, L.P. as of June 30, 2024 with no material adjustments from the amounts disclosed within Note 16 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.</div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Revenue recognition</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company recognizes revenue when a home closes with a homebuyer, which is the time at which title and possession of the property are transferred to that homebuyer and all cash consideration due from the homebuyer is received. The Company’s performance obligation, to deliver the home, is generally satisfied in less than one year from the original contract date.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">When the Company executes sales contracts with its homebuyers, or when it requires advance payment from homebuyers for custom changes, upgrades or options related to their homes, the cash deposits received are recorded as contract liabilities until the homes are closed or the contracts are canceled. The Company either retains or refunds to the customer deposits on canceled sales contracts, depending upon the applicable provisions of the contract or other circumstances. As of June 30, 2024 and December 31, 2023, customer deposits totaled $9.5 million and $7.2 million, respectively. Substantially all customer deposits are recognized in revenue within one year of being received from homebuyers.</div> <div><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span></div> <div><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Share-based payments</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Share-based compensation is accounted for as an expense in accordance with the fair value recognition and measurement provisions of U.S. GAAP which requires compensation cost for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company accounts for forfeitures when they occur, and any compensation expense previously recognized on unvested equity-based awards will be reversed when forfeited. The fair value of restricted stock units (RSUs) is based on the fair value of the Class A common stock at the time of grant.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Income taxes</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">After consummation of the IPO, Smith Douglas Homes Corp. became subject to U.S. federal, state, and local income taxes with respect to its allocable share of taxable income of Smith Douglas Holdings LLC assessed at the prevailing corporate tax rates.  Smith Douglas Holdings LLC operates as a limited liability company and is treated as a partnership for income tax purposes. Accordingly, it incurs no significant liability for federal or state income taxes since the taxable income or loss is passed through to its members. Smith Douglas Holdings LLC incurs liabilities for certain state taxes payable directly by it, which are not significant and for which the expense is included in the provision for income taxes in the accompanying unaudited condensed consolidated statements of income for the three and six months ended June 30, 2024 and in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income for the three and six months ended June 30, 2023.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In calculating the provision for interim income taxes, in accordance with ASC Topic 740, <span style="font-style: italic;">Income Taxes</span>, an estimated annual effective tax rate is applied to year-to-date ordinary income. At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. This differs from the method utilized at the end of an annual period.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">For annual periods, income taxes are accounted for using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authority, based on the technical merits of the position. As of June 30, 2024 and December 31, 2023, there were no known items which would result in a significant accrual for uncertain tax positions.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;"> Tax receivable agreement<br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;"> <br/> </span></div> <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">In connection with the IPO and related transactions, the Company entered into a Tax Receivable Agreement (TRA) with Smith Douglas Holdings LLC and the Continuing Equity Owners that will provide for the payment by Smith Douglas Homes Corp. to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that Smith Douglas Homes Corp. realizes (or in some circumstances is deemed to realize) related to the tax basis adjustments described in Note 12 as such savings are realized.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">In addition to tax expenses, the Company will also make payments under the TRA, which are expected to be significant. The Company will account for the income tax effects and corresponding TRA’s effects resulting from future taxable purchases or redemptions of LLC Interests of the Continuing Equity Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of the purchase or redemption. Further, the Company will evaluate the likelihood that it will realize the benefit represented by the deferred tax asset and, to the extent that management estimates that it is more likely than not that the Company will not realize the benefit, the Company will reduce the carrying amount of the deferred tax asset with a valuation allowance. The amounts to be recorded for both the deferred tax assets and the liability for obligations under the TRA will be estimated at the time of any purchase or redemption as a reduction to stockholders’ equity, and the effects of changes in any estimates after this date will be included in net income. Similarly, the effect of subsequent changes in the enacted tax rates will be included in net income. Judgement is required in assessing the future tax consequences of events that have been recognized in the Company’s financial statements. A change in the Company’s assessment of such consequences, such as realization of deferred tax assets, changes in tax laws or interpretations thereof could materially impact results.</div> <div> <br/></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Recent rules and accounting pronouncements</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" (ASU 2023-07), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for the Company for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. The Company is currently evaluating the impact ASU 2023-07 will have on its financial statement disclosures.</span></div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which requires expanded disclosure of the Company’s income rate reconciliation and income taxes paid. ASU 2023-09 is effective for the Company for annual periods beginning after January 1, 2025. The Company is currently evaluating the impact ASU 2023-09 will have on its financial statement disclosures.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">In March 2024, the SEC adopted the final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board oversight and risk management activities, the material impacts of these risks on a registrants' strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay in the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosure which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of these rules on its disclosures.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Nature of business</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Smith Douglas Homes Corp. (the Company) was incorporated in the state of Delaware on June 20, 2023 (Date of Formation) for the purpose of facilitating an initial public offering (IPO) of its common stock and executing other related transactions in order to carry on the business of Smith Douglas Holdings LLC and its consolidated subsidiaries as a publicly-traded entity.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company is a builder of single-family homes in communities in certain markets in the southeastern and southern United States. The Company’s homes and communities are primarily targeted to first-time and empty-nest homebuyers. The Company currently operates in metropolitan Atlanta, Birmingham, Charlotte, Huntsville, Nashville, Raleigh and Houston. The Company operates a land-light business model whereby the Company typically purchases finished lots via lot-option contracts from various third-party land developers or land bankers. Additionally, the Company offers title insurance services through an unconsolidated title company.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Initial Public Offering and Reorganization Transactions</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company successfully closed an IPO of 8,846,154 shares of Class A common stock at a public offering price of $21.00 per share on January 16, 2024, which included 1,153,846 shares of Class A common stock issued pursuant to the underwriters’ option to purchase additional shares of Class A common stock. The net proceeds from the IPO aggregated approximately $172.8 million. Shares of Class A common stock began trading on the New York Stock Exchange under the ticker symbol "SDHC" on January 11, 2024.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In connection with the IPO, Smith Douglas Holdings LLC amended and restated its existing limited liability company agreement to, among other things, (i) recapitalize all existing ownership interests in Smith Douglas Holdings LLC into 44,871,794 LLC Interests (before giving effect to the use of proceeds from the IPO, as described below), (ii) appoint Smith Douglas Homes Corp. as the sole managing member of Smith Douglas Holdings LLC upon its acquisition of LLC Interests in connection with the IPO, and (iii) provide certain redemption rights to the owners of the LLC Interests in Smith Douglas Holdings LLC, exclusive of the Company (the Continuing Equity Owners).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Simultaneously, Smith Douglas Homes Corp. amended and restated its certificate of incorporation to, among other things, provide (i) for Class A common stock, with each share of Class A common stock entitling its holder to one vote per share on all matters presented to the stockholders generally; (ii) for Class B common stock, with each share of Class B common stock entitling its holder to ten votes per share on all matters presented to the stockholders generally, until the aggregate number of shares of Class B common stock then outstanding is less than 10% of the aggregate number of shares of Class A common stock and Class B common stock then outstanding (Sunset Date), and from and after the occurrence of the Sunset Date, each share of Class B common stock will entitle its holder to one vote per share on all matters presented to the stockholders generally; (iii) that shares of Class B common stock may only be held by the Continuing Equity Owners and their respective permitted transferees; and (iv) for preferred stock, which can be issued by the board of directors in one or more series without stockholder approval. As a result, Smith Douglas Homes Corp. became a holding company and the sole managing member of Smith Douglas Holdings LLC and controls the business and affairs of Smith Douglas Holdings LLC. After giving effect to the use of net proceeds as described below, Smith Douglas Homes Corp. issued 42,435,897 shares of Class B common stock to the Continuing Equity Owners, which is equal to the number of LLC Interests held by such Continuing Equity Owners, for nominal consideration.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Subsequent to the IPO, Smith Douglas Homes Corp. used the net proceeds to: (i) purchase 6,410,257 newly issued LLC Interests for approximately $125.2 million directly from Smith Douglas Holdings LLC at a price per unit equal to $21.00 per share (IPO price) of Class A common stock less the underwriting discount; and (ii) purchase 2,435,897 LLC Interests from the Continuing Equity Owners on a pro rata basis for $47.6 million in aggregate at a price per unit equal to the IPO price per share of Class A common stock less the underwriting discount.</div> 8846154 21 1153846 172800000 44871794 1 10 0.10 1 42435897 6410257 125200000 21 2435897 47600000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Basis of presentation</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), since the Continuing Equity Owners continue to hold a controlling interest in Smith Douglas Holdings LLC after the IPO (i.e., there was no change in control of Smith Douglas Holdings LLC), the financial statements of the combined entity represent a continuation of the financial position and results of operations of Smith Douglas Holdings LLC. Accordingly, the historical cost basis of assets, liabilities, and equity of Smith Douglas Holdings LLC are carried over to the unaudited condensed consolidated financial statements of the combined company as a common control transaction.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying unaudited condensed consolidated financial statements for the periods prior to the Reorganization Transactions and IPO have been presented to combine the previously separate entities. These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and the applicable rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. As such, these financial statements do not include all information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position, results of operations and cash flows as of the dates and for the periods presented. A reclassification to the unaudited condensed consolidated financial statements and notes has been made to the prior year amount to conform to the current year presentation, which is not material.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">These unaudited interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Historically, the homebuilding industry has experienced seasonal fluctuations; therefore, interim results are not necessarily indicative of results for the full fiscal year.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Principles of consolidation and non-controlling interests</span></div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying unaudited condensed consolidated financial statements include the accounts of Smith Douglas Homes Corp. and Smith Douglas Holdings LLC and its wholly-owned subsidiaries. Smith Douglas Holdings LLC is considered a variable interest entity and Smith Douglas Homes Corp. is the primary beneficiary and sole managing member of Smith Douglas Holdings LLC and has decision making authority that significantly affects the performance of the entity. Accordingly, the Company consolidates Smith Douglas Holdings LLC and reports non-controlling interests representing the economic interest in Smith Douglas Holdings LLC held by the Continuing Equity Owners.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">All intercompany balances and transactions have been eliminated in consolidation. Investments in unconsolidated entities in which the Company has less than a controlling financial interest are accounted for using the equity method.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The non-controlling interests in the unaudited condensed consolidated statements of income for the three and six months ended June 30, 2024 represent the portion of earnings attributable to the economic interest in Smith Douglas Holdings LLC held by the Continuing Equity Owners. The non-controlling interests in the unaudited condensed consolidated balance sheet as of June 30, 2024 represent the portion of the net assets of the Company attributable to the Continuing Equity Owners, based on the portion of the LLC Interests owned by such unit holders. As of June 30, 2024, the non-controlling interests were 82.7%.</div> 0.827 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Use of estimates in the preparation of unaudited condensed consolidated financial statements</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Business combination</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On July 31, 2023, the Company acquired substantially all of the assets of Devon Street Homes, L.P. (Devon Street) and accounted for the transaction as a business combination in accordance with Accounting Standards Codification (ASC) Topic 805, <span style="font-size: 10pt; font-style: italic;">Business Combinations</span>, recognizing the identifiable assets acquired and liabilities assumed at their fair values as of the acquisition date. As disclosed in previous filings, the Company's acquisition accounting for the Devon Street business combination was preliminary as of December 31, 2023 and March 31, 2024. The Company has completed the purchase price allocation for the acquisition of Devon Street Homes, L.P. as of June 30, 2024 with no material adjustments from the amounts disclosed within Note 16 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.</div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Revenue recognition</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company recognizes revenue when a home closes with a homebuyer, which is the time at which title and possession of the property are transferred to that homebuyer and all cash consideration due from the homebuyer is received. The Company’s performance obligation, to deliver the home, is generally satisfied in less than one year from the original contract date.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">When the Company executes sales contracts with its homebuyers, or when it requires advance payment from homebuyers for custom changes, upgrades or options related to their homes, the cash deposits received are recorded as contract liabilities until the homes are closed or the contracts are canceled. The Company either retains or refunds to the customer deposits on canceled sales contracts, depending upon the applicable provisions of the contract or other circumstances. As of June 30, 2024 and December 31, 2023, customer deposits totaled $9.5 million and $7.2 million, respectively. Substantially all customer deposits are recognized in revenue within one year of being received from homebuyers.</div> 9500000 7200000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Share-based payments</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Share-based compensation is accounted for as an expense in accordance with the fair value recognition and measurement provisions of U.S. GAAP which requires compensation cost for the grant-date fair value of equity-based awards to be recognized over the requisite service period. The Company accounts for forfeitures when they occur, and any compensation expense previously recognized on unvested equity-based awards will be reversed when forfeited. The fair value of restricted stock units (RSUs) is based on the fair value of the Class A common stock at the time of grant.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Income taxes</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">After consummation of the IPO, Smith Douglas Homes Corp. became subject to U.S. federal, state, and local income taxes with respect to its allocable share of taxable income of Smith Douglas Holdings LLC assessed at the prevailing corporate tax rates.  Smith Douglas Holdings LLC operates as a limited liability company and is treated as a partnership for income tax purposes. Accordingly, it incurs no significant liability for federal or state income taxes since the taxable income or loss is passed through to its members. Smith Douglas Holdings LLC incurs liabilities for certain state taxes payable directly by it, which are not significant and for which the expense is included in the provision for income taxes in the accompanying unaudited condensed consolidated statements of income for the three and six months ended June 30, 2024 and in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income for the three and six months ended June 30, 2023.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In calculating the provision for interim income taxes, in accordance with ASC Topic 740, <span style="font-style: italic;">Income Taxes</span>, an estimated annual effective tax rate is applied to year-to-date ordinary income. At the end of each interim period, the Company estimates the effective tax rate expected to be applicable for the full fiscal year. This differs from the method utilized at the end of an annual period.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">For annual periods, income taxes are accounted for using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authority, based on the technical merits of the position. As of June 30, 2024 and December 31, 2023, there were no known items which would result in a significant accrual for uncertain tax positions.</div> 0 0 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;"> Tax receivable agreement<br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;"> <br/> </span></div> <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">In connection with the IPO and related transactions, the Company entered into a Tax Receivable Agreement (TRA) with Smith Douglas Holdings LLC and the Continuing Equity Owners that will provide for the payment by Smith Douglas Homes Corp. to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that Smith Douglas Homes Corp. realizes (or in some circumstances is deemed to realize) related to the tax basis adjustments described in Note 12 as such savings are realized.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">In addition to tax expenses, the Company will also make payments under the TRA, which are expected to be significant. The Company will account for the income tax effects and corresponding TRA’s effects resulting from future taxable purchases or redemptions of LLC Interests of the Continuing Equity Owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of the purchase or redemption. Further, the Company will evaluate the likelihood that it will realize the benefit represented by the deferred tax asset and, to the extent that management estimates that it is more likely than not that the Company will not realize the benefit, the Company will reduce the carrying amount of the deferred tax asset with a valuation allowance. The amounts to be recorded for both the deferred tax assets and the liability for obligations under the TRA will be estimated at the time of any purchase or redemption as a reduction to stockholders’ equity, and the effects of changes in any estimates after this date will be included in net income. Similarly, the effect of subsequent changes in the enacted tax rates will be included in net income. Judgement is required in assessing the future tax consequences of events that have been recognized in the Company’s financial statements. A change in the Company’s assessment of such consequences, such as realization of deferred tax assets, changes in tax laws or interpretations thereof could materially impact results.</div> 0.85 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Recent rules and accounting pronouncements</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" (ASU 2023-07), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for the Company for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. The Company is currently evaluating the impact ASU 2023-07 will have on its financial statement disclosures.</span></div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which requires expanded disclosure of the Company’s income rate reconciliation and income taxes paid. ASU 2023-09 is effective for the Company for annual periods beginning after January 1, 2025. The Company is currently evaluating the impact ASU 2023-09 will have on its financial statement disclosures.</div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">In March 2024, the SEC adopted the final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board oversight and risk management activities, the material impacts of these risks on a registrants' strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay in the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosure which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of these rules on its disclosures.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 2 ‑ Real estate inventory and capitalized interest:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">A summary of real estate inventory is as follows as of June 30, 2024 and December 31, 2023 (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">June 30,</div> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0);">2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Lots held for construction</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">37,881</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">32,184</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Homes under construction, completed homes and model homes</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">228,672</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">180,920</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total real estate inventory</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">266,553</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">213,104</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div><br/></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company capitalizes into real estate inventory interest costs incurred on homes under construction during the construction period until substantial completion. The Company does not capitalize interest on homes where construction has been suspended.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">A summary of capitalized interest is as follows (in thousands):</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td rowspan="1" style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-variant: normal; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">Three months ended June 30,</td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> Six months ended June 30,<br/> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2024<br/> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2023<br/> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Capitalized interest, beginning of period</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">858</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">805</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">1,338</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">1,117</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest incurred</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">893</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">530</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">1,832</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">1,066</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest expensed</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(591</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(301</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(1,289</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(546</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest charged to cost of home closings</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(333</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(352</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(1,054</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(955</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Capitalized interest, end of period</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">827</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">682</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">827</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">682</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">A summary of real estate inventory is as follows as of June 30, 2024 and December 31, 2023 (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">June 30,</div> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0);">2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Lots held for construction</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">37,881</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">32,184</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Homes under construction, completed homes and model homes</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">228,672</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">180,920</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total real estate inventory</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">266,553</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">213,104</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 37881000 32184000 228672000 180920000 266553000 213104000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">A summary of capitalized interest is as follows (in thousands):</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td rowspan="1" style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-variant: normal; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">Three months ended June 30,</td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> Six months ended June 30,<br/> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2024<br/> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" rowspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2023<br/> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Capitalized interest, beginning of period</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">858</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">805</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">1,338</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">1,117</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest incurred</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">893</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">530</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">1,832</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">1,066</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest expensed</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(591</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(301</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(1,289</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(546</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Interest charged to cost of home closings</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(333</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(352</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(1,054</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(955</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Capitalized interest, end of period</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">827</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">682</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">827</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$ <br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">682</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 858000 805000 1338000 1117000 893000 530000 1832000 1066000 591000 301000 1289000 546000 333000 352000 1054000 955000 827000 682000 827000 682000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 3 ‑ Variable interest entities:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company enters into lot option agreements to procure finished lots for the construction of homes in the future. Pursuant to these option agreements, the Company generally provides a deposit to the seller as consideration for the right to purchase lots at different times in the future at predetermined prices. Such contracts enable the Company to defer acquiring portions of properties owned by third parties or unconsolidated entities until the Company has determined whether and when to exercise the option, which may serve to reduce the Company’s financial risks associated with long‑term land holdings.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Based on the provisions of the relevant accounting guidance, the Company has concluded that when it enters into an option or purchase agreement to acquire lots from an entity, a variable interest entity (VIE) may be created. The Company evaluates all option and purchase agreements and amendments for land to determine if the related entity is a VIE. As required by ASC Topic 810, <span style="font-style: italic;">Consolidation</span>, the Company assesses whether it is the primary beneficiary for each VIE. In order to determine if the Company is the primary beneficiary, the Company must first assess whether it has the ability to control the activities of the VIE that most significantly impact its economic performance. Such activities include, but are not limited to, the ability to determine the budget and scope of land development work, if any; the ability to control financing decisions for the VIE; the ability to acquire additional land into the VIE or dispose of land in the VIE not under contract with the Company; and the ability to change or amend the existing option contract with the VIE. If the Company does not control such activities, the Company is not considered the primary beneficiary of the VIE. If the Company has the ability to control such activities, the Company will continue its analysis by determining if the Company is also expected to absorb a potentially significant amount of the VIE’s losses or, if no party absorbs the majority of such losses, if the Company will benefit from a potentially significant amount of the VIE’s expected gains. As of June 30, 2024 and December 31, 2023, the Company was not identified as the primary beneficiary of any VIEs associated with option and purchase agreements. Therefore, no such VIEs required consolidation under ASC Topic 810.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In all cases, creditors of the entities with which the Company has option agreements have no recourse against the Company and the maximum exposure to loss in option agreements is limited to the Company’s option deposits and any capitalized pre‑acquisition costs. </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In certain instances where the Company has entered into option agreements to purchase finished lots from a land banker, the Company may also enter into an agreement to complete the development of the lots on behalf of the land banker at a fixed cost. The Company may be at risk for items over budget related to the development of the property under option. Any unpaid amounts under these development agreements are recorded as development reimbursement receivables from land bankers and are included within other assets in the accompanying unaudited condensed consolidated balance sheets.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, the Company had deposits of $66.3 million related to land option agreements with an aggregate remaining purchase price of $834.4 million. As of December 31, 2023, the Company had deposits of $57.1 million related to land option agreements with an aggregate remaining purchase price of $652.1 million.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">For lot option contracts where the lot seller entity is not required to be consolidated under the variable interest model, the Company considers whether such contracts should be accounted for as financing arrangements. Lot option contracts that may be considered financing arrangements include those entered into with third‑party land banks or developers in conjunction with such third parties acquiring a specific land parcel(s) on the Company’s behalf, at the Company’s direction, and those with other landowners where the Company or its designee makes improvements to the optioned land parcel(s) during the applicable option period. For these lot option contracts, the Company records the remaining purchase price of the associated land parcel(s) in inventory in its consolidated balance sheets with a corresponding financing obligation if the Company determines that it is effectively compelled to exercise the option to purchase the land parcel(s). In making this determination with respect to a land option contracts, the Company considers the non‑refundable deposit(s), any capitalized pre‑acquisition costs and additional costs associated with abandoning the contract. As a result of such evaluations of lot option contracts, no lot option contracts were determined to be financing arrangements for which the remaining purchase price should be recorded as a financing obligation in the accompanying unaudited condensed consolidated balance sheets.</div> 66300000 834400000 57100000 652100000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 4 ‑ Investments in unconsolidated entities:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company has non‑controlling equity interests in various entities for which the Company applies the equity method of accounting. The Company’s proportionate share of the entities’ income was approximately $0.2 million and $0.4 million during the three and six months ended June 30, 2024, respectively, and approximately $0.2 million and $0.4 million during the three and six months ended June 30, 2023, respectively. The entities distributed approximately $0.2 million and $0.4 million to the Company during the three and six months ended June 30, 2024, respectively, and approximately $0.3 million and $0.7 million to the Company during the three and six months ended June 30, 2023, respectively. The Company contributed approximately $0.6 million to the entities during the three and six months ended June 30, 2024. Investments in unconsolidated entities totaled approximately $0.7 million and $0.1 million as of June 30, 2024 and December 31, 2023, respectively, and are included within other assets in the accompanying unaudited condensed consolidated balance sheets. </div> 200000 400000 200000 400000 200000 400000 300000 700000 600000 600000 700000 100000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 5 – Notes payable:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, the Company has a $250.0 million unsecured revolving credit facility that was entered into concurrently with the IPO (the Amended Credit Facility), which replaced the previous $175.0 million unsecured revolving credit facility. The Amended Credit Facility matures in <span style="-sec-ix-hidden:Fact_6df490dcc5b14337a1696ed3454296a8">January 2027</span>, except that the Company may request a one-year extension of such maturity date. The Amended Credit Facility also includes a $100.0 million accordion feature, subject to additional commitments, and provides that up to $20.0 million may be used for letters of credit.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The borrowings and letters of credit outstanding under the Amended Credit Facility may not exceed the borrowing base as defined in the Amended Credit Facility. The borrowing base primarily consists of a percentage of commercial land, land held for development, lots under development and finished lots held by the Company.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Borrowings under the Amended Credit Facility bear interest, at the borrower’s option, at either a base rate or Secured Overnight Financing Rate (which may be a daily simple rate or based on 1-, 3- or 6-month interest periods, in each case at the borrower’s option), plus an applicable margin. The applicable margin ranges from 2.35% to 3.00% based on the Company’s leverage ratio as determined in accordance with a pricing grid defined in the Amended Credit Facility. Interest is payable in arrears on the last business day of each month or at the end of each 1-, 3- or 6-month interest period, as applicable. As of June 30, 2024, the interest rate on outstanding borrowings under the Amended Credit Facility was 7.76%.  Borrowings under the previous credit facility bore interest at the Prime Rate, as defined, plus an applicable margin ranging from minus 25 basis points to 20 basis points based on the Company’s leverage ratio as determined in accordance with a pricing grid. As of December 31, 2023, the interest rate on outstanding borrowings was 8.25%.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Amended Credit Facility contains certain financial covenants, including requirements to maintain (i) a minimum tangible net worth equal to the sum of (a) $130.0 million, (b) 32.5% of pre‑tax income earned in any fiscal quarter after June 30, 2023, (c) 75% of the equity proceeds of Smith Douglas Homes Corp. from the IPO and (d) 50% of any new equity proceeds of Smith Douglas Homes Corp. and its subsidiaries after the IPO, (ii) a maximum leverage ratio of 60%, (iii) a minimum ratio of EBITDA to interest incurred of 2.00 to 1.00, and (iv) a minimum liquidity requirement of $15.0 million. The Amended Credit Facility also contains various covenants that, among other restrictions, limit the ability of Smith Douglas Homes LLC and the other borrowers to incur additional debt and to make certain investments and distributions. Additionally, the Amended Credit Facility contains certain covenants that restricts certain activities of Smith Douglas Homes Corp. The Amended Credit Facility also contains customary events of default relating to, among other things, failure to make payments, breach of covenants and breach of representations. If an event of default occurs and is continuing, the borrowers may be required to immediately repay all amounts outstanding under the Amended Credit Facility. As of June 30, 2024, the Company was in compliance with all covenants related to the Amended Credit Facility.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, there were no outstanding borrowings under the Amended Credit Facility. As of December 31, 2023, outstanding borrowings under the previous credit facility totaled $71.0 million. As of June 30, 2024 and December 31, 2023, there were no outstanding letters of credit. Availability as determined in accordance with the Borrowing Base, as defined, totaled approximately $219.8 million as of June 30, 2024.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">On July 31, 2023, the Company entered into a three-year seller note payable of $5.0 million as part of the consideration for the acquisition of Devon Street which bears interest at 8% per annum. The seller note is payable in quarterly installments of principal and accrued interest beginning September 30, 2023 through maturity on September 30, 2026. The seller is currently employed as the division president of the Houston division. As of June 30, 2024 and December 31, 2023, the balance on the seller note payable was $3.9 million and $4.6 million, respectively, which is included in notes payable in the accompanying unaudited condensed consolidated balance sheets.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company also has loans payable to banks collateralized by vehicles purchased from the proceeds of the loans with an outstanding balance of $5,000 and $8,000 as of June 30, 2024 and December 31, 2023, respectively, which are included in accrued expenses and other liabilities in the accompanying unaudited condensed consolidated balance sheets.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Future maturities of notes payable to third parties, including borrowings under the Amended Credit Facility, are as follows as of June 30, 2024 (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);"><span style="text-decoration: underline;">Year ending December 31,</span></div> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">2024 <sup style="font-style: italic; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">799</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">2025</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,696</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">2026</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,364</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,859</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt; font-variant: normal;"> <div style="text-align: left; color: rgb(0, 0, 0); font-style: italic;">(1)</div> </td> <td style="text-align: left; vertical-align: top; width: auto; font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-style: italic;">Remaining payments are for the six months ending December 31, 2024.</div> </td> </tr> </table> 250000000 175000000 P1Y 100000000 20000000 0.0235 0.03 0.0776 -0.0025 0.0020 0.0825 130000000 0.325 0.75 0.50 0.60 2 15000000 0 71000000 0 0 219800000 P3Y 5000000 0.08 quarterly 2026-09-30 3900000 4600000 5000 8000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Future maturities of notes payable to third parties, including borrowings under the Amended Credit Facility, are as follows as of June 30, 2024 (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);"><span style="text-decoration: underline;">Year ending December 31,</span></div> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">2024 <sup style="font-style: italic; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">799</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">2025</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,696</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">2026</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,364</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,859</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt; font-variant: normal;"> <div style="text-align: left; color: rgb(0, 0, 0); font-style: italic;">(1)</div> </td> <td style="text-align: left; vertical-align: top; width: auto; font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-style: italic;">Remaining payments are for the six months ending December 31, 2024.</div> </td> </tr> </table> 799000 1696000 1364000 3859000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 6 ‑ Fair value of financial instruments:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">ASC Topic 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and disclosing fair value measurements. ASC Topic 820 establishes a three‑level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 20.25pt; font-variant: normal;"><br/> </td> <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-variant: normal;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-variant: normal;"> <div style="color: rgb(0, 0, 0);">Level 1 ‑ Valuation is based on quoted prices in active markets for identical assets and liabilities;</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 20.25pt; font-variant: normal;"><br/> </td> <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-variant: normal;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-variant: normal;"> <div style="color: rgb(0, 0, 0);">Level 2 ‑ Valuation is determined from quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, or by model‑based techniques in which all significant inputs are observable in the market;</div> </td> </tr> </table> <div><br/></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 20.25pt; font-variant: normal;"><br/> </td> <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-variant: normal;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; font-variant: normal;"> <div style="color: rgb(0, 0, 0);">Level 3 ‑ Valuation is derived from model‑based techniques in which at least one significant input is unobservable and based on the Company’s own estimates about the assumptions that market participants would use to value the asset or liability.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s assessment of the significance of particular inputs to those fair value measurements requires judgment and considers factors specific to each asset or liability.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s financial instruments measured or disclosed at fair value are summarized below. The summary excludes cash and cash equivalents, receivables and accounts payable, all of which had fair values approximating their carrying values due to the liquid nature and short maturities of these instruments.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td colspan="1" style="vertical-align: top; padding-bottom: 2px; width: 38%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 2px; width: 37%; font-variant: normal;" valign="bottom">   </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Fair Value (In Thousands)</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 38%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Asset or Liability</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 37%; font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Fair Value Hierarchy</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">June 30,</div> <div style="text-align: center; color: rgb(0, 0, 0);">2024<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Measured at fair value on a recurring basis:</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Contingent consideration</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Level 3</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,590</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,282</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: top; width: 1%; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Disclosed at fair value:</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Borrowings under Credit Facility</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Level 2</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">71,000</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Seller note payable</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Level 2</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,859</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,627</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The carrying value of the borrowings under the Credit Facility approximates fair value due to variable rate terms that approximate market rates.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The carrying value of the seller note payable approximates fair value because the interest rate on the note approximates market rates as of June 30, 2024 and December 31, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The fair value of the contingent consideration related to the Devon Street acquisition as of the acquisition date was estimated using a Monte Carlo simulation to model the likelihood of achieving the agreed‑upon gross margin target based on available information as of the acquisition date. The valuation methodology includes assumptions and judgments regarding the gross margin discount rate, gross margin volatility, drift rate, and cost of debt, which are primarily Level 3 assumptions. The contingent consideration liability is remeasured at fair value on a quarterly basis. As of June 30, 2024 and December 31, 2023, the Company remeasured the fair value of contingent consideration related to the Devon Street acquisition and adjusted the liability to $4.6 million and $3.3 million, respectively, based on actual results achieved, revised gross margin forecasts, and accretion of the liability. The Company recorded contingent consideration adjustments resulting in $1.2 million of expense and $1.3 million of expense for the three and six months ended June 30, 2024, respectively, which is included in other expense (income), net in the accompanying unaudited condensed consolidated statement of income. As of June 30, 2024, there were approximately 8 months remaining under the contingent consideration agreement.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s financial instruments measured or disclosed at fair value are summarized below. The summary excludes cash and cash equivalents, receivables and accounts payable, all of which had fair values approximating their carrying values due to the liquid nature and short maturities of these instruments.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td colspan="1" style="vertical-align: top; padding-bottom: 2px; width: 38%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 2px; width: 37%; font-variant: normal;" valign="bottom">   </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Fair Value (In Thousands)</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 38%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Asset or Liability</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 37%; font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Fair Value Hierarchy</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">June 30,</div> <div style="text-align: center; color: rgb(0, 0, 0);">2024<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Measured at fair value on a recurring basis:</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Contingent consideration</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Level 3</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,590</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,282</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: top; width: 1%; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Disclosed at fair value:</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Borrowings under Credit Facility</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Level 2</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">—</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">71,000</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 38%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Seller note payable</div> </td> <td colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td style="vertical-align: top; width: 37%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Level 2</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,859</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,627</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 4590000 3282000 0 71000000 3859000 4627000 4600000 3300000 1200000 1300000 P8M <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 7 ‑ Warranty reserves:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">A summary of the activity in the Company’s warranty liability account is as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">Three months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="text-align: center; vertical-align: middle; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> Six months ended June 30,<br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2024<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2023<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Balance, beginning of period</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,978</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,257</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,839</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,071</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Additions to reserves from new home closings</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">437</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">362</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">819</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">698</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Warranty claims</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(99</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(202</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(242</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(331</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Adjustments to pre‑existing reserves</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(212</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(34</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(312</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(55</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Balance, end of period</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,104</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,383</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">3,104</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,383</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">A summary of the activity in the Company’s warranty liability account is as follows (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">Three months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="text-align: center; vertical-align: middle; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> Six months ended June 30,<br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2024<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2023<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Balance, beginning of period</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,978</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,257</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,839</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,071</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Additions to reserves from new home closings</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">437</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">362</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">819</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">698</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Warranty claims</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(99</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(202</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(242</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">(331</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Adjustments to pre‑existing reserves</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(212</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(34</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(312</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(55</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Balance, end of period</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,104</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,383</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">3,104</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">2,383</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 2978000 2257000 2839000 2071000 437000 362000 819000 698000 99000 202000 242000 331000 212000 34000 312000 55000 3104000 2383000 3104000 2383000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 8 ‑ Leases:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company leases certain office space and equipment for use in its operations. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Some leases contain renewal options and, in accordance with ASC Topic 842, <span style="font-style: italic;">Leases,</span> the lease term includes those renewals only to the extent that they are reasonably certain to be exercised.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Lease cost included in the accompanying unaudited condensed consolidated statements of income as a component of selling, general and administrative costs is presented in the table below (in thousands).</div> <div><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Three months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Six months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Operating leases costs</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">170</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">143</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">339</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">286</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Variable lease costs - operating</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">74</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">48</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">110</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">88</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The following table presents additional information about the Company’s leases (dollars in thousands):</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">June 30,<br/> 2024</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">December 31,<br/> </div> <div style="text-align: center; color: rgb(0, 0, 0);">2023</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_8f18b68fd1514ee5a23592da71a36bf8"><span style="-sec-ix-hidden:Fact_3d5e531b818942b49c31b6f1e9ad23c4">Right-of-use (ROU) assets</span></span></span><br/> </div> </td> <td colspan="1" style="text-align: right; font-variant: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,141</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-variant: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,789</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_4b8afac235154154acfccce721aad93c"><span style="-sec-ix-hidden:Fact_0e47b48baf074f73b1206f00c483f886">Lease liabilities</span></span></span><br/> </div> </td> <td colspan="1" style="text-align: right; font-variant: normal; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,217</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-variant: normal; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,837</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">ROU assets are included within other assets and lease liabilities are included within accrued expenses and other liabilities in the accompanying unaudited condensed consolidated balance sheets.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, the Company had additional operating leases, primarily for division office space, that had not yet commenced with undiscounted fixed lease payments of approximately $1.1 million. These operating leases will commence in 2024 with lease terms ranging from 2 to 6 years.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Lease cost included in the accompanying unaudited condensed consolidated statements of income as a component of selling, general and administrative costs is presented in the table below (in thousands).</div> <div><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Three months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Six months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Operating leases costs</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">170</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">143</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">339</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">286</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 52%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Variable lease costs - operating</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">74</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">48</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">110</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">88</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 170000 143000 339000 286000 74000 48000 110000 88000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The following table presents additional information about the Company’s leases (dollars in thousands):</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">June 30,<br/> 2024</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">December 31,<br/> </div> <div style="text-align: center; color: rgb(0, 0, 0);">2023</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_8f18b68fd1514ee5a23592da71a36bf8"><span style="-sec-ix-hidden:Fact_3d5e531b818942b49c31b6f1e9ad23c4">Right-of-use (ROU) assets</span></span></span><br/> </div> </td> <td colspan="1" style="text-align: right; font-variant: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,141</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-variant: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,789</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 76%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_4b8afac235154154acfccce721aad93c"><span style="-sec-ix-hidden:Fact_0e47b48baf074f73b1206f00c483f886">Lease liabilities</span></span></span><br/> </div> </td> <td colspan="1" style="text-align: right; font-variant: normal; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,217</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; font-variant: normal; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,837</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 2141000 1789000 2217000 1837000 1100000 P2Y P6Y <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 9 ‑ Commitments and contingencies:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company is subject to certain contingent liabilities resulting from litigation, claims, and other commitments which arise in the ordinary course of business. Management and legal counsel believe that the probable resolution of such contingencies will not materially affect the financial position, results of operations, or cash flows of the Company. In the normal course of business, the Company posts letters of credit and performance and other surety bonds related to certain development obligations with local municipalities, government agencies and developers. As of June 30, 2024 and December 31, 2023, performance and surety bonds totaled $33.0 million and $26.1 million, respectively. As of June 30, 2024 and December 31, 2023, there were no outstanding letters of credit.</div> 33000000 26100000 0 0 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 10 - Stockholders’/ Members’ equity:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The following table summarizes the capitalization and voting rights of the Company’s classes of stock as of June 30, 2024:</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 30%; vertical-align: bottom; padding-bottom: 2px; font-variant: normal;"> </td> <td style="width: 14.61%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">Authorized</div> </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px; font-variant: normal;"> </td> <td style="width: 21.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;"> <div style="text-align: center; text-indent: 1.25pt; color: rgb(0, 0, 0); font-weight: bold;">Issued &amp; Outstanding</div> </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px; font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-variant: normal;">Votes per</div> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-variant: normal;">share</div> </td> <td style="width: 0.88%; vertical-align: bottom; padding-bottom: 2px; font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-variant: normal;">Economic</div> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-variant: normal;">Rights</div> </td> </tr> <tr> <td style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Preferred stock</div> </td> <td style="width: 14.61%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">10,000,000<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">None<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 0.88%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> </tr> <tr> <td style="width: 30%; vertical-align: middle; font-variant: normal;"> </td> <td style="width: 14.61%; vertical-align: bottom; font-variant: normal; text-align: center;"> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; font-variant: normal; text-align: center;"> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 0.88%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; font-variant: normal;"> </td> </tr> <tr> <td style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Common stock:</div> </td> <td style="width: 14.61%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 0.88%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> </tr> <tr> <td style="width: 30%; vertical-align: bottom; font-variant: normal;"> <div style="color: rgb(0, 0, 0);">Class A</div> </td> <td style="width: 14.61%; vertical-align: bottom; font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">250,000,000</div> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">8,846,154<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">1<br/> </div> </td> <td style="width: 0.88%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">Yes<br/> </div> </td> </tr> <tr> <td style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="color: rgb(0, 0, 0);">Class B</div> </td> <td style="width: 14.61%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">100,000,000</div> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">42,435,897<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td style="width: 0.88%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">No<br/> </div> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt; vertical-align: top; font-variant: normal;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top; font-variant: normal;"> <div style="color: rgb(0, 0, 0);"><span style="font-style: italic;">Each share of Class B common stock entitles its holders to ten votes per share on all matters presented to the stockholders and on which the holders of the Class B common stock are entitled to vote; provided, that each share of Class B common stock will only be entitled to one vote per share on all matters presented to the stockholders generally upon the Sunset Date.</span></div> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The following table summarizes Class A common stock reserved for issuances as of June 30, 2024:</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 88%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Conversion of LLC Interests held by Continuing Equity Owners</div> </td> <td colspan="1" style="width: 1%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> </td> <td style="width: 9%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> <div style="text-align: right; color: rgb(0, 0, 0);">42,435,897<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> </td> </tr> <tr> <td style="width: 88%; vertical-align: bottom; font-variant: normal; padding-bottom: 2px;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">RSUs</div> </td> <td colspan="1" style="width: 1%; vertical-align: bottom; font-variant: normal; padding-bottom: 2px;"> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: right; color: rgb(0, 0, 0);">2,051,282<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; padding-bottom: 2px;"> </td> </tr> <tr> <td rowspan="1" style="width: 88%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;">Total<br/> </td> <td colspan="1" rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td rowspan="1" style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: right;"> 44,487,179<br/> </td> <td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> </tr> </table> <div><br/></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s board of directors is authorized to direct the Company to issue shares of preferred stock in one or more series and the discretion to determine the number and designation of such series and the powers, rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. Through June 30, 2024, no series of preferred stock have been issued.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Holders of shares of Class A common stock are entitled to receive dividends when and if declared by the board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon dissolution or liquidation, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A common stock will be entitled to receive pro rata the remaining assets available for distribution. Holders of shares of Class A common stock do not have preemptive, subscription, redemption, or conversion rights. There are no redemption or sinking fund provisions applicable to the Class A common stock.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;">Except in certain limited circumstances, holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon dissolution or liquidation. Additionally, holders of shares of Class B common stock do not have preemptive, subscription or redemption rights. There are no redemption or sinking fund provisions applicable to the Class B common stock. Any amendment of the Company’s amended and restated certificate of incorporation that gives holders of Class B common stock (1) any rights to receive dividends or any other kind of distribution, (2) any right to convert into or be exchanged for shares of Class A common stock, or (3) any other economic rights (except for payments in cash in lieu of receipt of fractional stock) will require, in addition to any stockholder approval required by applicable law, the affirmative vote of holders of a majority of the voting power of the outstan</span><span style="font-variant: normal;">d</span><span style="color: rgb(0, 0, 0); font-variant: normal;">ing shares of Class A common stock voting separately as a class. The Company must, at all times, maintain (i) a one-to-one ratio between the number of shares of Class A common stock issued by Smith Douglas Homes Corp. and the number of LLC Interests owned by Smith Douglas Homes Corp., and (ii) maintain a one-to-one ratio between the number of shares of Class B common stock owned by the Continuing Equity Owners and the number of LLC Interests owned by them.</span></div> <div><br/></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Shares of Class B common stock will be issued in the future only to the extent necessary to maintain a one-to-one ratio between the number of LLC Interests held by the Continuing Equity Owners and the number of shares of Class B common stock issued to the Continuing Equity Owners. Shares of Class B common stock are transferable only together with an equal number of LLC Interests. Only permitted transferees of LLC Interests held by the Continuing Equity Owners will be permitted transferees of Class B common stock. Shares of Class B common stock automatically transferred to Smith Douglas Homes Corp. upon the redemption or exchange of their LLC Interests pursuant to the terms of the Smith Douglas LLC Agreement will be canceled and may not be reissued.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, Smith Douglas Homes Corp. holds a 17.3% economic interest in Smith Douglas Holdings LLC through its ownership of 8,846,154 LLC Interests but consolidates Smith Douglas Holdings LLC as sole managing member. The remaining 42,435,897 LLC Interests representing an 82.7% interest are held by the Continuing Equity Owners and presented in the unaudited condensed consolidated financial statements as non-controlling interests.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The LLC Interests held by Continuing Equity Owners include a redemption right which may be settled by the Company, at the Company’s election, through the (1) issuance of a new share of Class A Common Stock for each LLC Interest redeemed or (2) settled by cash proceeds received from a qualifying offering of Class A Common Stock. The LLC Interests are not classified as temporary equity as the cash settlement is limited to the proceeds from a new offering of Class A Common Stock which is equity-classified.</div> <div><br/></div> <div style="color: rgb(0, 0, 0); font-style: italic; font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Distributions to Members Related to Their Income Tax Liabilities</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;">As a limited liability company treated as a partnership for income tax purposes, Smith Douglas Holdings LLC does not incur significant federal, state or local income taxes, as these taxes are primarily the obligations of its members. Under the LLC Agreement, Smith Douglas Holdings LLC is required to distribute cash, to the extent that Smith Douglas Holdings LLC has cash available, on a pro rata basis to its members to the extent necessary to cover the members’ tax liabilities, if any, with respect to each member’s share of Smith Douglas Holdings LLC taxable earnings. Smith Douglas Holdings LLC makes such tax distributions to its members quarterly, based on an estimated tax rate and projected year-to-date taxable income, with a final accounting once actual taxable income or loss has been determined. Smith Douglas Holdings LLC made tax distributions to the Continuing Equity Owners totaling approximately </span><span style="font-variant: normal;">$11.8 million and $26.3 million <span style="color: rgb(0, 0, 0);">for the three and six months ended June 30, 2024, respectively.<br/> </span></span></div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-style: italic; font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Redemption of Class C &amp; Class D Units</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">On January 16, 2024, after the IPO, Smith Douglas Holdings LLC redeemed all of its Class C and Class D Units at an aggregate redemption price of $2.6 million.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The following table summarizes the capitalization and voting rights of the Company’s classes of stock as of June 30, 2024:</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 30%; vertical-align: bottom; padding-bottom: 2px; font-variant: normal;"> </td> <td style="width: 14.61%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">Authorized</div> </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px; font-variant: normal;"> </td> <td style="width: 21.75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;"> <div style="text-align: center; text-indent: 1.25pt; color: rgb(0, 0, 0); font-weight: bold;">Issued &amp; Outstanding</div> </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px; font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-variant: normal;">Votes per</div> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-variant: normal;">share</div> </td> <td style="width: 0.88%; vertical-align: bottom; padding-bottom: 2px; font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-variant: normal;">Economic</div> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; font-variant: normal;">Rights</div> </td> </tr> <tr> <td style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Preferred stock</div> </td> <td style="width: 14.61%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">10,000,000<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">None<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 0.88%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> </tr> <tr> <td style="width: 30%; vertical-align: middle; font-variant: normal;"> </td> <td style="width: 14.61%; vertical-align: bottom; font-variant: normal; text-align: center;"> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; font-variant: normal; text-align: center;"> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 0.88%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; font-variant: normal;"> </td> </tr> <tr> <td style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Common stock:</div> </td> <td style="width: 14.61%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 0.88%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> </tr> <tr> <td style="width: 30%; vertical-align: bottom; font-variant: normal;"> <div style="color: rgb(0, 0, 0);">Class A</div> </td> <td style="width: 14.61%; vertical-align: bottom; font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">250,000,000</div> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">8,846,154<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">1<br/> </div> </td> <td style="width: 0.88%; vertical-align: bottom; font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">Yes<br/> </div> </td> </tr> <tr> <td style="width: 30%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="color: rgb(0, 0, 0);">Class B</div> </td> <td style="width: 14.61%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">100,000,000</div> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: center;"> </td> <td style="width: 21.75%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">42,435,897<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.93%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td style="width: 0.88%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> <div style="text-align: center; color: rgb(0, 0, 0);">No<br/> </div> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt; vertical-align: top; font-variant: normal;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top; font-variant: normal;"> <div style="color: rgb(0, 0, 0);"><span style="font-style: italic;">Each share of Class B common stock entitles its holders to ten votes per share on all matters presented to the stockholders and on which the holders of the Class B common stock are entitled to vote; provided, that each share of Class B common stock will only be entitled to one vote per share on all matters presented to the stockholders generally upon the Sunset Date.</span></div> </td> </tr> </table> 10000000 0 0 250000000 8846154 8846154 1 Yes 100000000 42435897 42435897 10 No 10 1 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The following table summarizes Class A common stock reserved for issuances as of June 30, 2024:</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 88%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Conversion of LLC Interests held by Continuing Equity Owners</div> </td> <td colspan="1" style="width: 1%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> </td> <td style="width: 9%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> <div style="text-align: right; color: rgb(0, 0, 0);">42,435,897<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; background-color: rgb(204, 238, 255);"> </td> </tr> <tr> <td style="width: 88%; vertical-align: bottom; font-variant: normal; padding-bottom: 2px;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">RSUs</div> </td> <td colspan="1" style="width: 1%; vertical-align: bottom; font-variant: normal; padding-bottom: 2px;"> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: right; color: rgb(0, 0, 0);">2,051,282<br/> </div> </td> <td style="width: 1%; vertical-align: bottom; font-variant: normal; padding-bottom: 2px;"> </td> </tr> <tr> <td rowspan="1" style="width: 88%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;">Total<br/> </td> <td colspan="1" rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> <td rowspan="1" style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal; text-align: right;"> 44,487,179<br/> </td> <td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-variant: normal;"> </td> </tr> </table> 42435897 2051282 44487179 0 1 1 1 0.173 8846154 42435897 0.827 11800000 26300000 2600000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 11 - Share-based payments:</span></div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In connection with the IPO, the stockholders approved the 2024 Incentive Award Plan (the 2024 Plan), which became effective on January 10, 2024. The 2024 Plan generally is administered by the board of directors of with respect to awards to non-employee directors and by the compensation committee with respect to other participants and authorizes the Company to grant incentive stock-based awards.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Under the 2024 Plan, 2,051,282 shares of Class A common stock were initially reserved for issuance, which shares may be granted pursuant to a variety of equity-based compensation awards, including stock options, stock appreciation rights, RSUs, and other equity-based awards. The number of shares initially reserved for issuance pursuant to awards under the 2024 Plan includes an annual increase on the first day of each calendar year beginning on January 1, 2025 and ending on January 1, 2034, equal to (a) a number of shares of Class A common stock equal to 1% of the aggregate number of shares of Class A and Class B common stock outstanding on the last day of the immediately preceding calendar year or (b) such smaller number of shares of Class A common stock as determined by the board of directors. No more than 10,000,000 shares of Class A common stock may be issued upon the exercise of incentive stock options. As of June 30, 2024, 1,613,310 shares of Class A common stock are available for future grant under the 2024 Plan.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In January 2024, the Company granted an aggregate of 440,727 RSUs to certain of the Company’s executives, directors, and employees under the 2024 Plan with an aggregate grant date fair value of $9.3 million. The awards vest in full upon the one-year anniversary of the closing date of the IPO, subject to the employee’s continued employment or the director’s continued service, with the exception of one executive’s award that will vest in six equal installments on each of the first <span style="-sec-ix-hidden:Fact_e0e098ebf2ec4f9ca4d4cf8816302145">six</span> anniversaries of the closing date of the IPO, subject to the employee’s continued employment through the applicable vesting date. Additionally, vesting is subject to certain change in control and qualifying termination provisions as provided in the award agreements.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, all of the RSUs are outstanding and remain unvested. The fair value of the RSUs of $21.00 per unit was based on the fair value of a share of Class A common stock at the time of the IPO. Total compensation expense for RSUs was approximately $1.0 million and $1.9 million for the three and six months ended June 30, 2024, respectively and is included in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income for the three and six months ended June 30, 2024.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The unamortized compensation cost related to RSUs of approximately $7.3 million as of June 30, 2024 is expected to be recognized over a weighted-average period of approximately 2.2 years.</div> 2051282 0.01 10000000 1613310 440727 9300000 P1Y 1 6 21 1000000 1900000 7300000 P2Y2M12D <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 12 - Income taxes and tax receivable agreement:</span></div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Smith Douglas Homes Corp. is taxed as a subchapter C corporation and is subject to federal and state income taxes. Smith Douglas Homes Corp.’s sole material asset is its ownership interest in Smith Douglas Holdings LLC, which is a limited liability company that is taxed as a partnership for U.S. federal and certain state and local income tax purposes. Smith Douglas Holdings LLC’s net taxable income and related tax credits, if any, are passed through to its members and included in the members’ tax returns. The income tax burden on the earnings taxed to the non-controlling interest holders is not reported by the Company in its unaudited condensed consolidated financial statements under U.S. GAAP.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The estimated annual effective tax rate for the year ending December 31, 2024 is 20.8%. The difference between the estimated annual effective income tax rate and the U.S. federal statutory rate is primarily attributable to income allocable to non-controlling interests, which is not taxable, Smith Douglas Holdings LLC’s election to be taxed at the entity level, and state income taxes.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s income tax provision was $1.1 million for the three months ended June 30, 2024 and $2.0 million for the period from January 11, 2024 to June 30, 2024. As the IPO occurred during the six months ended June 30, 2024, and the Company had no business transactions or activities prior to the IPO, no amounts related to the provision for income taxes were incurred for the period from January 1, 2024 to January 10, 2024.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-variant: normal; font-family: 'Times New Roman';">The Company recorded a deferred tax asset of $10.5 million resulting from the step-up in basis allowed under Section 743(b) and 197 of the Internal Revenue Code related to the purchase of 2,435,897 LLC Interests from the Continuing Equity Owners discussed in Note 1, Description of business and summary of significant accounting policies, which is expected to be amortized over the useful lives of the underlying assets. The Company also recorded a deferred tax asset of $15.1 million resulting from the outside basis difference related to its investment in Smith Douglas Holdings LLC by applying the look-through method to record the Company's proportionate share of inside basis differences within Smith Douglas Holdings LLC.</span><span style="font-family: 'Times New Roman';"> The <span style="font-size: 10pt;">Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. After considering all those factors, management has recorded a valuation allowance of $14.3 million for certain deferred tax assets the Company has determined are not more likely than not to be realized. The initial deferred tax asset of $15.1 million for the investment in Smith Douglas Holdings LLC and the related valuation allowance of $14.3 million were recorded against additional paid-in capital and included within increase in deferred tax asset from IPO and related transactions in the unaudited condensed consolidated statements of stockholders’/members’ equity.</span></span><span style="font-variant: normal;"><br/> </span></div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">As each of the Continuing Equity Owners elects to convert their LLC Interests into Class A common stock, Smith Douglas Homes Corp. will succeed to their aggregate historical tax basis which will create a net tax benefit to the Company. These tax benefits are expected to be amortized over 15.0 years pursuant to Sections 743(b) and 197 of the Code. The Company will only recognize a deferred tax asset for financial reporting purposes when it is more likely than not that the tax benefit will be realized.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">In connection with the IPO and related transactions, the Company entered into a TRA with Smith Douglas Holdings LLC and the Continuing Equity Owners that will provide for the payment by Smith Douglas Homes Corp. to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that Smith Douglas Homes Corp. realizes (or in some circumstances is deemed to realize) related to the tax basis adjustments as such savings are realized.</div> <div><br/></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The purchase of 2,435,897 LLC Interests from the Continuing Equity Owners triggered a tax basis increase subject to the provisions of the TRA. The Company recognized (i) a deferred tax asset in the amount of $10.5 million, (ii) a corresponding estimated liability of $10.4 million to the Continuing Equity Owners representing 85% of the projected tax benefits, and (iii) $0.1 million of additional paid-in capital.</div> 0.208 1100000 2000000 0 0 10500000 2435897 15100000 14300000 15100000 14300000 P15Y 0.85 2435897 10500000 10400000 0.85 100000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 13 ‑ Transactions with related parties:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company rents office space under a lease with JBB Cherokee Holdings LLC, an entity affiliated by common ownership. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal;">Related party lease cost included in the accompanying unaudited condensed consolidated statements of income as a component of selling, general and administrative costs is presented in the table below (in thousands).</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Three months ended June 30,</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-variant: normal; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">Six months ended June 30,</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center;">2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">2023<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Operating leases costs (related party)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">87</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">86</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">173</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">173</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Variable lease costs – operating (related party)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">21</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">20</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">39</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">40</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Payments under the office lease agreement, along with costs associated with the office space, totaled approximately $0.1 million and $0.2 million during the three and six months ended June 30, 2024, respectively, and approximately $0.1 million and $0.2 million during the three and six months ended June 30, 2023, respectively.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">During the three and six months ended June 30, 2024, the Company incurred fees of $0.1 million and $0.4 million, respectively, in the aggregate from certain entities affiliated by common ownership for use of facilities related to business development and vendor relations, which is included in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income. During the three and six months ended June 30, 2023, the Company incurred fees of $0.4 million for the use of these facilities. The Company paid fees for use of these facilities of $0.1 million during the three and six months ended June 30, 2024 and $0.4 million during the three and six months ended June 30, 2023.</span><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">While the Company typically enters into lot option agreements whereby a deposit is provided to the seller, the Company has in the past, in lieu of providing a deposit, invested a minority interest in certain of the land banking entities with which it contracts. During the three and six months ended June 30, 2023, the Company purchased 9 and 35 lots totaling approximately $0.8 million and $3.0 million, respectively, under lot option agreements with unconsolidated land bank entities in which the Company had a non‑controlling ownership interest. There was no such activity during the six months ended June 30, 2024. The Company has identified these entities as VIEs; however, the Company has not been identified as the primary beneficiary of the VIEs and the entities are not consolidated in the accompanying unaudited condensed consolidated financial statements (see Note 3 for information related to VIEs).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company has entered into lot option transactions with a former member of Smith Douglas Holdings LLC’s Board of Managers. During the three and six months ended June 30, 2023, the Company sold 10 and 15 finished lots at cost for approximately $0.7 million and $1.0 million, respectively, to the then member of Smith Douglas Holdings LLC’s Board of Managers. During the three and six months ended June 30, 2023, the Company purchased 77 and 159 lots totaling $3.7 million and $8.3 million, respectively, related to these lot option agreements.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company charters aircraft services from companies that are controlled by a related entity of the Company’s managing member. Expenses incurred and paid to these companies under a dry lease agreement for the use of the aircraft for business travel totaled approximately $46,000 and $78,000 for the three and six months ended June 30, 2024, respectively, and approximately $31,000 and $51,000 for the three and six months ended June 30, 2023, respectively, which are included in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; font-style: normal; text-transform: none;">Historically, since August 2016, one of the former members of Smith Douglas Holdings LLC’s Board of Managers was party to a consulting agreement with Smith Douglas Holdings LLC pursuant to which he provided services to Smith Douglas Holdings LLC in exchange for (i) an annual fee equal to approximately $0.6 million plus (ii) eligibility to earn an annual bonus, subject to the terms and conditions therein. During the three and six months ended June 30, 2023, the then member of Smith Douglas Holdings LLC’s Board of Managers earned fees under the consulting agreement of approximately $0.2 million and $0.3 million, respectively, which are included in selling, general and administrative costs in the accompanying unaudited condensed consolidated statements of income.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company had two uncollateralized notes payable bearing interest at 2.12% and 2.56%, respectively, and other payables to certain related parties for the purchase of airplanes totaling approximately $0.9 million as of December 31, 2023, which are included in accrued expenses and other liabilities in the accompanying unaudited condensed consolidated balance sheets. The notes payable were repaid during the six months ended June 30, 2024.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company has related party receivables totaling approximately $0.1 million as of both June 30, 2024 and December 31, 2023 for various expenses paid by the Company on behalf of the related party, which are included in other assets in the accompanying unaudited condensed consolidated balance sheets.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2023, the Company had a balance due to related parties of $11,000 for various expenses paid by the related parties on behalf of the Company, which is included in accrued expenses and other liabilities in the accompanying 2023 unaudited condensed consolidated balance sheet. There was no such balance outstanding as of June 30, 2024.</div> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal;">Related party lease cost included in the accompanying unaudited condensed consolidated statements of income as a component of selling, general and administrative costs is presented in the table below (in thousands).</span> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Three months ended June 30,</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-variant: normal; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">Six months ended June 30,</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center;">2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom">2023<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Operating leases costs (related party)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">87</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">86</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">173</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">173</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Variable lease costs – operating (related party)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">21</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">20</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">39</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">$<br/> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">40</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 87000 86000 173000 173000 21000 20000 39000 40000 100000 200000 100000 200000 100000 400000 400000 400000 100000 100000 400000 400000 9 35 800000 3000000 0 10 15 700000 1000000 77 159 3700000 8300000 46000 78000 31000 51000 600000 200000 300000 2 0.0212 0.0256 900000 100000 100000 11000 0 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 14 ‑ Segment information:</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The Company operates one principal homebuilding business that is organized, managed and reported by geographic division. Management of the six geographic divisions report to the Company’s chief operating decision maker (CODM), which consists of the Chief Executive Officer and Chief Financial Officer of the Company. The CODM reviews the results of operations, including, among other things, total revenue and net income to assess profitability and allocate resources. Accordingly, the Company has presented its operations for the following six reportable segments: Alabama, Atlanta, Charlotte, Houston, Nashville, and Raleigh. Each reportable segment follows the accounting policies described in Note 1.</div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The following tables summarize financial information by segment (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">Three months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Six months ended June 30,</div> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2024<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2023<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Home closing revenue:</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Alabama</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">43,585</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">18,800</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">83,240</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">42,867</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Atlanta</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">80,220</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">94,104</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">142,840</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">170,278</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Charlotte</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">15,352</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">14,369</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">28,816</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">26,871</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Houston</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">31,248</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">—</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">55,278</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Nashville</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">21,707</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">28,019</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">43,737</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">51,908</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Raleigh</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">28,821</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">26,230</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">56,231</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">57,742</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">220,933</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">181,522</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">410,142</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">349,666</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">Three months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> Six months ended June 30,</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2023<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net income (loss):</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Alabama</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">5,559</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,435</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">10,163</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">3,676</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Atlanta</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">18,012</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">23,379</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">32,583</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">42,928</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Charlotte</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,380</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,380</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">4,004</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">4,313</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Houston</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,446</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">—</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">6,812</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Nashville</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,789</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,501</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">5,102</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">7,732</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Raleigh</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">5,207</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">5,615</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">10,017</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">12,846</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Segment total</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">37,393</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">37,310</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">68,681</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">71,495</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Corporate <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(12,659</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(6,569</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(23,461</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(11,928</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">24,734</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">30,741</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">45,220</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">59,567</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-variant: normal;"><sup style="color: #000000; font-style: italic; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top; text-align: justify; font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-style: italic;">Corporate primarily includes corporate overhead costs, such as payroll and benefits, business insurance, information technology, office costs, outside professional services and travel costs, and certain other amounts that are not allocated to the reportable segments.</div> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">June 30,</div> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;"> 2024<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Assets:</div> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Alabama</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">54,090</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">61,433</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Atlanta</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">126,601</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">86,647</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Charlotte</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">40,645</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">32,302</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Houston <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">109,319</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">93,825</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Nashville</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">23,135</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">24,818</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Raleigh</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">40,398</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">28,897</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Segment total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">394,188</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">327,922</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Corporate <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">35,066</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">24,770</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">429,254</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">352,692</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-variant: normal;"><sup style="color: #000000; font-style: italic; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top; text-align: justify; font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-style: italic;">Balance includes goodwill of approximately $25.7 million resulting from the acquisition of Devon Street Homes, L.P.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-variant: normal;"><sup style="color: #000000; font-style: italic; vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td> <td style="width: auto; vertical-align: top; text-align: justify; font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-style: italic;">Corporate primarily includes cash and cash equivalents, property and equipment, and other assets that are not allocated to the segments.</div> </td> </tr> </table> 6 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The following tables summarize financial information by segment (in thousands):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-variant: normal;"> </span><span style="font-variant: normal;"><br/> </span></div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">Three months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">Six months ended June 30,</div> </td> <td colspan="1" rowspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2024<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2023<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Home closing revenue:</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Alabama</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">43,585</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">18,800</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">83,240</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">42,867</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Atlanta</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">80,220</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">94,104</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">142,840</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">170,278</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Charlotte</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">15,352</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">14,369</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">28,816</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">26,871</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Houston</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">31,248</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">—</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">55,278</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Nashville</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">21,707</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">28,019</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">43,737</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">51,908</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Raleigh</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">28,821</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">26,230</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">56,231</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">57,742</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">220,933</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">181,522</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">410,142</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">349,666</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">Three months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" rowspan="1" style="text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> Six months ended June 30,</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; font-variant: normal; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);"> 2024<br/> </div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: center; vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> 2023<br/> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Net income (loss):</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Alabama</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">5,559</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,435</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">10,163</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">3,676</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Atlanta</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">18,012</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">23,379</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">32,583</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">42,928</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Charlotte</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,380</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,380</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">4,004</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">4,313</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Houston</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,446</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">—</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">6,812</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom">—</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Nashville</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,789</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,501</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">5,102</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">7,732</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Raleigh</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">5,207</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">5,615</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">10,017</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">12,846</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Segment total</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">37,393</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">37,310</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">68,681</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">71,495</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 2px;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Corporate <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(12,659</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(6,569</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(23,461</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">(11,928</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">)</td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total</div> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">24,734</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">30,741</div> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">45,220</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">$</td> <td colspan="1" style="font-variant: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">59,567</td> <td colspan="1" style="font-variant: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-variant: normal;"><sup style="color: #000000; font-style: italic; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top; text-align: justify; font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-style: italic;">Corporate primarily includes corporate overhead costs, such as payroll and benefits, business insurance, information technology, office costs, outside professional services and travel costs, and certain other amounts that are not allocated to the reportable segments.</div> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: top; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;">June 30,</div> <div style="text-align: center; color: rgb(0, 0, 0); font-variant: normal;"> 2024<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0);">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0);">2023<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Assets:</div> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Alabama</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">54,090</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">61,433</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Atlanta</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">126,601</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">86,647</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Charlotte</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">40,645</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">32,302</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Houston <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">109,319</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">93,825</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Nashville</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">23,135</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">24,818</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Raleigh</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">40,398</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">28,897</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Segment total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">394,188</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">327,922</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Corporate <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">35,066</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">24,770</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">429,254</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-variant: normal;" valign="bottom"> <div style="color: rgb(0, 0, 0);">352,692</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-variant: normal; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-variant: normal;"><sup style="color: #000000; font-style: italic; vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td> <td style="width: auto; vertical-align: top; text-align: justify; font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-style: italic;">Balance includes goodwill of approximately $25.7 million resulting from the acquisition of Devon Street Homes, L.P.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-variant: normal;"><sup style="color: #000000; font-style: italic; vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td> <td style="width: auto; vertical-align: top; text-align: justify; font-variant: normal;"> <div style="color: rgb(0, 0, 0); font-style: italic;">Corporate primarily includes cash and cash equivalents, property and equipment, and other assets that are not allocated to the segments.</div> </td> </tr> </table> 43585000 18800000 83240000 42867000 80220000 94104000 142840000 170278000 15352000 14369000 28816000 26871000 31248000 0 55278000 0 21707000 28019000 43737000 51908000 28821000 26230000 56231000 57742000 220933000 181522000 410142000 349666000 5559000 1435000 10163000 3676000 18012000 23379000 32583000 42928000 2380000 2380000 4004000 4313000 3446000 0 6812000 0 2789000 4501000 5102000 7732000 5207000 5615000 10017000 12846000 37393000 37310000 68681000 71495000 -12659000 -6569000 -23461000 -11928000 24734000 30741000 45220000 59567000 54090000 61433000 126601000 86647000 40645000 32302000 109319000 93825000 23135000 24818000 40398000 28897000 394188000 327922000 35066000 24770000 429254000 352692000 25700000 <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Note 15 - Earnings per share:</span></div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Basic earnings per share is computed by dividing net income attributable to Smith Douglas Homes Corp. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed by adjusting the net income available to Smith Douglas Homes Corp. and the weighted average shares outstanding to give effect to potentially dilutive securities. Shares of Class B common stock are not entitled to receive any distributions or dividends and are therefore excluded from this presentation since they are not participating securities.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">All earnings prior to January 11, 2024, the date of the IPO, were entirely allocable to the non-controlling interests and, as a result, earnings per share information is not applicable for reporting periods prior to this date. Consequently, only earnings per share for net income for periods subsequent to January 10, 2024 are presented.</div> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Basic and diluted earnings per share of common stock have been computed as follows (in thousands, except share and per share amounts): </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For the</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">three months ended </div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">June 30, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For the period from</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">January 11, 2024 to</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">June 30, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Numerator:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net income attributable to Smith Douglas Homes Corp., Basic</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3,646</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6,618</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Add: Net income impact from assumed redemption of all LLC Interests to common stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,088</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">39,762</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less: Income tax expense on net income attributable to NCI at <span style="text-indent: 0pt;">20.8</span>%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4,384</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(8,267</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net income attributable to Smith Douglas Homes Corp., after adjustment for assumed redemption, Diluted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20,350</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,113</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Denominator:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average shares of common stock outstanding, Basic</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,846,154</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,846,154</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Dilutive effects of:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">LLC Interests that are exchangeable for common stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">42,435,897</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">42,435,897</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Unvested RSUs</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">149,923</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">132,458</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average shares of common stock outstanding, Diluted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">51,431,974</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">51,414,509</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic earnings per share</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.41</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.75</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Diluted earnings per share</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.40</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.74</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">Net income attributable to the non-controlling interests added back to net income in the fully dilutive computation has been adjusted for income taxes which would have been expensed had the income been recognized by Smith Douglas Homes Corp., a taxable entity. The weighted average common shares outstanding in the diluted computation per share assumes all outstanding LLC Interests are redeemed and the Company elects to issue Class A shares of common stock upon redemption rather than cash-settle.</div> <div><br/></div> <div style="color: rgb(0, 0, 0); font-variant: normal; font-family: 'Times New Roman'; font-size: 10pt;">The dilutive impact of LLC Interests assumed to be redeemed in exchange for the issuance of Class A common stock was included in the computation of diluted earnings per share under the if-converted method. The dilutive impact of unvested RSUs was included using the treasury stock method.</div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Basic and diluted earnings per share of common stock have been computed as follows (in thousands, except share and per share amounts): </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For the</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">three months ended </div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">June 30, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For the period from</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">January 11, 2024 to</div> <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">June 30, 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Numerator:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net income attributable to Smith Douglas Homes Corp., Basic</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3,646</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6,618</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Add: Net income impact from assumed redemption of all LLC Interests to common stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,088</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">39,762</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less: Income tax expense on net income attributable to NCI at <span style="text-indent: 0pt;">20.8</span>%</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4,384</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(8,267</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Net income attributable to Smith Douglas Homes Corp., after adjustment for assumed redemption, Diluted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20,350</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,113</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Denominator:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average shares of common stock outstanding, Basic</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,846,154</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,846,154</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Dilutive effects of:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">LLC Interests that are exchangeable for common stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">42,435,897</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">42,435,897</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Unvested RSUs</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">149,923</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">132,458</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average shares of common stock outstanding, Diluted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">51,431,974</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">51,414,509</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic earnings per share</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.41</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.75</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Diluted earnings per share</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.40</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.74</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 3646000 6618000 21088000 39762000 0.208 0.208 -4384000 -8267000 20350000 38113000 8846154 8846154 42435897 42435897 149923 132458 51431974 51414509 0.41 0.75 0.4 0.74 false false false false Corporate primarily includes cash and cash equivalents, property and equipment, and other assets that are not allocated to the segments. Balance includes goodwill of approximately $25.7 million resulting from the acquisition of Devon Street Homes, L.P. Corporate primarily includes corporate overhead costs, such as payroll and benefits, business insurance, information technology, office costs, outside professional services and travel costs, and certain other amounts that are not allocated to the reportable segments. Remaining payments are for the six months ending December 31, 2024. Each share of Class B common stock entitles its holders to ten votes per share on all matters presented to the stockholders and on which the holders of the Class B common stock are entitled to vote; provided, that each share of Class B common stock will only be entitled to one vote per share on all matters presented to the stockholders generally upon the Sunset Date.