Company: UHG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001830188-25-000012
Chunk: 97

Company: United Homes Group, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 97
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, and matures on the earlier of December 11, 2030, the maturity date under the Company’s Second Amended and Restated Credit Agreement, or the acceleration of indebtedness under the Syndicated Line. The weighted average interest rate of the loan was 11.70% as of December 31, 2024. Refer to Note 9 - Debt of the Notes to the Consolidated Financial Statements contained in this report for additional information. 

The Credit Agreement contains various customary representations, warranties by the Company and covenants that are described in Note 9 - Debt of the Notes to the Consolidated Financial Statements contained in this report. As of December 31, 2024, the Company was in compliance with all covenants set forth in the Credit Agreement.

Other Homebuilding Debt

45

As a result of the Creekside acquisition, the Company assumed a series of construction loans with a financial institution. During the third quarter of 2024, the Company settled the remaining construction loans with the financial institution and did not recognize a gain or loss on extinguishment of debt as part of the transaction. 

The Company had other borrowings with private investors totaling zero and $3.3 million as of December 31, 2024 and December 31, 2023, respectively, which are comprised of other notes payable and mortgage loans acquired in the normal course of business. During the second quarter of 2024, the Company settled the remaining private investor debt and recognized a loss on extinguishment of debt amounting to $0.1 million.

Leases

The Company leases several office spaces in South Carolina under operating lease agreements with related parties, and one office space in North Carolina with a third party. The office leases have a remaining lease term of up to five years, some of which include options to extend on a month-to-month basis, and some of which include options to terminate the lease. These options are excluded from the calculation of the ROU asset and lease liability until it is reasonably certain that the option will be exercised. As of December 31, 2024, the future minimum lease payments required under these leases totaled $3.4 million, with $1.2 million payable within 12 months. Further information regarding the Company’s leases is provided in Note 13 - Commitments and contingencies of the Notes to the Consolidated Financial Statements contained in this report. 

Cash Flows

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023