Company: SDHC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049591
Chunk: 16

Company: Smith Douglas Homes Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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Item 1.    Financial Statements.

SMITH DOUGLAS HOMES CORP.

Condensed Consolidated Balance Sheets

(In thousands except share and per share amounts)

 September 30, 2025December 31, 2024(Unaudited)Assets  Cash and cash equivalents$14,775 $22,363 Real estate inventory314,524 277,834 Deposits on real estate under option or contract135,756 103,026 Real estate not owned28,828 5,830 Property and equipment, net9,507 3,775 Goodwill25,726 25,726 Deferred tax asset, net10,472 10,906 Other assets31,971 26,441 Total assets$571,559 $475,901 Liabilities and Equity  Liabilities:  Accounts payable$21,101 $17,234 Customer deposits5,156 5,301 Notes payable53,637 3,060 Liabilities related to real estate not owned28,828 5,830 Accrued expenses and other liabilities25,992 32,348 Tax receivable agreement liability10,401 10,401 Total liabilities145,115 74,174 Commitments and contingencies (Note 9)Stockholders’ equity:  Preferred stock, $0.0001 par value – 10,000,000 shares authorized; none issued and outstanding as of September 30, 2025 and December 31, 2024— — Class A common stock, $0.0001 par value – 250,000,000 shares authorized; 9,017,638 and 8,846,154 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively1 1 Class B common stock, $0.0001 par value – 100,000,000 shares authorized; 42,435,897 shares issued and outstanding as of September 30, 2025 and December 31, 20244 4 Additional paid-in capital59,581 58,208 Retained earnings22,593 15,419 Total stockholders’ equity attributable to Smith Douglas Homes Corp.82,179 73,632 Non-controlling interests attributable to Smith Douglas Holdings LLC344,265 328,095 Total equity426,444 401