Company: SDHC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001982518-25-000020
Chunk: 16

Company: Smith Douglas Homes Corp.
Filing Date: 2025-05-14
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

(Unaudited, in thousands except share and per share amounts)

 March 31, 2025December 31, 2024Assets  Cash and cash equivalents$12,651 $22,363 Real estate inventory294,991 277,834 Deposits on real estate under option or contract119,339 103,026 Real estate not owned7,502 5,830 Property and equipment, net4,317 3,775 Goodwill25,726 25,726 Deferred tax asset, net10,767 10,906 Other assets38,626 26,441 Total assets$513,919 $475,901 Liabilities and Equity  Liabilities:  Accounts payable$19,912 $17,234 Customer deposits5,585 5,301 Notes payable42,648 3,060 Liabilities related to real estate not owned7,502 5,830 Accrued expenses and other liabilities20,708 32,348 Tax receivable agreement liability10,401 10,401 Total liabilities106,756 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 March 31, 2025 and December 31, 2024— — Class A common stock, $0.0001 par value – 250,000,000 shares authorized; 8,991,378 and 8,846,154 shares issued and outstanding as of March 31, 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 March 31, 2025 and December 31, 20244 4 Additional paid-in capital58,820 58,208 Retained earnings18,040 15,419 Total stockholders’ equity attributable to Smith Douglas Homes Corp.76,865 73,632 Non-controlling interests attributable to Smith Douglas Holdings LLC330,298 328,095 Total equity407,163 401