Company: SDHC
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001982518-25-000007
Chunk: 26

Company: Smith Douglas Homes Corp.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 8
Chunk 26
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 an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.  Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion./s/ Ernst & Young LLPWe have served as the Company’s auditor since 2023.Atlanta, GeorgiaMarch 21, 202587

Table of contentsSMITH DOUGLAS HOMES CORP.Consolidated Balance SheetsDecember 31,20242023(In thousands)AssetsCash and cash equivalents$22,363 $19,777 Real estate inventory277,834 213,104 Deposits on real estate under option or contract103,026 57,096 Real estate not owned5,830 16,815 Property and equipment, net3,775 1,543 Goodwill25,726 25,726 Deferred tax asset, net10,906 — Other assets26,441 18,631 Total assets$475,901 $352,692 Liabilities and EquityLiabilities:Accounts payable$17,234 $17,318 Customer deposits5,301 7,168 Notes payable3,060 75,627 Liabilities related to real estate not owned5,830 16,815 Accrued expenses and other liabilities32,348 26,861 Tax receivable agreement liability10,401 — Total liabilities74,174 143,789 Commitments and contingencies (Note 12)Members’ equity:Class A units— 206,303 Class C units— 2,000 Class D units— 600 Total members’ equity— 208,903 Stockholders’ equity:Preferred stock, $0.0001 par value – 10,000,000 shares authorized; none issued and outstanding as of December 31, 2024— — Class A common stock, $0.0001 par value – 250,000,000 shares authorized; 8,846,154 shares issued and outstanding as of December 31,