----

----

----

|   | ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---------|--------------------------------------------------------------------------------------|
|  | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--|---------|------------------------------------------------------------------------------------------|

----

| Delaware(State or other jurisdiction of incorporation or organization) |   | 93-1969003(I.R.S. Employer Identification No.) |
|------------------------------------------------------------------------|--------|------------------------------------------------|
| 110 Village Trail, Suite 215Woodstock, Georgia(Address of principal executive offices) |   | 30188(Zip Code) |
|----------------------------------------------------------------------------------------|--------|-----------------|

----

| Title of each class                               | Trading Symbol(s) | (Name of each exchange on which registered) |
|---------------------------------------------------|-------------------|---------------------------------------------|
|                                              |              |                                        |
| Class A common Stock, $0.0001 par value per share | SDHC              | The New York Stock Exchange                 |

----

| Large accelerated filer ☐ | Accelerated filer ☐ | Non‐accelerated filer ☒ | Smaller reporting company ☒Emerging growth company ☒ |
|---------------------------------|---------------------------|-------------------------------------|------------------------------------------------------------------|

----

----

|     |                                                                                                               | Page |
|----------|--------------------------------------------------------------------------------------------------------------------|------|
|     | Basis of Presentation                                                                                              | 2    |
|     | Forward-Looking Statements                                                                                         | 7    |
|     | Summary Risk Factors                                                                                               | 8    |
| PART I   | 9                                                                                                                  |
| Item 1.  | Business                                                                                                           | 9    |
| Item 1A. | Risk Factors                                                                                                       | 23   |
| Item 1B. | Unresolved Staff Comments                                                                                          | 55   |
| Item 1C. | Cybersecurity                                                                                                      | 55   |
| Item 2.  | Properties                                                                                                         | 55   |
| Item 3.  | Legal Proceedings                                                                                                  | 55   |
| Item 4.  | Mine Safety Disclosures                                                                                            | 55   |
| PART II  |  56                                                                                                           |
| Item 5.  | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 56   |
| Item 6.  | [Reserved]                                                                                                         | 56   |
| Item 7.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 57   |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk                                                         | 72   |
| Item 8.  | Financial Statements and Supplementary Data                                                                        | 73   |
| Item 9.  | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 73   |
| Item 9A. | Controls and Procedures                                                                                            | 73   |
| Item 9B. | Other Information                                                                                                  | 73   |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections                                                | 73   |
| PART III |  74                                                                                                           |
| Item 10. | Directors, Executive Officers and Corporate Governance                                                             | 74   |
| Item 11. | Executive Compensation                                                                                             | 77   |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     | 84   |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence                                          | 86   |
| Item 14. | Principal Accountant Fees and Services                                                                             | 96   |
| PART IV  | 97                                                                                                                 |
| Item 15. | Exhibits and Financial Statement Schedules                                                                         | 97   |
| Item 16. | Form 10‐K Summary                                                                                            | 98   |
|     | Signatures                                                                                                         | 99   |

----

 Table of contents

|  | • | “Adjusted return on equity” or “adj. ROE” refers, for us, to pre-tax income attributable to Smith Douglas Holdings LLC tax              effected for our anticipated 25% federal and state blended tax rate, assuming 100% public ownership to adjust for the impact of taxes on earnings attributable to Smith Douglas Holdings LLC as if Smith Douglas Holdings LLC was a subchapter C              corporation in the periods presented, divided by average total equity (excluding the Devon Street Homes Acquisition). |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Average sales price” or “ASP” refers to the average sales price of either our homes closed, our new home orders, or our backlog              homes (at period end). |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Average total equity” refers to the average of current and prior period closing total equity. |
|--|---------|------------------------------------------------------------------------------------------------------------|
|  | • | “Basis Adjustments” refers to an allocable share (and increases thereto) of existing tax basis, in Smith Douglas Holdings LLC’s assets and tax basis adjustments with              respect to such assets resulting from (a) Smith Douglas Homes Corp.’s purchase of LLC Interests from Smith Douglas Holdings LLC and each Continuing Equity Owner in connection with the Transactions, (b) any future redemptions or exchanges of              LLC Interests from the Continuing Equity Owners, (c) certain distributions (or deemed distributions) by Smith Douglas Holdings LLC, and (d) payments made under the Tax Receivable Agreement. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Construction cycle time” refers, unless stated otherwise, to the number of business days between the start of the construction of foundations in a home and quality              acceptance. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “CAGR” refers to compound annual growth rate. |
|--|---------|-----------------------------------------------------------|
|  | • | “Continuing Equity Owners” refers collectively to the owners of LLC Interests in Smith Douglas Holdings LLC prior to the consummation of the Transactions, who are also              holders of LLC Interests and our Class B common stock following consummation of the Transactions, including the Founder Fund and GSB Holdings, who may exchange at each of their respective options, in whole or in part from time to time, their              LLC Interests, as applicable, for, at our election (determined solely by our independent directors (within the meaning of the Exchange rules) who are disinterested), cash or newly-issued shares of our Class A common stock as described under Part III, Item 13. Certain Relationships and Related Transactions and Director Independence—Smith Douglas LLC Agreement. In connection with an exchange of LLC              Interests, a corresponding number of shares of Class B common stock shall be immediately and automatically transferred to Smith Douglas Homes Corp. for no consideration and canceled. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Controlled lots” refers to lots that are either owned or held under an option to be acquired for the relevant time frame set forth in the option contracts. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Devon Street Homes” refers to Devon Street Homes, L.P. |
|--|---------|---------------------------------------------------------------------|
|  | • | “Devon Street Homes Acquisition” refers to the transaction consummated on July 31, 2023, pursuant to which we acquired substantially all of the assets of Devon Street              Homes. See Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Devon Street Homes Acquisition. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Exchange” refers to the New York Stock Exchange. |
|--|---------|---------------------------------------------------------------|
|  | • | “Founder Fund” refers to The Bradbury Family Trust II A U/A/D December 29, 2015, for which our founder and Executive Chairman, Tom Bradbury, is co-trustee. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “GSB Holdings” refers to GSB Holdings LLC, for which our Chief Executive Officer, President, and Vice Chairman, Greg Bennett, is the sole member and manager. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Inventory turnover” refers, unless stated otherwise, to cost of sales divided by the average of current and prior period real estate inventory. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “IPO” refers to our initial public offering, which we completed on January 16, 2024, and through which we offered 8,846,154 shares of our Class A common stock at a price              to the public of $21.00 per share, which includes the exercise in full by the underwriters of their option to purchase an additional 1,153,846 shares of our Class A common stock. The gross proceeds to us from the IPO were $185.8 million,              before deducting underwriting discounts. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

|  | • | “LLC Interests” refers to the membership units of Smith Douglas Holdings LLC, including those that we purchase with the net proceeds from the IPO. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Non-U.S. Holder” is any beneficial owner of our Class A common stock that is an individual, corporation, estate or trust that is not a “U.S. person.” |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Refinancing” refers to (i), concurrently with the consummation of our IPO, the entry by Smith Douglas Holdings LLC and certain of our wholly-owned subsidiaries into an              amended and restated revolving credit facility (the “Amended Credit Facility”) which replaced the $175.0 million unsecured revolving credit facility with Wells Fargo Bank, National Association, as administrative agent for the lenders party              thereto (the “Lenders”), and the Lenders, dated as of October 28, 2021, as amended to date (the “Prior Credit Facility,” as amended and restated, the “Amended Credit Facility”), and (ii) the repayment, using a portion of the net proceeds from              the IPO, of the $84.0 million outstanding under our Prior Credit Facility (the “Debt Repayment”). |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Section 704(c) Allocations” refers to disproportionate allocations (if any) of income and gain from inventory property held by Smith Douglas Holdings LLC as of the date              of the IPO under Section 704(c) of the Internal Revenue Code of 1986, as amended (the “Code”), resulting from our acquisition of LLC Interests from Smith Douglas Holdings LLC including in connection with the Transactions. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Sunset Date” refers to the date upon which 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. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Smith Douglas LLC Agreement” refers, as applicable, to Smith Douglas Holdings LLC’s amended and restated limited liability company agreement, as in effect prior to the              IPO, or to the amended and restated limited liability company agreement dated as of January 10, 2024, and as such agreement may thereafter be amended and/or restated. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Tax Receivable Agreement” refers to the Tax Receivable Agreement entered into by and among Smith Douglas Homes Corp., Smith Douglas Holdings LLC and the Continuing              Equity Owners in connection with the IPO, pursuant to which, among other things, Smith Douglas Homes Corp. is required to pay to each Continuing Equity Owner 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed              to realize) as a result of the tax benefits provided by Basis Adjustments, Section 704(c) Allocations, and certain other tax benefits (such as interest deductions) covered by the Tax Receivable Agreement as described in Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence—Tax Receivable Agreement. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “Transactions” refers to the organizational transactions described in Basis of Presentation—The Transactions below and the IPO,              and the application of the net proceeds therefrom. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “U.S. person” is any person that, for U.S. federal income tax purposes, is or is treated as any of the following (i) an individual who is a citizen or resident of the              United States; (ii) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof, or the District of Columbia; (iii) an estate, the              income of which is subject to U.S. federal income tax regardless of its source; or (iv) a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more “United States persons” (within the meaning of              Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | “We,” “us,” “our,” the “Company,” “Smith Douglas,” and similar references refer: (i) following the consummation of the Transactions, including the IPO, to Smith Douglas Homes Corp., and, unless otherwise stated, all of its direct and              indirect subsidiaries, including Smith Douglas Holdings LLC, and (ii) prior to the completion of the Transactions, including the IPO, to Smith Douglas Holdings LLC. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

|  | • | we amended the Smith Douglas LLC 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 Continuing Equity Owners; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | we amended and restated Smith Douglas Homes Corp.’s certificate of incorporation to, among other things, provide (i) for Class A common stock, with each share of our Class A common stock entitling its holder to              one vote per share on all matters presented to our stockholders generally; (ii) for Class B common stock, with each share of our Class B common stock entitling its holder to ten votes per share on all matters presented to our stockholders              generally prior to the Sunset Date and from and after the occurrence of the Sunset Date each share of our Class B common stock will entitle its holder to one vote per share on all matters presented to our stockholders generally; (iii) that              shares of our 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 our board in one or more series without stockholder approval; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | we issued 42,435,897 shares of our Class B common stock (after giving effect to the use of net proceeds from our IPO as described below and taking into account the exercise in full of the underwriters’ option              to purchase an additional 1,153,846 shares of our Class A common stock in the IPO) to the Continuing Equity Owners at the time of such issuance of Class B common stock, which is equal to the number of LLC Interests held by such Continuing              Equity Owners, for nominal consideration; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | we issued 8,846,154 shares of our Class A common stock to the purchasers in the IPO in exchange for gross proceeds of approximately $185.8 million based upon the IPO price of $21.00 per share, before deducting              the underwriting discount; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | we used the net proceeds from the IPO (i) to purchase 6,410,257 newly issued LLC Interests for approximately $125.2 million directly from Smith Douglas Holdings LLC at the IPO price less the underwriting              discount; and (ii) to purchase 2,435,897 LLC Interests from the Continuing Equity Owners on a pro rata basis for $47.6 million at a price per unit equal to the initial public offering price per share of Class A common stock less the              underwriting discount; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Smith Douglas Holdings LLC used the net proceeds from the sale of LLC Interests to Smith Douglas Homes Corp. (i) to repay approximately $84.0 million of borrowings outstanding under the Prior Credit Facility as              part of the Refinancing, (ii) to redeem all outstanding Class C Units and Class D Units of Smith Douglas Holdings LLC at par in aggregate for $2.6 million, (iii) to repay $0.9 million in notes payable to certain related parties, and (iv) for              general corporate purposes as described under Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources, Part II, Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Use of Proceeds From Registered Securities, and Part III, Item 13. Certain Relationships and Related Transactions, and Director Independence. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Smith Douglas Homes Corp. entered into (i) the Registration Rights Agreement with certain of the Continuing Equity Owners and (ii) the Tax Receivable Agreement with Smith Douglas Holdings LLC and the Continuing              Equity Owners. For a description of the terms of the Registration Rights Agreement and the Tax Receivable Agreement, see Part III, Item 13. Certain Relationships and Related Transactions, and Director                Independence. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Smith Douglas Homes Corp. is a holding company and its principal asset consists of LLC Interests it acquired directly from Smith Douglas Holdings LLC and from each Continuing Equity Owner; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Smith Douglas Homes Corp. is the sole managing member of Smith Douglas Holdings LLC and controls the business and affairs of Smith Douglas Holdings LLC; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Smith Douglas Homes Corp. owns, directly or indirectly, 8,846,154 LLC Interests, representing approximately 17.3% of the economic interest in Smith Douglas Holdings LLC; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the Continuing Equity Owners own (i) 42,435,897 LLC Interests, representing approximately 82.7% of the economic interest in Smith Douglas Holdings LLC and (ii) 42,435,897 shares of Class B common stock of Smith              Douglas Homes Corp.; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

|  | • | the purchasers in the IPO own (i) 8,846,154 shares of Class A common stock of Smith Douglas Homes Corp., representing approximately 2.0% of the combined voting power of all of Smith Douglas Homes Corp.’s common              stock and approximately 100% of the economic interest in Smith Douglas Homes Corp., and (ii) through Smith Douglas Homes Corp.’s ownership of LLC Interests, indirectly hold approximately 17.3% of the economic interest in Smith Douglas              Holdings LLC; and |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | our Class A common stock and Class B common stock have what is commonly referred to as a “high/low vote structure,” which means that shares of our Class B common stock initially have ten votes per share and our              Class A common stock have one vote per share. Upon the occurrence of the Sunset Date, each share of Class B common stock will then be entitled to one vote per share. This high/low vote structure enables the Continuing Equity Owners to control              the outcome of matters submitted to our stockholders for approval, including the election of our directors, as well as the overall management and direction of our company. Furthermore, the Continuing Equity Owners exert a significant degree              of influence, or actual control, over matters requiring stockholder approval. We believe that maintaining this control by the Continuing Equity Owners will help enable them to successfully guide the implementation of our growth strategies and              strategic vision. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

|  | • | adjusted home closing gross profit, defined as home closing revenue less cost of home closings, excluding capitalized interest charged to cost of home closings, impairment              charges and adjustments resulting from the application of purchase accounting included in cost of sales, if applicable; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | adjusted home closing gross margin, defined as adjusted home closing gross profit as a percentage of home closing revenue; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------|
|  | • | adjusted net income, defined as net income adjusted for the income tax expense effect of the pass-through entity taxable income of Smith Douglas Holdings LLC as if Smith              Douglas Holdings LLC was a subchapter C corporation in periods presented. This assumption uses an effective tax rate of 25% for pass-through taxable income, which is our anticipated federal and state blended tax rate as a public company; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | EBITDA, defined as net income before (i) interest income, (ii) capitalized interest charged to cost of home closings, (iii) interest expense, (iv) income tax expense, and (v)              depreciation; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | EBITDA margin, defined as EBITDA as a percentage of home closing revenue; and |
|--|---------|-------------------------------------------------------------------------------|
|  | • | Net-debt-to-net book capitalization, defined as (i) total debt, less cash and cash equivalents, divided by (ii) total debt, less cash and cash equivalents, plus              stockholders’ equity. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

|  | • | our inability to successfully identify, secure, and control an adequate inventory of lots at reasonable prices; |
|--|---------|-----------------------------------------------------------------------------------------------------------------|
|  | • | the tightening of mortgage lending standards and mortgage financing requirements; |
|--|---------|-----------------------------------------------------------------------------------|
|  | • | the housing market may not continue to grow at the same rate, or may decline; |
|--|---------|-------------------------------------------------------------------------------|
|  | • | the availability, skill, and performance of trade partners; |
|--|---------|-------------------------------------------------------------|
|  | • | a shortage or increase in the costs of building materials could delay or increase the cost of home construction; |
|--|---------|------------------------------------------------------------------------------------------------------------------|
|  | • | efforts to impose joint employer liability on us for labor, safety, or worker’s compensation law violations committed by our trade partners; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | volatility in the credit and capital markets may impact our cost of capital and our ability to access necessary financing and the difficulty in obtaining sufficient capital could prevent us from acquiring lots              for our development or increase costs and delays in the completion of our homebuilding expenditures; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | an active, liquid trading market for our Class A common stock may not continue, which may make it difficult for you to sell your shares of Class A common stock; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | we cannot predict the effect our dual class structure may have on the market price of our Class A common stock; |
|--|---------|-----------------------------------------------------------------------------------------------------------------|
|  | • | the Tax Receivable Agreement requires us to make cash payments to the Continuing Equity Owners in respect of certain tax benefits to which we may become entitled, and we expect that such payments will be              substantial; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | our organizational structure, including the Tax Receivable Agreement, confers certain benefits upon the Continuing Equity Owners that will not benefit holders of our Class A common stock to the same extent that              it will benefit the Continuing Equity Owners; and |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the significant influence the Continuing Equity Owners have over us, including control over decisions that require the approval of stockholders. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

| Item 1. | Business. |
|---------|-----------|

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

| As of December 31, | ​ | ​ | 2023     | ​ | ​ | 2022     |
|--------------------|---------|---------|----------|---------|---------|----------|
| Market             | ​ | ​ | Owned(2) | ​ | ​ | Optioned | ​ | ​ | TotalControlled | ​ | ​ | Owned(2) | ​ | ​ | Optioned | ​ | ​ | TotalControlled |
| Alabama(1)         | ​ | ​ | 409      |    |    | 1,362    |   |   | 1,771 | ​ | ​ | 152 | ​ | ​ | 2,005 | ​ | ​ | 2,157 |
| Atlanta            | ​ | ​ | 278      |    |    | 5,175    |   |   | 5,453 | ​ | ​ | 430 | ​ | ​ | 3,201 | ​ | ​ | 3,631 |
| Charlotte          | ​ | ​ | 61       |    |    | 1,532    |   |   | 1,593 | ​ | ​ | 55 | ​ | ​ | 931 | ​ | ​ | 986 |
| Houston            | ​ | ​ | 303      |    |    | 1,484    |   |   | 1,787 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — |
| Nashville          | ​ | ​ | 122      |    |    | 748      |   |   | 870 | ​ | ​ | 168 | ​ | ​ | 705 | ​ | ​ | 873 |
| Raleigh            | ​ | ​ | 147      |    |    | 1,200    |   |   | 1,347 | ​ | ​ | 160 | ​ | ​ | 1,006 | ​ | ​ | 1,166 |
| Total              | ​ | ​ | 1,320    |    |    | 11,501   |   |   | 12,821 | ​ | ​ | 965 | ​ | ​ | 7,848 | ​ | ​ | 8,813 |
| (1) | Includes lots controlled in Birmingham and Huntsville. |
|-----|--------------------------------------------------------|
| (2) | Includes homes under construction. |
|-----|------------------------------------|
| As of December 31,                           |   | 2023   |   | ​ |    | 2022   |   |
|----------------------------------------------|--------|--------|--------|---------|---------|--------|--------|
| Backlog homes finished or under construction |   |   | 40     | %       | ​ |   |   | 47 | % |
| Unsold homes under construction              |   |   | 11     | %       | ​ |   |   | 9 | % |
| Unsold completed homes                       |   |   | 5      | %       | ​ |   |   | 4 | % |
| Model homes                                  |   |   | 4      | %       | ​ |   |   | 5 | % |
| Owned unstarted finished lots                |   |   | 40     | %       | ​ |   |   | 35 | % |
| Total                                        |   |   | 100    | %       | ​ |   |   | 100 | % |

----

 Table of contents

----

 Table of contents

|  | • | Real Time |
|--|---------|-----------|
|  | • | Readiness & responsibility |
|--|---------|--------------------------------|
|  | • | Respect |
|--|---------|---------|
|  | • | Repeatable & responsible growth |
|--|---------|-------------------------------------|
|  | • | Reliable workmanship |
|--|---------|----------------------|
|  | • | Recession resistant |
|--|---------|---------------------|
|  | • | Recognition |
|--|---------|-------------|

----

 Table of contents

| Year ended December 31, | ​ | ​ | 2023   | ​ | ​ | 2022   | ​ | ​ | Year Over Year Change |
|-------------------------|---------|---------|--------|---------|---------|--------|---------|---------|-----------------------|
| Market                  | ​ | ​ | Orders | ​ | ​ | Starts | ​ | ​ | Closings              | ​ | ​ | Orders | ​ | ​ | Starts | ​ | ​ | Closings | ​ | ​ | Orders | ​ | ​ | Starts | ​ | ​ | Closings |
| Alabama                 | ​ | ​ | 494    |    |    | 505    |    |    | 396                   | ​ | ​ | 217 | ​ | ​ | 267 | ​ | ​ | 338 | ​ | ​ | 277 | ​ | ​ | 238 | ​ | ​ | 58 |
| Atlanta                 | ​ | ​ | 962    |    |    | 943    |    |    | 1,016                 | ​ | ​ | 997 | ​ | ​ | 1,051 | ​ | ​ | 1,016 | ​ | ​ | (35) | ​ | ​ | (108) | ​ | ​ | — |
| Charlotte               | ​ | ​ | 161    |    |    | 159    |    |    | 162                   | ​ | ​ | 165 | ​ | ​ | 185 | ​ | ​ | 223 | ​ | ​ | (4) | ​ | ​ | (26) | ​ | ​ | (61) |
| Houston                 | ​ | ​ | 145    |    |    | 110    |    |    | 94                    | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 145 | ​ | ​ | 110 | ​ | ​ | 94 |
| Nashville               | ​ | ​ | 285    |    |    | 285    |    |    | 297                   | ​ | ​ | 250 | ​ | ​ | 297 | ​ | ​ | 307 | ​ | ​ | 35 | ​ | ​ | (12) | ​ | ​ | (10) |
| Raleigh                 | ​ | ​ | 321    |    |    | 324    |    |    | 332                   | ​ | ​ | 299 | ​ | ​ | 312 | ​ | ​ | 316 | ​ | ​ | 22 | ​ | ​ | 12 | ​ | ​ | 16 |
| Totals                  | ​ | ​ | 2,368  |    |    | 2,326  |    |    | 2,297                 | ​ | ​ | 1,928 | ​ | ​ | 2,112 | ​ | ​ | 2,200 | ​ | ​ | 440 | ​ | ​ | 214 | ​ | ​ | 97 |
| As of December 31,                           |   | 2023   |    |   | 2022   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
| Net new home orders                          |   |   | 2,368   |   |   |   | 1,928 |   |
| Contract value of net new home orders        |   | $      | 792,224 |   |   | $      | 667,530 |   |
| ASP of net new home orders                   |   | $      | 335     |   |   | $      | 346 |   |
| Cancellation rate                            |   |   | 10.5    | %      |   |   | 10.9 | % |
| As of December 31,                           |   |   | 2023    |   |   |   | 2022 |   |
| Backlog homes (period end)                   |   |   | 912     |   |   |   | 771 |   |
| Contract value of backlog homes (period end) |   | $      | 310,714 |   |   | $      | 258,718 |   |
| ASP of backlog homes (period end)            |   | $      | 341     |   |   | $      | 336 |   |

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

| Item 1A. | Risk Factors. |
|----------|---------------|
|  | • | increases in short- and long-term interest rates; |
|--|---------|---------------------------------------------------|
|  | • | high inflation; |
|--|---------|-----------------|
|  | • | supply-chain disruptions and the cost or availability of building materials; |
|--|---------|------------------------------------------------------------------------------|
|  | • | the availability of trade partners, vendors, or other third parties; |
|--|---------|----------------------------------------------------------------------|
|  | • | housing affordability; |
|--|---------|------------------------|
|  | • | the availability and cost of financing for homebuyers; |
|--|---------|--------------------------------------------------------|
|  | • | federal and state income and real estate tax laws, including limitations on, or the elimination of, the deduction of mortgage interest or property tax payments; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | employment levels, job and personal income growth and household debt-to-income levels; |
|--|---------|----------------------------------------------------------------------------------------|
|  | • | consumer confidence generally and the confidence of potential homebuyers in particular; |
|--|---------|-----------------------------------------------------------------------------------------|
|  | • | the ability of homeowners to sell their existing homes at acceptable prices; |
|--|---------|------------------------------------------------------------------------------|
|  | • | the U.S. and global financial systems and credit markets, including stock market and credit market volatility; |
|--|---------|----------------------------------------------------------------------------------------------------------------|
|  | • | inclement weather and natural and man-made disasters, including risks associated with global climate change, such as increased frequency or intensity of adverse weather events; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | environmental, health, and safety laws and regulations, and the environmental conditions of our properties; |
|--|---------|-------------------------------------------------------------------------------------------------------------|
|  | • | civil unrest, acts of terrorism, other acts of violence, threats to national security, global economic and political instability, and conflicts such as the conflict between Russia and Ukraine and the              Israel-Hamas conflict (including any escalation or expansion), escalating global trade tensions, the adoption of trade restrictions, or a public health issue such as COVID-19 or another major epidemic or pandemic; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | mortgage financing programs and regulation of lending practices; |
|--|---------|------------------------------------------------------------------|
|  | • | housing demand from population growth, household formations and demographic changes (including immigration levels and trends or other costs of home ownership in urban and suburban migration); |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | demand from foreign homebuyers for our homes; |
|--|---------|-----------------------------------------------|
|  | • | the supply of available new or existing homes and other housing alternatives; |
|--|---------|-------------------------------------------------------------------------------|
|  | • | energy prices; and |
|--|---------|--------------------|
|  | • | the supply of developable land in our markets and in the United States generally. |
|--|---------|-----------------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

|  | • | allocation of expenses to and among different jurisdictions; |
|--|---------|--------------------------------------------------------------|
|  | • | changes to our assessment about our ability to realize, or in the valuation of, our deferred tax assets that are based on estimates of our future results, the prudence and feasibility of possible tax planning              strategies, and the economic and political environments in which we do business; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | expected timing and amount of the release of any tax valuation allowances; |
|--|---------|----------------------------------------------------------------------------|
|  | • | tax effects of stock-based compensation; |
|--|---------|------------------------------------------|
|  | • | costs related to intercompany restructurings; |
|--|---------|-----------------------------------------------|
|  | • | changes in tax laws, regulations, or interpretations thereof; |
|--|---------|---------------------------------------------------------------|
|  | • | the outcome of current and future tax audits, examinations, or administrative appeals; |
|--|---------|----------------------------------------------------------------------------------------|
|  | • | lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings in jurisdictions where we have higher statutory tax rates; and |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | limitations or adverse findings regarding our ability to do business in some jurisdictions. |
|--|---------|---------------------------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

|  | • | making it more difficult for us to satisfy our obligations with respect to our debt or to our trade or other creditors; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------|
|  | • | increasing our vulnerability to adverse economic or industry conditions; |
|--|---------|--------------------------------------------------------------------------|
|  | • | limiting our ability to obtain additional financing to fund capital expenditures and acquisitions, particularly when the availability of financing in the capital markets is limited; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | requiring a substantial portion of our cash flows from operations and the proceeds from our IPO for the payment of interest on our debt and reducing our ability to use our cash flows and the proceeds from our              IPO to fund working capital, capital expenditures, acquisitions, and general corporate requirements; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------|
|  | • | placing us at a competitive disadvantage to less leveraged competitors. |
|--|---------|-------------------------------------------------------------------------|

----

 Table of contents

|  | • | results of operations that vary from the expectations of securities analysts and investors; |
|--|---------|---------------------------------------------------------------------------------------------|
|  | • | results of operations that vary from those of our competitors; |
|--|---------|----------------------------------------------------------------|
|  | • | changes in expectations as to our future financial performance, including financial estimates and investment recommendations by securities analysts and investors; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | technology changes, changes in consumer behavior in our industry; |
|--|---------|-------------------------------------------------------------------|
|  | • | security breaches related to our systems or those of our affiliates or strategic partners; |
|--|---------|--------------------------------------------------------------------------------------------|
|  | • | changes in economic conditions for companies in our industry; |
|--|---------|---------------------------------------------------------------|
|  | • | changes in market valuations of, or earnings and other announcements by, companies in our industry; |
|--|---------|-----------------------------------------------------------------------------------------------------|
|  | • | declines in the market prices of stocks generally, particularly those of residential construction; |
|--|---------|----------------------------------------------------------------------------------------------------|
|  | • | strategic actions by us or our competitors; |
|--|---------|---------------------------------------------|
|  | • | announcements by us, our competitors or our strategic partners of significant contracts, new products, acquisitions, joint marketing relationships, joint ventures or other unconsolidated entities, other              strategic relationships, or capital commitments; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | changes in general economic or market conditions or trends in our industry or the economy as a whole and, in particular, in the residential construction environment; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | changes in business or regulatory conditions; |
|--|---------|-----------------------------------------------|
|  | • | future sales of our Class A common stock or other securities; |
|--|---------|---------------------------------------------------------------|
|  | • | investor perceptions of the investment opportunity associated with our Class A common stock relative to other investment alternatives; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the public’s response to press releases or other public announcements or filings by us or third parties, including filings with the SEC; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | announcements relating to litigation or governmental investigations; |
|--|---------|----------------------------------------------------------------------|
|  | • | guidance, if any, that we provide to the public, any changes in this guidance, or our failure to meet this guidance; |
|--|---------|----------------------------------------------------------------------------------------------------------------------|
|  | • | the ongoing development and sustainability of an active trading market for our stock; |
|--|---------|---------------------------------------------------------------------------------------|
|  | • | changes in accounting principles; and |
|--|---------|---------------------------------------|
|  | • | other events or factors, including those resulting from system failures and disruptions, natural or man-made disasters, extreme weather events, war, acts of terrorism, an outbreak of highly infectious or              contagious diseases, such as COVID-19, or responses to these events. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

|  | • | the ability of our board of directors to issue one or more series of preferred stock without stockholder approval; |
|--|---------|--------------------------------------------------------------------------------------------------------------------|
|  | • | at any time prior to the Sunset Date, our stockholders may take action by consent without a meeting, and from and after the occurrence of the Sunset Date, our stockholders may not take action by consent without              a meeting, but may only take action at a meeting of stockholders; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | vacancies on our board of directors will be able to be filled only by our board of directors and not by stockholders; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------|
|  | • | advance notice procedures apply for stockholders to nominate candidates for election as directors or to bring matters before an annual meeting of stockholders; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | at any time prior to the Sunset Date, the Secretary (or other officer or our board of directors) at the request of any Continuing Equity Owner owning at least 5% of the voting power of all of the then              outstanding shares of capital stock entitled to vote thereon may call a special meeting of stockholders, and from and after the occurrence of the Sunset Date, our stockholders will be unable to call a special meeting of stockholders; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | no cumulative voting in the election of directors; |
|--|---------|----------------------------------------------------|
|  | • | prior to the Sunset Date, directors may be removed at any time with or without cause upon the affirmative vote of the holders of a majority of the voting power of our outstanding shares of capital stock              entitled to vote thereon, and from and after the occurrence of the Sunset Date, directors may be removed with or without cause and only upon the affirmative vote of holders of at least 66 2/3% of the voting power of our outstanding shares of              capital stock entitled to vote thereon; and |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | that certain provisions of amended and restated certificate of incorporation may be amended only by the affirmative vote of holder of at least 66 2/3% of the voting power of our then-outstanding capital stock              entitled to vote thereon. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

|  | • | the last day of its fiscal year following the fifth anniversary of the date of its initial public offering of common equity securities; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the last day of its fiscal year in which it has annual gross revenue of $1.235 billion or more; |
|--|---------|-------------------------------------------------------------------------------------------------|
|  | • | the date on which it has, during the previous three-year period, issued more than $1 billion in nonconvertible debt; and |
|--|---------|--------------------------------------------------------------------------------------------------------------------------|
|  | • | the date on which it is deemed to be a “large accelerated filer,” which will occur at such time as we (i) have an aggregate worldwide market value of common equity securities held by non-affiliates of $700              million or more as of the last business day of its most recently completed second fiscal quarter, (ii) have been required to file annual and quarterly reports under the Exchange, for a period of at least 12 months, and (iii) have filed at              least one annual report pursuant to the Exchange Act. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | not be required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act; |
|--|---------|------------------------------------------------------------------------------------------------------------------|
|  | • | not be required to hold a nonbinding advisory stockholder vote on executive compensation pursuant to Section 14A(a) of the Exchange Act; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | not be required to seek stockholder approval of any golden parachute payments not previously approved pursuant to Section 14A(b) of the Exchange Act; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | be exempt from the requirement of the Public Company Accounting Oversight Board (the “PCAOB”) regarding the communication of critical audit matters in the auditor’s report on the financial statements; and |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | be subject to reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

|  | • | general market conditions, including inflation and rising interest rates; |
|--|---------|---------------------------------------------------------------------------|
|  | • | the market’s perception of our growth potential; |
|--|---------|--------------------------------------------------------|
|  | • | with respect to acquisition and/or development financing, the market’s perception of the value of the land parcels to be acquired and/or developed; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | our current debt levels; |
|--|---------|--------------------------|
|  | • | our current and expected future earnings; |
|--|---------|-------------------------------------------|
|  | • | our cash flow; and |
|--|---------|--------------------|
|  | • | the market price per share of our Class A common stock. |
|--|---------|---------------------------------------------------------|

----

 Table of contents

----

 Table of contents

| Item 1B. | Unresolved Staff Comments. |
|----------|----------------------------|
| Item 1C. | Cybersecurity. |
|----------|----------------|
|   | • | a risk assessment designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | the use of external service providers, where appropriate, to assess, test, or otherwise assist with aspects of our security controls and cybersecurity awareness training; and |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | cybersecurity awareness training of our employees, incident response personnel, and senior management. |
|--------|---------|--------------------------------------------------------------------------------------------------------|
| Item 2. | Properties. |
|---------|-------------|
| Item 3. | Legal Proceedings. |
|---------|--------------------|
| Item 4. | Mine Safety Disclosures. |
|---------|--------------------------|

----

 Table of contents

| Item 5. | Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
|---------|---------------------------------------------------------------------------------------------------------------------|
| Item 6. | [Reserved]. |
|---------|-------------|

----

 Table of contents

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
|---------|----------------------------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

----

 Table of contents

| Year ended December 31,                       |   | 2023   |    |   | 2022   |     |    | Year over year change |   |
|-----------------------------------------------|--------|--------|---------|--------|--------|----------|---------|-----------------------|--------|
|                                          |   | Amount |    |   | Amount |     |    | Amount                |   |   | Percent |   |
| Consolidated Statements of Income Data:       |   |   |    |   |   |     |    |                  |   |   |   |   |
| Home closing revenue                          |   | $      | 764,631 |   |   | $        | 755,353 |                  |   | $ | 9,278 |   |   |   | 1.2 | % |
| Cost of home closings                         |   |   | 548,304 |   |   |     | 532,599 |                  |   |   | 15,705 |   |   |   | 2.9 | % |
| Home closing gross profit                     |   |   | 216,327 |   |   |     | 222,754 |                  |   |   | (6,427 | ) |   |   | (2.9 | )% |
| Selling, general, and administrative costs    |   |   | 92,442  |   |   |     | 83,006  |                  |   |   | 9,436 |   |   |   | 11.4 | % |
| Equity in income from unconsolidated entities |   |   | (934    | )      |   |     | (1,120  | )                     |   |   | 186 |   |   |   | (16.6 | )% |
| Interest expense                              |   |   | 1,658   |   |   |     | 997     |                  |   |   | 661 |   |   |   | 66.3 | % |
| Other income, net                             |   |   | (19     | )      |   |     | (573    | )                     |   |   | 554 |   |   |   | (96.7 | )% |
| Net income                                    |   | $      | 123,180 |   |   | $        | 140,444 |                  |   | $ | (17,264 | ) |   |   | (12.3 | )% |
| Other operating data (unaudited):             |   |   |    |   |   |     |    |                  |   |   |   |   |   |   |   |   |
| Home closings                                 |   |   | 2,297   |   |   |     | 2,200   |                  |   |   | 97 |   |   |   | 4.4 | % |
| ASP of homes closed                           |   | $      | 333     |   |   | $        | 343     |                  |   | $ | (10 | ) |   |   | (2.9 | )% |
| Net new home orders                           |   |   | 2,368   |   |   |     | 1,928   |                  |   |   | 440 |   |   |   | 22.8 | % |
| Contract value of net new home orders         |   | $      | 792,224 |   |   | $​ | 667,530 |                  |   | $ | 124,694 |   |   |   | 18.7 | % |
| ASP of net new home orders                    |   | $      | 335     |   |   | $​ | 346     |                  |   | $ | (11 | ) |   |   | (3.2 | )% |
| Cancellation rate(1)                          |   |   | 10.5    | %      |   |     | 10.9    | %                     |   |   | (0.4 | ) |   |   | (3.7 | )% |
| Backlog homes (period end)(2)                 |   |   | 912     |   |   |     | 771     |                  |   |   | 141 |   |   |   | 18.3 | % |
| Contract value of backlog homes (period end)  |   | $      | 310,714 |   |   | $        | 258,718 |                  |   | $ | 51,996 |   |   |   | 20.1 | % |
| ASP of backlog homes (period end)             |   | $      | 341     |   |   | $        | 336     |                  |   | $ | 5 |   |   |   | 1.5 | % |
| Active communities (period end)(3)            |   |   | 69      |   |   |     | 53      |                  |   |   | 16 |   |   |   | 30.2 | % |
| Controlled lots:                              |   |   |    |   |   |     |    |                  |   |   |   |   |   |   |   |   |
| Homes under construction                      |   |   | 796     |   |   |     | 623     |                  |   |   | 173 |   |   |   | 27.8 | % |
| Owned lots                                    |   |   | 524     |   |   |     | 342     |                  |   |   | 182 |   |   |   | 53.2 | % |
| Optioned lots                                 |   |   | 11,501  |   |   |     | 7,848   |                  |   |   | 3,653 |   |   |   | 46.5 | % |
| Total controlled lots                         |   |   | 12,821  |   |   |     | 8,813   |                  |   |   | 4,008 |   |   |   | 45.5 | % |

| 1. | The cancellation rate is the total number of cancellations during the period divided by the total gross new home orders during the period. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Backlog homes (period end) is the number of homes in backlog from the previous period plus the number of net new home orders generated during the current period minus the number of homes closed during the              current period. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3. | A community becomes active once the model is completed or the community has its first sale. A community becomes inactive when it has fewer than two homes remaining to sell. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

| Year ended December 31, |   | 2023                |    |   | 2022         |   |
|-------------------------|--------|---------------------|---------|--------|--------------|--------|
|                         |   | Home closingrevenue |    |   | Homeclosings |   |   | ASP ofhomesclosed |   |   | Home closingrevenue |   |   | Homeclosings |   | ASP ofhomesclosed |   |
| Alabama                 |   | $                   | 116,124 |   |         |   | 396 |   |   | $ | 293 |   |   | $ | 96,660 |   |   |   | 338 |   |   | $ | 286 |   |
| Atlanta                 |   |                | 331,178 |   |         |   | 1,016 |   |   |   | 326 |   |   |   | 332,102 |   |   |   | 1,016 |   |   |   | 327 |   |
| Charlotte               |   |                | 58,991  |   |         |   | 162 |   |   |   | 364 |   |   |   | 89,310 |   |   |   | 223 |   |   |   | 400 |   |
| Houston                 |   |                | 30,661  |   |         |   | 94 |   |   |   | 326 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Nashville               |   |                | 108,071 |   |         |   | 297 |   |   |   | 364 |   |   |   | 120,243 |   |   |   | 307 |   |   |   | 392 |   |
| Raleigh                 |   |                | 119,606 |   |         |   | 332 |   |   |   | 360 |   |   |   | 117,038 |   |   |   | 316 |   |   |   | 370 |   |
| Total                   |   | $                   | 764,631 |   |         |   | 2,297 |   |   | $ | 333 |   |   | $ | 755,353 |   |   |   | 2,200 |   |   | $ | 343 |   |

----

 Table of contents

| As of December 31, |   | 2023         |   |   | 2022                         |   |    | Year over year change |   |
|--------------------|--------|--------------|--------|--------|------------------------------|--------|---------|-----------------------|--------|
|               |   | Backloghomes |   |   | Contractvalue ofbackloghomes |   |    | ASP ofbackloghomes    |   |   | Backloghomes |   |   | Contractvalue ofbackloghomes |   |   | ASP ofbackloghomes |   |   | Backloghomes |   |   | Contractvalue ofbackloghomes |   |   | ASP ofbackloghomes |   |
| Alabama            |   |         | 188    |   |                         | $      | 57,423  |                  |   | $ | 305 |   |   |   | 90 |   |   | $ | 27,398 |   |   | $ | 304 |   |   |   | 98 |   |   | $ | 30,025 |   |   | $ | 1 |   |
| Atlanta            |   |         | 331    |   |                         |   | 114,607 |                  |   |   | 346 |   |   |   | 385 |   |   |   | 119,854 |   |   |   | 311 |   |   |   | (54 | ) |   |   | (5,247 | ) |   |   | 35 |   |
| Charlotte          |   |         | 65     |   |                         |   | 24,888  |                  |   |   | 383 |   |   |   | 66 |   |   |   | 24,887 |   |   |   | 377 |   |   |   | (1 | ) |   |   | 1 |   |   |   | 6 |   |
| Houston            |   |         | 122    |   |                         |   | 40,679  |                  |   |   | 333 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 122 |   |   |   | 40,679 |   |   |   | 333 |   |
| Nashville          |   |         | 68     |   |                         |   | 24,206  |                  |   |   | 356 |   |   |   | 81 |   |   |   | 31,259 |   |   |   | 386 |   |   |   | (13 | ) |   |   | (7,053 | ) |   |   | (30 | ) |
| Raleigh            |   |         | 138    |   |                         |   | 48,911  |                  |   |   | 354 |   |   |   | 149 |   |   |   | 55,320 |   |   |   | 371 |   |   |   | (11 | ) |   |   | (6,409 | ) |   |   | (17 | ) |
| Total              |   |         | 912    |   |                         | $      | 310,714 |                  |   | $ | 341 |   |   |   | 771 |   |   | $ | 258,718 |   |   | $ | 336 |   |   |   | 141 |   |   | $ | 51,996 |   |   | $ | 5 |   |

----

 Table of contents

| Year ended December 31, |   | 2023   |    |   | 2022   |   |    | Year over year change |   |
|-------------------------|--------|--------|---------|--------|--------|--------|---------|-----------------------|--------|
| Alabama                 |   | $      | 12,596  |   |   | $      | 10,694  |                  |   | $ | 1,902 |   |
| Atlanta                 |   |   | 82,890  |   |   |   | 81,403  |                  |   |   | 1,487 |   |
| Charlotte               |   |   | 9,296   |   |   |   | 19,209  |                  |   |   | (9,913 | ) |
| Houston                 |   |   | 2,370   |   |   |   | — |                  |   |   | 2,370 |   |
| Nashville               |   |   | 16,901  |   |   |   | 24,914  |                  |   |   | (8,013 | ) |
| Raleigh                 |   |   | 25,372  |   |   |   | 28,819  |                  |   |   | (3,447 | ) |
| Segment total           |   |   | 149,425 |   |   |   | 165,039 |                  |   |   | (15,614 | ) |
| Corporate(1)            |   |   | (26,245 | )      |   |   | (24,595 | )                     |   |   | (1,650 | ) |
| Total                   |   | $      | 123,180 |   |   | $      | 140,444 |                  |   | $ | (17,264 | ) |

| (1) | 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. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

| Year ended December 31,(in thousands, except percentages)         |   | 2023​ |    |   | ​2022 |   |
|-------------------------------------------------------------------|--------|-------------|---------|--------|-------------|--------|
| Home closing revenue                                              |   | $           | 764,631 |   |        | $      | 755,353 |   |
| Cost of home closings                                             |   |        | 548,304 |   |        |   | 532,599 |   |
| Home closing gross profit(1)                                      |   | $           | 216,327 |   |        | $      | 222,754 |   |
| Capitalized interest charged to cost of home closings             |   |        | 2,514   |   |        |   | 2,757 |   |
| Purchase accounting adjustments included in cost of home closings |   |        | 1,467   |   |        |   | — |   |
| Adj. home closing gross profit                                    |   | $           | 220,308 |   |        | $      | 225,511 |   |
| Home closing gross margin(2)                                      |   |        | 28.3    | %      |        |   | 29.5 | % |
| Adj. home closing gross margin(2)                                 |   |        | 28.8    | %      |        |   | 29.9 | % |

| (1) | Home closing gross profit is home closing revenue less cost of home closings. |
|-----|-------------------------------------------------------------------------------|
| (2) | Calculated as a percentage of home closing revenue. |
|-----|-----------------------------------------------------|

----

 Table of contents

| Year ended December 31,(in thousands, except percentages) |   | 2023   |    |   | ​2022 |   |
|-----------------------------------------------------------|--------|--------|---------|--------|-------------|--------|
| Net income                                                |   | $      | 123,180 |   |        | $      | 140,444 |   |
| Tax-effected adjustments(1)                               |   |   | 30,795  |   |        |   | 35,111 |   |
| Adjusted net income                                       |   | $      | 92,385  |   |        | $      | 105,333 |   |

|  | (1) | For the year ended December 31, 2023 and 2022, our tax expenses assumes a 25% federal and state blended tax rate (assuming 100% public ownership to adjust for the impact of taxes on earnings attributable to              Smith Douglas Holdings LLC as if Smith Douglas Holdings LLC was a subchapter C corporation in the periods presented). |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Year ended December 31,(in thousands, except percentages) |   | 2023​ |    |   | ​2022 |   |
|-----------------------------------------------------------|--------|-------------|---------|--------|-------------|--------|
| Net income                                                |   | $           | 123,180 |   |        | $      | 140,444 |   |
| Capitalized interest charged to cost of home closings     |   |        | 2,514   |   |        |   | 2,757 |   |
| Interest expense                                          |   |        | 1,658   |   |        |   | 997 |   |
| Interest income                                           |   |        | (174    | )      |        |   | (92 | ) |
| Provision for income taxes                                |   |        | — |   |        |   | — |   |
| Depreciation                                              |   |        | 1,081   |   |        |   | 864 |   |
| EBITDA                                                    |   | $           | 128,259 |   |        | $      | 144,970 |   |
| Net income margin(1)                                      |   |        | 16.1    | %      |        |   | 18.6 | % |
| EBITDA margin(1)                                          |   |        | 16.8    | %      |        |   | 19.2 | % |

|  | (1) | Calculated as a percentage of home closing revenue. |
|--|-----|-----------------------------------------------------|

----

 Table of contents

|  | • | Total debt, less cash and cash equivalents, divided by |
|--|---------|--------------------------------------------------------|
|  | • | Total debt, less cash and cash equivalents, plus stockholders’ equity. |
|--|---------|------------------------------------------------------------------------------|

| Year ended December 31,(in thousands, except percentages) |   | 2023   |    |   | 2022   |   |
|-----------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Notes payable                                             |   | $      | 75,627  |   |   | $      | 15,000 |   |
| Members’ equity                                     |   |   | 208,903 |   |   |   | 164,511 |   |
| Total capitalization                                      |   | $      | 284,530 |   |   | $      | 179,511 |   |
| Debt-to-book capitalization                               |   |   | 26.6    | %      |   |   | 8.4 | % |
| Notes payable                                             |   | $      | 75,627  |   |   | $      | 15,000 |   |
| Less: cash and cash equivalents                           |   |   | 19,777  |   |   |   | 29,601 |   |
| Net debt                                                  |   |   | 55,850  |   |   |   | (14,601 | ) |
| Members’ equity                                     |   |   | 208,903 |   |   |   | 164,511 |   |
| Total net capitalization                                  |   | $      | 264,753 |   |   | $      | 149,910 |   |
| Net-debt-to-net book capitalization                       |   |   | 21.1    | %      |   |   | (9.7 | )% |

----

 Table of contents

----

 Table of contents

----

 Table of contents

| Year ended December 31,                              |   | 2023   |    |   | 2022   |   |
|------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Net cash provided by operating activities            |   | $      | 76,257  |   |   | $      | 132,095 |   |
| Net cash (used in)/provided by investing activities  |   |   | (76,832 | )      |   |   | 361 |   |
| Net cash used in financing activities                |   |   | (9,249  | )      |   |   | (128,195 | ) |
| Net (decrease) increase in cash and cash equivalents |   |   | (9,824  | )      |   |   | 4,261 |   |
| Cash and cash equivalents, beginning of year         |   |   | 29,601  |   |   |   | 25,340 |   |
| Cash and cash equivalents, end of year               |   | $      | 19,777  |   |   | $      | 29,601 |   |

----

 Table of contents

----

 Table of contents

----

 Table of contents

| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
|----------|-------------------------------------------------------------|

----

 Table of contents

| Item 8. | Financial Statements and Supplementary Data. |
|---------|----------------------------------------------|
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. |
|---------|---------------------------------------------------------------------------------------|
| Item 9A. | Controls and Procedures. |
|----------|--------------------------|
| Item 9B. | Other Information. |
|----------|--------------------|
|   | (a) | Disclosure in lieu of reporting on a Current Report on Form 8-K. |
|--------|-----|------------------------------------------------------------------|
|  | (b) | Insider Trading Arrangements and Policies. |
|--|-----|--------------------------------------------|
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. |
|----------|----------------------------------------------------------------------|

----

 Table of contents

| Item 10. | Directors, Executive Officers and Corporate Governance. |
|----------|---------------------------------------------------------|

| Name                    | ​ | Age | ​ | Position(s)                                                     |
|-------------------------|---------|-----|---------|-----------------------------------------------------------------|
| Thomas L. Bradbury      | ​ | 79  | ​ | Executive Chairman and Director                                 |
| Gregory S. Bennett      | ​ | 58  | ​ | President, Chief Executive Officer, Vice Chairman, and Director |
| Russell Devendorf       | ​ | 51  | ​ | Executive Vice President and Chief Financial Officer            |
| Brett A. Steele         | ​ | 54  | ​ | Vice President, General Counsel, and Secretary                  |
| Julie Bradbury          | ​ | 49  | ​ | Director                                                        |
| Jeffrey T. Jackson      | ​ | 58  | ​ | Director                                                        |
| Neil B. Wedewer         | ​ | 70  | ​ | Director                                                        |
| Neill B. Faucett        | ​ | 79  | ​ | Director                                                        |
| George Ervin Perdue III | ​ | 77  | ​ | Director                                                        |
| Janice E. Walker        | ​ | 51  | ​ | Director                                                        |

----

 Table of contents

----

 Table of contents

----

 Table of contents

| Item 11. | Executive Compensation. |
|----------|-------------------------|
|  | • | Gregory S. Bennett, President, Chief Executive Officer, & Vice Chairman; |
|--|---------|------------------------------------------------------------------------------|
|  | • | Russell Devendorf, Executive Vice President & Chief Financial Officer; and |
|--|---------|--------------------------------------------------------------------------------|
|  | • | Brett A. Steele, Vice President, General Counsel, & Secretary. |
|--|---------|--------------------------------------------------------------------|
| Name and Principal Position                             | Year |   | Salary($) |    |   | Bonus($)(1) |   |    | Non-EquityIncentive PlanCompensation($)(2) |   |   | All OtherCompensation($)(3) |   |   | Total($) |      |
|---------------------------------------------------------|------|--------|-----------|---------|--------|-------------|--------|---------|--------------------------------------------|--------|--------|-----------------------------|--------|--------|----------|-----------|
| Gregory S. Bennett                                      | 2023 |   |      | 250,000 |   |        |   | — |                                       |   |   | —                     |   |   |     | 1,841,703 |   |   |   | 2,091,703 |   |
| President, Chief Executive Officer, & Vice Chairman | 2022 |   |      | 250,000 |   |        |   | — |                                       |   |   | —                     |   |   |     | 1,131,617 |   |   |   | 1,381,617 |   |
| Russell Devendorf                                       | 2023 |   |      | 650,000 |   |        |   | 1,800   |                                       |   |   | 1,187,226                   |   |   |     | 14,161    |   |   |   | 1,853,187 |   |
| Executive Vice President & Chief Financial Officer  | 2022 |   |      | 650,000 |   |        |   | — |                                       |   |   | 740,602                     |   |   |     | 13,100    |   |   |   | 1,403,702 |   |
| Brett A. Steele                                         | 2023 |   |      | 270,000 |   |        |   | 1,800   |                                       |   |   | 260,417                     |   |   |     | 12,738    |   |   |   | 544,955 |   |
| Vice President, General Counsel, & Secretary        | 2022 |   |      | 251,125 |   |        |   | — |                                       |   |   | 194,583                     |   |   |     | 13,100    |   |   |   | 458,808 |   |

| (1) | Amount reflect one-time discretionary “holiday” ($1,200) and “tenure” ($600) cash bonuses paid to each of Messrs. Devendorf and Steele during 2023. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Amounts reflect annual cash incentive bonuses earned by, and long-term cash incentive bonuses paid to, Messrs. Devendorf and Steele with respect to the applicable year. We provide additional information regarding such bonuses in                        “—Narrative to Summary Compensation Table—2023 Cash Incentive Compensation” below. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Amounts reported for each of the named executive officers for 2023 include (i) safe harbor matching contributions made by us under our 401(k) plan ($10,000 for Mr. Bennett, $13,261 for Mr. Devendorf, and $11,838 for Mr.                          Steele); (ii) Company-paid reimbursement of cell phone expenses ($900 for each of Messrs. Bennett, Devendorf and Steele); (iii) the fair market value of a Company car gifted to Mr. Bennett ($21,031 for Mr. Bennett); (iv) the                          aggregate incremental cost to us of personal use of our aircraft ($59,772 for Mr. Bennett); and (v) non-pro rata distributions to Mr. Bennett in respect of his Class A units pursuant to our operating agreement ($1,750,000 for Mr.                          Bennett). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

| Named Executive Officer | Title                                                   |   | AnnualBase Salary($) |      |   | TargetAnnual Bonus($) |   |      | TargetLong-TermIncentiveAward($) |   |
|-------------------------|---------------------------------------------------------|--------|----------------------|-----------|--------|-----------------------|--------|-----------|----------------------------------|--------|
| Gregory S. Bennett      | President, Chief Executive Officer, & Vice Chairman |   | $                    | 1,000,000 |   |                  | $      | 3,000,000 |                             |   | $ | 2,000,000 |   |
| Russell Devendorf       | Executive Vice President & Chief Financial Officer  |   | $                    | 650,000   |   |                  | $      | 500,000   |                             |   | $ | 500,000 |   |
| Brett A. Steele         | Vice President, General Counsel, & Secretary        |   | $                    | 350,000   |   |                  | $      | 150,000   |                             |   | $ | 150,000 |   |

----

 Table of contents

| Name               |   | Fees Earned orPaid in Cash($) |   |   |      | All OtherCompensation($) |   |    |   | Total($)  |   |
|--------------------|--------|-------------------------------|--------|--------|-----------|--------------------------|--------|---------|--------|-----------|--------|
| Julie Bradbury     |   |                          | 75,000 |   |      |                     |   | — |   |      |   |   | 75,000 |   |
| Jeffrey T. Jackson |   |                          | 95,000 |   |      |                     |   | — |   |      |   |   | 95,000 |   |
| David McPherson    |   |                          | 37,500 |   | (1)  |                     |   | 550,900 |   | (2)  |   |   | 588,400 |   |
| Neil B. Wedewer    |   |                          | 75,000 |   |      |                     |   | — |   |      |   |   | 75,000 |   |
|  | • | Annual Retainer: $70,000 |
|--|---------|--------------------------|
|  | • | Lead Independent Director Retainer: $25,000 |
|--|---------|---------------------------------------------|
|  | • | Annual Committee Chair Retainer: $15,000 |
|--|---------|------------------------------------------|
|  | • | Annual Non-Chair Committee Member Retainer: $5,000 |
|--|---------|----------------------------------------------------|

----

 Table of contents

----

 Table of contents

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
|----------|-------------------------------------------------------------------------------------------------|

|  | • | each person known by us to beneficially own more than 5% of our Class A common stock or Class B common stock; |
|--|---------|---------------------------------------------------------------------------------------------------------------|
|  | • | each of our directors; |
|--|---------|------------------------|
|  | • | each of our named executive officers; and |
|--|---------|-------------------------------------------|
|  | • | all of our executive officers and directors as a group. |
|--|---------|---------------------------------------------------------|
|                                                            | Class A Common Stock Beneficially Owned(1) | Class B Common Stock Beneficially Owned | Combined VotingPower(2) |
|-----------------------------------------------------------------|--------------------------------------------|-----------------------------------------|-------------------------|
| Name of beneficial owner                                        | Number                                     | Percentage                              | Number                  | Percentage | Percentage |
| 5% Stockholders                                                 |
| Founder Fund(3)                                                 | —                                    | —                                 | 38,192,307              | 90.0% | 88.2% |
| GSB Holdings(4)                                                 | —                                    | —                                 | 4,243,590               | 10.0% | 9.8% |
| Kayne Anderson Rudnick Investment Management LLC(5)             | 1,406,243                                  | 15.9%                                   | —                 | — | * |
| Gilder Gagnon Howe & Co LLC(6)                              | 901,794                                    | 10.2%                                   | —                 | — | * |
| Named Executive Officers and Directors                          |
| Thomas L. Bradbury(3)                                           | —                                    | —                                 | 38,192,307              | 90.0% | 88.2% |
| Gregory S. Bennett(4)                                           | —                                    | —                                 | 4,243,590               | 10.0% | 9.8% |
| Russell Devendorf                                               | —                                    | —                                 | —                 | — | — |
| Brett A. Steele                                                 | 5,000                                      | *                                       | —                 | — | * |
| Julie Bradbury                                                  | —                                    | —                                 | —                 | — | — |
| Neill B. Faucett                                                | —                                    | —                                 | —                 | — | — |
| Jeffrey T. Jackson                                              | —                                    | —                                 | —                 | — | — |
| George E. “Sonny” Perdue III                        | —                                    | —                                 | —                 | — | — |
| Janice E. Walker                                                | —                                    | —                                 | —                 | — | — |
| Neil B. Wedewer                                                 | —                                    | —                                 | —                 | — | — |
| All directors and executive officers as a group (10 persons)(7) | 5,000                                      | *                                       | 42,435,897              | 100.0% | 98.0% |
| * | Represents beneficial ownership or combined voting power of less than 1%. |
|---|---------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

| Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
|----------|----------------------------------------------------------------------------|
| Participants(1) |   | LLC Interests purchased by us |      |   | Total purchase price |   |
|-----------------|--------|-------------------------------|-----------|--------|----------------------|--------|
| Founder Fund(2) |   |                          | 2,192,308 |   |                 | $      | 42,815,775 |   |
| GSB Holdings(3) |   |                          | 243,589   |   |                 | $      | 4,757,293 |   |

| (1) | Additional details regarding these stockholders and their equity holdings are provided in Part III, Item 12. Security Ownership of Certain Beneficial Owners and                        Management and Related Stockholder Matters—Security Ownership of Certain Beneficial Owners and Management. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Thomas Bradbury, our Executive Chairman of the board of directors, is co-trustee of Founder Fund. |
|-----|---------------------------------------------------------------------------------------------------|
| (3) | Gregory Bennett, our Chief Executive Officer, and Vice Chairman of our board of directors, is sole member and manager of GSB Holdings. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

|  | • | the timing of any future redemptions or exchanges—for instance, the increase in any tax deductions will vary depending on the fair value, which may fluctuate over time,                    of the depreciable or amortizable assets of Smith Douglas Holdings LLC at the time of each redemption, exchange, or distribution (or deemed distribution) as well as the amount of remaining existing tax basis at the time of such                    redemption, exchange, or distribution (or deemed distribution); |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the price of shares of our Class A common stock at the time of the purchases from the Continuing Equity Owners in connection with any applicable redemptions or exchanges—Basis                    Adjustments, as well as any related increase in any tax deductions, are directly related to the price of shares of our Class A common stock at the time of such purchases or future redemptions or exchanges; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the extent to which redemptions or exchanges are taxable—if a redemption or exchange is not taxable for any reason, increased tax deductions will not be available; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the extent to which such Basis Adjustments are immediately deductible—we may be permitted to immediately expense a portion of the Basis Adjustments (e.g., Basis                    Adjustments related to certain property and equipment that may be subject to accelerated depreciation methods) attributable to a redemption or exchange, which could significantly accelerate the timing of our realization of the                    associated tax benefits. Under the Smith Douglas LLC Agreement, the determination of whether to immediately expense such Basis Adjustments will be made in our sole discretion; and |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | the amount and timing of our income—the Tax Receivable Agreement generally requires us to pay 85% of the tax benefits as and when those benefits are treated as realized                    under the terms of the Tax Receivable Agreement. If we do not have sufficient taxable income to realize any of the applicable tax benefits, we generally are not required (absent a material breach of a material obligation under the Tax                    Receivable Agreement, change of control, or other circumstances requiring an early termination payment) to make payments under the Tax Receivable Agreement for that taxable year because no tax benefits will have been actually realized.                    However, any tax benefits that do not result in realized tax benefits in a given taxable year may generate tax attributes that may be utilized to generate tax benefits in previous or future taxable years. The utilization of any such tax                    attributes results in payments under the Tax Receivable Agreement. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

| Item 14.  | Principal Accountant Fees and Services. |
|----------------|-----------------------------------------|

| Fee Category  |   | 2023   |      |
|--------------------|--------|--------|-----------|
| Audit Fees         |   | $      | 1,895,889 |   |
| Audit-Related Fees |   |   | —   |   |
| Tax Fees           |   |   | 250,000   |   |
| All Other Fees     |   |   | —   |   |
| Total              |   | $      | 2,145,889 |   |

----

 Table of contents

| Item 15. | Exhibits and Financial Statement Schedules |
|----------|--------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Incorporated by Reference |   |             |
|---------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|--------|------------------|
| ExhibitNumber  |   | Exhibit Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Form                 |   | File No.    |   | Exhibit  |   | FilingDate  |   | Filed/FurnishedHerewith |
| 2.1†^         |   | Asset Purchase Agreement, dated July 31, 2023, by and among SDH Houston LLC, Devon Street Homes, L.P., Devon Street Homes G.P., L.L.C., and John Stephen Ray, The BRR 2022 Trust U/T/A dated April 20, 2022, The CAR 2022 Trust U/T/A                    dated April 20, 2022 and The TTR 2022 Trust U/T/A dated April 20, 2022                                                                                                                                                                                                       |   | S‐1                 |   | 333-274379       |   | 2.1 |   | 9/6/2023 |   |   |
| 3.1                 |   | Amended and Restated Certificate of Incorporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | S-8                       |   | 333-276503       |   | 4.1 |   | 1/12/2024 |   |   |
| 3.2                 |   | Amended and Restated Bylaws                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | S‐8                 |   | 333-276503       |   | 4.2 |   | 1/12/2024 |   |   |
| 4.1                 |   | Specimen Class A Common Stock Certificate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | S‐1                 |   | 333‐235874 |   | 4.1 |   | 9/6/2023 |   |   |
| 4.2                 |   | Description of Registrant’s Securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                      |   |             |   |   |   |   |   | * |
| 10.1†^        |   | Amended and Restated Credit Agreement, dated January 16, 2024, by and among Smith Douglas Building Services LLC, SDH Atlanta LLC, SDH Alabama LLC, SDH Nashville LLC, SDH Raleigh LLC, SDH Charlotte LLC; and SDH Houston LLC, the                    Lenders and their Assignees; Wells Fargo Bank, National Association, as Administrative Agent and Sole Bookrunner; Wells Fargo Bank, National Association, and BofA Securities, Inc., as Joint Lead Arrangers; and Bank of America, N.A. as                    Syndication Agent |   | 8-K                       |   | 001-41917        |   | 10.4 |   | 1/16/2024 |   |   |
| 10.2†^        |   | Tax Receivable Agreement, dated as of January 10, 2024, by and among Smith Douglas Homes Corp., Smith Douglas Holdings LLC and its Members                                                                                                                                                                                                                                                                                                                                                                                            |   | 8-K                       |   | 001-41917        |   | 10.2 |   | 1/16/2024 |   |   |
| 10.3†         |   | Amended and Restated Limited Liability Company Agreement of Smith Douglas Holdings LLC, dated as of January 10, 2024                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 8-K                       |   | 001-41917        |   | 10.1 |   | 1/16/2024 |   |   |
| 10.4†^        |   | Registration Rights Agreement, dated January 10, 2024, by and among Smith Douglas Homes Corp., Smith Douglas Holdings LLC and its Original Equity Owners                                                                                                                                                                                                                                                                                                                                                                              |   | 8-K                       |   | 001-41917        |   | 10.3 |   | 1/16/2024 |   |   |
| 10.5#               |   | Smith Douglas Homes Corp. 2024 Incentive Award Plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | S‐8                 |   | 333-276503       |   | 4.3 |   | 1/12/2024 |   |   |

----

 Table of contents

| 10.6#          |   | Form of Stock Option Grant Notice and Stock Option Agreement under the 2024 Incentive Award Plan                                                                    |   | S‐8   |   | 333-276503       |   | 4.4    |   | 1/12/2024  |   |   |
|----------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|------------------|--------|--------|--------|------------|--------|--------|
| 10.7#          |   | Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement under the 2024 Incentive Award Plan                                      |   | S‐8   |   | 333-276503       |   | 4.5    |   | 1/12/2024  |   |   |
| 10.8#          |   | Non-Employee Director Compensation Program                                                                                                                          |   | S‐1/A |   | 333‐235874 |   | 10.8   |   | 10/16/2023 |   |   |
| 10.9#          |   | Form of Indemnification Agreement with Directors and Executive Officers                                                                                             |   | S‐1/A |   | 333‐235874 |   | 10.9   |   | 10/16/2023 |   |   |
| 10.10#†^ |   | Employment Agreement, dated January 16, 2024 by and among Smith Douglas Homes Corp., Smith Douglas Holdings LLC, SDH Management Services LLC and Gregory S. Bennett |   | 8-K         |   | 001-41917        |   | 10.5   |   | 1/16/2024  |   |   |
| 10.11#†^ |   | Employment Agreement, dated January 16, 2024 by and among Smith Douglas Homes Corp., Smith Douglas Holdings LLC, SDH Management Services LLC and Russell Devendorf  |   | 8-K         |   | 001-41917        |   | 10.6   |   | 1/16/2024  |   |   |
| 10.12#†^ |   | Employment Agreement, dated January 16, 2024 by and among Smith Douglas Homes Corp., Smith Douglas Holdings LLC, SDH Management Services LLC and Brett A. Steele    |   | 8-K         |   | 001-41917        |   | 10.7   |   | 1/16/2024  |   |   |
| 21.1           |   | List of Subsidiaries                                                                                                                                                |   | S‐1   |   | 333-274379       |   | 21.1   |   | 9/6/2023   |   |   |
| 23.1           |   | Consent of Independent Registered Public Accounting Firm, as to Smith Douglas Homes Corp.                                                                           |   |        |   |             |   |   |   |       |   | *      |
| 23.2           |   | Consent of Independent Registered Public Accounting Firm, as to Smith Douglas Holdings LLC                                                                          |   |             |   |                  |   |        |   |            |   | *      |
| 31.1           |   | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer                                                                                                   |   |        |   |             |   |   |   |       |   | *      |
| 31.2           |   | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer                                                                                                   |   |        |   |             |   |   |   |       |   | *      |
| 32.1           |   | Section 1350 Certification of Chief Executive Officer                                                                                                               |   |        |   |             |   |   |   |       |   | **     |
| 32.2           |   | Section 1350 Certification of Chief Financial Officer                                                                                                               |   |        |   |             |   |   |   |       |   | **     |
| 97             |   | Policy for Recovery of Erroneously Awarded Compensation                                                                                                             |   |        |   |             |   |   |   |       |   | *      |

----

| Item 16. | Form 10‐K Summary. |
|----------|--------------------------|

----

 Table of contents

|                | Smith Douglas Homes Corp. |
|---------------------|---------------------------|
| Date: April 1, 2024 | By:                       | /s/ Gregory S. BennettGregory S. BennettPresident, Chief Executive Officer, Vice Chairman, and Director |
| Name                                         |   | Title                                                                                                            |   | Date          |
|----------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|--------|---------------|
| /s/ Gregory S. BennettGregory S. Bennett     |   | President, Chief Executive Officer,Vice Chairman, and Director(Principal Executive Officer)                      |   | April 1, 2024 |
|                                         |   |                                                                                                             |   |          |
| /s/ Russell DevendorfRussell Devendorf       |   | Executive Vice President andChief Financial Officer(Principal Financial Officer andPrincipal Accounting Officer) |   | April 1, 2024 |
|                                         |   |                                                                                                             |   |          |
| /s/ Thomas L. BradburyThomas L. Bradbury     |   | Executive Chairman and Director                                                                                  |   | April 1, 2024 |
|                                         |   |                                                                                                             |   |          |
| /s/ Julie BradburyJulie Bradbury             |   | Director                                                                                                         |   | April 1, 2024 |
|                                         |   |                                                                                                             |   |          |
| /s/ Neill B. FaucettNeill B. Faucett         |   | Director                                                                                                         |   | April 1, 2024 |
|                                         |   |                                                                                                             |   |          |
| /s/ Jeffrey T. JacksonJeffrey T. Jackson     |   | Director                                                                                                         |   | April 1, 2024 |
|                                         |   |                                                                                                             |   |          |
| /s/ George E. Perdue IIIGeorge E. Perdue III |   | Director                                                                                                         |   | April 1, 2024 |
|                                         |   |                                                                                                             |   |          |
| /s/ Janice E. WalkerJanice E. Walker         |   | Director                                                                                                         |   | April 1, 2024 |
|                                         |   |                                                                                                             |   |          |
| /s Neil B. WedewerNeil B. Wedewer       |   | Director                                                                                                         |   | April 1, 2024 |

----

 Table of contents

| Smith Douglas Homes Corp.                                                    | Page             |
|------------------------------------------------------------------------------|------------------|
| Financial Statements                                                         |             |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)       | F‐2        |
| Balance Sheets as of December 31, 2023 and June 20, 2023 (Date of Formation) | F‐3        |
| Notes to Balance Sheets                                                      | F‐4 to F-8 |

| Smith Douglas Holdings LLC                                                                      | Page               |
|-------------------------------------------------------------------------------------------------|--------------------|
| Consolidated Financial Statements                                                               |               |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)                          | F‐9          |
| Consolidated Balance Sheets as of December 31, 2023 and 2022                                    | F‐10         |
| Consolidated Statements of Income for the years ended December 31, 2023 and 2022                | F‐11         |
| Consolidated Statements of Members’ Equity for the years ended December 31, 2023 and 2022 | F‐12         |
| Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022            | F‐13         |
| Notes to Consolidated Financial Statements                                                      | F‐15 to F-40 |

----

 Table of contents

----

 Table of contents

----

|                                                                                                                                                                                             |   | December 31,                      2023 |    |   | June 20,                      2023 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|---------|--------|------------------------------------|--------|
|                                                                                                                                                                                             |   |                                   |    |   | (Date of Formation)                |   |
| Assets:                                                                                                                                                                                          |   |                                   |    |   |                               |   |
|                                                                                                                                                                                             |   |                                   |    |   |                               |   |
| Cash                                                                                                                                                                                             |   | $                                      | — |   |                               | $      | — |   |
| Contribution receivable                                                                                                                                                                          |   |                                   | — |   |                               |   | — |   |
| Total assets                                                                                                                                                                                     |   | $                                      | — |   |                               | $      | — |   |
|                                                                                                                                                                                             |   |                                   |    |   |                               |   |   |   |
| Commitments and contingencies (Note 4)                                                                                                                                                           |   |                                   |    |   |                               |   |   |   |
| Stockholder’s equity                                                                                                                                                                       |   |                                   |    |   |                               |   |   |   |
| Common stock, $0.0001 per share, 100 shares authorized, 100 and 0 shares issued and outstanding as of December 31, 2023 and June 20, 2023 (Date of Formation),                      respectively |   | $                                      | — |   |                               | $      | — |   |
| Total stockholder’s equity                                                                                                                                                                 |   | $                                      | — |   |                               | $      | — |   |

----

 Table of contents

----

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

 Table of contents

----

|                                             |   | December 31,   |    |
|--------------------------------------------------|--------|----------------|---------|
|                                             |   | 2023           |    |   | 2022 |   |
|                                             |   | (In thousands) |    |
| Assets:                                          |   |           |    |   |   |   |
| Cash and cash equivalents                        |   | $              | 19,777  |   |   | $ | 29,601 |   |
| Real estate inventory                            |   |           | 213,104 |   |   |   | 142,065 |   |
| Deposits on real estate under option or contract |   |           | 57,096  |   |   |   | 33,027 |   |
| Real estate not owned                            |   |           | 16,815  |   |   |   | 2,446 |   |
| Property and equipment, net                      |   |           | 1,543   |   |   |   | 1,306 |   |
| Goodwill                                         |   |           | 25,726  |   |   |  | — |   |
| Other assets                                     |   |           | 18,631  |   |   |   | 14,927 |   |
| Total assets                                     |   | $              | 352,692 |   |   | $ | 223,372 |   |
|                                                  |   |           |    |   |   |   |   |   |
| Liabilities:                                     |   |           |    |   |   |   |   |   |
| Accounts payable                                 |   | $              | 17,318  |   |   | $ | 10,935 |   |
| Customer deposits                                |   |           | 7,168   |   |   |   | 9,439 |   |
| Notes payable                                    |   |           | 75,627  |   |   |   | 15,000 |   |
| Liabilities related to real estate not owned     |   |           | 16,815  |   |   |   | 2,446 |   |
| Accrued expenses and other liabilities           |   |           | 26,861  |   |   |   | 21,041 |   |
| Total liabilities                                |   |           | 143,789 |   |   |   | 58,861 |   |
| Commitments and contingencies (Note 13)          |   |           |    |   |   |   |   |   |
| Members' equity                                  |   |           | 208,903 |   |   |   | 164,511 |   |
| Total liabilities and members' equity            |   | $              | 352,692 |   |   | $ | 223,372 |   |

----

 Table of contents

----

|                                          |   | Year ended December 31, |    |
|-----------------------------------------------|--------|-------------------------|---------|
|                                          |   | 2023                    |    |   | 2022 |   |
|                                          |   | (In thousands)          |    |
|                                          |   |                    |    |   |   |   |
| Home closing revenue                          |   | $                       | 764,631 |   |   | $ | 755,353 |   |
| Cost of home closings                         |   |                    | 548,304 |   |   |   | 532,599 |   |
| Home closing gross profit                     |   |                    | 216,327 |   |   |   | 222,754 |   |
|                                          |   |                    |    |   |   |   |   |   |
| Selling, general and administrative costs     |   |                    | 92,442  |   |   |   | 83,006 |   |
| Equity in income from unconsolidated entities |   |                    | (934    | ) |   |   | (1,120 | ) |
| Interest expense                              |   |                    | 1,658   |   |   |   | 997 |   |
| Other income, net                             |   |                    | (19     | ) |   |   | (573 | ) |
| Net income                                    |   | $                       | 123,180 |   |   | $ | 140,444 |   |

----

 Table of contents

----

|                      |   | Class A Units |    |   | Class C Units |    |    | Class D Units |    |   | TotalMembers' |   |
|---------------------------|--------|---------------|---------|--------|---------------|---------|---------|---------------|---------|--------|---------------|--------|
|                      |   | Units         |    |   | Amount        |    |    | Units         |    |   | Amount        |   |   | Units |   |   | Amount |   |   | Equity |   |
|                      |   |          |    |   |          |    |    |          |    |   |          |   |   |   |   |   |   |   |   |   |   |
| Balance December 31, 2021 |   |          | 111,111 |   |          | $       | 92,916  |          |    |   | 2,000         |   |   | $ | 2,000 |   |   |   | 600 |   |   | $ | 600 |   |   | $ | 95,516 |   |
| Distributions             |   | —       |    |   |          | (71,261 | )       |          | — |   |          |   | (80 | ) |   | — |   |   |   | (108 | ) |   |   | (71,449 | ) |
| Net income                |   | —       |    |   |          | 140,256 |    |          | — |   |          |   | 80 |   |   | — |   |   |   | 108 |   |   |   | 140,444 |   |
| Balance December 31, 2022 |   |          | 111,111 |   |          |    | 161,911 |          |    |   | 2,000         |   |   |   | 2,000 |   |   |   | 600 |   |   |   | 600 |   |   |   | 164,511 |   |
| Distributions             |   | —       |    |   |          | (78,600 | )       |          | — |   |          |   | (80 | ) |   | — |   |   |   | (108 | ) |   |   | (78,788 | ) |
| Net income                |   | —       |    |   |          | 122,992 |    |          | — |   |          |   | 80 |   |   | — |   |   |   | 108 |   |   |   | 123,180 |   |
| Balance December 31, 2023 |   |          | 111,111 |   |          | $       | 206,303 |          |    |   | 2,000         |   |   | $ | 2,000 |   |   |   | 600 |   |   | $ | 600 |   |   | $ | 208,903 |   |

----

 Table of contents

----

|                                                                              |   | Year Ended December 31, |    |
|-----------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                              |   | 2023                    |    |   | 2022 |   |
|                                                                              |   | (In thousands)          |    |
| Cash flows from operating activities:                                             |   |                    |    |   |   |   |
| Net income                                                                        |   | $                       | 123,180 |   |   | $ | 140,444 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                    |    |   |   |   |   |   |
| Depreciation                                                                      |   |                    | 1,081   |   |   |   | 864 |   |
| Accrued incentive compensation expense                                            |   |                    | 2,262   |   |   |   | 2,189 |   |
| Amortization of debt issuance costs                                               |   |                    | 679     |   |   |   | 616 |   |
| Equity in earnings from unconsolidated entities                                   |   |                    | (934    | ) |   |   | (1,120 | ) |
| Distributions of income from unconsolidated entities                              |   |                    | 941     |   |   |   | 1,046 |   |
| Noncash lease expense                                                             |   |                    | 489     |   |   |   | 439 |   |
| Other                                                                             |   |                    | 48      |   |   |   | 343 |   |
| Changes in assets and liabilities:                                                |   |                    |    |   |   |   |   |   |
| Real estate inventory                                                             |   |                    | (33,685 | ) |   |   | (3,499 | ) |
| Deposits on real estate under option or contract                                  |   |                    | (16,641 | ) |   |   | (8,590 | ) |
| Other assets                                                                      |   |                    | (4,560  | ) |   |   | (6,287 | ) |
| Accounts payable                                                                  |   |                    | 5,526   |   |   |   | 2,113 |   |
| Customer deposits                                                                 |   |                    | (2,452  | ) |   |   | (435 | ) |
| Accrued expenses and other liabilities                                            |   |                    | 323     |   |   |   | 3,972 |   |
| Net cash provided by operating activities                                         |   |                    | 76,257  |   |   |   | 132,095 |   |
|                                                                              |   |                    |    |   |   |   |   |   |
| Cash flows from investing activities:                                             |   |                    |    |   |   |   |   |   |
| Purchases of property and equipment                                               |   |                    | (1,308  | ) |   |   | (1,000 | ) |
| Distributions of capital from unconsolidated entities                             |   |                    | 320     |   |   |   | 1,330 |   |
| Acquisition of Devon Street                                                       |   |                    | (75,865 | ) |   |  | — |   |
| Other                                                                             |   |                    | 21      |   |   |   | 31 |   |
| Net cash (used in) provided by investing activities                               |   |                    | (76,832 | ) |   |   | 361 |   |
|                                                                              |   |                    |    |   |   |   |   |   |
| Cash flows from financing activities:                                             |   |                    |    |   |   |   |   |   |
| Borrowings under revolving credit facility                                        |   |                    | 150,000 |   |   |   | 40,000 |   |
| Repayments under revolving credit facility                                        |   |                    | (94,373 | ) |   |   | (97,000 | ) |
| Payments on notes payable                                                         |   |                    | (7      | ) |   |   | (33 | ) |
| Payments on notes payable ‐ related party                                   |   |                    | (365    | ) |   |   | (177 | ) |
| Proceeds from sales of real estate not owned                                      |   |                    | 23,917  |   |   |   | 9,146 |   |
| Payments related to repurchases of real estate not owned                          |   |                    | (9,548  | ) |   |   | (8,166 | ) |
| Distributions to members                                                          |   |                    | (78,788 | ) |   |   | (71,449 | ) |
| Payment of debt issuance costs                                                    |   |                    | (85     | ) |   |   | (516 | ) |
| Net cash used in financing activities                                             |   |                    | (9,249  | ) |   |   | (128,195 | ) |
|                                                                              |   |                    |    |   |   |   |   |   |
| Net (decrease) increase in cash and cash equivalents                              |   |                    | (9,824  | ) |   |   | 4,261 |   |
| Cash and cash equivalents, beginning of year                                      |   |                    | 29,601  |   |   |   | 25,340 |   |
| Cash and cash equivalents, end of year                                            |   | $                       | 19,777  |   |   | $ | 29,601 |   |

----

 Table of contents

----

|                                                                                     |   | Year Ended December 31, |    |
|------------------------------------------------------------------------------------------|--------|-------------------------|---------|
|                                                                                     |   | 2023                    |    |   | 2022 |   |
|                                                                                     |   | (In thousands)          |    |
| Supplemental Disclosure of Cash Flow Information:                                        |   |                    |    |   |   |   |
|                                                                                     |   |                    |    |   |   |   |
| Cash paid for interest, net of amounts capitalized                                       |   | $                       | 669     |   |   | $ | 398 |   |
|                                                                                     |   |                    |    |   |   |   |   |   |
| Right‐of‐use assets obtained in exchange for new operating lease liabilities |   | $                       | 230     |   |   | $ | 1,580 |   |
|                                                                                     |   |                    |    |   |   |   |   |   |
| Seller note payable and contingent consideration related to acquisition of Devon Street  |   | $                       | 8,000   |   |   |  $ | — |   |
|                                                                                     |   |                    |    |   |   |   |   |   |
| Real estate inventory distributed to the Company by unconsolidated entities              |   | $                       | — |   |   | $ | 615 |   |

----

 Table of contents

----

----

 Table of contents

----

 Table of contents

----

 Table of contents

|                                                              |   | 2023   |   |   | 2022   |   |
|-------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                              |   |   |   |   |   |   |
| Development reimbursement receivables from land bankers (Note 10) |   | $      | 10,550 |   |   | $      | 8,993 |   |
| Debt issuance costs, net of accumulated amortization              |   |   | 721    |   |   |   | 1,315 |   |
| Prepaid insurance and other expenses                              |   |   | 3,481  |   |   |   | 995 |   |
| Operating lease right‐of‐use assets                   |   |   | 1,789  |   |   |   | 2,048 |   |
| Other assets                                                      |   |   | 2,090  |   |   |   | 1,576 |   |
| Total other assets                                                |   | $      | 18,631 |   |   | $      | 14,927 |   |

----

 Table of contents

----

 Table of contents

----

 Table of contents

|                                                      |   | 2023   |    |   | 2022   |   |
|-----------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                      |   |   |    |   |   |   |
| Lots held for construction                                |   | $      | 32,184  |   |   | $      | 27,467 |   |
| Homes under construction, completed homes and model homes |   |   | 180,920 |   |   |   | 114,598 |   |
| Total real estate inventory                               |   | $      | 213,104 |   |   | $      | 142,065 |   |
|                                      |   | 2023   |   |   | 2022   |   |
|-------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                      |   |   |   |   |   |   |
| Capitalized interest, beginning of period |   | $      | 1,117  |   |   | $      | 1,017 |   |
| Interest incurred                         |   |   | 4,393  |   |   |   | 3,854 |   |
| Interest expensed                         |   |   | (1,658 | )      |   |   | (997 | ) |
| Interest charged to cost of home closings |   |   | (2,514 | )      |   |   | (2,757 | ) |
| Capitalized interest, end of period       |   | $      | 1,338  |   |   | $      | 1,117 |   |

----

 Table of contents

|                                            |   | 2023   |   |   | 2022   |   |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                            |   |   |   |   |   |   |
| Automobiles                                     |   | $      | 49     |   |   | $      | 311 |   |
| Airplanes                                       |   |   | 1,141  |   |   |   | 1,141 |   |
| Furniture and fixtures                          |   |   | 3,755  |   |   |   | 2,954 |   |
| Computer equipment                              |   |   | 40     |   |   |   | 40 |   |
|                                            |   |   | 4,985  |   |   |   | 4,446 |   |
| Less: Accumulated depreciation and amortization |   |   | (3,442 | )      |   |   | (3,140 | ) |
| Net property and equipment                      |   | $      | 1,543  |   |   | $      | 1,306 |   |

----

 Table of contents

| Year ending December 31, |   |   |   |
|--------------------------|--------|--------|--------|
| 2024                     |   | $      | 1,567  |   |
| 2025                     |   |   | 72,696 |   |
| 2026                     |   |   | 1,364  |   |
|                     |   | $      | 75,627 |   |
|                                                              |   | 2023   |   |   | 2022   |   |
|-------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                              |   |   |   |   |   |   |
| Payroll and related liabilities                                   |   | $      | 8,707  |   |   | $      | 8,486 |   |
| Accrued incentive compensation                                    |   |   | 1,842  |   |   |   | 4,528 |   |
| Warranty reserves                                                 |   |   | 2,839  |   |   |   | 2,071 |   |
| Lease liabilities                                                 |   |   | 1,837  |   |   |   | 2,077 |   |
| Due to related parties and notes payable – related party    |   |   | 938    |   |   |   | 1,316 |   |
| Accruals related to real estate development and other liabilities |   |   | 7,416  |   |   |   | 2,563 |   |
| Contingent consideration                                          |   |   | 3,282  |   |   |   | — |   |
| Total accrued expenses and other liabilities                      |   | $      | 26,861 |   |   | $      | 21,041 |   |

----

 Table of contents

|                                                                           |   | Year ended December 31, |   |
|--------------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                           |   | 2023                    |   |   | 2022 |   |
|                                                                           |   |                    |   |   |   |   |
| Balance, beginning of period                                                   |   | $                       | 2,071  |   |   | $ | 1,516 |   |
| Additions to reserves from new home closings                                   |   |                    | 1,445  |   |   |   | 1,509 |   |
| Estimated fair value of warranty liability assumed in Devon Street acquisition |   |                    | 203    |   |   |   | — |   |
| Warranty claims                                                                |   |                    | (620   | ) |   |   | (774 | ) |
| Adjustments to pre‐existing reserves                                     |   |                    | (260   | ) |   |   | (180 | ) |
| Balance, end of period                                                         |   | $                       | 2,839  |   |   | $ | 2,071 |   |

----

 Table of contents

|                             |   | Year Ended December 31, |   |
|----------------------------------|--------|-------------------------|--------|
|                             |   | 2023                    |   |   | 2022 |   |
|                             |   |                    |   |   |   |   |
| Operating leases costs           |   | $                       | 607    |   |   | $ | 528 |   |
| Variable lease costs - operating |   | $                       | 176    |   |   | $ | 166 |   |
|                                              |   | As of December 31, |   |
|---------------------------------------------------|--------|--------------------|--------|
|                                              |   | 2023               |   |   | 2022 |   |
|                                              |   |               |   |   |   |   |
| ROU assets                                        |   | $                  | 1,789  |   |   | $ | 2,048 |   |
| Lease liabilities                                 |   | $                  | 1,837  |   |   | $ | 2,077 |   |
| Weighted average remaining lease term (in months) |   |               | 49     |   |   |   | 61 |   |
| Weighted average discount rate                    |   |               | 6.40   | % |   |   | 6.01 | % |

----

 Table of contents

| Year ending December 31, |   |   |   |
|--------------------------|--------|--------|--------|
| 2024                     |   | $      | 581    |   |
| 2025                     |   |   | 473    |   |
| 2026                     |   |   | 412    |   |
| 2027                     |   |   | 368    |   |
| 2028                     |   |   | 251    |   |
| Total lease payments     |   |   | 2,085  |   |
| Less: imputed interest   |   |   | (248   | ) |
| Total lease liabilities  |   | $      | 1,837  |   |

----

 Table of contents

|                                          |   | December 31, 2023       |    |
|-----------------------------------------------|--------|-------------------------|---------|
|                                          |   | Deposits or Investments |    |   | Remaining Purchase Price |   |
|                                          |   |                    |    |   |   |   |
| Option contracts                              |   | $                       | 57,096  |   |   | $ | 652,074 |   |
| Option contracts with unconsolidated entities |   |                    | — |   |   |   | — |   |
| Total option contracts                        |   | $                       | 57,096  |   |   | $ | 652,074 |   |

----

 Table of contents

|                                          |   | December 31, 2022       |   |
|-----------------------------------------------|--------|-------------------------|--------|
|                                          |   | Deposits or Investments |   |   | Remaining Purchase Price |   |
|                                          |   |                    |   |   |   |   |
| Option contracts                              |   | $                       | 33,027 |   |   | $ | 420,136 |   |
| Option contracts with unconsolidated entities |   |                    | 319    |   |   |   | 3,145 |   |
| Total option contracts                        |   | $                       | 33,346 |   |   | $ | 423,281 |   |

----

 Table of contents

|  | • | First, to the holders of outstanding Class D Units (ratably based upon the number of Class D Units held by each) until such holders have received an amount equal to any unpaid Class D preferred distribution plus $1,000 for each                      outstanding Class D Unit; |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Second, if assets remain to be distributed, to the holders of outstanding Class C Units (ratably based upon the number of Class C Units held by each) until such holders have received an amount equal to any unpaid Class C preferred                      distribution plus $2,000,000; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | Then any assets remaining are distributed among Class A Unitholders. |
|--|---------|----------------------------------------------------------------------|

----

 Table of contents

|                                                   |   | Year Ended December 31, |   |
|--------------------------------------------------------|--------|-------------------------|--------|
|                                                   |   | 2023                    |   |   | 2022 |   |
|                                                   |   |                    |   |   |   |   |
| Operating lease costs (related party)                  |   | $                       | 347    |   |   | $ | 314 |   |
| Variable lease costs ‐ operating (related party) |   | $                       | 76     |   |   | $ | 73 |   |
| Year ending December 31,              |   |   |   |
|---------------------------------------|--------|--------|--------|
| 2024                                  |   | $      | 337    |   |
| 2025                                  |   |   | 347    |   |
| 2026                                  |   |   | 357    |   |
| 2027                                  |   |   | 368    |   |
| 2028                                  |   |   | 250    |   |
| Total lease payments                  |   |   | 1,659  |   |
| Less: imputed interest                |   |   | (225   | ) |
| Total lease liability (related party) |   | $      | 1,434  |   |

----

 Table of contents

----

 Table of contents

|                  |   | Year Ended December 31, |    |
|-----------------------|--------|-------------------------|---------|
|                  |   | 2023                    |    |   | 2022 |   |
|                  |   |                    |    |   |   |   |
| Home closing revenue: |   |                    |    |   |   |   |
| Alabama               |   | $                       | 116,124 |   |   | $ | 96,660 |   |
| Atlanta               |   |                    | 331,178 |   |   |   | 332,102 |   |
| Charlotte             |   |                    | 58,991  |   |   |   | 89,310 |   |
| Houston               |   |                    | 30,661  |   |   |   | — |   |
| Nashville             |   |                    | 108,071 |   |   |   | 120,243 |   |
| Raleigh               |   |                    | 119,606 |   |   |   | 117,038 |   |
| Total                 |   | $                       | 764,631 |   |   | $ | 755,353 |   |

----

 Table of contents

|               |   | Year Ended December 31, |    |
|--------------------|--------|-------------------------|---------|
|               |   | 2023                    |    |   | 2022 |   |
|               |   |                    |    |   |   |   |
| Net income (loss): |   |                    |    |   |   |   |
| Alabama            |   | $                       | 12,596  |   |   | $ | 10,694 |   |
| Atlanta            |   |                    | 82,890  |   |   |   | 81,403 |   |
| Charlotte          |   |                    | 9,296   |   |   |   | 19,209 |   |
| Houston            |   |                    | 2,370   |   |   |   | — |   |
| Nashville          |   |                    | 16,901  |   |   |   | 24,914 |   |
| Raleigh            |   |                    | 25,372  |   |   |   | 28,819 |   |
| Segment total      |   |                    | 149,425 |   |   |   | 165,039 |   |
| Corporate (1)      |   |                    | (26,245 | ) |   |   | (24,595 | ) |
| Total              |   | $                       | 123,180 |   |   | $ | 140,444 |   |
| (1) | 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |   | As of December 31, |    |
|---------------|--------|--------------------|---------|
|          |   | 2023               |    |   | 2022 |   |
|          |   |               |    |   |   |   |
| Assets:       |   |               |    |   |   |   |
| Alabama       |   | $                  | 61,433  |   |   | $ | 32,840 |   |
| Atlanta       |   |               | 86,647  |   |   |   | 83,343 |   |
| Charlotte     |   |               | 32,302  |   |   |   | 17,659 |   |
| Houston (1)   |   |               | 93,825  |   |   |   | — |   |
| Nashville     |   |               | 24,818  |   |   |   | 25,921 |   |
| Raleigh       |   |               | 28,897  |   |   |   | 28,900 |   |
| Segment total |   |               | 327,922 |   |   |   | 188,663 |   |
| Corporate (2) |   |               | 24,770  |   |   |   | 34,709 |   |
| Total         |   | $                  | 352,692 |   |   | $ | 223,372 |   |
| (1) | Balance includes goodwill of approximately $25.7 million resulting from the acquisition of Devon Street Homes, L.P. |
|-----|---------------------------------------------------------------------------------------------------------------------|
| (2) | Corporate primarily includes cash and cash equivalents, property and equipment, and other assets that are not allocated to the segments. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

| Cash consideration (1)                   |   | $      | 75,865 |   |
|------------------------------------------|--------|--------|--------|--------|
| Seller note payable                      |   |   | 5,000  |   |
| Contingent consideration (2)             |   |   | 3,000  |   |
| Total estimated consideration to be paid |   | $      | 83,865 |   |
| (1) | The cash consideration was funded by $3.9 million of cash on hand and $72.0 million of draws on the Company's Credit Facility. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|
| (2) | The contingent consideration represents management's preliminary estimate of the fair value of the future payment to be made to the former owner of Devon Street under the terms of                      the Gross Margin Earnout feature included in the executed Asset Purchase Agreement for the Devon Street acquisition. Per the terms of the Gross Margin Earnout feature, the seller is entitled to receive a one‐time payment in the first                      quarter of 2025 based on the newly established Houston division's gross margin (as defined) for the year ending December 31, 2024. The payout will be determined in accordance with the Gross Margin Calculation Payout Grid and ranges                      from a minimum of zero to a maximum of $5.0 million. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

| Real estate inventory                             |   | $      | 51,723 |   |
|---------------------------------------------------|--------|--------|--------|--------|
| Deposits of real estate under option or contracts |   |   | 7,438  |   |
| Property and equipment, net                       |   |   | 69     |   |
| Goodwill                                          |   |   | 25,726 |   |
| Other assets                                      |   |   | 324    |   |
| Accounts payable                                  |   |   | (857   | )      |
| Customer deposits                                 |   |   | (181   | )      |
| Accrued expenses and other liabilities            |   |   | (377   | )      |
| Fair value of consideration transferred           |   | $      | 83,865 |   |

----

 Table of contents

|                 |   | Pro Forma for the Year Ended December 31, |    |
|----------------------|--------|-------------------------------------------|---------|
|                 |   | 2023                                      |    |   | 2022 |   |
|                 |   | (In thousands)                            |    |
|                 |   |                                      |    |   |   |   |
| Home closing revenue |   | $                                         | 811,918 |   |   | $ | 863,241 |   |
| Net income           |   | $                                         | 125,073 |   |   | $ | 150,194 |   |
|  | • | Level 1 ‐ Valuation is based on quoted prices in active markets for identical assets and liabilities; |
|--|---------|-------------------------------------------------------------------------------------------------------------|
|  | • | 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; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | 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. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

 Table of contents

|                                         |   |                  |                                 | Fair Value (In Thousands) |   |
|----------------------------------------------|--------|----------------------------|--------------------------------------|---------------------------|--------|
|                                              |        |                            | December 31,     |
| Asset or Liability                           |   |  Fair Value Hierarchy |                                 | 2023                      |   |   | 2022 |   |
|                                         |   |                       |                                 |                      |   |   |   |   |
| Measured at fair value on a recurring basis: |   |                       |                                 |                      |   |   |   |   |
| Contingent consideration                     |   | Level 3                    |                                 | $                         | 3,282  |   |   | $ | — |   |
|                                         |   |                       |                                 |                      |   |   |   |   |   |   |
| Disclosed at fair value:                     |   |                       |                                 |                      |   |   |   |   |   |   |
| Borrowings under Credit Facility             |   | Level 2                    |                                 | $                         | 71,000 |   |   | $ | 15,000 |   |
| Seller note payable                          |   | Level 2                    |                                 | $                         | 4,627  |   |   | $ | — |   |

----

 Table of contents

----

 Table of contents

----

 Table of contents

----