| New Home Co. Completes Acquisition of Landsea Homes Corporation |
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| Establishes Top 25 National Homebuilder with Strong Foundation for Growth |
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| IRVINE, Calif., June 25, 2025 -- New Home Co. (“New Home”) and Landsea Homes Corporation |
| (“Landsea Homes”) today announced that New Home has completed the previously announced |
| acquisition of Landsea Homes. The transaction brings together two highly complementary, leading |
| homebuilders to create a privately-held, top-25 national homebuilder with a strong foundation for growth. |
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| The combined company will be led by Matthew Zaist, current President and Chief Executive Officer of |
| New Home. |
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| Mr. Zaist said: “We are pleased to complete this transaction, which marks an important next step in New |
| Home’s long-term growth strategy. With greater scale, market diversity and a shared focus on delivering |
| exceptional customer experiences, we are well positioned to further extend our platform and enhance our |
| offerings to homebuyers. We look forward to all that we will accomplish together.” |
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| Effective today, Landsea Homes’ common stock has been delisted from NASDAQ. Landsea Homes |
| shareholders are receiving $11.30 per share in cash for each share of Landsea Homes’ common stock |
| they owned, without interest and less any applicable withholding taxes. |
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| The acquisition was funded with proceeds from (i) an equity contribution from funds managed by affiliates |
| of Apollo (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), (ii) land banking capital from |
| Millrose Properties (NYSE: MRP) which is acquiring $522 million of homesites under option with New Home in connection with the transaction, and (iii) a senior notes offering by New Home. |
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| Advisors |
| J.P. Morgan Securities LLC, RBC Capital Markets, Vestra Advisors, and Wells Fargo served as financial |
| advisors to New Home. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to New |
| Home. |
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| Moelis & Company LLC acted as exclusive financial advisor to Landsea Homes. Latham & Watkins LLP |
| served as legal counsel to Landsea Homes. |
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| About New Home Co. |
| New Home Co. is a diversified asset-light homebuilder focused on the design, construction, and sale of |
| attainable, consumer-driven, attached and detached single-family homes targeting entry level and first |
| time move up buyers within high growth markets in the West, Central and Pacific Northwest regions. For |
| more information, visit www.newhomeco.com. |
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| About Landsea Homes |
| Landsea Homes is a residential homebuilder based in Dallas, Texas that designs and builds best-in-class |
| homes and sustainable master-planned communities in some of the nation's most desirable markets. |
| Landsea Homes has developed homes and communities in New York, Boston, New Jersey, Arizona, |
| Colorado, Florida, Texas and throughout California in Silicon Valley, Los Angeles, and Orange County. |
| Landsea Homes was honored as the Green Home Builder 2023 Builder of the Year, after being named |
| the 2022 winner of the prestigious Builder of the Year award, presented by BUILDER magazine, in |
| recognition of a historical year of transformation. |
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| About Apollo |
| Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to |
| provide our clients excess return at every point along the risk-reward spectrum from investment grade |
| credit to private equity. For more than three decades, our investing expertise across our fully integrated |
| platform has served the financial return needs of our clients and provided businesses with innovative |
| capital solutions for growth. Through Athene, our retirement services business, we specialize in helping |
| clients achieve financial security by providing a suite of retirement savings products and acting as a |
| solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns |
| our clients, businesses we invest in, our employees, and the communities we impact, to expand |
| opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion |
| of assets under management. To learn more, please visit www.apollo.com. |
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| Forward-Looking Statements |
| This communication includes forward-looking statements which reflect management’s current views |
| and estimates with respect to certain current and future events. The words “anticipate”, “assume”, “believe”, |
| “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “imply”, “intend”, “may”, “outlook”, |
| “plan”, “potential”, “predict”, “project”, and similar terms and phrases are intended to identify forward- |
| looking statements, although not all forward-looking statements contain these identifying words. No |
| assurance can be provided to investors that future developments affecting New Home or Landsea Homes |
| will be those that have been anticipated. Actual results may differ materially from these expectations due |
| to potential litigation and/or regulatory action relating to the acquisition; the risk that the anticipated |
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benefits of the acquisition may not be fully realized or may take longer to realize than expected; the effect
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of the acquisition on New Home’s or Landsea Homes’ business relationships with employees, customers
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or suppliers, operating results and business generally; unexpected costs, charges or expenses resulting
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from the acquisition; the impact of legislative, regulatory, economic, competitive and technological
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changes; unknown liabilities and uncertainties regarding general economic, business, competitive, legal,
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regulatory, tax and geopolitical conditions; and other risks and uncertainties. If one or more of these risks
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or uncertainties materialize, or if any of the assumptions prove incorrect, the actual results of New Home
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or Landsea Homes may vary in material respects from those projected in these forward-looking
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statements. Any forward-looking statement made in this communication speaks only as of the date
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hereof. Factors or events that could cause New Home’s or Landsea Homes’ actual results to differ may
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emerge from time to time, and it is not possible to predict all of them. Neither New Home nor Landsea
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Homes undertakes, and New Home and Landsea Homes specifically disclaim any obligation to publicly
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update or revise any forward-looking statement, whether as a result of new information, future
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developments or otherwise, except as may be required by any applicable securities laws.
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Contacts:
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New Home
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Investors:
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Robert Irwin
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(949) 382-7838
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Investorrelations@newhomeco.com
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Media:
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Tim Ragones / Kate Thompson
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Joele Frank, Wilkinson Brimmer Katcher
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(212) 355-4449
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Landsea Homes
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Investors:
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Drew Mackintosh, CFA
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Mackintosh Investor Relations, LLC
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(310) 924-9036
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drew@mackintoshir.com
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Media:
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Annie Noebel
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Cornerstone Communications
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(949) 449-2527
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Anoebel@cornerstonecomms.com
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Apollo
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Investors:
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Noah Gunn
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Global Head of Investor Relations
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(212) 822-0540
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IR@apollo.com
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Media:
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Joanna Rose
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Global Head of Corporate Communications
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(212) 822-0491
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Communications@apollo.com
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