Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows - (Unaudited)

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Consolidated Statements of Cash Flows - (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 9,989 $ 27,915
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 2,557 3,063
Loss on remeasurement of warrant liability 0 7,315
Real estate inventories impairment 4,700 0
Stock-based compensation 1,370 1,871
Loss on extinguishment or forgiveness of debt 0 2,496
Abandoned project costs 312 210
Write-off of offering costs 436 0
Deferred taxes 346 965
Changes in operating assets and liabilities:    
Cash held in escrow 15,197 (595)
Real estate inventories (35,138) (55,419)
Due from affiliates (366) (415)
Other assets 2,104 (32,716)
Accounts payable (1,547) 5,389
Accrued expenses and other liabilities (11,374) (8,035)
Net cash used in operating activities (11,414) (47,956)
Cash flows from investing activities:    
Purchases of property and equipment (3,571) (3,228)
Distributions of capital from unconsolidated joint ventures 0 578
Payments for business acquisition, net of cash acquired 0 (258,727)
Net cash used in investing activities (3,571) (261,377)
Cash flows from financing activities:    
Borrowings from notes and other debts payable 190,000 216,613
Repayments of notes and other debts payable (214,300) (145,229)
Cash paid for shares withheld for taxes (695) (848)
Payment for buyback of warrants 0 (16,500)
Repurchases of common stock (7,476) (40,200)
Contributions from noncontrolling interests 0 55,000
Distributions to noncontrolling interests (1,845) 0
Deferred offering costs paid (147) 0
Debt issuance and extinguishment costs paid 0 (3,075)
Net cash (used in) provided by financing activities (34,463) 65,761
Net decrease in cash, cash equivalents, and restricted cash (49,448) (243,572)
Cash, cash equivalents, and restricted cash at beginning of period 123,634 343,253
Cash, cash equivalents, and restricted cash at end of period $ 74,186 $ 99,681