Annual report pursuant to Section 13 and 15(d)

Subsequent Events

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Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
During January 2024, the Company entered into a Membership Interest Purchase Agreement (the “Membership Interest Purchase Agreement”) with Antares Acquisition, LLC (“Antares”), a Texas-based homebuilder, and the sellers named therein, to acquire all of the outstanding membership interests of Antares for an aggregate cash purchase price of $185.0 million, exclusive of the repayment of Antares debt and subject to certain post-closing adjustments, as further described in the Membership Interest Purchase Agreement (the “Antares Acquisition”). The Membership Interest Purchase Agreement was amended in February 2024 (the “Amendment”) to, among other things, make certain adjustments to the Antares Acquisition’s outside date. The foregoing descriptions of the Membership Interest Purchase Agreement and the Amendment are not complete and are qualified in their entirety by reference to the full text of each of the Membership Interest Purchase Agreement and the Amendment, which are attached to this Annual Report as Exhibits 10.14 and 10.15, respectively, and are incorporated herein by reference.
The Company expects to fund the Antares Acquisition with a combination of cash on hand and borrowings under the Company’s line of credit facility. The Company has paid total deposits of $20.5 million for the Antares Acquisition. The Company is targeting to close on the Antares Acquisition during the second quarter of 2024, subject to customary closing conditions.