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, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 3,969 $ 9,989
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 3,170 2,557
Real estate inventories impairment 0 4,700
Stock-based compensation 1,543 1,370
Loss on modification of debt 5,180 0
Abandoned project costs 1,954 312
Write-off of offering costs 0 436
Deferred taxes 264 346
Changes in operating assets and liabilities:    
Cash held in escrow 25,020 15,197
Real estate inventories (47,760) (35,138)
Due from affiliates (221) (366)
Other assets (3,606) 2,104
Accounts payable 15,030 (1,547)
Accrued expenses and other liabilities (4,142) (11,374)
Net cash provided by (used in) operating activities 401 (11,414)
Cash flows from investing activities:    
Purchases of property and equipment (3,619) (3,571)
Payments for business acquisition, net of cash acquired (235,043) 0
Net cash used in investing activities (238,662) (3,571)
Cash flows from financing activities:    
Borrowings from notes, other debts payable, and other liabilities 473,047 190,000
Repayments of notes, other debts payable, and other liabilities (240,545) (214,300)
Cash paid for shares withheld for taxes (1,299) (695)
Proceeds from exercise of stock options 976 0
Repurchases of common stock (6,452) (7,476)
Distributions to noncontrolling interests (14,150) (1,845)
Deferred offering costs paid (2,324) (147)
Debt issuance and modification costs paid (8,397) 0
Net cash provided by (used in) financing activities 200,856 (34,463)
Net decrease in cash and cash equivalents (37,405) (49,448)
Cash and cash equivalents at beginning of period 119,555 123,634
Cash and cash equivalents at end of period $ 82,150 $ 74,186