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
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 15,360 $ 19,472
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 5,299 3,778
Real estate inventories impairment 800 4,700
Stock-based compensation 2,521 2,249
Loss on modification of debt 5,180 0
Abandoned project costs 1,902 745
Write-off of offering costs 0 436
Deferred taxes 233 (10)
Changes in operating assets and liabilities:    
Cash held in escrow 45,037 6,145
Real estate inventories (108,264) (64,666)
Due from affiliates (1,081) (491)
Other assets 6,776 31,790
Accounts payable 15,482 (2,159)
Accrued expenses and other liabilities (7,459) 123
Net cash (used in) provided by operating activities (18,214) 2,112
Cash flows from investing activities:    
Purchases of property and equipment (5,087) (5,530)
Payments for business acquisition, net of cash acquired (235,043) 0
Net cash used in investing activities (240,130) (5,530)
Cash flows from financing activities:    
Borrowings from notes, other debts payable, and other liabilities 547,947 482,500
Repayments of notes, other debts payable, and other liabilities (340,690) (429,300)
Cash paid for shares withheld for taxes (1,299) (695)
Proceeds from exercise of stock options 1,056 37
Repurchases of common stock (6,452) (21,160)
Distributions to noncontrolling interests (18,459) (8,583)
Deferred offering costs paid (2,719) (224)
Debt issuance and modification costs paid (8,397) (9,300)
Net cash provided by financing activities 170,987 13,275
Net decrease in cash and cash equivalents (87,357) 9,857
Cash and cash equivalents at beginning of period 119,555 123,634
Cash and cash equivalents at end of period $ 32,198 $ 133,491