Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows - (Unaudited)

v3.23.3
Consolidated Statements of Cash Flows - (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 19,472,000 $ 49,196,000
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 3,778,000 4,445,000
Loss on remeasurement of warrant liability 0 7,315,000
Real estate inventories impairment 4,700,000 0
Stock-based compensation 2,249,000 2,780,000
Loss on extinguishment or forgiveness of debt 0 2,496,000
Abandoned project costs 745,000 324,000
Write-off of offering costs 436,000 0
Deferred taxes (10,000) (2,217,000)
Changes in operating assets and liabilities:    
Cash held in escrow 6,145,000 (3,111,000)
Real estate inventories (64,666,000) (99,397,000)
Due from affiliates (491,000) (715,000)
Other assets 31,790,000 (46,887,000)
Accounts payable (2,159,000) 2,284,000
Accrued expenses and other liabilities 123,000 287,000
Net cash provided by (used in) operating activities 2,112,000 (83,200,000)
Cash flows from investing activities:    
Purchases of property and equipment (5,530,000) (4,062,000)
Distributions of capital from unconsolidated joint ventures 0 578,000
Payments for business acquisition, net of cash acquired 0 (258,727,000)
Net cash used in investing activities (5,530,000) (262,211,000)
Cash flows from financing activities:    
Borrowings from notes and other debts payable 482,500,000 361,910,000
Repayments of notes and other debts payable (429,300,000) (240,526,000)
Cash paid for shares withheld for taxes (695,000) (848,000)
Payment for buyback of warrants 0 (16,500,000)
Proceeds from exercise of stock options 37,000 0
Repurchases of common stock (21,160,000) (40,200,000)
Contributions from noncontrolling interests 0 55,000,000
Distributions to noncontrolling interests (8,583,000) (3,072,000)
Deferred offering costs paid (224,000) 0
Debt issuance and extinguishment costs paid (9,300,000) (3,414,000)
Net cash provided by financing activities 13,275,000 112,350,000
Net decrease in cash, cash equivalents, and restricted cash 9,857,000 (233,061,000)
Cash, cash equivalents, and restricted cash at beginning of period 123,634,000 343,253,000
Cash, cash equivalents, and restricted cash at end of period $ 133,491,000 $ 110,192,000