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
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 734 $ 4,123
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,320 1,418
Stock-based compensation 678 (361)
Abandoned project costs 256 115
Deferred taxes (183) 580
Changes in operating assets and liabilities:    
Cash held in escrow 30,631 14,341
Real estate inventories (50,929) 13,184
Due from affiliates (114) (307)
Other assets (20,298) (2,232)
Accounts payable 10,738 (11,972)
Accrued expenses and other liabilities (6,068) (13,412)
Net cash (used in) provided by operating activities (33,235) 5,477
Cash flows from investing activities:    
Purchases of property and equipment (1,907) (1,563)
Net cash used in investing activities (1,907) (1,563)
Cash flows from financing activities:    
Borrowings from notes, other debts payable, and other liabilities 117,654 175,000
Repayments of notes, other debts payable, and other liabilities (65,000) (164,300)
Cash paid for shares withheld for taxes (675) (550)
Proceeds from exercise of stock options 736 0
Repurchases of common stock (6,452) 0
Distributions to noncontrolling interests (6,793) (913)
Deferred offering costs paid (2,324) 0
Debt issuance and extinguishment costs paid (67) 0
Net cash provided by financing activities 37,079 9,237
Net increase in cash and cash equivalents 1,937 13,151
Cash and cash equivalents at beginning of period 119,555 123,634
Cash and cash equivalents at end of period $ 121,492 $ 136,785