$SDHC

Smith Douglas Homes Corp.

CIK:0001982518|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Home closing revenue	$ 273,026	$ 223,924	$ 479,470	$ 448,646
Cost of home closings	225,105	171,985	391,098	343,177
Home closing gross profit	47,921	51,939	88,372	105,469
Selling, general and administrative costs	41,914	34,702	77,826	67,701
Equity in income from unconsolidated entities	(786)	(598)	(1,313)	(817)
Interest expense	640	772	1,488	1,438
Other expense (income), net	4,285	(116)	4,188	401
Income before income taxes	1,868	17,179	6,183	36,746
Provision for income taxes	100	744	353	1,601
Net income	1,768	16,435	5,830	35,145
Net income attributable to non-controlling interests	1,522	14,070	5,019	30,097
Net income attributable to Smith Douglas Homes Corp.	$ 246	$ 2,365	$ 811	$ 5,048
Earnings per share:
Basic (in dollars per share)	$ 0.03	$ 0.26	$ 0.09	$ 0.56
Diluted (in dollars per share)	$ 0.03	$ 0.26	$ 0.09	$ 0.55
Weighted average shares of common stock outstanding:
Basic (in shares)	8,380,647	8,998,470	8,698,043	8,983,328
Diluted (in shares)	8,380,647	8,998,470	8,698,043	9,160,922

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 5,830	$ 35,145
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	1,772	1,066
Accrued incentive compensation expense	489	384
Share-based payment expense	2,744	1,581
Abandonment of lot option contracts	4,490	716
Impairment of real estate inventory	4,074	642
Amortization of debt issuance costs	406	456
Equity in earnings from unconsolidated entities	(1,313)	(817)
Distributions of income from unconsolidated entities	1,327	747
Non-cash lease expense	277	388
Provision for deferred income taxes	54	263
Other	(13)	(10)
Changes in assets and liabilities:
Real estate inventory	(32,853)	(63,953)
Deposits on real estate under option or contract	(5,015)	(30,062)
Other assets	(5,815)	677
Accounts payable	25,005	(1,411)
Customer deposits	2,919	602
Accrued expenses and other liabilities	472	(10,261)
Net cash provided by (used in) operating activities	4,850	(63,847)
Cash flows from investing activities:
Purchases of property and equipment	(1,139)	(3,156)
Investments in unconsolidated entities	(25)	(1,086)
Other	12	17
Net cash used in investing activities	(1,152)	(4,225)
Cash flows from financing activities:
Borrowings under revolving credit facility	131,000	149,000
Repayments under revolving credit facility	(108,000)	(80,100)
Payments on notes payable	(908)	(832)
Payments on notes payable - related party	(259)	(40)
Proceeds from sales of real estate not owned	12,300	27,115
Payments related to repurchases of real estate not owned	(16,100)	(6,818)
Distributions	(8,934)	(23,621)
Payment of debt issuance costs	(100)	(2,218)
Payments of shares withheld for taxes	(648)	0
TRA payments	(475)	0
Share repurchases	(10,115)	0
Net cash (used in) provided by financing activities	(2,239)	62,486
Net increase (decrease) in cash and cash equivalents	1,459	(5,586)
Cash and cash equivalents, beginning of period	12,741	22,363
Cash and cash equivalents, end of period	14,200	16,777
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest, net of amounts capitalized	950	629
Cash paid for income taxes	964	1,331
Right-of-use assets obtained in exchange for new operating lease liabilities	929	574
Nonrelated Party
Supplemental Disclosure of Cash Flow Information:
Capital expenditures financed by issuance of related party note payable	118	0
Related Party
Supplemental Disclosure of Cash Flow Information:
Capital expenditures financed by issuance of related party note payable	$ 0	$ 3,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 14,200	$ 12,741
Real estate inventory	331,216	298,637
Deposits on real estate under option or contract	139,288	138,763
Real estate not owned	24,251	28,051
Property and equipment, net	9,206	9,720
Goodwill	25,726	25,726
Deferred tax asset, net	9,612	9,666
Other assets	38,603	34,289
Total assets	592,102	557,593
Liabilities:
Accounts payable	26,943	1,938
Customer deposits	6,027	3,108
Notes payable	66,026	44,075
Liabilities related to real estate not owned	24,251	28,051
Accrued expenses and other liabilities	26,517	26,428
Tax receivable agreement liability	9,382	9,857
Total liabilities	159,146	113,457
Commitments and contingencies (Note 9)
Equity:
Preferred stock	0	0
Additional paid-in capital	62,122	60,610
Retained earnings	26,924	26,113
Treasury stock, at cost	(9,588)	0
Total stockholders’ equity attributable to Smith Douglas Homes Corp.	79,463	86,728
Non-controlling interests attributable to Smith Douglas Holdings LLC	353,493	357,408
Total equity	432,956	444,136
Total liabilities and equity	592,102	557,593
Class A Common Stock
Equity:
Common stock	1	1
Class B Common Stock
Equity:
Common stock	$ 4	$ 4