UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

August 14, 2024
Date of Report (Date of earliest event reported)

Smith Douglas Homes Corp.
(Exact name of registrant as specified in its charter)


Delaware
001-41917
93-1969003
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

110 Village Trail, Suite 215
Woodstock, Georgia 30188
(Address of principal executive offices) (Zip Code)
 
(770) 213-8067
(Registrant’s telephone number, including area code)
 
N/A
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol
Name of each exchange on which registered
Class A common stock, $0.0001 par value per share
SDHC
The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item 2.02.
Results of Operations and Financial Condition.
 
On August 14, 2024, Smith Douglas Homes Corp. (the “Company”) announced its financial results for the three and six months ended June 30, 2024. The full text of the press release issued by the Company in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K (the “Current Report”).

The information contained in Item 2.02 of this Current Report (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly provided by specific reference in such a filing.

Item 9.01.
Financial Statements and Exhibits.

(d) Exhibits

The following exhibit relates to Item 2.02 and shall be deemed to be furnished, and not filed:

Exhibit
No.
  
Description
 
Press release dated August 14, 2024
104
  
Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 14, 2024
SMITH DOUGLAS HOMES CORP.




By:
/s/ Russell Devendorf


Russell Devendorf


Executive Vice President and Chief Financial Officer


Exhibit 99.1

 
Smith Douglas Homes Reports Second Quarter 2024 Results
 
ATLANTA, August 14, 2024 (Business Wire) – Smith Douglas Homes Corp. (NYSE: SDHC) (“Smith Douglas” or the “Company”) today announced second quarter results for the three and six months ended June 30, 2024.

Q2 2024 Results as compared to Q2 2023:

 •
Net new orders increased 17% to 715

•
Home closings increased 17% to 653

•
Revenue increased 22% to $220.9 million

•
Pre-tax income of $25.9 million

•
Earnings of $0.40 per diluted share

•
Backlog homes increased 19% to 1,173

•
Sales value of backlog homes increased 23% to $404.7 million

•
Debt-to-book capitalization of 1.1%

•
Active community count increased 70% to 75 at quarter end

•
Total controlled lots increased 81% to 15,842

Greg Bennett, Vice Chairman and Chief Executive Officer, commented, “Despite ongoing affordability challenges for our homebuyers, we have achieved another robust financial quarter due to our team’s unwavering commitment to operational excellence, combined with strong market demand. Our success is highlighted by a 17% year-over-year increase in closings and delivering above industry average gross margins of 26.7% for the quarter, which resulted in a pretax income of $25.9 million.”

Russ Devendorf, Executive Vice President and Chief Financial Officer added, “During the quarter we have continued our prudent capital deployment in support of growth while maintaining our disciplined commitment to our land light strategy.  We grew our total controlled lot position by 12% for the quarter, with 96% of our unstarted controlled lots being controlled via option agreement.  We ended the quarter with over $17 million of cash, nearly $345 million of stockholder’s equity and zero borrowings under our credit facility, resulting in a net-debt-to-net book capitalization of (4.1)%.”

1
Conference Call & Webcast Information
Management will host a conference call to discuss the Company’s results at 8:30 a.m. Eastern Time on August 14, 2024. Interested parties can dial in using the numbers below or access the call via a webcast link provided in the investor relations section of the company’s website.

Dial-in Numbers:
Toll Free - North America (+1) 800-715-9871
International: (+1) 646-307-1963
Conference ID: 9762287

Replay Numbers:
Toll Free - North America: (+1) 800-770-2030
Playback Passcode: 9762287
Replay will expire 7 days following the event

About Smith Douglas Homes
Headquartered in Woodstock, Georgia, Smith Douglas Homes completed its initial public offering in January 2024. Since its inception, Smith Douglas has been entrusted by over 15,000 families to fulfill their new home dreams. Ranked a top 50 builder nationally for several years and with 2,297 closings in 2023, Smith Douglas currently holds the #36 position on the Builder Magazine Top 100 list. The Smith Douglas communities are primarily targeted to entry-level and empty-nest homebuyers looking to purchase a new home priced below the Federal Housing Administration loan limit in the metro areas of Atlanta, Birmingham, Charlotte, Chattanooga, Houston, Huntsville, Nashville, and Raleigh. Smith Douglas offers its homebuyers a personalized, affordable-luxury buying experience at attractive prices.

Investor Relations
Joe Thomas
908-399-5413
investors@smithdouglas.com

2
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the Company’s performance, growth, strategic opportunities, and financial position. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on management’s current estimates and expectations. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

3
Smith Douglas Homes
Condensed Consolidated Statements of Income
(Unaudited, in thousands, except share and per share amounts)

             
   
Three months ended June 30,
    
Six months ended June 30,
  
   
2024
    
2023
    
2024
    
2023
  
Home closing revenue
  
$
220,933
    
$
181,522
    
$
410,142
    
$
349,666
  
Cost of home closings
    
161,875
      
128,824
      
301,624
      
248,435
  
Home closing gross profit
    
59,058
      
52,698
      
108,518
      
101,231
  
                                 
Selling, general and administrative costs
    
31,809
      
21,928
      
59,350
      
41,722
  
Equity in income from unconsolidated entities
    
(220
)
    
(226
)
    
(404
)
    
(436
)
Interest expense
    
591
      
301
      
1,289
      
546
  
Other expense (income), net
    
1,012
      
(46
)
    
1,010
      
(168
)
Income before income taxes
    
25,866
      
30,741
      
47,273
      
59,567
  
Provision for income taxes
    
1,132
       -      
2,053
       -  
Net income
    
24,734
    
$
30,741
      
45,220
    
$
59,567
  
Net income attributable to non-controlling interests and LLC members prior to IPO
    
21,088
              
38,602
          
Net income attributable to Smith Douglas Homes Corp.
  
$
3,646
            
$
6,618
          


 
Three months ended
June 30, 2024
    
Period from January 11,
2024 to June 30, 2024
  
Earnings per share:
            
Basic
  
$
0.41
    
$
0.75
  
Diluted
  
$
0.40
    
$
0.74
  
Weighted average shares of common stock outstanding:
                
Basic
    
8,846,154
      
8,846,154
  
Diluted
    
51,431,974
      
51,414,509
  

4
Smith Douglas Homes
Condensed Consolidated Balance Sheets

   
June 30,
2024
    
December 31,
2023
  
    (unaudited)        
Assets
            
Cash and cash equivalents
  
$
17,298
    
$
19,777
  
Real estate inventory
    
266,553
      
213,104
  
Deposits on real estate under option or contract
    
66,253
      
57,096
  
Real estate not owned
    
13,635
      
16,815
  
Property and equipment, net
    
3,351
      
1,543
  
Goodwill
    
25,726
      
25,726
  
Deferred tax asset, net
    
10,934
       -  
Other assets
    
25,504
      
18,631
  
Total assets
  
$
429,254
    
$
352,692
  
Liabilities and Stockholders’/Members’ Equity
                
Liabilities:
                
Accounts payable
  
$
21,458
    
$
17,318
  
Customer deposits
    
9,543
      
7,168
  
Notes payable
    
3,859
      
75,627
  
Liabilities related to real estate not owned
    
13,635
      
16,815
  
Accrued expenses and other liabilities
    
25,799
      
26,861
  
Tax receivable agreement liability
    
10,401
       -  
Total liabilities
    
84,695
      
143,789
  
Commitments and contingencies (Note 9)
                
Members’ equity:
                
Class A units
     -      
206,303
  
Class C units
     -      
2,000
  
Class D units
     -      
600
  
Total members’ equity
     -      
208,903
  
Stockholders’ equity:
                
Preferred stock, $0.0001 par value – 10,000,000 shares authorized; none issued and outstanding as of June 30, 2024
     -       -  
Class A common stock, $0.0001 par value – 250,000,000 shares authorized; 8,846,154 shares issued and outstanding as of June 30, 2024
    
1
       -  
Class B common stock, $0.0001 par value – 100,000,000 shares authorized; 42,435,897 shares issued and outstanding as of June 30, 2024
    
4
      
-
  
Additional paid-in capital
    
55,776
       -  
Retained earnings
    
6,321
      
-
  
Total stockholders’ equity attributable to Smith Douglas Homes Corp.
    
62,102
      
-
  
Non-controlling interests attributable to Smith Douglas Holdings LLC
    
282,457
      
-
  
Total members’/stockholders’ equity
    
344,559
      
208,903
  
Total liabilities and stockholders’/members’ equity
  
$
429,254
    
$
352,692
  

5
Smith Douglas Homes
Summary Cash Flow Information
(Unaudited, dollars in thousands)
 
Six months ended June 30,
  
2024
    
2023
  
Net cash (used in) provided by operating activities
  
$
(9,234
)
  
$
35,902
  
Net cash used in investing activities
    
(3,153
)
    
(180
)
Net cash provided by (used in) financing activities
    
9,908
      
(53,931
)
Net decrease in cash and cash equivalents
    
(2,479
)
    
(18,209
)
Cash and cash equivalents, beginning of period
    
19,777
      
29,601
  
Cash and cash equivalents, end of period
  
$
17,298
    
$
11,392
  

Smith Douglas Homes
Selected Other Operating Data
(Unaudited, dollars in thousands)
 
   
Three months ended June 30,
    
Six months ended June 30,
  
   
2024
    
2023
    
2024
    
2023
  
Home closings
    
653
      
560
      
1,219
      
1,060
  
ASP of homes closed
  
$
338
    
$
324
    
$
336
    
$
330
  
Net new home orders
    
715
      
612
      
1,480
      
1,276
  
Contract value of net new home orders
  
$
243,842
    
$
206,130
    
$
503,282
    
$
421,248
  
ASP of net new home orders
  
$
341
    
$
337
    
$
340
    
$
330
  
Cancellation rate(1)
    
11.8
%
    
8.7
%
    
11.2
%
    
8.8
%
Backlog homes (period end)(2)
    
1,173
      
985
      
1,173
      
985
  
Contract value of backlog homes (period end)
  
$
404,750
    
$
330,258
    
$
404,750
    
$
330,258
  
ASP of backlog homes (period end)
  
$
345
    
$
335
    
$
345
    
$
335
  
Active communities (period end)(3)
    
75
      
44
      
75
      
44
  
Controlled lots (period end):
                                
Homes under construction
    
1,088
      
706
      
1,088
      
706
  
Owned lots
    
587
      
405
      
587
      
405
  
Optioned lots
    
14,167
      
7,659
      
14,167
      
7,659
  
Total controlled lots
    
15,842
      
8,770
      
15,842
      
8,770
  
(1)
The cancellation rate is the total number of cancellations during the period divided by the total gross new home orders during the period.
(2)
Backlog homes (period end) is the number of homes in backlog from the previous period plus the number of net new home orders generated during the current period minus the number of homes closed during the current period.
(3)
A community becomes active once the model is completed or the community has its first sale. A community becomes inactive when it has fewer than two homes remaining to sell.

6
Smith Douglas Homes
Selected Financial Information by Segment
(Unaudited, dollars in thousands)
 
Home Closing Revenue

Three months
ended June 30,
  
2024
    
2023
    
Period over period change
  
   
Home closing
revenue
    
Home
closings
    
ASP of
homes closed
    
Home closing
revenue
    
Home
closings
    
ASP of
homes closed
    
Home closing
revenue
    
Home
closings
    
ASP of
homes closed
  
Alabama
  
$
43,585
      
145
    
$
301
    
$
18,800
      
66
    
$
285
      
132
%
    
120
%
    
6
%
Atlanta
    
80,220
      
231
      
347
      
94,104
      
302
      
312
      
(15
)%
    
(24
)%
    
11
%
Charlotte
    
15,352
      
43
      
357
      
14,369
      
40
      
359
      
7
%
    
8
%
    
(1
)%
Houston
    
31,248
      
95
      
329
      
—
      
—
      
—
      
100
%
    
100
%
    
100
%
Nashville
    
21,707
      
58
      
374
      
28,019
      
79
      
355
      
(23
)%
    
(27
)%
    
6
%
Raleigh
    
28,821
      
81
      
356
      
26,230
      
73
      
359
      
10
%
    
11
%
    
(1
)%
Total
  
$
220,933
      
653
    
$
338
    
$
181,522
      
560
    
$
324
      
22
%
    
17
%
    
4
%

Six months
ended June 30,
  
2024
    
2023
    
Period over period change
  
   
Home closing
revenue
    
Home
closings
    
ASP of
homes closed
    
Home closing
revenue
    
Home
closings
    
ASP of
homes closed
    
Home closing
revenue
    
Home
closings
    
ASP of
homes closed
  
Alabama
  
$
83,240
      
277
    
$
301
    
$
42,867
      
147
    
$
292
      
94
%
    
88
%
    
3
%
Atlanta
    
142,840
      
414
      
345
      
170,278
      
537
      
317
      
(16
)%
    
(23
)%
    
9
%
Charlotte
    
28,816
      
77
      
374
      
26,871
      
73
      
368
      
7
%
    
5
%
    
2
%
Houston
    
55,278
      
169
      
327
      
—
      
—
      
—
      
100
%
    
100
%
    
100
%
Nashville
    
43,737
      
121
      
361
      
51,908
      
144
      
360
      
(16
)%
    
(16
)%
    
—
%
Raleigh
    
56,231
      
161
      
349
      
57,742
      
159
      
363
      
(3
)%
    
1
%
    
(4
)%
Total
  
$
410,142
      
1,219
    
$
336
    
$
349,666
      
1,060
    
$
330
      
17
%
    
15
%
    
2
%

Backlog

As of June 30,
  
2024
    
2023
    
Period over period change
  
   
Backlog
homes
    
Contract
value of
backlog
homes
    
ASP of
backlog
homes
    
Backlog
homes
    
Contract
value of
backlog
homes
    
ASP of
backlog
homes
    
Backlog
homes
    
Contract
value of
backlog
homes
    
ASP of
backlog
homes
  
Alabama
    
169
    
$
50,122
    
$
297
      
246
    
$
73,028
    
$
297
      
(31
)%
    
(31
)%
    
—
%
Atlanta
    
492
      
170,724
      
347
      
374
      
125,606
      
336
      
32
%
    
36
%
    
3
%
Charlotte
    
121
      
49,498
      
409
      
70
      
25,035
      
358
      
73
%
    
98
%
    
14
%
Houston
    
200
      
64,445
      
322
      
—
      
—
      
—
      
100
%
    
100
%
    
100
%
Nashville
    
52
      
20,681
      
398
      
129
      
47,346
      
367
      
(60
)%
    
(56
)%
    
8
%
Raleigh
    
139
      
49,280
      
355
      
166
      
59,243
      
357
      
(16
)%
    
(17
)%
    
(1
)%
Total
    
1,173
    
$
404,750
    
$
345
      
985
    
$
330,258
    
$
335
      
19
%
    
23
%
    
3
%

7
Controlled Lots

As of June 30,
  
2024
    
2023
    
Period over period change
  
   
Owned(1)
    
Optioned
    
Total Controlled
    
Owned(1)
    
Optioned
    
Total Controlled
    
Owned(1)
    
Optioned
    
Total Controlled
  
Alabama
    
355
      
1,420
      
1,775
      
315
      
1,483
      
1,798
      
13
%
    
(4
)%
    
(1
)%
Atlanta
    
485
      
7,457
      
7,942
      
338
      
3,384
      
3,722
      
43
%
    
120
%
    
113
%
Charlotte
    
144
      
2,021
      
2,165
      
81
      
1,127
      
1,208
      
78
%
    
79
%
    
79
%
Houston
    
384
      
1,390
      
1,774
      
—
      
—
      
—
      
100
%
    
100
%
    
100
%
Nashville
    
93
      
820
      
913
      
207
      
662
      
869
      
(55
)%
    
24
%
    
5
%
Raleigh
    
214
      
1,059
      
1,273
      
170
      
1,003
      
1,173
      
26
%
    
6
%
    
9
%
Total
    
1,675
      
14,167
      
15,842
      
1,111
      
7,659
      
8,770
      
51
%
    
85
%
    
81
%
(1)
Includes homes under construction and owned lots.

Net Income

   
Three months ended June 30,
    
Six months ended June 30,
  
   
2024
    
2023
    
Period over period change
    
2024
    
2023
    
Period over period change
  
Alabama
  
$
5,559
    
$
1,435
    
$
4,124
    
$
10,163
    
$
3,676
    
$
6,487
  
Atlanta
    
18,012
      
23,379
      
(5,367
)
    
32,583
      
42,928
      
(10,345
)
Charlotte
    
2,380
      
2,380
      
—
      
4,004
      
4,313
      
(309
)
Houston
    
3,446
      
—
      
3,446
      
6,812
      
—
      
6,812
  
Nashville
    
2,789
      
4,501
      
(1,712
)
    
5,102
      
7,732
      
(2,630
)
Raleigh
    
5,207
      
5,615
      
(408
)
    
10,017
      
12,846
      
(2,829
)
Segment total
    
37,393
      
37,310
      
83
      
68,681
      
71,495
      
(2,814
)
Corporate(1)
    
(12,659
)
    
(6,569
)
    
(6,090
)
    
(23,461
)
    
(11,928
)
    
(11,533
)
Total
  
$
24,734
    
$
30,741
    
$
(6,007
)
  
$
45,220
    
$
59,567
    
$
(14,347
)
(1)
Corporate primarily includes corporate overhead costs, such as payroll and benefits, business insurance, information technology, office costs, outside professional services and travel costs, and certain other amounts that are not allocated to the reportable segments.

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), this press release includes net-debt-to-net book capitalization and adjusted net income.

Net-debt-to-net book capitalization

Net-debt-to-net book capitalization is a supplemental measure of our leverage that is not required by, or presented in accordance with, GAAP and should not be considered as an alternative to debt-to-book capitalization or any other measure derived in accordance with GAAP. We caution investors that amounts presented in accordance with our definition of net-debt-to-net book capitalization may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate this non-GAAP financial measure in the same manner. We present this non-GAAP financial measure because we consider it to be an important supplemental measure of our leverage and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry.

8
We define net-debt-to-net book capitalization as:


 •
Total debt, less cash and cash equivalents, divided by

•
Total debt, less cash and cash equivalents, plus stockholders’ equity.

This non-GAAP financial measure has limitations as an analytical tool in that it subtracts cash and cash equivalents and therefore may imply that the Company has less debt than the most comparable measure determined in accordance with GAAP. Because of this limitation, this non-GAAP financial measure should be considered along with other financial measures presented in accordance with GAAP. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We have reconciled this non-GAAP financial measure with the most directly comparable GAAP financial measure in the following table:

As of
(in thousands, except percentages)
  
June 30,
2024
    
December 31,
2023
  
Notes payable
  
$
3,859
    
$
75,627
  
Stockholders’/ Members’ equity
    
344,559
      
208,903
  
Total capitalization
  
$
348,418
    
$
284,530
  
Debt-to-book capitalization
    
1.1
%
    
26.6
%
Notes payable
  
$
3,859
    
$
75,627
  
Less: cash and cash equivalents
    
17,298
      
19,777
  
Net debt
    
(13,439
)
    
55,850
  
Stockholders’/ Members’ equity
    
344,559
      
208,903
  
Total net capitalization
  
$
331,120
    
$
264,753
  
Net-debt-to-net book capitalization
    
(4.1
)%
    
21.1
%

Adjusted net income

Adjusted net income is not a measure of net income or net income margin as determined by GAAP. Adjusted net income is a supplemental non-GAAP financial measure used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies. We define adjusted net income as net income adjusted for the tax impact using a 25.0% federal and state blended tax rate (assuming 100% public ownership to adjust for the impact of taxes on earnings attributable to Smith Douglas Holdings LLC as if Smith Douglas Holdings LLC was a subchapter C corporation in the periods presented).

9
Management believes adjusted net income is useful because it allows management to more effectively evaluate our operating performance and comparability to industry peers who record income tax expense on their income before tax as opposed to the income of Smith Douglas Holdings LLC not being taxed at the entity level and, therefore, not reflecting a charge against earnings for income tax expense. Adjusted net income should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. Our computation of adjusted net income may not be comparable to adjusted net income of other companies. We present adjusted net income because we believe it provides useful information regarding our comparability to peers.

The following table presents a reconciliation of adjusted net income to the GAAP financial measure of net income for each of the periods indicated:

   
Three months ended June 30,
    
Six months ended June 30,
  
   
2024
    
2023
    
2024
    
​
2023
  
Net income
  
$
24,734
    
$
30,741
    
$
45,220
    
$
59,567
  
Provision for income taxes
    
1,132
      
—
      
2,053
      
—
  
Income before income taxes
    
25,866
      
30,741
      
47,273
      
59,567
  
Tax-effected adjustments(1)
    
6,467
      
7,685
      
11,818
      
14,892
  
Adjusted net income
  
$
19,399
    
$
23,056
    
$
35,455
    
$
44,675
  
(1)
For the three months ended June 30, 2024 and 2023, our tax expenses assumes a 25.0% federal and state blended tax rate (assuming 100% public ownership to adjust for the impact of taxes on earnings attributable to Smith Douglas Holdings LLC as if Smith Douglas Holdings LLC was a subchapter C corporation in the periods presented).


10
v3.24.2.u1
Document and Entity Information
Aug. 14, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 14, 2024
Entity File Number 001-41917
Entity Registrant Name Smith Douglas Homes Corp.
Entity Central Index Key 0001982518
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 93-1969003
Entity Address, Address Line One 110 Village Trail, Suite 215
Entity Address, City or Town Woodstock
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30188
City Area Code 770
Local Phone Number 213-8067
Title of 12(b) Security Class A common stock, $0.0001 par value per share
Trading Symbol SDHC
Security Exchange Name NYSE
Entity Emerging Growth Company true
Entity Ex Transition Period true
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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