<SEC-DOCUMENT>0001140361-23-052888.txt : 20240208
<SEC-HEADER>0001140361-23-052888.hdr.sgml : 20240208
<ACCEPTANCE-DATETIME>20231113155708
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-23-052888
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20231113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Smith Douglas Homes Corp.
		CENTRAL INDEX KEY:			0001982518
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		110 VILLAGE TRAIL, SUITE 215
		CITY:			WOODSTOCK
		STATE:			GA
		ZIP:			30188
		BUSINESS PHONE:		(770) 213-8067

	MAIL ADDRESS:	
		STREET 1:		110 VILLAGE TRAIL, SUITE 215
		CITY:			WOODSTOCK
		STATE:			GA
		ZIP:			30188
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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          <td style="width: 68%; vertical-align: bottom;"> <img src="logo_mw01.jpg"></td>
          <td colspan="2" style="vertical-align: top; font-size: 8pt;">
            <div>1271 Avenue of the Americas</div>
            <div>New York, New York&#160; 10020-1401</div>
            <div>Tel: +1.212.906.1200&#160; Fax: +1.212.751.4864</div>
            <div>www.lw.com</div>
            <div>&#160;</div>
            <div>FIRM / AFFILIATE OFFICES</div>
          </td>
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        <tr>
          <td style="width: 68%; vertical-align: bottom;">
            <div>November 13, 2023</div>
            <div> <br>
            </div>
            <div>
              <div style="font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;"><u>VIA EDGAR</u></div>
              <div><br>
              </div>
              <div style="font-family: 'Times New Roman', Times, serif;">U.S. Securities and Exchange Commission</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Division of Corporation Finance</div>
            </div>
          </td>
          <td style="width: 16%; vertical-align: top; font-size: 8pt;">
            <div>Austin</div>
            <div>Beijing</div>
            <div>Boston</div>
            <div>Brussels</div>
            <div>Century City</div>
            <div>Chicago</div>
            <div>Dubai</div>
            <div>D&#252;sseldorf</div>
            <div>Frankfurt</div>
            <div>Hamburg</div>
            <div>Hong Kong</div>
            <div>Houston</div>
            <div>London</div>
            <div>Los Angeles</div>
            <div>Madrid</div>
          </td>
          <td style="width: 16%; vertical-align: top; font-size: 8pt;">
            <div>Milan</div>
            <div>Munich</div>
            <div>New York</div>
            <div>Orange County</div>
            <div>Paris</div>
            <div>Riyadh</div>
            <div>San Diego</div>
            <div>San Francisco</div>
            <div>Seoul</div>
            <div>Shanghai</div>
            <div>Silicon Valley</div>
            <div>Singapore</div>
            <div>Tel Aviv</div>
            <div>Tokyo</div>
            <div>Washington, D.C.</div>
          </td>
        </tr>

    </table>
    <div>100 F Street, N.E.</div>
    <div>Washington, D.C. 20549</div>
    <div>Attention:&#160; William Damarest, Jennifer Monick, Kibum Park and Pam Long</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2281e804dbca4dc88b22aae070dd2a7a" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">Re:</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Smith Douglas Homes Corp.</div>
            <div style="font-weight: bold;">Amendment No. 1 to Registration Statement</div>
            <div style="font-weight: bold;"> Filed October 16, 2023<br>
              File No. 333-274379<br>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On behalf of Smith Douglas Homes Corp. (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;), we submit this letter in connection with the filing of Amendment No. 2 to
      Registration Statement on Form S-1 (&#8220;<font style="font-weight: bold; font-style: italic;">Amendment No. 2</font>&#8221;) which reflects the Company&#8217;s responses to the comment letter received by the Company on October 20, 2023 from the staff (the &#8220;<font style="font-weight: bold; font-style: italic;">Staff</font>&#8221;) of the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">SEC</font>&#8221;) regarding the above referenced Amendment No. 1 to Registration Statement
      on Form S-1 previously filed by the Company on October 16, 2023 (&#8220;<font style="font-weight: bold; font-style: italic;">Amendment No. 1</font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">For ease of review, we have set forth below each of the numbered comments of your letter in bold type followed by the Company&#8217;s responses thereto. Unless otherwise indicated, capitalized terms used
      herein have the meanings assigned to them in Amendment No. 2 and all references to page numbers in such responses are to page numbers in Amendment No. 2.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Cover Page</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc087e37ae8c04fcfb9f60072eb913bde" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">We note your revised disclosure on page 89 regarding your net income CAGR of 36% over the last seven years. Please revise the image on the inside cover page which still reflects 49% as your net income CAGR based
              on the last five years or advise.</div>
            <div style="font-weight: bold;"> <br>
            </div>
            <div style="font-weight: bold;">
              <div><font style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: normal;">Response</font><font style="font-weight: normal;">:&#160; The Company respectfully acknowledges the Staff&#8217;s comment and has revised the image
                  on the inside cover page of Amendment No. 2.</font></div>
            </div>
          </td>
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    <div style="font-weight: bold;">November 13, 2023</div>
    <div style="font-weight: bold;">Page 2<br>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div><img src="logo_mw02.jpg" width="161" height="10"></div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>MD&amp;A</u></div>
    <div style="font-weight: bold;"><u>Liquidity and Capital Resources, page 104</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze05f8e5781e149eab8690a570354a6cf" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please disclose the material terms in the Amended Credit Facility, including the material financial covenants.</div>
            <div style="font-weight: bold;"> <br>
            </div>
            <div style="font-weight: bold;">
              <div><font style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: normal;">Response</font><font style="font-weight: normal;">:&#160; The Company respectfully acknowledges the Staff&#8217;s comment and has revised the
                  disclosure on pages 106 and 107 of Amendment No. 2.</font></div>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Certain Relationships and Related Person Transactions, page 172</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z351d6510866649349dc2d6e17085f3d3" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Under Tax Receivable Agreement, please disclose the names of the related persons who will receive payments under the TRA.&#160; Also, we note your disclosure you may elect to terminate the TRA early by making
              immediate cash payments equal to the present value of the anticipated future tax benefits and that this could result in payments made significantly in advance of the actual realization, if any, of such future tax benefits. Please quantify
              these potential early payments to each related person and disclose how such payments would be funded. See Item 404(a) of Regulation S-K.</div>
            <div style="font-weight: bold;"> <br>
            </div>
            <div style="font-weight: bold;">
              <div><font style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: normal;">Response</font><font style="font-weight: normal;">:&#160; The Company respectfully acknowledges the Staff&#8217;s comment and has revised the
                  disclosure on pages 174 and 177 of Amendment No. 2.</font></div>
            </div>
          </td>
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    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: -72pt; margin-left: 72pt;">**********</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">If you have any questions regarding the foregoing responses or the Registration Statement, please do not hesitate to contact me by telephone at 212-906-1200 or by fax at 212-751-4864.</div>
    <div><br>
    </div>
    <div>
      <table id="z5c80cebcf5694db7b64e41ebd7610929" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

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              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>
                <div style="text-align: left;">Very truly yours,</div>
                <div><br>
                </div>
                <div style="text-align: left;">Marc D. Jaffe</div>
                <div style="text-align: left;">of LATHAM &amp; WATKINS LLP</div>
              </div>
            </td>
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    </div>
    <br>
    <div>Enclosure</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea82647c56c149fc827e33487d3152aa" cellpadding="0" cellspacing="0">

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          <td style="width: 36pt; vertical-align: top;">cc:</td>
          <td style="width: auto; vertical-align: top;">
            <div>Gregory S. Bennett, Chief Executive Officer of Smith Douglas Homes Corp.</div>
            <div>
              <div style="text-indent: 0pt;">Russell Devendorf, Chief Financial Officer of Smith Douglas Homes Corp.</div>
              <div style="text-indent: 0pt;">Brett A. Steele, General Counsel of Smith Douglas Homes Corp.</div>
              <div style="text-indent: 0pt;">Senet Bischoff, Esq., Latham &amp; Watkins LLP</div>
              <div style="text-indent: 0pt;">Benjamin J. Cohen, Esq., Latham &amp; Watkins LLP</div>
              <div style="text-indent: 0pt;">Shane Tintle, Esq., Davis Polk &amp; Wardwell LLP</div>
            </div>
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