Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Reconciliation of Revenue from Segments to Consolidated

The following tables summarize revenues, gross profit and pre-tax income by segment for the years ended December 31, 2024 and 2023 as well as total assets by segment as of December 31, 2024 and 2023, with reconciliations to the amounts reported for the consolidated company, where applicable:


	Year Ended December 31, 2024
	GSH South Carolina		Rosewood		Other		Corporate (3)		Totals
Segment revenue, net (1)	$	419,452,667	$	25,749,898	$	18,511,452	$	—	$	463,714,017


Cost of sales	337,567,357		24,388,989		17,026,492		4,900,913		383,883,751
Segment gross profit	81,885,310		1,360,909		1,484,960		(4,900,913)		79,830,266
Severance expense	171,492		—		1,125,904		—		1,297,396
Selling, general and administrative expense	48,142,345		1,905,444		3,001,916		20,352,640		73,402,345
Other expense, net (2)	3,417,529		930,042		296,107		7,839,262		12,482,940
Total segment income (loss) before taxes	$	30,153,944	$	(1,474,577)	$	(2,938,967)	$	(33,092,815)	$	(7,352,415)
Reconciling items:
Reconciling items from equity method investments									1,528,984
Loss on extinguishment of Convertible Notes									(45,642,497)
Change in fair value of derivative liabilities									88,652,980
Consolidated income before taxes									$	37,187,052


	Year Ended December 31, 2024
	GSH South Carolina		Rosewood		Other		Corporate (3)		Totals

Assets (excl. goodwill)	$	163,993,627	$	27,913,285	$	21,379,194	$	42,812,108	$	256,098,214
Goodwill	3,573,040		5,206,636		500,000		—		9,279,676
Total segment assets	167,566,667		33,119,921		21,879,194		42,812,108		265,377,890


	Year Ended December 31, 2024
Other segment disclosures	GSH South Carolina		Rosewood		Other		Corporate (3)		Totals
Equity in net earnings from investment in joint venture	$	—	$	—	$	—	$	1,528,984	$	1,528,984
Investment in joint venture	—		—		—		691,449		691,449

Depreciation and amortization	1,651,938		261,677		12,599		19,082		1,945,296
Interest expense	6,192,317		960,303		569,687		13,279,246		21,001,553


	Year Ended December 31, 2023
	GSH South Carolina		Rosewood		Other		Corporate (3)		Totals
Segment revenue, net (1)	$	417,034,454	$	4,189,647	$	250,000	$	—	$	421,474,101


Cost of sales	335,173,174		3,935,663		290,945		2,348,699		341,748,481
Segment gross profit	81,861,280		253,984		(40,945)		(2,348,699)		79,725,620
Selling, general and administrative expense	47,870,734		607,733		617,833		15,998,144		65,094,444
Other (income), net (2)	(199,383)		(1,946)		(172,035)		4,135,977		3,762,613
Total segment income (loss) before taxes	$	34,189,929	$	(351,803)	$	(486,743)	$	(22,482,820)	$	10,868,563
Reconciling items:
Reconciling items from equity method investments									1,244,091
Change in fair value of derivative liabilities									115,904,646
Consolidated income before taxes									$	128,017,300


	Year Ended December 31, 2023
	GSH South Carolina		Rosewood		Other		Corporate (3)		Totals

Assets (excl. goodwill)	$	224,197,721	$	26,228,981	$	16,485,564	$	26,028,426	$	292,940,692
Goodwill	—		5,206,636		500,000		—		5,706,636
Total segment assets	224,197,721		31,435,617		16,985,564		26,028,426		298,647,328


	Year Ended December 31, 2023
Other segment disclosures	GSH South Carolina		Rosewood		Other		Corporate (3)		Totals
Equity in net earnings from investment in joint venture	$	—	$	—	$	—	$	1,244,091	$	1,244,091
Investment in joint venture	—		—		—		1,430,177		1,430,177

Depreciation and amortization	1,159,672		49,554		5,250		3,302		1,217,778
Interest expense	7,037,271		—		—		8,391,057		15,428,328

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(1)Segment revenues include revenue recognized at a point in time from speculative home closings and revenue recognized over time from construction activities on land owned by customers, in accordance with the Company's revenue recognition policy.

(2)Other (income) expense, net includes, among other items, interest expense not attributable to homebuilding activities, investment income, and amortization expense.

(3)Corporate items included within consolidated income before taxes includes unallocated corporate overhead, stock-based compensation, corporate interest income and expense, and other corporate level items not allocated to the segments. Similarly, corporate items included within consolidated assets include corporate cash and cash equivalents, deferred tax assets attributable to the corporate entity, and operating lease right-of-use assets.