Company Summary: Landsea Homes Corporation

Overview: Landsea Homes Corporation is a residential homebuilding company that primarily operates in the United States. It is engaged in the development, construction, and sale of single-family homes, townhomes, and multifamily communities.

Core Business Activities:

• Developing residential real estate projects, including land purchases, joint ventures, and home construction.
• Selling model homes and housing units to individual homebuyers and investors.
• Managing landbank projects and facilitating land development in California and other U.S. states.
• Leasing back model homes and related properties as part of land and home sales transactions.
• Engaging in joint ventures, such as LS-LCF CA, LLC, to purchase undeveloped land for future development.

Operational and Corporate Details:

• Number of employees: Not explicitly specified in the provided document.
• Customers: Not explicitly specified; however, the company's customers include individual homebuyers, real estate investors, and joint venture partners.
• Revenue: Not explicitly specified in the provided excerpt.
• Income: Net income figures are provided but only for the fiscal years 2022-2024, with the 2024 net income reflected in the "Pay Versus Performance" section:
  • 2024 Net Income: Approximately $2.53 million (based on financial disclosures in executive compensation details).
  • 2023 Net Income: Approximately $1.91 million.
  • 2022 Net Income: Approximately $3.95 million.

Financial Highlights:

• As of June 30, 2024, the company's market value was approximately $169.5 million based on the closing stock price.
• Total outstanding shares as of April 24, 2025: 36,409,560.
• The company's stock trades on The Nasdaq Capital Market under the symbols LSEA (Common Stock) and LSEAW (Warrants).

Strategic and Governance:

• The company transitioned from a special purpose acquisition company (SPAC) to a regular public company following a business combination completed on January 7, 2021.
• Landsea Green indirectly owns 100% of Landsea Holdings, which in turn owns approximately 16.9% of the company.
• The Board of Directors oversees corporate governance, with committees focused on audit, compensation, nominating, governance, ESG, and land transactions.

Additional Details:

• The company’s operations involve buying undeveloped land, developing residential projects, selling homes, and managing joint ventures and landbank agreements.
• Landsea Homes has experience in managing large land acquisition and development projects, including lot purchases, land sales, and model home leasing.
• The company also engages in landbanking agreements and land development partnerships to expand its pipeline.

This summary reflects the detailed operations and financial position as disclosed in the company’s Form 10-K/A filing, emphasizing their focus on residential development and land management within the United States.