Climate Change Data

Environmental Metrics

Social Achievements

• Increased number of employees from 78 at September 30, 2019 to 143 at September 30, 2020 to support the growth of our residential lot development business across a geographically diversified platform. Implemented safety protocols to protect employees and contractors in response to the COVID-19 pandemic.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic temporarily affected business operations and demand for residential lots. Lot sales pace declined in late March and April 2020.
• The cyclical nature of the homebuilding and lot development industries and changes in economic, real estate and other conditions.
• Highly competitive real estate development industry.
• Significant amounts of consolidated debt.

Mitigation Strategies

• Implemented operational protocols to comply with social distancing and other health and safety standards in response to COVID-19. Continued lot development operations where allowed.
• Leveraging strategic relationship with D.R. Horton and using a production-oriented lot manufacturing model to scale into a national footprint.
• Managing supply of lots and land based on anticipated future demand; monitoring local market and demographic trends; limiting project size; acquiring fully-entitled land and developing in phases; focusing on entry-level housing; developing lots for a known buyer; and geographically diversifying the land portfolio.
• Maintaining low net leverage and strong liquidity position; low overhead model; and strategic relationship with D.R. Horton.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Not disclosed

Social Achievements

• Increased number of employees from 291 at September 30, 2022 to 303 at September 30, 2023; 20 employees placed into new leadership positions in fiscal 2023, 85% promoted from within.
• Commitment to hiring, developing and supporting a diverse workforce and maintaining an inclusive workplace.
• Workplace safety program striving for zero-incident safety culture and full compliance with safety regulations.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Supply chain constraints (eased in majority of markets by fiscal 2023), shortages of skilled labor, delays in municipal approvals and inspections (fiscal 2022).
• Increased inflation and higher interest rates impacting housing affordability (fiscal 2023).
• Risks related to acquiring land, materials and skilled labor and obtaining regulatory approval.
• Potential for public health issues (pandemics) to negatively impact operations.
• Adverse weather conditions and natural disasters.
• Health and safety incidents.
• Inability to obtain performance bonds.
• Information technology failures, data security breaches, and failure to satisfy privacy and data protection laws.
• Governmental regulations and environmental matters increasing costs and limiting property availability.
• ESG matters and compliance.
• Subcontractor non-compliance.
• Loss of key personnel.

Mitigation Strategies

• Managing land and lot supply based on anticipated demand, monitoring market trends, limiting project size, focusing on short-duration projects, acquiring entitled land, developing lots for known buyers, and geographically diversifying land portfolio.
• Pricing adjustments and incentives to adapt to market conditions.
• Regular assessment of projected capital requirements and evaluation of opportunities to raise additional capital.
• Utilizing information technology security experts, implementing redundant safeguards, encryption, tokenization, and authentication technologies, and increasing monitoring capabilities.
• Belief in compliance with existing environmental regulations.
• Succession and transition plans to address potential loss of key personnel.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather, natural disasters (hurricanes, tornadoes, earthquakes, volcanic activity, droughts, floods, hailstorms, wildfires).

Transition Risks

• Government restrictions, standards, or regulations intended to reduce greenhouse gas emissions.

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Not disclosed

Social Achievements

• Increased number of employees from 303 at September 30, 2023 to 393 at September 30, 2024; 26 employees placed into new leadership positions in fiscal 2024, 54% promoted from within.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions resulting in shortages of certain construction materials and tightness in the labor market; delays in receiving necessary approvals from municipalities extending development cycle times; elevated development costs; increasing governmental and societal attention to ESG matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change.
• Possible litigation regarding stormwater compliance issues in Maryland.

Mitigation Strategies

• Construction cycle times have decreased; attempts to offset cost increases in one component with savings in another; increase land and lot sales prices when market conditions permit; enhanced practices and procedures related to stormwater compliance; seeking to resolve matters through further discussions with MDE.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather, natural disasters (hurricanes, tornadoes, earthquakes, volcanic activity, droughts, floods, hailstorms, heavy or prolonged precipitation, wildfires)

Transition Risks

• Government restrictions, standards, or regulations intended to reduce greenhouse gas emissions and potential climate change impacts

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed