Here are 1-3 brief analogies for Safe & Green Development (SGD):

• A real estate developer, similar to Lennar or Greystar, but they exclusively build properties using sustainable, modular construction.
• The 'IKEA of real estate development,' assembling entire properties from sustainable, pre-fabricated modules.
• The 'Tesla of sustainable real estate development,' innovating with advanced, green, modular building techniques for faster, more efficient projects.

• Modular Buildings: Design, manufacture, and installation of prefabricated, steel-frame modular structures for diverse applications including residential, commercial, and governmental uses.
• Real Estate Development: Acquisition, planning, and development of various real estate properties, often leveraging their modular construction capabilities.

Safe & Green Development Corporation (SGD) primarily operates on a Business-to-Business (B2B) model, providing modular building solutions and real estate development services to other companies and organizations rather than directly to individuals. While specific long-term public company customers with associated stock symbols are not consistently disclosed in their public filings or marketing materials (which is common for project-based construction and development firms), their customer base can be categorized as follows:

• Real Estate Developers: These are companies involved in the development of various types of properties, including multi-family residential complexes, commercial buildings, mixed-use developments, and specialized housing projects (e.g., workforce housing). Safe & Green Development provides them with modular components or complete modular construction solutions to streamline construction processes, reduce timelines, and enhance sustainability.
• Government Agencies & Public Sector Entities: This category includes federal, state, and local government bodies, as well as non-profit organizations. They utilize Safe & Green Development's modular solutions for a wide range of public projects, such as disaster relief housing, military facilities, public housing initiatives, schools, and other community infrastructure needs.
• Commercial & Industrial Businesses: Various private sector companies engage Safe & Green Development for their specific commercial and industrial needs. This can include healthcare providers requiring modular medical facilities, retail chains looking for efficient modular store constructions, hospitality groups needing modular hotel units, or other industrial clients seeking specialized operational or administrative spaces.

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David Villarreal
Chief Executive Officer
David Villarreal has served as the President and Chief Executive Officer of Safe and Green Development Corporation since February 3, 2023. He has also been a member of the Board of Directors of Safe & Green Holdings Corp. since May 2021. Prior to his current role, Mr. Villarreal served as Chief Administrative Officer of Affinity Partnerships for the National Costco Mortgage Services platform, where he oversaw over $8 billion in annual residential mortgage loan production. His career spans over 40 years, including roles as Deputy Mayor and Senior Deputy Economic Development Advisor in Los Angeles. He was President - Corporate Business Development, of Prime Source Mortgage, Inc. from March 2011 to August 2014, and a Consultant to the International Brotherhood of Teamsters from September 2008 to September 2012. Mr. Villarreal possesses diverse skills in finance, real estate acquisition, operations, and nonprofit management. He received a Congressional Commendation and I.N.S. Award for Recognition of Organizational Excellence for his work on the Immigration Reform & Control Act.

Nicolai Brune
Chief Financial Officer
Nicolai Brune has served as the Chief Financial Officer of Safe and Green Development Corporation since February 14, 2023. Since March 2022, he also served as Director of Acquisition for Safe & Green Holdings Corp., where he was responsible for financial evaluation and modeling of potential acquisitions, investments, and divestitures. Before joining Safe & Green Holdings Corp., Mr. Brune worked as a Treasury Analyst at GL Homes, a private real estate developer in Florida, from June 2020 to March 2022. He founded Generation Nine, a company in the clothing industry, operating it from June 2017 until June 2020.

Paul M. Galvin
Executive Chairman
Paul M. Galvin was appointed as a director and Executive Chairman of Safe and Green Development Corporation upon its incorporation in February 2021. He is a founder of SG Blocks, LLC, which was the predecessor entity of Safe & Green Holdings Corp. Mr. Galvin has served as the Chief Executive Officer of Safe & Green Holdings Corp. since April 2009 and as a director since January 2007. With over 30 years of experience, he has developed and managed real estate projects, including residential condominiums, luxury sales, and various rental properties. Prior to his real estate involvement, he founded a non-profit organization focused on public health, housing, and child survival, where he served in a leadership position for over a decade. From November 2005 to June 2007, he was Chief Operating Officer of a subsidiary of Yucaipa Investments, where he worked on monetizing underperforming assets for religious institutions.

The public company Safe & Green Development (symbol: SGD) faces several key risks to its business:

1. Going Concern / Financial Health: There is substantial doubt about Safe & Green Development's ability to continue as a going concern, as indicated by its auditors. The company exhibits poor financial strength, with a balance sheet ranked as poor. It faces significant financial challenges, including negative profitability and high debt levels. Its operating income margin of -5665.18% suggests that operating expenses far exceed gross profit, leading to substantial operating losses. Furthermore, the company operates with a significant debt burden and may encounter difficulties in making interest payments on its debt. An Altman Z-Score of -2.47 places the company in the distress zone.
2. Nasdaq Non-Compliance / Delisting Risk: Safe & Green Development has received notification from The Nasdaq Stock Market regarding non-compliance issues. Specifically, the company's stockholders' equity fell below the Nasdaq Capital Market's minimum requirement of $2.5 million. There was also a previous deficiency letter concerning the company's stock not maintaining the minimum bid price requirement. A failure to meet the Nasdaq Capital Market's continued listing requirements could result in the delisting of its common stock.
3. Development and Construction Risks / Operational Challenges: There is no assurance that the properties in Safe & Green Development's pipeline will be completed according to the anticipated timing or cost. The company's operating results may be negatively impacted by potential development and construction delays, leading to increased costs and risks. Additionally, the company relies on third-party suppliers and long supply chains, and any failure to identify sufficient qualified suppliers or significant interruptions in supply chains could adversely affect its ability to access raw materials.

The emergence and increasing adoption of 3D printing technology for construction.

Safe & Green Development (SGD) operates in several key markets. The addressable market sizes for their main products and services are as follows:

• Real Estate Development using Prefabricated Modular Structures: The U.S. prefabricated buildings market is estimated at $41.45 billion in 2025 and is expected to reach $58.41 billion by 2030, growing at a CAGR of 7.1% during the forecast period. The U.S. modular construction market was valued at $20.3 billion in 2024 and is projected to reach $25.4 billion by 2029, with a compound annual growth rate (CAGR) of 4.5%. The U.S. residential real estate market, a broader category, is valued at $2.64 trillion in 2025 and is forecast to reach $3.11 trillion by 2030.
• Majestic AI Powered Platform (PropTech for Real Estate): The global PropTech market size reached $35.4 billion in 2024 and is expected to reach $114.8 billion by 2033, exhibiting a CAGR of 13.25%. North America held the largest share of the global PropTech market in 2024. Separately, the global AI in real estate market was valued at $2.9 billion in 2024 and is projected to skyrocket to $41.5 billion by 2033, growing at an impressive CAGR of 30.5%.
• My Virtual Online Intelligent Assistant (MyVONIA) (AI Assistant): The global AI assistant market reached $13.53 billion in 2024 and is projected to hit $37.7 billion by 2026. North America currently dominates this market, holding a significant market share. Another source indicates the global AI-powered Personal Assistants market was valued at $108.60 billion in 2023 and is projected to expand to $242.30 billion by 2030.
• Environmental Solutions (Organic Waste to Engineered Soil and Mulch Products): The global organic waste management solution market size was estimated at $17.61 billion in 2024 and is expected to hit approximately $37.70 billion by 2034, growing at a CAGR of 7.91%. The North American market for organic waste management solutions surpassed $6.87 billion in 2024. More specifically, the U.S. compost market size was valued at $1.40787 billion in 2024 and is projected to reach $2.50548 billion by 2032.

Safe & Green Development (SGD) anticipates several key drivers for future revenue growth over the next two to three years:

1. Full Integration and Expansion of Resource Group US Holdings LLC: The acquisition of Resource Group US Holdings LLC is a significant growth catalyst. Safe & Green Development reported a 3,200% year-over-year revenue increase in Q2 2025, primarily due to Resource Group. Management projects approximately $4 million in revenue for Q3 2025, marking the first full quarter of Resource Group's integration. Pro forma revenues are expected to reach around $25 million in 2025 following this acquisition. Resource Group's operations in engineered soils, composting, and logistics are central to this growth.
2. Expansion into High-Value Soil Products: Resource Group plans to expand beyond commodity compost by producing high-value potting media and soil substrates. This will be achieved through the implementation of advanced Microtec milling technology, with products marketed under the "Renewable Earth" brand. This strategic shift aims to tap into higher-margin markets.
3. Accelerated Real Estate Development in South Texas: Safe & Green Development is actively pursuing joint ventures for single-family home construction in South Texas. The company has secured a pipeline of over 250 lots and has detailed delivery schedules. For 2025, plans include completing 35 homes in Sugar Developments and 20 homes in Hacienda Olivia Phase II, aiming for approximately 55 total deliveries. The company targets 72 home deliveries in 2026 and about 100 in 2027 from projects like Hacienda Olivia Phases II, III, and IV.
4. Leveraging Real Estate AI Platform: Majestic World Holdings LLC, a subsidiary of SGD, operates a real estate AI platform designed to enhance sales and facilitate competitive mortgage options and down-payment assistance through partnerships. This platform is part of a broader strategy to integrate various stakeholders in the real estate process, aiming to improve transaction efficiency and increase margins on home sales.
5. Monetization of Select Real Estate Assets: SGD is strategically reevaluating its existing real estate portfolio and has initiated appraisals of properties with the intention of monetizing select assets. This initiative is expected to optimize the company's real estate holdings and generate additional revenue.

Share Repurchases

• On January 30, 2025, Safe & Green Development (SGD) acquired 276,425 shares of its common stock to be held as treasury shares as part of a financial restructuring with Safe & Green Holdings Corp (SGBX).
• This transaction involved SGD forgiving SGBX's obligations of approximately $1.7 million, in exchange for SGBX forgiving $394,329 of inter-company debt owed by SGD and transferring the shares.
• The company stated its intention to hold these shares as treasury stock to potentially minimize future dilution.

Share Issuance

• The number of shares outstanding for SGD increased by 106.58% in one year.
• In June 2025, as part of the Resource Group acquisition, SGD issued 376,818 shares of its common stock and 1,500,000 shares of newly designated non-voting Series A Convertible Preferred Stock.
• The Series A Preferred Stock is convertible into 9,000,000 restricted shares of SGD's common stock, subject to stockholder approval.

Inbound Investments

• On October 16, 2025, Safe and Green Development Corporation announced a $9.0 million private placement.
• SGD's business model includes developing properties through joint ventures, where it partners with third-party equity investors or other developers.

Outbound Investments

• On June 3, 2025, Safe and Green Development Corporation completed the acquisition of Resource Group US Holdings LLC.
• In connection with the Resource Group acquisition, SGD issued common stock, preferred stock, and $480,000 in principal amount of unsecured 6% promissory notes.

Capital Expenditures

• Capital expenditures were approximately -$0.55 million for the trailing twelve months ending June 2025.
• For the fiscal years, capital expenditures were -$0.78 million in 2021, -$0.21 million in 2022, -$0.01 million in 2023, and -$0.58 million in 2024.
• The company's capital expenditures in October 2025 were focused on expanding Resource Group operations with new equipment at its Sarasota and Myakka City sites.