United Homes (UHG) is like:

• D.R. Horton for the Southeast U.S.
• A regional version of Lennar, specializing in new home construction.

• Residential Homes: United Homes Group's primary product is the construction and sale of new single-family homes and townhomes.

United Homes Group (symbol: UHG) sells primarily to individuals, not other companies. The company designs, constructs, and sells single-family homes and townhomes directly to consumers.

Based on its business model and target markets, UHG primarily serves the following major categories of individual customers:

• First-Time Homebuyers: This category includes individuals and families who are purchasing a home for the very first time. They typically seek affordable and value-driven housing options in desirable communities.
• First-Time Move-Up Buyers: These are individuals or families who currently own a home but are looking to upgrade to a larger, newer, or more amenity-rich home. This move is often driven by changing family needs, increased income, or a desire for a different community or lifestyle.

John G. (Jack) Micenko, Jr., Chief Executive Officer and President

Mr. Micenko was appointed CEO of United Homes Group in May 2025, having previously served as President since July 2023. He has over 20 years of experience in the residential real estate and mortgage finance industry. Before joining United Homes Group, he was a Managing Director at BTIG, where he led the firm's Housing Ecosystem investment banking practice. His career also includes roles at Susquehanna International Group LLP, Lehman Brothers Holdings Inc., and Friedman Billings Ramsey Group.

Keith Feldman, Chief Financial Officer

Mr. Feldman serves as the Chief Financial Officer of United Homes Group. Prior to this role, he was the Chief Financial Officer of DiamondHead Holdings Corporation (DHHC) and also served as a Director before its merger with Great Southern Homes (GSH), which formed United Homes Group. Mr. Feldman was also the Chief Financial Officer and Treasurer of NorthStar Realty Europe Corp. His extensive experience includes various roles in capital markets, corporate finance, and investor relations at companies such as Colony Capital, NorthStar Realty Finance Corp., Goldman Sachs, J.P. Morgan, Chase, and KPMG LLP. He is a CPA and CFA.

Michael Nieri, Executive Chairman

Mr. Nieri is the Executive Chairman of United Homes Group, and previously served as the company's CEO and Chairman of the Board since it became a public company in 2023. He founded Great Southern Homes, Inc. (GSH) in June 2004, serving as its President and Chairman prior to the business combination that created United Homes Group. He has built over 15,000 homes in high-growth markets across the Southeast, dedicating his career to providing affordable, well-built homes. Mr. Nieri has received numerous industry awards, including induction into the South Carolina Housing Hall of Fame and the 2020 Hearthstone BUILDER Humanitarian Award.

Jeremy Pyle, Co-Chief Operating Officer

Mr. Pyle was appointed co-Chief Operating Officer in May 2025. He was previously the company's co-Executive Vice President of Construction Services, overseeing and directing all construction activities. Mr. Pyle has been with Great Southern Homes in various construction roles since 2005. As co-COO, he continues to lead homebuilding and construction operations.

Shelton Twine, Co-Chief Operating Officer

Mr. Twine is a co-Chief Operating Officer for United Homes Group, overseeing day-to-day operations and executing the company's strategic vision. For 20 years prior to the business combination of GSH with DiamondHead Holdings Corporation, he was a key member of the management team of GSH and its affiliated entities, holding various positions including Chief Operating Officer and Vice-President. He is a licensed real estate broker.

The key risks to United Homes Group (UHG) are primarily centered around significant internal instability, challenging macroeconomic conditions, and underlying financial concerns.

1. Leadership Exodus and Management Turmoil: United Homes Group experienced a mass leadership exodus with six of its seven board directors planning to resign due to disagreements with the Chairman, who is also the controlling shareholder, over his refusal to step down. This event led to a significant plunge in the company's stock price and created substantial uncertainty and risk for investors due to the resulting chaos and lack of leadership clarity.
2. Industry Headwinds and Macroeconomic Pressures: The company faces severe challenges from the broader homebuilding industry. These include high interest rates, which reduce overall housing demand and disrupt mortgage financing. Additionally, increased prices for labor, land, and raw materials due to construction inflation and potential tariffs significantly raise operational costs. These factors contribute to declining housing activity, including falling housing completions, starts, and building permits, which directly impact UHG's revenue, profits, and net new orders.
3. Financial Distress and Debt Concerns: United Homes Group carries a notable amount of debt and has reported an earnings before interest and tax (EBIT) loss over the past year, alongside shrinking revenue. The company's balance sheet indicates significant liabilities compared to its cash reserves and short-term receivables, raising concerns about its ability to meet financial obligations. Analysts have also assigned a probability of bankruptcy for UHG, highlighting the financial fragility.

The clear emerging threat to traditional homebuilders like United Homes Group is the advent and scaling of 3D printing technology for home construction. Companies are actively developing and deploying this technology, which promises significantly reduced construction times, lower labor costs, and greater design flexibility compared to conventional stick-built methods. As these technologies mature and achieve greater economies of scale, they pose a direct challenge to the established construction processes and cost structures of traditional homebuilders.

• The U.S. residential construction market size is projected to reach USD 1.69 trillion by 2030, growing from USD 1.35 trillion in 2025, with new construction representing a significant share. The new construction segment is expected to grow with an anticipated compound annual growth rate (CAGR) of 11.3% from 2025 to 2033.
• Specifically, the single-family housing construction market in the U.S. was valued at approximately $771.08 billion in 2024 and is projected to grow to $1.02 trillion by 2029, at a CAGR of 6.2%.

United Homes Group (UHG) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic geographic expansion, product innovation, and operational efficiencies. These key drivers include:

1. Geographic Expansion into High-Growth Southeastern Markets: UHG is actively expanding its footprint beyond its core markets of South Carolina and Georgia, with a stated intent to grow into North Carolina. The company also aims to enter additional Southeastern states, including Alabama, Florida, Kentucky, Tennessee, and Virginia, through both organic expansion and potential mergers and acquisitions. This strategy targets regions with positive demographics, population, and employment growth, as well as favorable migration patterns.
2. Launch of Refreshed Product Lines with Higher Margins: In early 2025, UHG initiated a "Fresh Floor" product redesign, introducing new home designs intended to meet current consumer demands and achieve higher gross margins. These refreshed product lines, featuring higher-margin designs, are being rolled out across new communities and are already contributing to improved operational metrics.
3. Increased Community Count and Sales Volume: UHG plans to increase its number of active communities, with 28 new communities slated for launch in the second and third quarters of 2025. This expansion in community footprint, combined with encouraging sequential improvements in sales and a focus on selling homes before completion to reduce inventory holding costs, is anticipated to boost the volume of home closings and net new orders.
4. Leveraging a Land-Light Operating Strategy: The company's "land-light operating strategy" involves controlling its lot pipeline through option contracts rather than extensive land ownership. This approach is designed to provide greater flexibility, reduce balance sheet risk, and enhance capital efficiency, thereby enabling UHG to deploy capital more effectively into new projects and support overall growth.
5. Operational Efficiencies and Cost Savings Initiatives: UHG is focused on improving its operations and profitability through key initiatives aimed at driving efficiencies and achieving cost savings. This includes efforts such as systematic rebid initiatives for construction costs, which, by enhancing profitability and freeing up capital, can indirectly support and fund future revenue-generating activities and competitive pricing strategies.