Smith Douglas Homes designs, builds, and sells single-family homes targeting entry-level and empty-nest buyers across the Southeastern and Southern U.S. The company operates in ten markets across two segments — Southeast (Atlanta, Charlotte, Raleigh, Greenville, Central Georgia) and Central (Birmingham, Huntsville, Nashville, Dallas-Fort Worth, Houston, Alabama Gulf Coast) — with Atlanta as its largest and most established market. Homes range from roughly 1,100 to over 3,000 square feet, with an ASP of ~$334,000, priced below FHA loan limits to keep homes accessible to first-time buyers. Smith Douglas sells almost entirely on a pre-sold, build-to-order basis, with buyers selecting from limited floor plans and customizing finishes before construction begins. A core feature of the business model is a land-light strategy: Smith Douglas controls lots through option contracts rather than owning land outright, with 96% of unstarted lots optioned at year-end FY25. This reduces upfront capital requirements and balance sheet risk. The company also runs a proprietary ERP system (SMART Builder) and a structured trade partner model ("Rteam") that targets construction cycle times of ~52 business days, among the shortest in public homebuilding. Smith Douglas grows through organic community expansion within existing markets, greenfield entries into new markets, and selective acquisitions. The company explicitly prioritizes sales pace over price, using mortgage rate buydowns and closing cost assistance to maintain volume.