What is Smith Douglas Homes's change in value of TRA liability?

Smith Douglas Homes (SDHC) reported change in value of TRA liability of -$136K in Q4 2025.

What does change in value of TRA liability mean?

Captures the non-cash adjustment to the Tax Receivable Agreement (TRA) liability, which represents obligations to make payments to pre-IPO owners for tax benefits realized. Changes in this value reflect updates to expected future tax savings and the resulting liability owed to historical stakeholders. This is essential for understanding the company's long-term tax-related financial obligations.

Smith Douglas Homes SDHC Change in value of TRA liability

Change in value of TRA liability at other companies

Shift4 PaymentsFOUR

-$120M-4,100%

Blue Owl CapitalOWL

$95.75M-1.5%

Portillo's Inc.PTLO

$412K-36.3%

AlTi Global, Inc.ALTI

$30.55M+3.1%

Nextpower Inc. NXT

$372.66M-5.6%

AlTi Global, Inc.ALTI

$201K-33.9%

Other financials

Income statement

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Revenue$206.4M-8.1%

Gross profit$40.5M-24.4%

Net income$565.0K-78.9%

EPS (diluted)$0.06-80.0%

Balance sheet

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Cash & equivalents$28.0M+121%

Total debt$1.9M-39.3%

Total equity$82.1M+6.8%

Total assets$600.2M+16.8%

Cash flow

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Operating cash flow$338.0K+101%

CapEx$540.0K-47.8%

Free cash flow-$202.0K+99.4%

Valuation

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Market cap$132.8M-19.5%

Enterprise value$106.71M-29.1%

P/E15.5×+4.1×

P/S0.1×0.0×

Profitability

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Gross margin20.9%-4.8pp

Net margin0.9%-0.7pp

FCF margin-3.9%-7.3pp

Returns & leverage

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Return on equity10.8%-12.3pp

Debt / equity0×0.0×

Where this comes from

Reported directly by Smith Douglas Homes in its filing.

Tagged under the XBRL concept sdhc:ChangeInValueOfTRALiability.

The official record: Smith Douglas Homes’s 10-K, filed March 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Smith Douglas Homes's change in value of TRA liability?: Smith Douglas Homes (SDHC) reported change in value of TRA liability of -$136K in Q4 2025.
What does change in value of TRA liability mean?: Captures the non-cash adjustment to the Tax Receivable Agreement (TRA) liability, which represents obligations to make payments to pre-IPO owners for tax benefits realized. Changes in this value reflect updates to expected future tax savings and the resulting liability owed to historical stakeholders. This is essential for understanding the company's long-term tax-related financial obligations.