Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 1-8951 M.D.C. HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Delaware 84-0622967 ( ...

Captiva Verde and Matnaggewinu Development Corp (MDC) Execute Binding Indigenous Water Supply Agreement with Rodd Hotel and Resorts April 29, 2025 9:00 AM EDT | Source: Captiva Verde Wellness Corp. Vancouver, British Columbia--(Newsfile Corp. - April 29, 2025) - Captiva Verde Wellness Corp. (CSE: PWR) (OTC Pink: CPIVF) ("Captiva Verde") a public company listed on the Canadian Securities Exchange under the trading symbol PWR and further listed on the US OTC Market under the trading symbol CPIVF announces tha ...

Core Viewpoint - Matnaggewinu Development Corp (MDC) has been certified as an Indigenous Business by the Canadian Council for Indigenous Business (CCIB), which opens up federal procurement opportunities for the company and supports economic growth for Mi'kmaq communities [1][2][5]. Company Overview - MDC is a Mi'kmaq-owned development corporation focused on advancing economic opportunities and self-sufficiency for Mi'kmaq communities through initiatives in housing, health and wellness, aerospace, defense, and sustainable infrastructure [7]. - MDC is federally incorporated in Canada under the Canada Business Corporations Act [2]. Certification Impact - The CCIB certification positions MDC as a recognized partner for federal government procurement, facilitating economic collaboration and growth for Mi'kmaq communities [2][3]. - This certification allows MDC to access various federal procurement programs, furthering its mission to support Mi'kmaq communities with essential services and infrastructure projects [6]. Strategic Expansion - MDC, in partnership with Captiva Verde, is expanding into the aerospace, defense, and space systems sectors, enhancing its role in these rapidly growing markets [4][5]. - The company specializes in areas such as Foreign Military Sales (FMS) and Maintenance, Repair, and Overhaul (MRO), positioning itself as a key player in the global defense and aerospace industries [4]. Leadership Insights - Leadership emphasizes that the CCIB certification is a significant milestone for MDC, validating its efforts in sustainable development and creating long-term procurement opportunities with the federal government [5]. - The certification is seen as a critical moment for advancing economic reconciliation and creating opportunities for Mi'kmaq communities in both traditional and emerging sectors [5].

Company Overview - Captiva Verde and Matnaggewinu Development Corp (MDC) have appointed Brandon Schilling to the Aviation and Military Advisory Board, enhancing MDC's capabilities in aerospace, defense, and space systems [1] - MDC is a Mi'kmaq-owned joint venture focused on innovation and growth in the aerospace, defense, and space systems sectors, with a mission to promote Indigenous leadership and create sustainable business opportunities [15] Brandon Schilling's Expertise - Brandon Schilling has extensive experience in aerospace, defense, space systems, Foreign Military Sales (FMS), and Maintenance, Repair, and Overhaul (MRO) industries, with a proven track record in business development and strategic market growth [2][4] - He has managed aircraft sales deals ranging from $3.5 million to $700 million and has developed key relationships with military and government personnel [2][3] Market Opportunities - The aerospace, defense, and space systems markets are experiencing significant growth, driven by increased government spending and technological advancements [8] - The civil aviation market is projected to reach $1.2 trillion by 2027, with MRO services expected to exceed $90 billion annually [14] - Global defense spending is valued at over $2 trillion, with U.S. defense spending surpassing $800 billion annually, and Canada earmarking $35 billion for military modernization [14] Indigenous Business Inclusion - The Canadian government is actively incorporating Indigenous businesses into its procurement processes, creating opportunities for companies like MDC in key markets [9][11] - MDC aims to leverage Indigenous procurement programs and set-aside opportunities in Canada and the U.S. to position itself as a key player in the aerospace and defense sectors [11]

Company Overview - Captiva Verde Wellness Corp. is a public company listed on the Canadian Securities Exchange under the symbol PWR and on the US OTC Market under CPIVF [1] - The company is dedicated to supporting innovative, community-based projects that drive sustainability, economic development, and cultural preservation across Canada [6] Advisory Board Appointment - Elder Sir Joe Michael has joined the Advisory Board of Matnaggewinu Development Corp (MDC), which is 49% owned by Captiva Verde [1][5] - His extensive leadership experience and cultural insights are expected to guide MDC in developing initiatives that honor Indigenous traditions while promoting economic reconciliation [4] Elder Joe Michael's Background - Elder Joe Michael is a respected leader within the Mi'kmaw Nation, with a history of advocacy for Indigenous communities [2] - He has received an Honorary Doctor of Humanities from Acadia University and served 25 years in the Royal Canadian Mounted Police, where he contributed to the Aboriginal Community Policing model [3] - Currently, he serves as a Captain in the Mi'kmaq Grand Council, focusing on community connections and Indigenous well-being [4] MDC's Mission - Matnaggewinu Development Corp aims to create sustainable economic opportunities for Mi'kmaw communities through strategic partnerships and community-driven initiatives [5] - The appointment of Elder Joe Michael is seen as a generational opportunity to enhance participation of First Nations communities in Canada's economy, including emerging sectors like aviation and military equipment [5]

Core Insights - Captiva Verde Wellness Corp. announced the appointment of Mark Rodd to the Advisory Board of Matnaggewinu Development Corporation (MDC) to lead the development of a 55-acre Indigenous-owned property into a tourism and hospitality destination rooted in Mi'kmaq culture [1][5] Company Overview - Captiva Verde is a public company listed on the Canadian Securities Exchange under the symbol PWR and on the US OTC Market as CPIVF, focusing on partnerships that support Indigenous development and economic growth in sectors like hospitality and tourism [1][9] - Matnaggewinu Development Corporation (MDC) is a Mi'kmaq-led organization aimed at advancing economic development for Mi'kmaq communities through sustainable projects while preserving Mi'kmaq culture [8] Leadership and Expertise - Mark Rodd is the CEO of Rodd Hotels and Resorts, recognized as Atlantic Canada's leading resort chain, with a strong background in destination development and luxury resort operations [2][3][6] - Rodd's experience is expected to significantly contribute to the long-term success of the project and its positive impact on the local economy [2][6] Project Details - The 55-acre development will feature a mix of cultural experiences, luxury accommodations, eco-tourism, and wellness retreats, all designed to immerse visitors in Mi'kmaq traditions [5][7] - The project aims to empower Indigenous communities through sustainable economic development while sharing Mi'kmaq culture with global visitors [5][8] Sustainability Commitment - Rodd Hotels and Resorts emphasizes sustainability and environmental respect as core principles, ensuring the protection of natural resources for future generations [4][7]

Home Sale Revenues - Home sale revenues for 2024 reached $5,285.4 million, a 17% increase from $4,520.3 million in 2023[109] - Home sale revenues for 2024 reached $5,285,366, an increase of 16.9% compared to $4,520,296 in 2023, but a decrease of 5.4% from $5,586,264 in 2022[223] Homebuilding Income and Expenses - Homebuilding pretax income for 2024 was $311.5 million, a decrease of 31% compared to $450.1 million in 2023, primarily due to increased selling, general and administrative expenses[114][118] - The company reported a net income of $323.2 million for 2024, a 19% decrease from $401.0 million in the previous year[114] - The gross margin from home sales decreased by 40 basis points year-over-year, from 17.8% to 17.4% for the year ended December 31, 2024[124] - General and administrative expenses increased to $344.975 million in 2024, a rise of $141.097 million compared to 2023, representing 6.5% of home sale revenues[128] - Total selling, general and administrative expenses reached $619.536 million in 2024, up by $189.642 million from 2023, representing 11.7% of home sale revenues[128] Homebuilding Assets and Inventory - Total homebuilding assets decreased by 8% to $4,679.8 million as of December 31, 2024, driven by a significant reduction in the Corporate segment[119] - The total number of unsold completed homes increased by 316% to 1,411, while homes under construction rose by 27% to 3,442, resulting in a total of 4,853 unsold started homes, a 59% increase[143] - The company owned and optioned a total of 25,993 lots as of December 31, 2024, marking a 16% increase from the previous year[144] - Total inventories increased to $3.75 billion in 2024, up from $3.30 billion in 2023, representing a growth of about 13.6%[221] - The company incurred impairment charges of $16.8 million against inventories of approximately $3.8 billion as of December 31, 2024[217] Financial Services Performance - Financial services pretax income increased by 24% to $93.9 million, driven by higher volume and capture rates in mortgage operations[114] - Financial services revenues for the year ended December 31, 2024, totaled $148.7 million, a 21% increase from $122.6 million in 2023[145] - Total mortgage loan originations increased by 35% to 7,317 loans, with principal amounting to $3.41 billion, a 39% increase from the previous year[147] - The capture rate for mortgage loans as a percentage of all homes delivered was 76%, up from 66% in 2023[147] Cash Flow and Liquidity - The company ended the quarter with total cash and cash equivalents of $837.9 million and total liquidity of $1.72 billion[113] - Cash and cash equivalents decreased to $605.7 million in 2024 from $1.48 billion in 2023, a decline of about 59%[221] - For the year ended December 31, 2024, net cash used in operating activities was $66.7 million, a significant decrease from cash provided by operating activities of $561.6 million in the prior year[169] - Net cash provided by investing activities decreased to $66.1 million in 2024 from $469.4 million in 2023, primarily due to a decrease in the beginning balance of marketable securities[170] - Net cash used in financing activities increased to $803.3 million in 2024 from $105.3 million in 2023, driven by an increase in distribution to Parent of $611.4 million related to the Merger[171] Market and Operational Changes - The company completed a merger on April 19, 2024, with SH Residential Holdings, LLC, which is expected to enhance operational capabilities and market reach[231] - The cancellation rate as a percentage of gross sales decreased to 17% in 2024, down from 25% in 2023[141] - The average active subdivisions decreased by 23% from 226 in 2023 to 173 in 2024[132] - The East segment experienced a 39% increase in net new orders, driven by an increase in spec home inventory[138] Tax and Compliance - The company recorded an income tax provision of $82.2 million for the year ended December 31, 2024, with an effective tax rate of 20.3%[148] - The company believes it was in compliance with all financial covenants included in the Revolving Credit Facility as of December 31, 2024[162] Insurance and Warranty Reserves - The company reported insurance reserves of $96.9 million for estimated construction defect claims as of December 31, 2024[213] - A 10% increase in claim frequency and average cost per claim would raise insurance reserves by approximately $20.3 million, while a 10% decrease would lower reserves by about $18.4 million[186] - The company has established reserves for construction defect claims based on actuarial studies, which may significantly impact financial results if payment experiences change[263] Debt and Financing - As of December 31, 2024, the company had outstanding senior notes totaling $1.50 billion, with future interest payments amounting to $1.19 billion[153] - The company entered into a new unsecured revolving credit agreement with a commitment of up to $900 million, which may increase to $1.40 billion upon request[159] - The total carrying amount of senior notes as of December 31, 2024, was $1,484,267 thousand, with a fair value of $1,340,119 thousand[307]

Financial Performance - Home sale revenues for Q3 2024 reached $1.39 billion, a 28% increase from $1.09 billion in Q3 2023[123] - Net income for Q3 2024 was $133.5 million, a 24% increase compared to $107.3 million in Q3 2023[128] - Financial services pretax income increased by 125% year-over-year to $27.9 million in Q3 2024[128] - Gross profit for Q3 2024 was $246.8 million, with a gross margin of 17.8%, down from 19.2% in Q3 2023[123] - For the three months ended September 30, 2024, total financial services revenues increased to $43.4 million, up 82% from $23.8 million in the same period in 2023[162] - The company reported net income of $254.5 million for the nine months ended September 30, 2024, compared to $281.5 million in the same period of 2023[193] Home Sales and Deliveries - The total number of new homes delivered for the nine months ended September 30, 2024, was 7,467, generating home sale revenues of $4,123,303,000, a 28% increase from $3,210,536,000 in 2023[138] - For the three months ended September 30, 2024, total home sale revenues increased by 29% to $1,386,655,000 compared to $1,087,050,000 in the same period of 2023[137] - The total dollar value of net new orders for the three months ended September 30, 2024, was $1,024,501,000, a 12% increase from $965,498,000 in the same period of 2023[148] Costs and Expenses - Selling, general, and administrative expenses for the three months ended September 30, 2024, increased to $129,096,000 from $101,311,000 in 2023, reflecting a change of $27,785,000[145] - Commissions expenses for the three months ended September 30, 2024, increased to $42,740,000 from $30,204,000, reflecting a rise in home sale revenues[146] - Cash used in financing activities increased to $762.3 million for the nine months ended September 30, 2024, primarily due to a distribution to Parent of $611.4 million related to the Merger[195] Inventory and Backlog - Total homes backlog decreased by 62% to 1,065 homes with a total value of $628.5 million as of September 30, 2024[158] - Total unsold started homes increased by 45% to 3,899 as of September 30, 2024[159] - The company ended Q3 2024 with 21.3 unsold homes under construction per active community, indicating a strategic pivot to meet consumer demand[126] Market Trends - The average selling price of homes delivered in the West segment increased by 18% to $804,561, while the Mountain segment saw a 23% increase to $340,034[137] - The average price of homes in the East segment decreased by 10% due to a shift towards more affordable products[137] - Monthly absorption rates increased across all segments for the three and nine months ended September 30, 2024, compared to the prior year[138] Liquidity and Capital Resources - Total liquidity at the end of Q3 2024 was $2.18 billion, with a debt-to-capital ratio of 33.7%[127] - The company expects to meet its short and long-term capital requirements through its current liquidity and capital resources, including cash, marketable securities, and credit facilities[175] - As of September 30, 2024, the company had $1.09 billion available under the Revolving Credit Facility, with outstanding letters of credit totaling $36.3 million[185] Mortgage Operations - Mortgage operations revenue for the three months ended September 30, 2024, was $26.4 million, a 118% increase compared to $12.1 million in the prior year[162] - The capture rate as a percentage of all homes delivered increased to 77% for the three months ended September 30, 2024, compared to 62% in the same period last year[164] - Total originations for loans reached 1,949 for the three months ended September 30, 2024, a 59% increase from 1,225 in the same quarter of 2023[164] Tax and Debt - The company reported an effective income tax rate of 14.2% for the three months ended September 30, 2024, down from 23.2% in the same period of 2023[166] - As of September 30, 2024, the company had outstanding senior notes totaling $1.50 billion, with future interest payments amounting to $1.19 billion[172] Construction and Development - The company reported a 26% increase in homes under construction, totaling 3,075 as of September 30, 2024[159] - The number of active subdivisions decreased by 22% to 183 as of September 30, 2024[151] - The average active subdivisions for the nine months ended September 30, 2024, decreased by 12% to 206[151]

Core Viewpoint - Richmond American Homes has launched the Seasons at Riverton community in Plumas Lake, California, offering a variety of ranch and two-story floor plans aimed at making homeownership more accessible for diverse buyers [1][3]. Group 1: Company Overview - M.D.C. Holdings, Inc. was founded in 1972 and operates as one of the largest homebuilders in the United States, with a commitment to quality and value in home construction [4]. - The company has assisted over 240,000 homebuyers in achieving homeownership since 1977, reflecting its significant presence in the housing market [4]. - Richmond American Homes operates in multiple states, including California, Texas, and Florida, and offers additional services such as mortgage lending and insurance through its subsidiaries [4]. Group 2: Product Offering - The Seasons at Riverton features seven floor plans from the Seasons™ Collection, including the Ammolite model, which is designed to maximize living space [2][3]. - Homes are priced from the $500,000s and can accommodate up to 6 bedrooms with a total area of approximately 3,040 square feet [3]. - The community includes options for 3-car and RV garages, and is strategically located near highways, schools, shops, and restaurants, enhancing its appeal to potential buyers [3].

Group 1 - The grand opening of Autumnwood at Harvest at Limoneira is scheduled for August 10, 2024, in Santa Paula, California, featuring four two-story floor plans designed for modern homebuyers [1][3] - The new community offers homes starting from the $700s, with options ranging from 3 to 6 bedrooms and sizes approximately between 1,670 to 1,960 square feet [4] - Autumnwood includes resort-style amenities such as a community clubhouse, pool, fitness center, trails, parks, and gardens, and is conveniently located near shopping, dining, schools, and cultural attractions [4] Group 2 - M.D.C. Holdings, Inc., founded in 1972, is one of the largest homebuilders in the nation, with its subsidiaries, Richmond American Homes, having assisted over 240,000 homebuyers since 1977 [5] - The company operates in multiple states, including California, Texas, and Florida, and offers mortgage lending, insurance, and title services through its subsidiaries [5]