Irvine-based The New Home Co. Inc. announced on May 12, 2025, that its has entered into a definitive agreement to acquire Landsea Homes Corp. for $11.30 per share in an all-cash transaction that represents an enterprise value of approximately $1.2 billion. We expect, pro forma of the transaction, that our assessment of the business risk of New Home will improve due to its increased scale and competitive advantage with over 3,500 closings and greater geographic presence in Arizona, California, Florida, and Texas, and we could view it in line with its higher rated peers. Consequently, we placed our 'B' issuer credit rating on New Home Co. and 'B' issue-level rating on New Home Co.?s senior unsecured debt on CreditWatch with
