Overview Key strengths Key risks Solid long-term land holdings in attractive California markets. Lack of size, scale, and geographic diversity relative to other rated home builders. Entering new markets, such as Portland, Ore.; Seattle; and Texas, to offset its California-centric volatility. Below-average profitability relative to peers. No significant near-term maturities until 2027. Ownership by financial sponsor Apollo Global Management. We forecast the company's EBITDA interest coverage will be in the 5.0x–5.5x range by the end of fiscal year 2024, which we base on its S&P Global Ratings-adjusted debt of approximately $300 million. In addition, we forecast New Home Co. will generate roughly $50 million-$70 million of EBITDA in fiscal year 2024. Furthermore, we estimate the company will expand its margins
