On April 1, 2024, Landsea Homes Corporation, a Delaware corporation (the Company), completed the sale to certain purchasers (the Offering) of $300.0 million in aggregate principal amount of 8.875% Senior Notes due 2029 (the Notes). The Notes were not registered under the Securities Act of 1933, as amended (the Securities Act), and were offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The Notes were issued pursuant to an indenture, dated as of April 1, 2024 (the Indenture), by and among the Company, the subsidiary guarantors party thereto (the Guarantors) and U.S. Bank Trust Company, National Association, as trustee.

Pursuant to the Indenture, interest on the Notes will be paid semi-annually on April 1 and October 1, commencing October 1, 2024. The Notes will mature on April 1, 2029. The Notes and the guarantees are: (i) the Company?s and the Guarantors?

senior unsecured obligations, ranking pari passu in right of payment with any existing and future unsubordinated indebtedness (including indebtedness under the Company?s existing revolving credit facility and 11.0% senior notes due 2028); (ii) effectively subordinated to the Company?s and the guarantors? obligations under any future secured indebtedness to the extent of the value of the collateral securing such indebtedness; (iii) senior in right of payment to the Company?s and the guarantors? existing and future subordinated indebtedness; and (iv) structurally subordinated to all existing and future liabilities of each of the Company?s subsidiaries that do not guarantee the Notes.

On and after April 1, 2026, the Company will be entitled at its option to redeem all or a portion of the Notes upon not less than 10 nor more than 60 days? notice, at the redemption prices (expressed in percentages of principal amount), plus accrued and unpaid interest to, but excluding, the redemption date, if redeemed during the 12 month period commencing on April 1 of the years set forth: Period 2026: Redemption Price: 104.438%; Period 2027: Redemption Price: 102.219%; Period 2028 and thereafter: Redemption Price: 100.000%. Prior to April 1, 2026, the Notes may be redeemed in whole or in part at a redemption price equal to 100% of the principal amount plus a ?make-whole?

premium, and accrued and unpaid interest, if any, to, but not including, the redemption date. At any time prior to April 1, 2026 the Company is entitled at its option on one or more occasions to redeem Notes (which includes any additional notes that may be issued under the Indenture) in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the Notes issued prior to such date at a redemption price (expressed as a percentage of principal amount) of 108.875% plus accrued and unpaid interest to, but excluding, the redemption date, with an amount equal to the net cash proceeds from one or more equity offerings by the Company, subject to certain conditions. If the Company experiences certain change of control events (as defined in the Indenture), holders of the Notes will have the right to require the Company to repurchase all or a portion of the Notes at 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest to, but excluding, the date of purchase.