M.D.C. Holdings Management

Management criteria checks 3/4

M.D.C. Holdings' CEO is David Mandarich, appointed in Jun 1999, has a tenure of 24.83 years. total yearly compensation is $18.62M, comprised of 5.4% salary and 94.6% bonuses, including company stock and options. directly owns 5.61% of the company’s shares, worth €248.71M. The average tenure of the management team and the board of directors is 3.5 years and 14.8 years respectively.

Key information

David Mandarich

Chief executive officer

US$18.6m

Total compensation

CEO salary percentage	5.4%
CEO tenure	24.8yrs
CEO ownership	5.6%
Management average tenure	3.5yrs
Board average tenure	14.8yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has David Mandarich's remuneration changed compared to M.D.C. Holdings's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	US$19m	US$1m	US$399m
Sep 30 2023	n/a	n/a	US$359m
Jun 30 2023	n/a	n/a	US$396m
Mar 31 2023	n/a	n/a	US$492m
Dec 31 2022	US$16m	US$1m	US$559m
Sep 30 2022	n/a	n/a	US$642m
Jun 30 2022	n/a	n/a	US$643m
Mar 31 2022	n/a	n/a	US$608m
Dec 31 2021	US$17m	US$1m	US$571m
Sep 30 2021	n/a	n/a	US$555m
Jun 30 2021	n/a	n/a	US$509m
Mar 31 2021	n/a	n/a	US$439m
Dec 31 2020	US$14m	US$830k	US$365m
Sep 30 2020	n/a	n/a	US$311m
Jun 30 2020	n/a	n/a	US$263m
Mar 31 2020	n/a	n/a	US$233m
Dec 31 2019	US$11m	US$830k	US$237m
Sep 30 2019	n/a	n/a	US$199m
Jun 30 2019	n/a	n/a	US$202m
Mar 31 2019	n/a	n/a	US$211m
Dec 31 2018	US$11m	US$830k	US$210m
Sep 30 2018	n/a	n/a	US$180m
Jun 30 2018	n/a	n/a	US$187m
Mar 31 2018	n/a	n/a	US$158m
Dec 31 2017	US$9m	US$830k	US$141m

Compensation vs Market: David's total compensation ($USD18.62M) is above average for companies of similar size in the German market ($USD2.37M).

Compensation vs Earnings: David's compensation has been consistent with company performance over the past year.

CEO

David Mandarich (75 yo)

24.8yrs

Tenure

US$18,618,885

Compensation

Mr. David D. Mandarich has been President and Chief Executive Officer of M.D.C. Holdings, Inc. since June 1999 and October 26, 2020, respectively. He served as Chief Operating Officer of M.D.C.Holdings, I...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Larry Mizel	Executive Chairman	52.3yrs	US$20.73m	5.5% $ 244.2m
David Mandarich	President	24.8yrs	US$18.62m	5.61% $ 248.7m
Robert Martin	Senior VP & CFO	8.9yrs	US$7.10m	0.37% $ 16.3m
Michael Kaplan	SVP & General Counsel	1.5yrs	US$1.05m	0.015% $ 684.1k
Derek Kimmerle	VP, Chief Accounting Officer & Controller	2.6yrs	no data	0.0036% $ 161.5k
Ryan Berry	Director of Corporate Finance & Assistant Treasurer	no data	no data	no data
Krista Montgomery	Senior VP of Human Resources & Chief People Officer	no data	no data	no data
Jack Gallagher	Regional President of Maryland	4.3yrs	no data	no data
Dawn Huth	Senior VP of National Finance - Richmond American Homes	3.5yrs	no data	no data
Natasha Gandhi	Senior Division President of South	no data	no data	no data
Nicole Bloom	Division President of Nevada	no data	no data	no data
Adib Khoury	Division President of Phoenix	no data	no data	no data

3.5yrs

Average Tenure

54yo

Average Age

Experienced Management: MDH's management team is considered experienced (3.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Larry Mizel	Executive Chairman	52.3yrs	US$20.73m	5.5% $ 244.2m
David Mandarich	President	30.1yrs	US$18.62m	5.61% $ 248.7m
Paris Reece	Independent Director	10.9yrs	US$460.19k	0.11% $ 4.7m
Herbert Buchwald	Independent Lead Director	30.1yrs	US$811.45k	0.025% $ 1.1m
Raymond Baker	Independent Director	12.3yrs	US$567.56k	0.075% $ 3.3m
David Blackford	Independent Director	23yrs	US$568.30k	0.018% $ 781.3k
Michael Berman	Independent Director	18yrs	US$513.82k	0.039% $ 1.8m
David Siegel	Independent Director	14.8yrs	US$549.32k	0.037% $ 1.6m
Rafay Farooqui	Independent Director	1.3yrs	US$521.94k	0.010% $ 446.3k
Courtney Mizel	Director	6.8yrs	US$427.18k	0.068% $ 3.0m
Janice Sinden	Independent Director	2.3yrs	US$416.21k	0.021% $ 939.3k

14.8yrs

Average Tenure

72yo

Average Age

Experienced Board: MDH's board of directors are seasoned and experienced ( 14.8 years average tenure).

M.D.C. Holdings Management

Management criteria checks 3/4

Key information

Recent management updates

Independent Director recently sold €356k worth of stock

Independent Director recently sold €394k worth of stock

President recently sold €5.9m worth of stock

Independent Lead Director recently sold €286k worth of stock

Independent Director recently sold €161k worth of stock

Independent Director recently sold €107k worth of stock

Recent updates

SH Residential Holdings, LLC completed the acquisition of M.D.C. Holdings, Inc. (NYSE:MDC) from a group of shareholders.

Independent Director recently sold €356k worth of stock

Kaskela Law LLC Announces Shareholder Complaint Filed Against M.D.C. Holdings, Inc. (MDC) and Encourages Investors to Contact the Firm

Full year 2023 earnings released: EPS: US$5.46 (vs US$7.88 in FY 2022)

Upcoming dividend of US$0.55 per share at 3.5% yield

Investor sentiment improves as stock rises 15%

Third quarter dividend of US$0.55 announced

SH Residential Holdings, LLC entered into a definitive agreement to acquire M.D.C. Holdings, Inc. (NYSE:MDC) from a group of shareholders for $4.9 billion.

Sekisui House, Ltd. (TSE:1928) entered into a definitive agreement to acquire M.D.C. Holdings, Inc. (NYSE:MDC) from BlackRock, Inc. (NYSE:BLK), The Vanguard Group, Inc., Dimensional Fund Advisors LP, Larry Mizel, David Mandarich and others for $4.7 billion.

Upcoming dividend of US$0.55 per share at 5.9% yield

Third quarter 2023 earnings released: EPS: US$1.45 (vs US$2.03 in 3Q 2022)

M.D.C. Holdings, Inc. Declares Quarterly Cash Dividend, Payable on November 22, 2023

M.D.C. Holdings, Inc. to Report Q3, 2023 Results on Oct 26, 2023

Upcoming dividend of US$0.55 per share at 4.3% yield

New minor risk - Earnings quality

M.D.C. Holdings, Inc. Provides Operating Guidance for the Third Quarter and Full Year of 2023

Second quarter 2023 earnings released: EPS: US$1.28 (vs US$2.66 in 2Q 2022)

M.D.C. Holdings, Inc. to Report Q2, 2023 Results on Jul 27, 2023

M.D.C. Holdings, Inc.(NYSE:MDC) dropped from Russell Small Cap Comp Growth Index

Independent Director recently sold €394k worth of stock

President recently sold €5.9m worth of stock

First quarter 2023 earnings released: EPS: US$1.11 (vs US$2.09 in 1Q 2022)

Independent Lead Director recently sold €286k worth of stock

Independent Director recently sold €161k worth of stock

Independent Director recently sold €107k worth of stock

Full year 2022 earnings released: EPS: US$7.91 (vs US$8.13 in FY 2021)

Upcoming dividend of US$0.50 per share at 5.4% yield

M.D.C. Holdings, Inc. Announces Executive Changes

M.D.C. Holdings, Inc. Declares Quarterly Cash Dividend, Payable on February 22, 2023

M.D.C. Holdings, Inc. to Report Q4, 2022 Results on Jan 31, 2023

M.D.C. Holdings, Inc. Appoints Rafay Farooqui to Its Board of Directors

Insufficient new directors

Upcoming dividend of US$0.50 per share

M.D.C. Holdings, Inc. Provides Operating Guidance for the Third Quarter of 2022

Third quarter 2022 earnings released: EPS: US$2.04 (vs US$2.07 in 3Q 2021)

M.D.C. Holdings Declares Quarterly Cash Dividend, Payable on November 23, 2022

M.D.C. Holdings, Inc. to Report Q3, 2022 Results on Oct 27, 2022

Independent Lead Director recently sold €347k worth of stock

Upcoming dividend of US$0.50 per share

Second quarter 2022 earnings released: EPS: US$2.68 (vs US$2.19 in 2Q 2021)

M.D.C. Holdings, Inc. Provides Operating Guidance for the Third Quarter of 2022

M.D.C. Holdings, Inc. Declares Quarterly Cash Dividend, Payable on August 24, 2022

M.D.C. Holdings, Inc. to Report Q2, 2022 Results on Jul 28, 2022

Investor sentiment deteriorated over the past week

M.D.C. Holdings, Inc. Announces Resignation of Rebecca Givens as Senior Vice President and General Counsel of the Company Effective as of the Close of Business on May 20, 2022

Independent Lead Director recently sold €356k worth of stock

Independent Director recently sold €108k worth of stock

Upcoming dividend of US$0.50 per share

First quarter 2022 earnings released: EPS: US$2.10 (vs US$1.58 in 1Q 2021)

Insufficient new directors

M.D.C. Holdings, Inc. Declares Quarterly Cash Dividend, Payable on May 25, 2022

M.D.C. Holdings, Inc. to Report Q1, 2022 Results on Apr 28, 2022

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Upcoming dividend of US$0.50 per share

Richmond American Expands Solar Offerings to All Regions

Independent Director recently sold €328k worth of stock

Upcoming dividend of US$0.50 per share

Third quarter 2021 earnings released: EPS US$2.07 (vs US$1.43 in 3Q 2020)

M.D.C. Holdings, Inc. Announces Richmond American Homes Debuts First Idaho Community

Independent Director recently sold €277k worth of stock

Independent Director recently sold €416k worth of stock

M.D.C. Holdings, Inc. Announces Richmond American Debuts New Model Homes in Winchester

Upcoming dividend of US$0.40 per share

Second quarter 2021 earnings released: EPS US$2.20 (vs US$1.23 in 2Q 2020)

VP, Chief Accounting Officer & Principal Accounting Officer Staci Woolsey has left the company

Upcoming dividend of US$0.40 per share

First quarter 2021 earnings released: EPS US$1.59 (vs US$0.54 in 1Q 2020)

M.D.C. Holdings Declares Quarterly Dividend, Payable on May 26, 2021

Independent Lead Director recently sold €522k worth of stock