Earlier this week, we made the difficult decision to restructure the company due to the challenges faced across the real estate industry. Our business is built on the incredible talent and hard work of our people, and we unfortunately had to let go of some valued teammates. While other overhead reductions are also being implemented, we believe resizing the team to meet the current moment was the best decision for all of our constituents.
Prior to the change in interest rates that began last year, we achieved profitability for thirteen consecutive months. While this was an incredibly difficult decision, we believe it will enable us to get back to profitability in the very near term. We are committed to getting through this moment and coming out the other side stronger than ever. We are dedicated to being a long-term partner for our active investors who are restoring communities and delivering houses for families to call their homes. We are committed to delivering our investors fair risk-adjusted returns that produce consistent cash flow. We are unwavering in these commitments to our team and our partners, which is why we made this difficult decision.
We appreciate your continued trust.
Matt Rodak
CEO, Upright