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[10-Q] Green Brick Partners, Inc Quarterly Earnings Report

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10-Q
Rhea-AI Filing Summary

For Q2 2025, Green Brick Partners (GRBK) generated $549.1 million revenue (-2% YoY) and $81.9 million net income (-22%), with diluted EPS falling to $1.85. Residential unit revenue was flat, but heavier incentives lowered average selling price 5.3% and trimmed residential gross margin to 30.4% (-410 bps). Land & lot sales plunged 85%. Backlog revenue declined 21% to $516 million and units fell 18%, while the cancellation rate edged up to 9.9%.

Six-month revenue rose 5% to $1.047 billion, yet net income dropped 17% to $157.0 million; diluted EPS is $3.52 (-15%). Operating cash flow surged to $143 million versus $3 million last year, allowing $25 million senior-note pay-down and a $20 million reduction on credit lines; cash stands at $112 million and total debt at $276 million. Inventory grew 2% to $1.98 billion and equity increased to $1.75 billion. GRBK repurchased 1.03 million shares for $60.1 million, shrinking outstanding shares 2.1%; $39.9 million remains under the 2025 buy-back plan. The effective tax rate rose to 20.4%. Management is assessing effects of the newly enacted One Big Beautiful Bill Act.

Nel secondo trimestre 2025, Green Brick Partners (GRBK) ha registrato ricavi per 549,1 milioni di dollari (-2% su base annua) e un utile netto di 81,9 milioni di dollari (-22%), con un utile per azione diluito sceso a 1,85 dollari. I ricavi dalle unit脿 residenziali sono rimasti stabili, ma incentivi pi霉 consistenti hanno ridotto il prezzo medio di vendita del 5,3% e il margine lordo residenziale al 30,4% (-410 punti base). Le vendite di terreni e lotti sono crollate dell'85%. Il fatturato in backlog 猫 diminuito del 21% a 516 milioni di dollari e le unit脿 sono calate del 18%, mentre il tasso di cancellazione 猫 salito al 9,9%.

I ricavi semestrali sono aumentati del 5% a 1,047 miliardi di dollari, ma l'utile netto 猫 sceso del 17% a 157,0 milioni; l'utile per azione diluito 猫 di 3,52 dollari (-15%). Il flusso di cassa operativo 猫 aumentato notevolmente a 143 milioni rispetto ai 3 milioni dell'anno precedente, permettendo un rimborso di 25 milioni di dollari su obbligazioni senior e una riduzione di 20 milioni sulle linee di credito; la liquidit脿 猫 di 112 milioni e il debito totale di 276 milioni. L'inventario 猫 cresciuto del 2% a 1,98 miliardi e il patrimonio netto 猫 aumentato a 1,75 miliardi. GRBK ha riacquistato 1,03 milioni di azioni per 60,1 milioni di dollari, riducendo le azioni in circolazione del 2,1%; restano 39,9 milioni di dollari disponibili nel piano di riacquisto 2025. L'aliquota fiscale effettiva 猫 salita al 20,4%. La direzione sta valutando gli effetti della nuova legge One Big Beautiful Bill Act.

En el segundo trimestre de 2025, Green Brick Partners (GRBK) gener贸 ingresos de 549,1 millones de d贸lares (-2% interanual) y un ingreso neto de 81,9 millones de d贸lares (-22%), con una utilidad diluida por acci贸n que cay贸 a 1,85 d贸lares. Los ingresos por unidades residenciales se mantuvieron estables, pero los incentivos m谩s altos redujeron el precio medio de venta en un 5,3% y disminuyeron el margen bruto residencial al 30,4% (-410 puntos b谩sicos). Las ventas de terrenos y lotes se desplomaron un 85%. Los ingresos en cartera disminuyeron un 21% a 516 millones de d贸lares y las unidades cayeron un 18%, mientras que la tasa de cancelaci贸n aument贸 al 9,9%.

Los ingresos semestrales aumentaron un 5% a 1.047 millones de d贸lares, pero el ingreso neto baj贸 un 17% a 157,0 millones; la utilidad diluida por acci贸n es de 3,52 d贸lares (-15%). El flujo de caja operativo se dispar贸 a 143 millones frente a 3 millones del a帽o pasado, permitiendo un pago de 25 millones en notas senior y una reducci贸n de 20 millones en l铆neas de cr茅dito; el efectivo es de 112 millones y la deuda total de 276 millones. El inventario creci贸 un 2% a 1.980 millones y el patrimonio aument贸 a 1.750 millones. GRBK recompr贸 1,03 millones de acciones por 60,1 millones, reduciendo las acciones en circulaci贸n en un 2,1%; quedan 39,9 millones disponibles en el plan de recompra 2025. La tasa impositiva efectiva aument贸 al 20,4%. La direcci贸n est谩 evaluando los efectos de la reci茅n promulgada Ley One Big Beautiful Bill Act.

2025雲� 2攵勱赴 Green Brick Partners(GRBK)電� 5鞏�4,910毵� 雼煬鞚� 毵れ稖(-鞝勲厔 雽�牍� 2%)瓿� 8,190毵� 雼煬鞚� 靾滌澊鞚�(-22%)鞚� 旮半頄堨溂氅�, 頋劃 欤茧嫻靾滌澊鞚�(EPS)鞚� 1.85雼煬搿� 頃橂澖頄堨姷雼堧嫟. 欤缄卑 雼渼 毵れ稖鞚� 氤�霃欖澊 鞐嗢棃鞙茧倶, 雿� 毵庫潃 鞚胳劶韹半笇搿� 鞚疙暣 韽夑窢 韺愲Г 臧�瓴╈澊 5.3% 頃橂澖頃橁碃 欤缄卑鞖� 齑濎澊鞚惦鞚� 30.4%(-410 氩犾澊鞁滌姢 韽澑韸�)搿� 臧愳唽頄堨姷雼堧嫟. 韱犾 氚� 攵�歆� 韺愲Г電� 85% 旮夑皭頄堨姷雼堧嫟. 氚彪攴� 毵れ稖鞚� 21% 臧愳唽頃� 5鞏�1,600毵� 雼煬, 雼渼 靾橂姅 18% 臧愳唽頄堨溂氅�, 旆唽鞙潃 9.9%搿� 靻岉彮 靸侅姽頄堨姷雼堧嫟.

6臧滌洈 毵れ稖鞚� 5% 歃濌皜頃� 10鞏�4,700毵� 雼煬毳� 旮半頄堨毵�, 靾滌澊鞚奠潃 17% 臧愳唽頃� 1鞏�5,700毵� 雼煬鞓�鞙茧┌, 頋劃 EPS電� 3.52雼煬(-15%)鞛呺媹雼�. 鞓侅梾 順勱笀 頋愲鞚� 鞛戨厔 300毵� 雼煬鞐愳劀 1鞏�4,300毵� 雼煬搿� 旮夓頃� 2,500毵� 雼煬鞚� 靹犾垳鞙� 毂勱秾 靸來櫂瓿� 2,000毵� 雼煬鞚� 鞁犾毄 頃滊弰 臧愳稌鞚� 臧�電ロ晿瓴� 頄堨溂氅�, 順勱笀鞚� 1鞏�1,200毵� 雼煬, 齑� 攵�毂勲姅 2鞏�7,600毵� 雼煬鞛呺媹雼�. 鞛碃電� 2% 歃濌皜頃� 19鞏�8,000毵� 雼煬, 鞛愲掣鞚� 17鞏�5,000毵� 雼煬搿� 電橃棃鞀惦媹雼�. GRBK電� 103毵� 欤茧ゼ 6,010毵� 雼煬鞐� 鞛Г鞛呿暣 鞙犿喌 欤检嫕 靾橂ゼ 2.1% 欷勳榾鞙茧┌, 2025雲� 鞛愳偓欤� 毵れ瀰 瓿勴殟鞐� 3,990毵� 雼煬臧� 雮晞 鞛堨姷雼堧嫟. 鞙犿毃 靹胳湪鞚� 20.4%搿� 靸侅姽頄堨姷雼堧嫟. 瓴届榿歆勳潃 靸堧 鞝滌爼霅� One Big Beautiful Bill Act鞚� 鞓來枼鞚� 韽夑皜頃橁碃 鞛堨姷雼堧嫟.

Au deuxi猫me trimestre 2025, Green Brick Partners (GRBK) a g茅n茅r茅 un chiffre d'affaires de 549,1 millions de dollars (-2 % en glissement annuel) et un b茅n茅fice net de 81,9 millions de dollars (-22 %), avec un BPA dilu茅 en baisse 脿 1,85 dollar. Les revenus des unit茅s r茅sidentielles sont rest茅s stables, mais des incitations plus importantes ont fait baisser le prix de vente moyen de 5,3 % et r茅duit la marge brute r茅sidentielle 脿 30,4 % (-410 points de base). Les ventes de terrains et lots ont chut茅 de 85 %. Le chiffre d'affaires en carnet de commandes a diminu茅 de 21 % 脿 516 millions de dollars, les unit茅s ont baiss茅 de 18 %, tandis que le taux d'annulation a l茅g猫rement augment茅 脿 9,9 %.

Le chiffre d'affaires semestriel a progress茅 de 5 % 脿 1,047 milliard de dollars, mais le b茅n茅fice net a recul茅 de 17 % 脿 157,0 millions ; le BPA dilu茅 est de 3,52 dollars (-15 %). Le flux de tr茅sorerie op茅rationnel a bondi 脿 143 millions contre 3 millions l'an dernier, permettant un remboursement de 25 millions sur des obligations senior et une r茅duction de 20 millions sur les lignes de cr茅dit ; la tr茅sorerie s'茅l猫ve 脿 112 millions et la dette totale 脿 276 millions. Les stocks ont augment茅 de 2 % 脿 1,98 milliard et les capitaux propres ont augment茅 脿 1,75 milliard. GRBK a rachet茅 1,03 million d'actions pour 60,1 millions, r茅duisant le nombre d'actions en circulation de 2,1 % ; 39,9 millions restent disponibles dans le cadre du plan de rachat 2025. Le taux d'imposition effectif a augment茅 脿 20,4 %. La direction 茅value les effets de la nouvelle loi One Big Beautiful Bill Act.

Im zweiten Quartal 2025 erzielte Green Brick Partners (GRBK) einen Umsatz von 549,1 Millionen US-Dollar (-2 % im Jahresvergleich) und einen Nettogewinn von 81,9 Millionen US-Dollar (-22 %), wobei das verw盲sserte Ergebnis je Aktie auf 1,85 US-Dollar sank. Die Ums盲tze aus Wohnimmobilien blieben stabil, doch h枚here Anreize senkten den durchschnittlichen Verkaufspreis um 5,3 % und reduzierten die Bruttomarge im Wohnbereich auf 30,4 % (-410 Basispunkte). Der Verkauf von Grundst眉cken und Parzellen brach um 85 % ein. Der Auftragsbestandumsatz sank um 21 % auf 516 Millionen US-Dollar, die Einheitenzahl fiel um 18 %, w盲hrend die Stornierungsrate auf 9,9 % anstieg.

Der Halbjahresumsatz stieg um 5 % auf 1,047 Milliarden US-Dollar, der Nettogewinn sank jedoch um 17 % auf 157,0 Millionen; das verw盲sserte Ergebnis je Aktie betr盲gt 3,52 US-Dollar (-15 %). Der operative Cashflow stieg stark auf 143 Millionen gegen眉ber 3 Millionen im Vorjahr, was eine R眉ckzahlung von 25 Millionen US-Dollar auf Senior Notes und eine Reduzierung der Kreditlinien um 20 Millionen erm枚glichte; der Kassenbestand betr盲gt 112 Millionen, die Gesamtverschuldung 276 Millionen. Der Lagerbestand wuchs um 2 % auf 1,98 Milliarden, das Eigenkapital stieg auf 1,75 Milliarden. GRBK kaufte 1,03 Millionen Aktien f眉r 60,1 Millionen zur眉ck und verringerte die ausstehenden Aktien um 2,1 %; 39,9 Millionen verbleiben im R眉ckkaufplan 2025. Der effektive Steuersatz stieg auf 20,4 %. Das Management bewertet derzeit die Auswirkungen des neu verabschiedeten One Big Beautiful Bill Act.

Positive
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Negative
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Insights

TL;DR 鈥� Solid cash generation offsets margin squeeze and profit decline.

Revenue held up, but aggressive discounting cut residential gross margin to 30.4%, pulling EPS down 20% YoY. Cash conversion was excellent: $143 million operating inflow funded $25 million note repayment and repurchases without stressing liquidity. Debt/total cap is roughly 14%, giving room for land investment even after $60 million buy-backs. However, a 21% backlog contraction and lower ASP signal softer demand into H2. Net result is modestly negative near term, but balance-sheet strength limits downside.

TL;DR 鈥� Demand cooling, incentives rising; inventory and capital structure remain healthy.

Unit deliveries rose 6%, yet sales incentives required to achieve that growth pressured pricing and margins. Backlog erosion and a higher cancellation rate point to slower 2H closings unless incentives persist. Importantly, GRBK trimmed unsecured notes and virtually cleared its revolver, so interest exposure is minimal even if rates rise further. Shareholder returns via buy-backs are accretive given book value of $40/share versus $62 buy price, but ongoing margin compression could cap multiple expansion.

Nel secondo trimestre 2025, Green Brick Partners (GRBK) ha registrato ricavi per 549,1 milioni di dollari (-2% su base annua) e un utile netto di 81,9 milioni di dollari (-22%), con un utile per azione diluito sceso a 1,85 dollari. I ricavi dalle unit脿 residenziali sono rimasti stabili, ma incentivi pi霉 consistenti hanno ridotto il prezzo medio di vendita del 5,3% e il margine lordo residenziale al 30,4% (-410 punti base). Le vendite di terreni e lotti sono crollate dell'85%. Il fatturato in backlog 猫 diminuito del 21% a 516 milioni di dollari e le unit脿 sono calate del 18%, mentre il tasso di cancellazione 猫 salito al 9,9%.

I ricavi semestrali sono aumentati del 5% a 1,047 miliardi di dollari, ma l'utile netto 猫 sceso del 17% a 157,0 milioni; l'utile per azione diluito 猫 di 3,52 dollari (-15%). Il flusso di cassa operativo 猫 aumentato notevolmente a 143 milioni rispetto ai 3 milioni dell'anno precedente, permettendo un rimborso di 25 milioni di dollari su obbligazioni senior e una riduzione di 20 milioni sulle linee di credito; la liquidit脿 猫 di 112 milioni e il debito totale di 276 milioni. L'inventario 猫 cresciuto del 2% a 1,98 miliardi e il patrimonio netto 猫 aumentato a 1,75 miliardi. GRBK ha riacquistato 1,03 milioni di azioni per 60,1 milioni di dollari, riducendo le azioni in circolazione del 2,1%; restano 39,9 milioni di dollari disponibili nel piano di riacquisto 2025. L'aliquota fiscale effettiva 猫 salita al 20,4%. La direzione sta valutando gli effetti della nuova legge One Big Beautiful Bill Act.

En el segundo trimestre de 2025, Green Brick Partners (GRBK) gener贸 ingresos de 549,1 millones de d贸lares (-2% interanual) y un ingreso neto de 81,9 millones de d贸lares (-22%), con una utilidad diluida por acci贸n que cay贸 a 1,85 d贸lares. Los ingresos por unidades residenciales se mantuvieron estables, pero los incentivos m谩s altos redujeron el precio medio de venta en un 5,3% y disminuyeron el margen bruto residencial al 30,4% (-410 puntos b谩sicos). Las ventas de terrenos y lotes se desplomaron un 85%. Los ingresos en cartera disminuyeron un 21% a 516 millones de d贸lares y las unidades cayeron un 18%, mientras que la tasa de cancelaci贸n aument贸 al 9,9%.

Los ingresos semestrales aumentaron un 5% a 1.047 millones de d贸lares, pero el ingreso neto baj贸 un 17% a 157,0 millones; la utilidad diluida por acci贸n es de 3,52 d贸lares (-15%). El flujo de caja operativo se dispar贸 a 143 millones frente a 3 millones del a帽o pasado, permitiendo un pago de 25 millones en notas senior y una reducci贸n de 20 millones en l铆neas de cr茅dito; el efectivo es de 112 millones y la deuda total de 276 millones. El inventario creci贸 un 2% a 1.980 millones y el patrimonio aument贸 a 1.750 millones. GRBK recompr贸 1,03 millones de acciones por 60,1 millones, reduciendo las acciones en circulaci贸n en un 2,1%; quedan 39,9 millones disponibles en el plan de recompra 2025. La tasa impositiva efectiva aument贸 al 20,4%. La direcci贸n est谩 evaluando los efectos de la reci茅n promulgada Ley One Big Beautiful Bill Act.

2025雲� 2攵勱赴 Green Brick Partners(GRBK)電� 5鞏�4,910毵� 雼煬鞚� 毵れ稖(-鞝勲厔 雽�牍� 2%)瓿� 8,190毵� 雼煬鞚� 靾滌澊鞚�(-22%)鞚� 旮半頄堨溂氅�, 頋劃 欤茧嫻靾滌澊鞚�(EPS)鞚� 1.85雼煬搿� 頃橂澖頄堨姷雼堧嫟. 欤缄卑 雼渼 毵れ稖鞚� 氤�霃欖澊 鞐嗢棃鞙茧倶, 雿� 毵庫潃 鞚胳劶韹半笇搿� 鞚疙暣 韽夑窢 韺愲Г 臧�瓴╈澊 5.3% 頃橂澖頃橁碃 欤缄卑鞖� 齑濎澊鞚惦鞚� 30.4%(-410 氩犾澊鞁滌姢 韽澑韸�)搿� 臧愳唽頄堨姷雼堧嫟. 韱犾 氚� 攵�歆� 韺愲Г電� 85% 旮夑皭頄堨姷雼堧嫟. 氚彪攴� 毵れ稖鞚� 21% 臧愳唽頃� 5鞏�1,600毵� 雼煬, 雼渼 靾橂姅 18% 臧愳唽頄堨溂氅�, 旆唽鞙潃 9.9%搿� 靻岉彮 靸侅姽頄堨姷雼堧嫟.

6臧滌洈 毵れ稖鞚� 5% 歃濌皜頃� 10鞏�4,700毵� 雼煬毳� 旮半頄堨毵�, 靾滌澊鞚奠潃 17% 臧愳唽頃� 1鞏�5,700毵� 雼煬鞓�鞙茧┌, 頋劃 EPS電� 3.52雼煬(-15%)鞛呺媹雼�. 鞓侅梾 順勱笀 頋愲鞚� 鞛戨厔 300毵� 雼煬鞐愳劀 1鞏�4,300毵� 雼煬搿� 旮夓頃� 2,500毵� 雼煬鞚� 靹犾垳鞙� 毂勱秾 靸來櫂瓿� 2,000毵� 雼煬鞚� 鞁犾毄 頃滊弰 臧愳稌鞚� 臧�電ロ晿瓴� 頄堨溂氅�, 順勱笀鞚� 1鞏�1,200毵� 雼煬, 齑� 攵�毂勲姅 2鞏�7,600毵� 雼煬鞛呺媹雼�. 鞛碃電� 2% 歃濌皜頃� 19鞏�8,000毵� 雼煬, 鞛愲掣鞚� 17鞏�5,000毵� 雼煬搿� 電橃棃鞀惦媹雼�. GRBK電� 103毵� 欤茧ゼ 6,010毵� 雼煬鞐� 鞛Г鞛呿暣 鞙犿喌 欤检嫕 靾橂ゼ 2.1% 欷勳榾鞙茧┌, 2025雲� 鞛愳偓欤� 毵れ瀰 瓿勴殟鞐� 3,990毵� 雼煬臧� 雮晞 鞛堨姷雼堧嫟. 鞙犿毃 靹胳湪鞚� 20.4%搿� 靸侅姽頄堨姷雼堧嫟. 瓴届榿歆勳潃 靸堧 鞝滌爼霅� One Big Beautiful Bill Act鞚� 鞓來枼鞚� 韽夑皜頃橁碃 鞛堨姷雼堧嫟.

Au deuxi猫me trimestre 2025, Green Brick Partners (GRBK) a g茅n茅r茅 un chiffre d'affaires de 549,1 millions de dollars (-2 % en glissement annuel) et un b茅n茅fice net de 81,9 millions de dollars (-22 %), avec un BPA dilu茅 en baisse 脿 1,85 dollar. Les revenus des unit茅s r茅sidentielles sont rest茅s stables, mais des incitations plus importantes ont fait baisser le prix de vente moyen de 5,3 % et r茅duit la marge brute r茅sidentielle 脿 30,4 % (-410 points de base). Les ventes de terrains et lots ont chut茅 de 85 %. Le chiffre d'affaires en carnet de commandes a diminu茅 de 21 % 脿 516 millions de dollars, les unit茅s ont baiss茅 de 18 %, tandis que le taux d'annulation a l茅g猫rement augment茅 脿 9,9 %.

Le chiffre d'affaires semestriel a progress茅 de 5 % 脿 1,047 milliard de dollars, mais le b茅n茅fice net a recul茅 de 17 % 脿 157,0 millions ; le BPA dilu茅 est de 3,52 dollars (-15 %). Le flux de tr茅sorerie op茅rationnel a bondi 脿 143 millions contre 3 millions l'an dernier, permettant un remboursement de 25 millions sur des obligations senior et une r茅duction de 20 millions sur les lignes de cr茅dit ; la tr茅sorerie s'茅l猫ve 脿 112 millions et la dette totale 脿 276 millions. Les stocks ont augment茅 de 2 % 脿 1,98 milliard et les capitaux propres ont augment茅 脿 1,75 milliard. GRBK a rachet茅 1,03 million d'actions pour 60,1 millions, r茅duisant le nombre d'actions en circulation de 2,1 % ; 39,9 millions restent disponibles dans le cadre du plan de rachat 2025. Le taux d'imposition effectif a augment茅 脿 20,4 %. La direction 茅value les effets de la nouvelle loi One Big Beautiful Bill Act.

Im zweiten Quartal 2025 erzielte Green Brick Partners (GRBK) einen Umsatz von 549,1 Millionen US-Dollar (-2 % im Jahresvergleich) und einen Nettogewinn von 81,9 Millionen US-Dollar (-22 %), wobei das verw盲sserte Ergebnis je Aktie auf 1,85 US-Dollar sank. Die Ums盲tze aus Wohnimmobilien blieben stabil, doch h枚here Anreize senkten den durchschnittlichen Verkaufspreis um 5,3 % und reduzierten die Bruttomarge im Wohnbereich auf 30,4 % (-410 Basispunkte). Der Verkauf von Grundst眉cken und Parzellen brach um 85 % ein. Der Auftragsbestandumsatz sank um 21 % auf 516 Millionen US-Dollar, die Einheitenzahl fiel um 18 %, w盲hrend die Stornierungsrate auf 9,9 % anstieg.

Der Halbjahresumsatz stieg um 5 % auf 1,047 Milliarden US-Dollar, der Nettogewinn sank jedoch um 17 % auf 157,0 Millionen; das verw盲sserte Ergebnis je Aktie betr盲gt 3,52 US-Dollar (-15 %). Der operative Cashflow stieg stark auf 143 Millionen gegen眉ber 3 Millionen im Vorjahr, was eine R眉ckzahlung von 25 Millionen US-Dollar auf Senior Notes und eine Reduzierung der Kreditlinien um 20 Millionen erm枚glichte; der Kassenbestand betr盲gt 112 Millionen, die Gesamtverschuldung 276 Millionen. Der Lagerbestand wuchs um 2 % auf 1,98 Milliarden, das Eigenkapital stieg auf 1,75 Milliarden. GRBK kaufte 1,03 Millionen Aktien f眉r 60,1 Millionen zur眉ck und verringerte die ausstehenden Aktien um 2,1 %; 39,9 Millionen verbleiben im R眉ckkaufplan 2025. Der effektive Steuersatz stieg auf 20,4 %. Das Management bewertet derzeit die Auswirkungen des neu verabschiedeten One Big Beautiful Bill Act.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from — to —

Commission file number: 001-33530

Green Brick Partners, Inc.
 
(Exact name of registrant as specified in its charter)
Delaware20-5952523
(State or other jurisdiction of incorporation)(IRS Employer Identification Number)
5501 Headquarters Drive, Suite 300W
Plano,TX75024(469)573-6755
(Address of principal executive offices, including Zip Code)(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per share
GRBKThe New York Stock Exchange
Depositary Shares (each representing a 1/1000th interest in a share of 5.75% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share)GRBK PRAThe New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares of the Registrant’s common stock outstanding as of July 24, 2025 was 43,565,098.


TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
Item 1.
Condensed Consolidated Financial Statements (Unaudited)
1
Condensed Consolidated Balance Sheets, June 30, 2025 and December 31, 2024
1
Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2025
1
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2025 and 2024
2
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024
4
Notes to Condensed Consolidated Financial Statements
5
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
22
Item 4.
Controls and Procedures
32
PART II
OTHER INFORMATION
Item 5.
Other Information
33
Item 6.
Exhibits
34
Signatures
35

TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data) (Unaudited)
June 30, 2025December 31, 2024
ASSETS
Cash and cash equivalents$112,459 $141,543 
Restricted cash33,334 18,153 
Receivables41,997 13,858 
AG真人官方 estate inventory:
Inventory owned1,807,854 1,771,203 
Consolidated inventory related to VIE169,057 166,529 
Total inventory1,976,911 1,937,732 
Investments in unconsolidated entities82,342 60,582 
Right-of-use assets - operating leases6,826 7,242 
Property and equipment, net5,515 6,551 
Earnest money deposits15,407 13,629 
Deferred income tax assets, net13,984 13,984 
Intangible assets, net239 282 
Goodwill680 680 
Other assets25,575 35,758 
Total assets$2,315,269 $2,249,994 
LIABILITIES AND EQUITY
Liabilities:
Accounts payable$78,830 $59,746 
Accrued expenses102,632 110,068 
Customer and builder deposits39,635 37,068 
Lease liabilities - operating leases7,935 8,343 
Borrowings on lines of credit, net2,183 22,645 
Senior unsecured notes, net274,281 299,090 
Notes payable14,871 14,871 
Total liabilities520,367 551,831 
Commitments and contingencies
Redeemable noncontrolling interest in equity of consolidated subsidiary45,967 44,709 
Equity:
Green Brick Partners, Inc. stockholders’ equity
Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively
47,603 47,603 
Common stock, $0.01 par value: 100,000,000 shares authorized; 43,565,098 and 44,498,097 issued and outstanding as of June 30, 2025 and December 31, 2024
436 445 
Additional paid-in capital244,006 244,653 
Retained earnings1,433,328 1,332,714 
Total Green Brick Partners, Inc. stockholders’ equity1,725,373 1,625,415 
Noncontrolling interests23,562 28,039 
Total equity1,748,935 1,653,454 
Total liabilities and equity$2,315,269 $2,249,994 
The accompanying notes are an integral part of these condensed consolidated financial statements.

TABLE OF CONTENTS
GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Residential units revenue$547,109 $547,138 $1,042,426 $990,422 
Land and lots revenue2,038 13,493 4,342 17,547 
Total revenues549,147 560,631 1,046,768 1,007,969 
Cost of residential units380,656 358,183 721,277 653,496 
Cost of land and lots977 12,782 2,192 16,550 
Total cost of revenues381,633 370,965 723,469 670,046 
Total gross profit167,514 189,666 323,299 337,923 
Selling, general and administrative expenses(59,772)(57,602)(114,667)(108,172)
Equity in income of unconsolidated entities511 1,186 984 3,778 
Other income, net4,035 5,927 8,820 21,281 
Income before income taxes112,288 139,177 218,436 254,810 
Income tax expense22,957 23,896 45,180 48,738 
Net income89,331 115,281 173,256 206,072 
Less: Net income attributable to noncontrolling interests7,383 9,923 16,249 17,413 
Net income attributable to Green Brick Partners, Inc.$81,948 $105,358 $157,007 $188,659 
Net income attributable to Green Brick Partners, Inc. per common share:
Basic$1.86 $2.34 $3.53 $4.18 
Diluted$1.85 $2.32 $3.52 $4.14 
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic43,770 44,760 44,103 44,826 
Diluted43,824 45,154 44,188 45,277 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands, except share data)
(Unaudited)

For the three months ended June 30, 2025 and 2024:
Common StockPreferred StockTreasury StockAdditional Paid-in CapitalRetained EarningsTotal GRBK Stockholders’ EquityNon
controlling Interests		Total Stockholders’ Equity
SharesAmountSharesAmountSharesAmount
March 31, 202544,593,967 $446 2,000 $47,603 (282,821)$(16,919)$252,728 $1,407,054 $1,690,912 $22,536 $1,713,448 
Issuance of common stock from equity incentive plan, net of forfeitures— 1 — — — — (71)— (70)— (70)
Withholdings from share-based compensation awards(1,191)(1)— — — — (1)— (2)— (2)
Share-based compensation— — — — — — 1,389 — 1,389 — 1,389 
Dividends— — — — — — — (719)(719)— (719)
Stock repurchases— — — — (744,857)(43,817)— (65)(43,882)— (43,882)
Treasury stock retirement(1,027,678)(10)— — 1,027,678 60,736 (5,836)(54,890)— — — 
Change in fair value of redeemable noncontrolling interest— — — — — — (4,203)— (4,203)— (4,203)
Distributions— — — — — — — — — (5,124)(5,124)
Net income— — — — — — — 81,948 81,948 6,150 88,098 
June 30, 202543,565,098 $436 2,000 $47,603 — $— $244,006 $1,433,328 $1,725,373 $23,562 $1,748,935 

Common StockPreferred StockTreasury StockAdditional Paid-in CapitalRetained EarningsTotal GRBK Stockholders’ EquityNon
controlling Interests		Total Stockholders’ Equity
SharesAmountSharesAmountSharesAmount
March 31, 202445,096,392 $451 2,000 $47,603 (71,241)$(3,758)$259,412 $1,079,619 $1,383,327 $16,364 $1,399,691 
Issuance of common stock from equity incentive plan, net of forfeitures500,000 5 — — — — (5)— — — — 
Withholdings from share-based compensation awards(238,961)(2)— — — — (9,111)— (9,113)— (9113)
Share-based compensation— — — — — — 779 — 779 — 779 
Dividends— — — — — — — (719)(719)— (719)
Stock repurchases— — — — (691,739)(38,832)— — (38,832)— (38,832)
Treasury stock retirement(459,656)(5)— — 459,656 25,398 (2,647)(22,746)— — — 
Change in fair value of redeemable noncontrolling interest— — — — — — (1,565)— (1,565)— (1,565)
Net income— — — — — — — 105,358 105,358 8,154 113,512 
June 30, 202444,897,775 $449 2,000 $47,603 (303,324)$(17,192)$246,863 $1,161,512 $1,439,235 $24,518 $1,463,753 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands, except share data)
(Unaudited)
For the six months ended June 30, 2025 and 2024:
Common StockPreferred StockTreasury StockAdditional Paid-in CapitalRetained EarningsTotal GRBK Stockholders’ EquityNon
controlling Interests		Total Stockholders’ Equity
SharesAmountSharesAmountSharesAmount
December 31, 202444,498,097 $445 2,000 $47,603 — $— $244,653 $1,332,714 $1,625,415 $28,039 $1,653,454 
Issuance of common stock from equity incentive plan, net of forfeitures147,278 2 — — — — 7,075 — 7,077 — 7,077 
Withholdings from share-based compensation awards(52,599)(1)— — — — (3,059)— (3,060)— (3,060)
Share-based compensation— — — — — — 2,358 — 2,358 — 2,358 
Dividends— — — — — — — (1,438)(1,438)— (1,438)
Stock repurchases— — — (1,027,678)(60,736)— (65)(60,801)— (60,801)
Treasury stock retirement(1,027,678)(10)— — 1,027,678 60,736 (5,836)(54,890)— — 
Change in fair value of redeemable noncontrolling interest— — — — — — (1,185)— (1,185)— (1,185)
Distributions— — — — — — — — — (16,624)(16,624)
Net income— — — — — — — 157,007 157,007 12,147 169,154 
June 30, 202543,565,098 $436 2,000 $47,603 — $— $244,006 $1,433,328 $1,725,373 $23,562 $1,748,935 
Common StockPreferred StockTreasury StockAdditional Paid-in CapitalRetained EarningsTotal GRBK Stockholders’ EquityNon
controlling Interests		Total Stockholders’ Equity
SharesAmountSharesAmountSharesAmount
December 31, 202345,005,175 $450 2,000 $47,603 — $— $255,614 $997,037 $1,300,704 $17,309 $1,318,013 
Issuance of common stock from equity incentive plan, net of forfeitures636,777 6 — — — — 5,843 — 5,849 — 5,849 
Withholdings from vesting of restricted stock awards(284,521)(2)— — — — (11,274)— (11,276)— (11,276)
Share-based compensation— — — — — — 1,292 — 1,292 — 1,292 
Dividends— — — — — — — (1,438)(1,438)— (1,438)
Stock repurchases— — — — (762,980)(42,590)— — (42,590)— (42,590)
Treasury stock retirement(459,656)(5)— — 459,656 25,398 (2,647)(22,746)— — — 
Change in fair value of redeemable noncontrolling interest— — — — — — (1,965)— (1,965)— (1,965)
Distributions— — — — — — — — — (6,785)(6,785)
Net income— — — — — — — 188,659 188,659 13,994 202,653 
June 30, 202444,897,775 $449 2,000 $47,603 (303,324)$(17,192)$246,863 $1,161,512 $1,439,235 $24,518 $1,463,753 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June 30,
20252024
Cash flows from operating activities:
Net income$173,256 $206,072 
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense2,487 2,375 
(Gain) loss on disposal of property and equipment, net(8)71 
Share-based compensation expense9,523 7,144 
Equity in income of unconsolidated entities(984)(3,778)
Allowances for option deposits and pre-acquisition costs3,229 12 
Gain on sale of investment in unconsolidated entity— (10,718)
Distributions of income from unconsolidated entities3,424 2,121 
Changes in operating assets and liabilities:  
Increase in receivables(28,139)(4,071)
Increase in inventory(38,572)(258,236)
(Increase) decrease in earnest money deposits(1,778)2,090 
Decrease in other assets6,962 10,589 
Increase in accounts payable19,084 13,657 
(Decrease) increase in accrued expenses(7,591)29,683 
Increase in customer and builder deposits2,567 6,168 
Net cash provided by operating activities143,460 3,179 
Cash flows from investing activities:
Proceeds from sale of investment in unconsolidated entity— 63,960 
Investments in unconsolidated entities(24,200)(3,488)
Purchase of property and equipment, net of disposals(1,400)(2,324)
Net cash (used in) provided by investing activities(25,600)58,148 
Cash flows from financing activities:  
Borrowings from lines of credit100,759 — 
Repayments of lines of credit(121,565)— 
Repayments of senior unsecured notes(25,000)(25,000)
Repayments of notes payable— (12,884)
Payments of debt issuance costs (71)— 
Payments of withholding tax on vesting of restricted stock awards(3,059)(11,276)
Repurchases of common stock(60,736)(42,590)
Dividends paid(1,438)(1,438)
Distributions to redeemable noncontrolling interest(4,029)(2,637)
Distributions to noncontrolling interests(16,624)(6,785)
Net cash used in financing activities(131,763)(102,610)
Net decrease in cash and cash equivalents and restricted cash(13,903)(41,283)
Cash and cash equivalents and restricted cash, beginning of period159,696 199,459 
Cash and cash equivalents and restricted cash, end of period$145,793 $158,176 
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds$35,546 $27,716 

The accompanying notes are an integral part of these condensed consolidated financial statements. 

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GREEN BRICK PARTNERS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”), but do not include all of the information and footnotes required for complete financial statements. The condensed consolidated balance sheet as of December 31, 2024 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025 or subsequent periods due to seasonal variations and other factors.

Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, (together, the “Company”, “we”, “our” or “Green Brick”) and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary.

All intercompany balances and transactions have been eliminated in consolidation.

The Company uses the equity method of accounting for its investments in unconsolidated entities over which it exercises significant influence but does not have a controlling interest. Under the equity method, the Company’s share of the unconsolidated entities’ earnings or losses, if any, is included in the condensed consolidated statements of income.

Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation with no impact to net income in any period.

For a complete set of the Company’s significant accounting policies, refer to Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. 

Recent Accounting Pronouncements
Changes to U.S. GAAP are established by the FASB in the form of Accounting Standard Updates (“ASUs”) to the FASB ASC. We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 (“ASU 2023-09”) Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public companies to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years
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beginning after December 15, 2024. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. ASU 2024-03 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements.

2. INVENTORY

A summary of inventory is as follows (in thousands):
June 30, 2025December 31, 2024
Homes completed or under construction$665,160 $678,198 
Land and lots - developed and under development1,286,288 1,234,532 
Land held for future development(1)
14,481 14,481 
Land held for sale10,982 10,521 
Total inventory$1,976,911 $1,937,732 
(1)Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. All applicable carrying costs, including property taxes, are expensed as incurred.

As of June 30, 2025, the Company reviewed the performance and outlook for all of its communities and land inventory for indicators of potential impairment and performed detailed impairment analysis when such indicators were identified. For the three and six months ended June 30, 2025 and 2024, the Company did not record an impairment adjustment to reduce the carrying value of communities or land inventory to fair value.

A summary of interest costs incurred, capitalized and expensed is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest capitalized at beginning of period$27,800 $24,893$26,621 $24,126 
Interest incurred3,220 3,4726,661 6,923 
Interest charged to cost of revenues(2,626)(3,131)(4,888)(5,815)
Interest capitalized at end of period$28,394 $25,234$28,394 $25,234 
Capitalized interest as a percentage of inventory1.4 %1.4 %

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3. INVESTMENTS IN CONSOLIDATED AND UNCONSOLIDATED ENTITIES

Unconsolidated Entities
A summary of the Company’s investments in unconsolidated entities is as follows (in thousands):
June 30, 2025December 31, 2024
Rainwater Crossing Single-Family, LLC$39,333 $18,633 
GBTM Sendera, LLC21,985 21,985 
EJB River Holdings, LLC10,265 12,288 
TMGB Magnolia Ridge, LLC10,506 7,006 
BHome Mortgage, LLC253 670 
Total investment in unconsolidated entities $82,342 $60,582 
As of June 30, 2025 and December 31, 2024, the Company’s maximum exposure to loss from its investments in unconsolidated entities was $114.8 million and $95.1 million, respectively. The Company’s maximum exposure to loss was limited to its investments in the unconsolidated entities, except with regard to the Company’s remaining commitment to fund capital in Rainwater Crossing Single-Family, LLC of $10.0 million and $12.0 million as of June 30, 2025 and December 31, 2024, respectively. In addition, the Company has a completion guarantee up to $22.5 million on a revolving loan to fund the development activities of TMGB Magnolia Ridge, LLC.
A summary of the unaudited condensed financial information of the unconsolidated entities as of June 30, 2025 and December 31, 2024 that are accounted for by the equity method is as follows (in thousands):
June 30, 2025December 31, 2024
Assets:
Cash$13,976 $7,334 
Accounts receivable2,086 488 
Bonds and notes receivable9,991 12,038 
Inventory145,603 111,771 
Other assets127 1,738 
Total assets$171,783 $133,369 
Liabilities:
Accounts payable$7,173 $6,280 
Accrued expenses and other liabilities1,014 1,369 
Notes payable31,512 23,194 
Total liabilities39,699 30,843 
Owners’ equity:
Green Brick79,712 58,312 
Others52,372 44,214 
Total owners’ equity132,084 102,526 
Total liabilities and owners’ equity$171,783 $133,369 
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues$14,205 $8,078 $17,519 $37,817 
Costs and expenses13,181 5,680 15,551 30,187 
Net earnings of unconsolidated entities$1,024 $2,398 $1,968 $7,630 
Company’s share in net earnings of unconsolidated entities$511 $1,186 $984 $3,778 

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Consolidated Entities
The aggregated carrying amounts of the assets and liabilities of The Providence Group of Georgia LLC (“TPG”) were $195.5 million and $169.9 million, respectively, as of June 30, 2025. As of December 31, 2024, TPG’s assets and liabilities were $201.5 million and $167.3 million, respectively. The noncontrolling interest attributable to the 50% minority interest owned by TPG was included as noncontrolling interests in the Company’s consolidated financial statements.

4. ACCRUED EXPENSES

A summary of the Company’s accrued expenses is as follows (in thousands):
June 30, 2025December 31, 2024
AG真人官方 estate development reserve to complete(1)
$24,585 $31,043 
Warranty reserve18,196 17,373 
Accrued compensation16,537 20,309 
Accrued property tax payable10,235 10,973 
Federal income tax payable5,284 3,749 
Other accrued expenses27,795 26,621 
Total accrued expenses$102,632 $110,068 
(1)Our real estate development reserve to complete consists of budgeted costs to complete the development of our communities.

Warranties
Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three and six months ended June 30, 2025 and 2024 consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Warranty accrual, beginning of period$17,635 $25,116 $17,373 $23,474 
Warranties issued1,889 3,373 3,545 6,126 
Changes in liability for existing warranties(4)53 (293)251 
Payments made(1,324)(1,403)(2,429)(2,712)
Warranty accrual, end of period$18,196 $27,139 $18,196 $27,139 

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5. DEBT

Lines of Credit
Borrowings on lines of credit outstanding, net of debt issuance costs, as of June 30, 2025 and December 31, 2024 consisted of the following (in thousands):
June 30, 2025December 31, 2024
Secured Revolving Credit Facility $— $— 
Unsecured Revolving Credit Facility— 25,000 
Warehouse Facilities4,194 — 
Debt issuance costs, net of amortization(2,011)(2,355)
Total borrowings on lines of credit, net$2,183 $22,645 

Secured Revolving Credit Facility
The Company is party to a revolving credit facility (the “Secured Revolving Credit Facility”) with Inwood National Bank, which provides for an aggregate commitment amount of $35.0 million. On May 1, 2025, the Company entered into the Tenth Amendment to the Secured Revolving Credit Facility to extend its maturity date to May 1, 2028. Outstanding borrowings under the amended Secured Revolving Credit Facility bear interest payable monthly at a floating rate per annum equal to SOFR plus 2.25%, but in no event less than 3.15% per annum or more than the lesser of 18% and the highest maximum rate allowed by applicable law. The entire unpaid principal balance and any accrued but unpaid interest is due and payable on the maturity date.

As of June 30, 2025 there were no letters of credit outstanding under our Secured Revolving Credit Facility and the net available commitment amount was $35.0 million.

Unsecured Revolving Credit Facility
The Company is party to a credit agreement, providing for a senior, unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”). On December 13, 2024, the Company entered into the Twelfth Amendment (the “Twelfth Amendment”) to the Unsecured Revolving Credit Facility that adopted a leverage-based pricing grid for a reduction in both interest rate and non-use fee and other administrative changes. The Twelfth Amendment removed one lender with a $25.0 million prior commitment and added $30.0 million in new commitments, thereby increasing total commitments to $330.0 million. The maturity of all commitments under the Unsecured Revolving Credit Facility were extended to December 14, 2027.

Outstanding advances under the Unsecured Revolving Credit Facility accrue interest at the benchmark rate plus the Applicable Rate (as defined in the Unsecured Revolving Credit Facility). The Applicable Rate is based upon the leverage ratio of the last day of the most recently ended fiscal quarter. Interest on amounts borrowed under the Unsecured Revolving Credit Facility is payable in arrears on a monthly basis. The Company pays the lenders a commitment fee on the amount of the unused commitments on a monthly basis at a rate per annum equal to the Commitment Fee Rate (as defined in the Unsecured
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Revolving Credit Facility). The Commitment Fee Rate is based upon the leverage ratio of the most recently ended fiscal quarter.
The Unsecured Revolving Credit Facility is guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries.

Warehouse Facilities
GRBK Mortgage, a wholly owned subsidiary of the Company, is party to warehouse facilities to fund its origination of mortgage loans (the “Warehouse Facilities”) as follows (in thousands):
Outstanding Balance As of
Maturity Date
Maximum Aggregate Commitment
June 30, 2025December 31, 2024
October 31, 2025
$40,000 $— $— 
December 18, 202540,000 4,194—
$80,000 $4,194 $— 

The Warehouse Facilities provide for an aggregate uncommitted amount of $80.0 million. The Warehouse Facilities are (i) secured by the underlying mortgage loans and bear interest at a variable rate based on SOFR plus a margin ranging from 1.75% to 2% and (ii) guaranteed by Green Brick. The facilities are subject to annual renewal and contain customary covenants and conditions regarding minimum net worth, leverage, profitability and liquidity. The Company was in compliance with the financial covenants under the Warehouse Facilities as of June 30, 2025.

Under the Warehouse Facilities, the banks purchase a participation interest in individual mortgage loans, with GRBK Mortgage providing the remainder of the principal of the mortgage, typically up to 2% depending on the loan product. The mortgage loans, with the servicing rights, are then sold, typically within 30 to 75 days, to a third party investor and the bank is repaid its participation interest plus interest and the remainder is remitted to GRBK Mortgage. If a third party investor has not purchased the mortgage loan within the anticipated timeframes then GRBK Mortgage is required to repurchase the mortgage loan for the full amount of the participation interest plus interest.

De minimis fees or other debt issuance costs were incurred during the three months ended June 30, 2025 associated with the Warehouse Facilities.

Senior Unsecured Notes
Senior unsecured notes, net of debt issuance costs, as of June 30, 2025 and December 31, 2024 consisted of the following (in thousands):
June 30, 2025December 31, 2024
4.00% senior unsecured notes due in 2026 (“2026 Notes”)$62,500 $62,500 
3.35% senior unsecured notes due in 2027 (“2027 Notes”)37,500 37,500 
3.25% senior unsecured notes due in 2028 (“2028 Notes”)75,000 100,000 
3.25% senior unsecured notes due in 2029 (“2029 Notes”)100,000 100,000 
Debt issuance costs, net of amortization(719)(910)
Total senior unsecured notes, net$274,281 $299,090 

The senior unsecured notes are guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries. Optional prepayment of each of the senior unsecured notes is allowed with a payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears.

2026 Notes
Principal on the 2026 Notes of $12.5 million is due on August 8, 2025 and the remaining principal amount of $50.0 million
is due on August 8, 2026.

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2027 Notes
The aggregate principal amount of the 2027 Notes is due on August 26, 2027.

2028 Notes
Principal on the 2028 Notes is due in increments of $25.0 million annually on February 25 in each of 2026, 2027, and 2028.

2029 Notes
Principal on the 2029 Notes of $30.0 million is due on December 28, 2028 and the remaining principal amount of $70.0 million is due on December 28, 2029.

Our debt instruments require us to maintain specific financial covenants, each of which we were in compliance with as of June 30, 2025.

6. REDEEMABLE NONCONTROLLING INTEREST

The Company has a noncontrolling interest attributable to the 20% minority interest in GRBK GHO Homes, LLC (“GRBK GHO”) owned by its Florida-based partner that is included as redeemable noncontrolling interest in equity of the consolidated subsidiary in the Company’s condensed consolidated financial statements.
As amended, the operating agreement of GRBK GHO contains put and purchase options beginning in April 2027. Refer to Note 2 in the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information.
The following tables show the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,
20252024
Redeemable noncontrolling interest, beginning of period$44,560 $38,186 
Net income attributable to redeemable noncontrolling interest partner1,233 1,769 
Distributions of income to redeemable noncontrolling interest partner(4,029)(2,637)
Change in fair value of redeemable noncontrolling interest4,203 1,565 
Redeemable noncontrolling interest, end of period$45,967 $38,883 
Six Months Ended June 30,
20252024
Redeemable noncontrolling interest, beginning of period$44,709 $36,135 
Net income attributable to redeemable noncontrolling interest partner4,102 3,420 
Distributions of income to redeemable noncontrolling interest partner(4,029)(2,637)
Change in fair value of redeemable noncontrolling interest1,185 1,965 
Redeemable noncontrolling interest, end of period$45,967 $38,883 

7. STOCKHOLDERS’ EQUITY

2025 Share Repurchase Plan
On February 17, 2025, the Company’s Board of Directors (the “Board”) approved and authorized a new $100.0 million stock repurchase program (the “2025 Repurchase Plan”), replacing the prior plan authorized on April 27, 2023, which had a remaining authorization of $55.9 million. This new plan authorizes the Company to purchase, from time to time, up to $100.0 million of our outstanding Common Stock through open market repurchases in compliance with Rule 10b-18 under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares
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repurchased will be retired. The 2025 Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board.

During the three and six months ended June 30, 2025, the Company repurchased 744,857 and 1,027,678 shares, respectively, for approximately $43.4 million and $60.1 million, excluding excise tax. As of June 30, 2025, the remaining dollar value of shares that may be repurchased under the 2025 Repurchase Plan was $39.9 million, excluding excise tax. As of June 30, 2025, all repurchased shares were retired.

Preferred Stock
The table below presents a summary of the perpetual preferred stock outstanding at June 30, 2025 and December 31, 2024.
Series DescriptionInitial date of issuance
Total Shares Outstanding(1)
Liquidation Preference per Share (in dollars)Carrying Value (in thousands)Per Annum Dividend RateRedemption Period
Series A(1)
5.75% Cumulative PerpetualDecember 20212,000 $25 $50,000 5.75 %n/a
(1)     Ownership is held in the form of Depositary Shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.

Dividends
Dividends paid on our Series A preferred stock were $0.7 million and $1.4 million for each of the three and six months ended June 30, 2025 and 2024.

On July 24, 2025, the Board declared a quarterly cash dividend of $0.359 per depositary share on the Company’s preferred stock. The dividend is payable on September 15, 2025 to stockholders of record as of September 1, 2025.

8. SHARE-BASED COMPENSATION

The Company’s 2024 Omnibus Equity Incentive Plan is administered by the Board and allows for the grant of stock awards (“SAs”), restricted stock awards (“RSAs”), performance restricted stock units (“PRSUs”), restricted stock units (“RSUs”), stock options and other stock based awards.

2024 Omnibus Incentive Plan
On June 11, 2024, the 2024 Omnibus Incentive Plan was approved by the stockholders of the Company. As of June 11, 2024, no further awards may be made under the Green Brick Partners, Inc. 2014 Omnibus Equity Incentive Plan.

Share-Based Award Activity
During the six months ended June 30, 2025, the Company granted SAs and RSUs to executive officers, RSAs to non-employee members of the Board, and PRSUs to executive officers and employees. The SAs granted to the executive officers were 100% vested and non-forfeitable on the grant date. Non-vested stock awards are generally granted with a one-year vesting for non-employee directors, three-year cliff vesting for employee PRSUs, and various vesting schedules for executive officer PRSUs. The fair value of all share awards were recorded as share-based compensation expense on the grant date and over the vesting period, respectively. The Company withheld 52,599 shares of common stock from executive officers and employees at a total cost of $3.1 million, to satisfy statutory minimum tax requirements upon vesting of the awards.

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A summary of share-based awards activity during the six months ended June 30, 2025 is as follows:
Number of Shares
(in thousands)		Weighted Average Grant Date Fair Value per Share
Unvested, December 31, 2024125 $46.84 
Granted277 $62.55 
Vested(169)$54.87 
Forfeited(7)$50.31 
Unvested, June 30, 2025226 $60.01 

Share-Based Compensation Expense
Share-based compensation expense was $1.4 million and $0.8 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, share-based compensation expense was $9.5 million and $7.1 million, respectively.

As of June 30, 2025, the estimated total remaining unamortized share-based compensation expense related to unvested RSAs and PRSUs, net of forfeitures, was $11.1 million which is expected to be recognized over a weighted-average period of 2.2 years.

9. REVENUE RECOGNITION

Disaggregation of Revenue
The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$421,588 $2,038 $389,168 $13,493 
Southeast125,521 — 157,970 — 
Total revenues$547,109 $2,038 $547,138 $13,493 
Type of Customer
Homebuyers$547,109 $— $547,138 $— 
Homebuilders and Multi-family Developers— 2,038 — 13,493 
Total revenues$547,109 $2,038 $547,138 $13,493 
Product Type
Residential units$547,109 $— $547,138 $— 
Land and lots— 2,038 — 13,493 
Total revenues$547,109 $2,038 $547,138 $13,493 
Timing of Revenue Recognition
Transferred at a point in time$547,109 $2,038 $546,948 $13,493 
Transferred over time(1)
— — 190 — 
Total revenues$547,109 $2,038 $547,138 $13,493 
(1)    Revenue recognized over time represents revenue from mechanic’s lien contracts.

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Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Residential units revenueLand and lots revenueResidential units revenueLand and lots revenue
Primary Geographical Market
Central$783,215 $4,342 $704,405 $17,547 
Southeast259,211 — 286,017 — 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
Type of Customer
Homebuyers$1,042,426 $— $990,422 $— 
Homebuilders and Multi-family Developers— 4,342 — 17,547 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
Product Type
Residential units$1,042,426 $— $990,422 $— 
Land and lots— 4,342 — 17,547 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
Timing of Revenue Recognition
Transferred at a point in time$1,042,426 $4,342 $990,042 $17,547 
Transferred over time(1)
— — 380 — 
Total revenues$1,042,426 $4,342 $990,422 $17,547 
(1)    Revenue recognized over time represents revenue from mechanic’s lien contracts.

Contract Balances
Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands):
June 30, 2025December 31, 2024
Customer and builder deposits$39,635 $37,068 

The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits and the Company’s delivery of the home, impacted slightly by cancellations of contracts.

The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Homebuyers $15,165 $21,064 $25,934 $30,640 
Homebuilders and Multi-Family Developers279 — 643 — 
Total deposits recognized as revenue$15,444 $21,064 $26,577 $30,640 

Transaction Price Allocated to the Remaining Performance Obligations
The aggregate amount allocated to the remaining performance obligations on our land sale and lot option contracts is $6.9 million. The Company will recognize the remaining revenue when and if the lots are taken down, or upon closing for the sale of a land parcel, $3.9 million of which is expected to occur in the remainder of 2025 and $3.1 million in 2026.

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The timing of lot takedowns is contingent upon a number of factors, including customer and business needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules.

Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.

10. SEGMENT INFORMATION

Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Financial information related to the Company’s reportable segments is as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues: (1)
Builder operations
Central$421,588 $389,168 $783,215 $704,515 
Southeast125,521 157,970 259,211 286,017 
Total builder operations547,109 547,138 1,042,426 990,532 
Land development2,038 13,493 4,342 17,437 
Total revenues$549,147 $560,631 $1,046,768 $1,007,969 
Gross profit:
Builder operations
Central$135,700 $142,534 $252,844 $252,200 
Southeast41,961 57,431 90,422 105,522 
Total builder operations177,661 199,965 343,266 357,722 
Land development1,081 775 2,199 1,080 
Corporate, other and unallocated (2)
(11,228)(11,074)(22,166)(20,879)
Total gross profit$167,514 $189,666 $323,299 $337,923 
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Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Segment expenses:
Commissions
Builder operations
Central$20,319 $18,770 $37,894 $34,512 
Southeast4,534 5,736 8,968 10,302 
Total builder operations24,853 24,506 46,862 44,814 
Land development— — — — 
Corporate, other and unallocated263 — 503 — 
Total commissions$25,116 $24,506 $47,365 $44,814 
Salaries
Builder operations
Central$11,466 $10,996 $23,243 $22,018 
Southeast6,547 6,840 12,705 12,935 
Total builder operations18,013 17,836 35,948 34,953 
Land development— — — — 
Corporate, other and unallocated1,404 1,071 2,351 2,183 
Total salaries$19,417 $18,907 $38,299 $37,136 
Interest expense (income):
Builder operations
Central$(153)$70 $(225)$60 
Southeast$6,309 10,527 11,149 20,329 
Total builder operations6,156 10,597 10,924 20,389 
Corporate, other and unallocated(6,156)(10,597)(10,924)(20,389)
Land development— — — — 
Total interest expense, net$— $— $— $— 
Other expenses
Builder operations
Central$9,660 $8,970 $19,115 $17,060 
Southeast4,198 3,800 8,216 7,489 
Total builder operations13,858 12,770 27,331 24,549 
Land development238 78 385 142 
Corporate, other and unallocated1,143 1,341 1,287 1,531 
Total other expenses$15,239 $14,189 $29,003 $26,222 
Total segment expenses
Builder operations
Central$41,445 $38,736 $80,252 $73,590 
Southeast15,279 16,376 29,889 30,726 
Total builder operations56,724 55,112 110,141 104,316 
Land development238 78 385 142 
Corporate, other and unallocated2,810 2,412 4,141 3,714 
Total segment expenses$59,772 $57,602 $114,667 $108,172 
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Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Income before income taxes:
Central$92,904 $104,803 $171,905 $180,324 
Southeast27,795 41,417 62,273 76,211 
Total builder operations120,699 146,220 234,178 256,535 
Land development689 1,542 1,909 2,015 
Corporate, other and unallocated (3)
(9,100)(8,585)(17,651)(3,740)
Income before income taxes$112,288 $139,177 $218,436 $254,810 

June 30, 2025December 31, 2024
Inventory:
Builder operations
Central$688,738 $743,490 
Southeast317,406 318,592 
Total builder operations1,006,144 1,062,082 
Land development915,891 826,687 
Corporate, other and unallocated (4)
54,876 48,963 
Total inventory$1,976,911 $1,937,732 
Goodwill:
Builder operations - Southeast$680 $680 
(1)The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or lot closings. Land and lot closings revenue were $2.0 million and $4.3 million for the three and six months ended June 30, 2025 and $13.5 million and $17.5 million for the three and six months ended June 30, 2024, respectively.
(2)Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments.
(3)Corporate, other and unallocated income (loss) before income taxes includes results from Green Brick Title, LLC, Ventana Insurance, LLC, GRBK Mortgage, LLC, Green Brick Insurance Services, LLC and investments in unconsolidated subsidiaries, in addition to capitalized cost adjustments that are not allocated to operating segments.
(4)Corporate, other and unallocated inventory consists of capitalized overhead and interest related to work in process and land under development.

11. INCOME TAXES

The Company’s income tax expense for the three and six months ended June 30, 2025 was $23.0 million and $45.2 million, respectively, compared to $23.9 million and $48.7 million in the prior year periods. The effective tax rate was 20.4% and 20.7% for the three and six months ended June 30, 2025, respectively, compared to 17.2% and 19.1% in the comparable prior year periods. The change in the effective tax rate relates primarily to tax benefits from investment tax credits, a decrease in the Energy Efficient Homes tax credits, and a decrease in discrete tax benefits for equity compensation deduction.

On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (“OBBBA”) into law, which is considered the enactment date under U.S. GAAP. Key corporate tax provisions include the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, amendments to energy credits, and expanded 162(m) aggregation requirements. In accordance with ASC 740, the effects of the new tax law will be recognized in the period of enactment. The Company is currently evaluating the impact of the OBBBA on its consolidated financial statements.


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12. EARNINGS PER SHARE

The Company’s RSAs have the right to receive forfeitable dividends on an equal basis with common stock, however, its PRSUs do not participate in dividends with common stock. As such, PRSUs are not considered participating securities and are excluded from the calculation of net income per share using the two-class method.

Basic earnings per common share is computed by dividing net income allocated to common stockholders by the weighted average number of common shares outstanding during each period, adjusted for non-vested shares of RSAs and PRSUs during each period. Net income applicable to common stockholders is net income adjusted for preferred stock dividends including dividends declared and cumulative dividends related to the current dividend period that have not been declared as of period end. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all dilutive securities, including stock options, RSAs, RSUs and PRSUs.

The computation of basic and diluted net income attributable to Green Brick Partners, Inc. per share is as follows (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income attributable to Green Brick Partners, Inc.$81,948 $105,358 $157,007 $188,659 
Preferred dividends (719)(719)(1,438)(1,438)
Net income applicable to common stockholders81,229 104,639 155,569 187,221 
Weighted-average number of common shares outstanding - basic43,770 44,760 44,103 44,826 
Basic net income attributable to Green Brick Partners, Inc. per common share$1.86 $2.34 $3.53 $4.18 
Weighted-average number of common shares outstanding - basic43,770 44,760 44,103 44,826 
Dilutive effect of stock options and restricted stock awards54 394 85 451 
Weighted-average number of common shares outstanding - diluted43,824 45,154 44,188 45,277 
Diluted net income attributable to Green Brick Partners, Inc. per common share$1.85 $2.32 $3.52 $4.14 

Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material.

13. FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments
The Company’s financial instruments, none of which are held for trading purposes, include cash and cash equivalents, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, customer and builder deposits, borrowings on lines of credit, senior unsecured notes, and notes payable.

Per the fair value hierarchy, level 1 financial instruments include: cash and cash equivalents, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, and customer and builder deposits due to their short-term nature. The Company estimates that, due to the short-term nature of the underlying financial instruments or the proximity of the underlying transaction to the applicable reporting date, the fair value of level 1 financial instruments does not differ materially from the aggregate carrying values recorded in the condensed consolidated financial statements as of June 30, 2025 and December 31, 2024.

Level 2 financial instruments include borrowings on lines of credit, senior unsecured notes, and notes payable. Due to the short-term nature and floating interest rate terms, the carrying amounts of borrowings on lines of credit are deemed to approximate fair value. The estimated fair value of the senior unsecured notes as of June 30, 2025 and December 31, 2024 was $266.5 million and $287.2 million, respectively. The aggregate principal balance of the senior unsecured notes was $275.0 million and $300.0 million as of June 30, 2025 and December 31, 2024, respectively.

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There were no transfers between the levels of the fair value hierarchy for any of our financial instruments during the three and six months ended June 30, 2025 and 2024.

14. RELATED PARTY TRANSACTIONS

During the three and six months ended June 30, 2025 and 2024, the Company had the following related party transactions in the normal course of business.

Corporate Officers
Trevor Brickman, the son of Green Brick’s Chief Executive Officer, is the President of CLH20, LLC (“Centre Living”). Green Brick’s ownership interest in Centre Living is 90% and Trevor Brickman’s ownership interest is 10%. Green Brick has 90% voting control over the operations of Centre Living. As such, 100% of Centre Living’s operations are included within our condensed consolidated financial statements.

GRBK GHO
GRBK GHO leases office space from entities affiliated with the president of GRBK GHO. During the three and six months ended June 30, 2025 and 2024, GRBK GHO incurred de minimis and $0.1 million rent expense, respectively, under such lease agreements. As of June 30, 2025 and December 31, 2024, there were no amounts due to the affiliated entities related to such lease agreements.
    
GRBK GHO receives title closing services on the purchase of land and third-party lots from an entity affiliated with the president of GRBK GHO. During the three and six months ended June 30, 2025 and 2024, GRBK GHO incurred de minimis fees related to such title closing services. As of June 30, 2025, and December 31, 2024, no amounts were due to the title company affiliate.

15. COMMITMENTS AND CONTINGENCIES

Letters of Credit and Performance Bonds
During the ordinary course of business, certain regulatory agencies and municipalities require the Company to post letters of credit or performance bonds related to development projects. As of June 30, 2025 and December 31, 2024, letters of credit and performance bonds outstanding were $5.2 million and $20.0 million, respectively. The Company does not believe that it is likely that any material claims will be made under a letter of credit or performance bond in the foreseeable future.

Operating Leases
The Company has leases associated with office and design center space in Georgia, Texas, and Florida that, at the commencement date, have a lease term of more than 12 months and are classified as operating leases. The exercise of any extension options available in such operating lease contracts is not reasonably certain.
Operating lease cost of $0.4 million and $0.8 million for each of the three and six months ended June 30, 2025, and 2024, is included in selling, general and administrative expenses in the condensed consolidated statements of income. Cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million and $0.8 million for the three and six months ended June 30, 2025, respectively, and $0.2 million and $0.3 million in the prior year periods.
As of June 30, 2025, the weighted-average remaining lease term and the weighted-average discount rate used in calculating the Company’s lease liabilities were 5.3 years and 7.5%, respectively.
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The future annual undiscounted cash flows in relation to the operating leases and a reconciliation of such undiscounted cash flows to the operating lease liabilities recognized in the condensed consolidated balance sheet as of June 30, 2025 are presented below (in thousands):
Remainder of 2025$975 
20261,889 
20271,841 
20281,742 
20291,397 
Thereafter2,112 
Total future lease payments9,956 
Less: Interest2,021 
Present value of lease liabilities$7,935 

The Company elected the short-term lease recognition exemption for all leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. For such leases, the Company does not recognize right-of-use assets or lease liabilities and instead recognizes lease payments in the condensed consolidated income statements on a straight-line basis. Short-term lease cost of $0.2 million and $0.5 million for the three and six months ended June 30, 2025, respectively, and $0.2 million and $0.4 million for the comparable prior year periods, is included in selling, general and administrative expenses in the condensed consolidated statements of income.

Legal Matters
Lawsuits, claims and proceedings may be instituted or asserted against us in the normal course of business. The Company is also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, title company regulations, employment practices and environmental protection. As a result, the Company may be subject to periodic examinations or inquiry by agencies administering these laws and regulations.

The Company records an accrual for legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. The Company accrues for these matters based on facts and circumstances specific to each matter and revises these estimates when necessary.

In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, the Company generally cannot predict their ultimate resolution, related timing or eventual loss. If evaluations indicate loss contingencies that could be material are not probable, but are reasonably possible, the Company will disclose their nature with an estimate of the possible range of losses or a statement that such loss is not reasonably estimable. We believe that the disposition of legal claims and related contingencies will not have a material adverse effect on our results of operations and liquidity or on our financial condition.

16. SUBSEQUENT EVENTS

On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (“OBBBA”) into law, which is considered the enactment date under U.S. GAAP. Key corporate tax provisions include the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, amendments to energy credits, and expanded 162(m) aggregation requirements. In accordance with ASC 740, the effects of the new tax law will be recognized in the period of enactment. The Company is currently evaluating the impact of the OBBBA on its consolidated financial statements.
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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “objective,” “plan,” “predict,” “projection,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Forward-looking statements in this Quarterly Report include statements concerning, (a) our balance sheet strategies, operational strength and margin performance; (b) our operational goals and strategies and their anticipated benefits; (c) our land and lot acquisition and development strategies and their expected impact on our results; (d) the sufficiency of our capital resources to support our business strategy and to service our debt; (e) sales of our finished lots; (f) our strategies to utilize leverage to invest in our business; (g) our target debt to total capitalization ratio and its expected benefits; (h) our expectations regarding the timing of lots being taken down; (i) our expectations regarding future cash needs and access to additional growth capital; (j) our expectations regarding the disposition of legal claims and/or claims under a letter of credit or performance bond; (k) seasonal factors and the impact of seasonality in future quarters and (l) beliefs regarding the impact of accounting standards and legal claims and related contingencies. These forward-looking statements reflect our current views about future events and involve estimates and assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. These risks include, but are not limited to: (1) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (2) changes in macroeconomic conditions, including increasing interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify; (3) shortages, delays or increased costs of raw materials and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed our ability to increase prices; (4) significant periods of inflation or deflation; (5) a shortage of labor; (6) an inability to acquire land in our markets at anticipated prices or difficulty in obtaining land-use entitlements; (7) our inability to successfully execute our strategies, including the successful development of our communities within expected time frames and the growth and expansion of our Trophy brand; (8) a failure to recruit, retain or develop highly skilled and competent employees; (9) the geographic concentration of our operations; (10) government regulation risks; (11) adverse changes in the availability or volatility of mortgage financing; (12) severe weather events or natural disasters; (13) difficulty in obtaining sufficient capital to fund our growth; (14) our ability to meet our debt service obligations; (15) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets; (16) our ability to adequately self-insure; and (17) changes in accounting standards that adversely affect our reported earnings or financial condition.

Please see “Risk Factors” located in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2024 for a further discussion of these and other risks and uncertainties which could affect our future results. We undertake no obligation to revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events, except to the extent we are legally required to disclose certain matters in SEC filings or otherwise.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 26, 2025 and our condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q.

Overview and Outlook
Our key financial and operating metrics are home deliveries, home closings revenue, average sales price of homes delivered, and net new home orders, which refers to sales contracts executed reduced by the number of sales contracts canceled during the relevant period, and homebuilding gross margin. Our results for each key financial and operating metric, as compared to the same period in 2024, are provided below:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Home deliveries
Increased by 5.6%
Increased by 8.0%
Home closings revenue
Unchanged by 0.0%
Increased by 5.3%
Average sales price of homes delivered
Decreased by 5.3%
Decreased by 2.5%
Net new home orders
Increased by 6.2%
Increased by 4.6%
Homebuilding gross margin percentage
Decreased by 410 bps
Decreased by 320 bps

Our home deliveries increased 5.6% in the second quarter of 2025, while average sales prices decreased primarily as a result of elevated discounts and incentives to drive sales orders. Homebuilding gross margins decreased from 34.5% to 30.4% for the three months ended June 30, 2025, primarily due to higher incentives and closings costs to drive sales orders.

Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024
Residential Units Revenue and New Homes Delivered
The table below represents residential units revenue and new homes delivered for the three months ended June 30, 2025 and 2024 (dollars in thousands):
Three Months Ended June 30,
20252024Change%
Home closings revenue$547,109 $546,948 $161 —%
Mechanic’s lien contracts revenue— 190 (190)(100.0)%
Residential units revenue$547,109 $547,138 $(29)—%
New homes delivered1,042 987 55 5.6%
Average sales price of homes delivered$525.1 $554.2 $(29.1)(5.3)%

Residential units revenue was substantially in line with the prior year period. New homes delivered increased by 5.6% while the average sales price of homes delivered decreased 5.3%. The increase in new homes delivered is attributable to an increased number of selling communities and a larger percentage of quick move-in sales that sold and closed during the three months ended June 30, 2025. The 5.3% decrease in the average sales price of homes delivered for the three months ended June 30, 2025 was due to higher discounts and incentives to drive sales orders.


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New Home Orders and Backlog
The table below represents new home orders and backlog related to our builder operations segments, excluding mechanic’s lien contracts (dollars in thousands):
Three Months Ended June 30,
20252024Change%
Net new home orders908 855 53 6.2 %
Revenue from net new home orders$469,119 $471,807 $(2,688)(0.6)%
Average selling price of net new home orders$516.7 $551.8 $(35.1)(6.4)%
Cancellation rate9.9 %9.2 %0.7 %7.6 %
Absorption rate per average active selling community per quarter8.9 8.5 0.4 4.7 %
Average active selling communities102 101 1 1.0 %
Active selling communities at end of period102 105 (3)(2.9)%
Backlog revenue$516,183 $650,349 $(134,166)(20.6)%
Backlog units730 889 (159)(17.9)%
Average sales price of backlog$707.1 $731.6 $(24.5)(3.3)%

Net new home orders increased 6.2% over the prior year period while our average active selling communities remained unchanged. This resulted in a 4.7% increase in the absorption rate per average active selling community year over year. Revenue from net new home orders was substantially in line with the prior year.

Backlog units refer to homes under sales contracts that have not yet closed at the end of the respective period, and absorption rate refers to the rate at which net new home orders are contracted per average active selling community during the respective period. Sales contracts may be canceled prior to closing for a number of reasons, including the inability of the homebuyer to obtain suitable mortgage financing. Accordingly, backlog may not be indicative of our future revenue.

Backlog revenue decreased by 20.6% year-over-year. As of June 30, 2025, our backlog revenue decreased 13.1% compared to March 31, 2025 and our spec units under construction as a percentage of total units under construction declined from 75.6% as of December 31, 2024 to 66.4% as of June 30, 2025.

Our cancellation rate, which refers to sales contracts canceled divided by sales contracts executed during the relevant period, was 9.9% for the three months ended June 30, 2025, compared to 9.2% for the three months ended June 30, 2024. Our cancellation rate has remained in a historically low range under 10.0% since December 31, 2022.

Residential Units Gross Margin
The table below represents the components of residential units gross margin (dollars in thousands):
Three Months Ended June 30,
20252024
Residential units revenue$547,109 100.0 %$547,138 100.0 %
Cost of residential units380,656 69.6 %358,183 65.5 %
Residential units gross margin$166,453 30.4 %$188,955 34.5 %

Residential units revenue was substantially in line with the prior year period while cost of residential units for the three months ended June 30, 2025 increased by $22.5 million, or 6.3%, compared to the same period in the previous year. This has resulted in a decrease in residential units gross margin of 410 bps to 30.4% for the three months ended June 30, 2025, from 34.5% for the three months ended June 30, 2024. The decrease in residential units gross margin is attributable to higher incentives, discounts, and closing costs to drive sales orders.

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Land and Lots Revenue
The table below represents lots closed and land and lots revenue (dollars in thousands):
Three Months Ended June 30,
20252024Change%
Lots revenue$2,038 $790 $1,248 158.0 %
Land revenue— 12,703 (12,703)(100.0)%
Land and lots revenue$2,038 $13,493 $(11,455)(84.9)%
Lots closed18 8 10 125.0 %
Average sales price of lots closed$113.2 $98.8 $14.4 14.6 %

From time to time, we may opportunistically sell finished lots to other homebuilders when we determine that we have excess capacity in specific neighborhoods or submarkets. Lots revenue decreased by $1.2 million during the three months ended June 30, 2025. Land revenue represents sales of two tracts of commercial land during the three months ended June 30, 2024.

Selling, General and Administrative Expenses
The table below represents the components of selling, general and administrative expenses (dollars in thousands):
Three Months Ended June 30,As Percentage of Segment Revenue
2025202420252024
Builder operations$56,724 $55,113 
Corporate, other and unallocated (income) expense2,810 2,411 
Net builder operations59,534 57,524 10.9 %10.5 %
Land development238 78 11.7 %0.6 %
Total selling, general and administrative expenses$59,772 $57,602 10.9 %10.3 %

Selling, general and administrative expenses as a percentage of revenue increased by 0.6% for the three months ended June 30, 2025.

Builder Operations
Selling, general and administrative expenses as a percentage of revenue for builder operations increased by 0.4% for the three months ended June 30, 2025 due to an increase in sales commissions, advertising, and corporate allocations. Builder operations expenditures also include salary expenses and community costs such as advertising and marketing expenses, rent, professional fees, and non-capitalized property taxes.

Corporate, Other and Unallocated
Selling, general and administrative expenses for the corporate, other and unallocated non-operating segment for the three months ended June 30, 2025 were $2.8 million, compared to $2.4 million for the three months ended June 30, 2024. Corporate, other and unallocated expenses generally include capitalized overhead adjustments that are not allocated to builder operations segments.

Equity in Income of Unconsolidated Entities
Equity in income of unconsolidated entities decreased to $0.5 million, or 56.9%, for the three months ended June 30, 2025, compared to $1.2 million for the three months ended June 30, 2024. See Note 3 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of Green Brick’s share in net earnings by unconsolidated entity.

Other Income, Net
Other income, net, was $4.0 million for the three months ended June 30, 2025, compared to $5.9 million for the three months ended June 30, 2024. The decrease in other income is mainly due to forfeited earnest money deposits during the three months ended for the three months ended June 30, 2025.
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Income Tax Expense
Income tax expense was $23.0 million for the three months ended June 30, 2025 compared to $23.9 million for the three months ended June 30, 2024. See Note 11 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion on the Company’s income tax expense for the three months ended June 30, 2025.

Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Residential Units Revenue and New Homes Delivered
The table below represents residential units revenue and new homes delivered for the six months ended June 30, 2025 and 2024 (dollars in thousands):
Six Months Ended June 30,
20252024Change%
Home closings revenue$1,042,426 $990,042 $52,384 5.3%
Mechanic’s lien contracts revenue— 380 (380)(100.0)%
Residential units revenue$1,042,426 $990,422 $52,004 5.3%
New homes delivered1,952 1,808 144 8.0%
Average sales price of homes delivered$534.0 $547.6 $(13.6)(2.5)%

The $52.0 million increase in residential units revenue was driven by the 8.0% increase in new homes delivered partially offset by a 2.5% decrease in the average sales price of homes delivered for the six months ended June 30, 2025. The increase in new homes delivered was primarily driven by increased levels of finished and finishing spec home inventory at the end of the prior year. The 2.5% decrease in the average sales price of homes delivered for the six months ended June 30, 2025, was attributable to higher incentives, discounts, and closing costs to drive sales orders.

New Home Orders
The table below represents new home orders and backlog related to our builder operations segments, excluding mechanic’s lien contracts (dollars in thousands):
Six Months Ended June 30,
20252024Change%
Net new home orders2,014 1,926 88 4.6 %
Revenue from net new home orders$1,062,725 $1,085,191 $(22,466)(2.1)%
Average selling price of net new home orders$527.7 $563.4 $(35.7)(6.3)%
Cancellation rate7.9 %6.5 %1.4 %21.5 %
Absorption rate per average active selling community per quarter9.7 9.8 (0.1)(1.0)%
Average active selling communities104 98 6 6.1 %
Active selling communities at end of period102 105 (3)(2.9)%

Net new home orders increased 4.6% over the prior year period mainly due to higher incentives and discounts. Our average active selling communities increased 6.1%. As a result, our absorption rate per average active selling community decreased 1.0% year over year. The 2.1% decrease in revenue from net new home orders is also tied to the higher incentives offered to drive sales orders.

Our cancellation rate, which refers to sales contracts canceled divided by sales contracts executed during the relevant period, was 7.9% for the six months ended June 30, 2025, compared to 6.5% for the six months ended June 30, 2024. Our cancellation rate has remained in a historically low range under 10.0% since December 31, 2022.

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Residential Units Gross Margin
The table below represents the components of residential units gross margin (dollars in thousands):
Six Months Ended June 30,
20252024
Residential units revenue$1,042,426 100.0 %$990,422 100.0 %
Cost of residential units721,277 69.2 %653,496 66.0 %
Residential units gross margin$321,149 30.8 %$336,926 34.0 %

Residential units revenue increased $52.0 million or 5.3% during the six months ended June 30, 2025, due to the increase in home deliveries of 8.0% while cost of residential units for the six months ended June 30, 2025, increased by $67.8 million, or 10.4%, compared to the six months ended June 30, 2024. This resulted in a decrease in residential units gross margin for the six months ended June 30, 2025, of 320 bps to 30.8%, from 34.0% for the six months ended June 30, 2024 mainly due to higher incentives, discounts, and closing costs to drive sales orders.

Land and Lots Revenue
The table below represents lots closed and land and lots revenue (dollars in thousands):
Six Months Ended June 30,
20252024Change%
Lots revenue$4,342 $4,844 $(502)(10.4)%
Land revenue— 12,703 (12,703)(100.0)%
Land and lots revenue$4,342 $17,547 $(13,205)(75.3)%
Lots closed42 71 (29)(40.8)%
Average sales price of lots closed$103.4 $68.2 $35.2 51.6 %

From time to time we may opportunistically sell finished lots to other homebuilders when we determine that we have excess capacity in specific neighborhoods or submarkets. Lots revenue decreased by $0.5 million during the six months ended June 30, 2025. Land revenue represents sales of two tracts of commercial land during the six months ended June 30, 2024.

Selling, General and Administrative Expenses
The table below represents the components of selling, general and administrative expenses (dollars in thousands):
Six Months Ended June 30,As Percentage of Segment Revenue
2025202420252024
Builder operations$110,141 $104,316 
Corporate, other and unallocated (income) expense4,141 3,713 
Net builder operations114,282 108,029 11.0 %10.9 %
Land development385 143 8.9 %0.8 %
Total selling, general and administrative expenses$114,667 $108,172 11.0 %10.7 %

Selling, general and administrative expenses as a percentage of revenue increased by 0.3% for the six months ended June 30, 2025.

Builder Operations
Selling, general and administrative expenses as a percentage of revenue for builder operations of 11.0% for the six months ended June 30, 2025, was substantially in line with the prior year period. Builder operations expenditures include salary expenses, sales commissions, and community costs such as advertising and marketing expenses, rent, professional fees, and non-capitalized property taxes.

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Corporate, Other and Unallocated
Selling, general and administrative expenses for the corporate, other and unallocated non-operating segment for the six months ended June 30, 2025, were $4.1 million and $3.7 million for the six months ended June 30, 2024. Corporate, other and unallocated expenses generally include capitalized overhead adjustments that are not allocated to builder operations segments.

Equity in Income of Unconsolidated Entities
Equity in income of unconsolidated entities decreased to $1.0 million, for the six months ended June 30, 2025, compared to $3.8 million for the six months ended June 30, 2024. See Note 3 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of Green Brick’s share in net earnings by unconsolidated entity.

Other Income, Net
Other income, net, decreased to $8.8 million for the six months ended June 30, 2025, compared to $21.3 million for the six months ended June 30, 2024. The decrease was primarily due to a $10.7 million gain in the sale of our investment in GB Challenger, LLC during the six months ended June 30, 2024.

Income Tax Expense
Income tax expense was $45.2 million for the six months ended June 30, 2025 compared to $48.7 million for the six months ended June 30, 2024. The decrease was primarily due to lower taxable income partially offset by a higher effective tax rate. See Note 11 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion on the Company’s income tax expense for the six months ended June 30, 2025.

Lots Owned and Controlled
The following table presents the lots we owned or controlled, including lot option contracts, as of June 30, 2025 and December 31, 2024. Owned lots are those for which we hold title, while controlled lots are those for which we have the contractual right to acquire title but we do not currently own.
June 30, 2025December 31, 2024
CentralSoutheastTotalCentralSoutheastTotal
Lots owned
Finished lots3,841 723 4,564 3,932 790 4,722 
Lots in communities under development25,345 1,759 27,104 22,524 1,670 24,194 
Land held for future development(1)
3,800 — 3,800 3,800 — 3,800 
Total lots owned32,986 2,482 35,468 30,256 2,460 32,716 
Lots controlled
Lots under third party option contracts504 121 625 806 — 806 
Land under option for future acquisition and development1,170 266 1,436 1,091 349 1,440 
Lots under option through unconsolidated development joint ventures2,564 107 2,671 2,614 255 2,869 
Total lots controlled4,238 494 4,732 4,511 604 5,115 
Total lots owned and controlled (2)
37,224 2,976 40,200 34,767 3,064 37,831 
Percentage of lots owned88.6 %83.4 %88.2 %87.0 %80.3 %86.5 %
(1) Land held for future development consist of raw land parcels where development activities have been postponed due to market conditions or other factors.
(2) Total lots excludes lots with homes under construction.

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The following table presents additional information on the lots we controlled as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Total lots owned(1)
35,468 32,716 
Land under option for future acquisition and development1,436 1,440 
Lots under option through unconsolidated development joint ventures2,671 2,869 
Total lots self-developed39,575 37,025 
Self-developed lots as a percentage of total lots owned and controlled(1)
98.4 %97.9 %
(1) Total lots owned includes finished lot purchases, which were less than 1.3% of total lots self-developed as of June 30, 2025.

Liquidity and Capital Resources Overview
As of June 30, 2025 and December 31, 2024, we had $112.5 million and $141.5 million of unrestricted cash and cash equivalents, respectively. Our historical cash management strategy includes redeploying net cash from the sale of home inventory to acquire and develop land and lots that represent opportunities to generate desired margins and returns, and using cash to make additional investments in business acquisitions, joint ventures, share repurchases or other strategic activities.

Our principal uses of capital for the six months ended June 30, 2025 were home construction, land purchases, land development, repayments of debt, operating expenses, share repurchases, and payment of routine liabilities. Historically, we have used funds generated by operations and available borrowings to meet our short-term working capital requirements. We remain focused on generating positive margins in our homebuilding operations and acquiring desirable land positions in order to maintain a strong balance sheet and remain poised for continued growth.

Cash flows for each of our communities depend on the community’s stage in the development cycle. Early stages of development or expansion require significant cash outlays for land acquisitions, entitlements and other approvals, roads, utilities, general landscaping and other amenities, and home construction. These costs are a component of our inventory and are not recognized in our statement of income until a home closes. In the later stages of community life cycle, cash inflows may significantly exceed earnings reported for financial statement purposes, as the cash outflows associated with home construction and land development primarily occurred in prior periods.

Our debt to total capitalization ratio, which is calculated as the sum of borrowings on lines of credit, the senior unsecured notes, and notes payable, net of debt issuance costs (“total debt”), divided by the total capitalization, which equals the sum of Green Brick Partners, Inc. stockholders’ equity and total debt, was approximately 14.4% as of June 30, 2025.

Additionally, as of June 30, 2025, our net debt to total capitalization ratio, which is a non-GAAP financial measure, remained low at 9.4%. It is our intent to prudently employ leverage to continue to invest in our land acquisition, development and homebuilding activities. We target a debt to total capitalization ratio of up to approximately 20%, which we expect will provide us with significant additional growth capital.

Key Sources of Liquidity
The Company’s key sources of liquidity were funds generated by operations and borrowings during the six months ended June 30, 2025.

Cash Flows
The following summarizes our primary sources and uses of cash during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024:

•Operating activities. Net cash provided by operating activities for the six months ended June 30, 2025, was $143.5 million, compared to $3.2 million during the six months ended June 30, 2024. The net cash inflows for the six months ended June 30, 2025, were generated by our business operations.

•Investing activities. Net cash used in investing activities for the six months ended June 30, 2025 was $25.6 million, compared to net cash from investing activities of $58.1 million during the six months ended June 30, 2024. Cash outflows for the six months ended June 30, 2025, were primarily related to other investments in unconsolidated entities.

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•Financing activities. Net cash used in financing activities for the six months ended June 30, 2025 was $131.8 million, compared to net cash used of $102.6 million during the six months ended June 30, 2024. The cash outflows were primarily related to share repurchases of $60.7 million, repayments of our senior unsecured notes of $25.0 million, and net repayments to our lines of credit of $20.8 million.

Debt Instruments
Secured Revolving Credit Facility – As of June 30, 2025 and December 31, 2024, we had no amounts outstanding under our $35.0 million Secured Revolving Credit Facility. On May 1, 2025, the Company entered into the Tenth Amendment to the Secured Revolving Credit Facility to extend its maturity date to May 1, 2028. Outstanding borrowings under the amended Secured Revolving Credit Facility bear interest payable monthly at a floating rate per annum equal to SOFR plus 2.25%, but in no event less than 3.15% per annum or more than the lesser of 18% and the highest maximum rate allowed by applicable law. The entire unpaid principal balance and any accrued but unpaid interest is due and payable on the maturity date.

Unsecured Revolving Credit Facility – As of June 30, 2025, we had no amounts outstanding under our Unsecured Revolving Credit Facility and $25.0 million outstanding as of December 31, 2024. On December 13, 2024, the Company entered into the Twelfth Amendment (the “Twelfth Amendment”) to this credit agreement that adopted a leverage-based pricing grid for a reduction in both interest rate and non-use fee and other administrative changes. The Twelfth Amendment removed one lender with a $25 million prior commitment and added $30 million in new commitments, thereby increasing total commitments to $330.0 million. The maturity of all commitments under the Unsecured Revolving Credit Facility were extended to December 14, 2027.

Senior Unsecured Notes - As of June 30, 2025, we had four series of senior unsecured notes outstanding that were each issued pursuant to a note purchase agreement. The aggregate principal amount of senior unsecured notes outstanding was $274.3 million as of June 30, 2025 compared to $299.1 million as of December 31, 2024, net of issuance costs.
•In August 2019, we issued $75.0 million of senior unsecured notes (the “2026 Notes”). Interest accrues at an annual rate of 4.0% and is payable quarterly. Principal on the 2026 Notes is required to be paid in increments of $12.5 million on each of August 8, 2024 and August 8, 2025 with a final principal payment of $50.0 million on August 8, 2026.
•In August 2020, we issued $37.5 million of senior unsecured notes (the “2027 Notes”). Interest accrues at an annual rate of 3.35% and is payable quarterly. Principal on the 2027 Notes is due on August 26, 2027.
•In February 2021, we issued $125.0 million of senior unsecured notes (the “2028 Notes”) of which $75.0 million is outstanding as of June 30, 2025. Interest accrues at an annual rate of 3.25% and is payable quarterly. Principal on the 2028 Notes is due in increments of $25.0 million annually on February 25 in each of 2026, 2027, and 2028.
•In December 2021, we issued $100.0 million of senior unsecured notes (the “2029 Notes”). Interest accrues at an annual rate of 3.25% and is payable quarterly. A required principal prepayment of $30.0 million is due on December 28, 2028. The remaining unpaid principal balance is due on December 28, 2029.

Optional prepayment is allowed with payment of a “make-whole” premium that fluctuates depending on market interest rates. Interest is payable quarterly in arrears.

Our debt instruments require us to maintain specific financial covenants, each of which we were in compliance with as of June 30, 2025. Specifically, under the most restrictive covenants, we are required to maintain the following:

•a minimum interest coverage (consolidated EBITDA to interest incurred) of no less than 2.0 to 1.0. As of June 30, 2025, our interest coverage on a last 12 months’ basis was 32.76 to 1.0;
•a Consolidated Tangible Net Worth of no less than approximately $1,090.5 million. As of June 30, 2025, our Consolidated Tangible Net Worth was $1,724.5 million; and
•a maximum debt to total capitalization rolling average ratio of no more than 40.0%. As of June 30, 2025, we had a rolling average ratio of 15.2%.

As of June 30, 2025, we believe that our cash on hand, capacity available under our lines of credit and cash flows from operations for the next twelve months will be sufficient to service our outstanding debt during the next twelve months and fund our operations. For additional information on our lines of credit, senior unsecured notes, and notes payable, refer to Note 5 to the condensed consolidated financial statements located in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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Warehouse Facilities
GRBK Mortgage, a wholly owned subsidiary of the Company, is party to warehouse facilities to fund its origination of mortgage loans (the “Warehouse Facilities”) as follows (in thousands):
Outstanding Balance As of
Maturity Date
Maximum Aggregate Commitment
June 30, 2025December 31, 2024
October 31, 2025
$40,000 $— $— 
December 18, 202540,000 4,194—
$80,000 $4,194 $— 
The Warehouse Facilities provide for an aggregate uncommitted amount of $80.0 million. The Warehouse Facilities are (i) secured by the underlying mortgage loans and bear interest at a variable rate based on SOFR plus a margin ranging from 1.75% to 2% and (ii) guaranteed by Green Brick. The facilities are subject to annual renewal and contain customary covenants and conditions regarding minimum net worth, leverage, profitability and liquidity. The Company was in compliance with the financial covenants under the Warehouse Facilities as of June 30, 2025.

Under the Warehouse Facilities, the banks purchase a participation interest in individual mortgage loans, with GRBK Mortgage providing the remainder of the principal of the mortgage, typically up to 2% depending on the loan product. The mortgage loans, with the servicing rights, are then sold, typically within 30 to 75 days, to a third party investor and the bank is repaid its participation interest plus interest and the remainder is remitted to GRBK Mortgage. If a third party investor has not purchased the mortgage loan within the anticipated timeframes then GRBK Mortgage is required to repurchase the mortgage loan for the full amount of the participation interest plus interest.

De minimis fees or other debt issuance costs were incurred during the three and six months ended June 30, 2025 associated with the Warehouse Facilities.

Preferred Equity

As of June 30, 2025 and December 31, 2024 we had 2,000,000 Depositary Shares issued and outstanding, each representing 1/1000 of a share of our 5.75% Series A Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock”). We will pay cumulative cash dividends on the Series A Preferred Stock, when and as declared by the Board, at the rate of 5.75% of the $25,000 liquidation preference per share. Dividends will be payable quarterly in arrears. During the six months ended June 30, 2025, we paid dividends of $1.4 million on the Series A Preferred Stock. On July 24, 2025, the Board declared a quarterly cash dividend of $0.359 per depositary share on the Series A Preferred Stock. The dividend is payable on September 15, 2025 to stockholders of record as of September 1, 2025.

Registration Statements
In September 2023, we filed with the SEC an automatic shelf registration statement on Form S-3 which enables us to issue shares of common stock, preferred stock or debt securities either separately or represented by warrants, or depositary shares as well as units that include any of these securities. Under the rules governing shelf registration statements, we will file a prospectus supplement and advise the SEC of the amount and type of securities each time we issue securities under this registration statement. We have not issued any securities under this registration statement through the date of this filing.

Reconciliation of a Non-GAAP Financial Measure
In this Quarterly Report on Form 10-Q, we utilize a financial measure of net debt to total capitalization ratio that is a non-GAAP financial measure as defined by the SEC. Net debt to total capitalization is calculated as total debt less cash and cash equivalents, divided by the sum of total Green Brick Partners, Inc. stockholders’ equity and total debt less cash and cash equivalents. We present this measure because we believe it is useful to management and investors in evaluating the Company’s financing structure. We also believe this measure facilitates the comparison of our financing structure with other companies in our industry. Because this measure is not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), it may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

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The closest GAAP financial measure to the net debt to total capitalization ratio is the debt to total capitalization ratio. The following table represents a reconciliation of the net debt to total capitalization ratio as of June 30, 2025 (dollars in thousands):
GrossCash and cash equivalentsNet
Total debt, net of debt issuance costs$291,335 $(112,459)$178,876 
Total Green Brick Partners, Inc. stockholders’ equity1,725,373 — 1,725,373 
Total capitalization$2,016,708 $(112,459)$1,904,249 
Debt to total capitalization ratio14.4 %
Net debt to total capitalization ratio9.4 %

Off-Balance Sheet Arrangements and Contractual Obligations

Land and Lot Option Contracts
In the ordinary course of business, we enter into land purchase contracts in order to procure lots for the construction of our homes in the future. We are subject to customary obligations associated with such contracts. These purchase contracts typically require an earnest money deposit, and the purchase of properties under these contracts is generally contingent upon satisfaction of certain requirements, including obtaining applicable property and development entitlements.

To a much lesser extent and due to a limited availability in our market of true lot developers, we also utilize option contracts with lot sellers as a method of acquiring lots in staged takedowns, which are the schedules that dictate when lots must be purchased to help manage the financial and market risk associated with land holdings, and to reduce the use of funds from our corporate financing sources. Lot option contracts generally require us to pay a non-refundable deposit for the right to acquire lots over a specified period of time at pre-determined prices that typically include escalations in lot prices over time.

Our utilization of lot option contracts is dependent on, among other things, the availability of land sellers willing to enter into these arrangements, the availability of capital to finance the development of optioned lots, general housing market conditions and local market dynamics. Options may be more difficult to procure from land sellers in strong housing markets and are more prevalent in certain geographic regions.

We generally have the right, at our discretion, to terminate our obligations under both purchase contracts and option contracts by forfeiting the earnest money deposit with no further financial responsibility to the seller.

As of June 30, 2025, we had earnest money deposits of $10.2 million at risk associated with contracts to purchase raw land and finished lots representing 3,221 total lots past feasibility studies with an aggregate purchase price of approximately $217.7 million.

Seasonality

The homebuilding industry experiences seasonal fluctuations in quarterly operating results and capital requirements. We typically experience the highest new home order activity in spring and summer, although this activity is highly dependent on the number of active selling communities, timing of new community openings, interest rates and other market factors. Since it typically takes four to seven months to construct a new home, we normally deliver more homes in the second half of the year as spring and summer home orders are delivered. Because of this seasonality, home starts, construction costs and related cash outflows have historically been highest in the second and third quarters, and the majority of cash receipts from home deliveries occur typically during the second half of the year.

Critical Accounting Policies

Our critical accounting policies are described in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2024.

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Recent Accounting Pronouncements

See Note 1 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for recent accounting pronouncements.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer ( “CEO”) and principal financial officer (“CFO”), we conducted an evaluation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of June 30, 2025 in providing reasonable assurance that information required to be disclosed in the reports we file, furnish, submit or otherwise provide to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that information required to be disclosed in reports filed by us under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, in such a manner as to allow timely decisions regarding the required disclosures.

Changes in Internal Control over Financial Reporting

During the three months ended June 30, 2025, there were no changes in our internal controls that have materially affected or are reasonably likely to have a material effect on our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1A. RISK FACTORS

Since December 31, 2024, there have been no material changes to the Company’s Risk Factors, except as noted below:

Adverse changes in general economic conditions, including impacts from the tariffs that have been or may be enacted, may adversely affect the cost of, and demand for, our homes.

The residential homebuilding industry is highly sensitive to changes in local and general economic conditions and adverse changes in general economic conditions, including impacts from the tariffs that have been or may be enacted, may adversely affect the cost of, and demand for, our homes. In the first quarter of 2025, the United States imposed tariffs on specific goods imported from certain trading partners and suggested the potential for additional widespread tariffs in the near term. Subsequently, on April 2, 2025, the President implemented additional tariffs on 180 countries and territories, which currently range from 10% to 145%, with limited exceptions. Although many of these tariffs were subsequently paused in part for 90 days, it is uncertain whether and to what extent they may become effective following this period. We currently obtain much of our building products, finishes and appliances from U.S. vendors, however we cannot currently quantify the extent to which these products incorporate parts acquired from countries that are, or may in the future, be subject to tariffs. Furthermore, while Canadian lumber is currently exempt from these tariffs, the U.S. Department of Commerce has indicated that it will more than double duties imposed on Canadian softwood lumber imports by September 2025, which may increase the cost of lumber available in the U.S. To the extent that the cost of building products, finishes and appliances increases, our cost to produce a home would increase and we may not be able to increase the prices of our homes to fully offset these increased expenses which could adversely impact our margins. More broadly, various countries have implemented, or threatened to implement, countervailing trade restrictions and tariffs. In the first four months of the year, these collective actions have introduced volatility in the markets and adversely affected consumer confidence and, if they continue, may adversely affect general economic conditions, by increasing inflation, decreasing consumer spending or increasing unemployment. Any material decline in the general economic conditions could have a material adverse effect on our business and results of operations.

Demand for our homes is dependent on the cost and availability of mortgage financing.

Our business depends on the ability of our homebuyers to obtain financing for the purchase of their homes. Increased interest rates, decreased availability of mortgage financing or of certain mortgage programs, higher down payment requirements or increased monthly mortgage costs may lead to reduced demand for our homes. The federal government has a significant role in supporting mortgage lending through its conservatorship of Federal National Mortgage Association (“Fannie Mae”) and
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Federal Home Loan Mortgage Corporation (“Freddie Mac”), both of which purchase home mortgages and mortgage-backed securities originated by mortgage lenders, and its insurance of mortgages originated by lenders through the Federal Housing Administration (the “FHA”) and the Veterans Administration (“VA”). The availability and affordability of mortgage loans, including consumer interest rates for such loans, could be adversely affected by a curtailment or cessation of the federal government’s mortgage-related programs or policies. To align with recent executive actions by the current administration, the U.S. Department of Housing and Urban Development (“HUD”) recently updated the residency requirements applicable to FHA or VA insured mortgages and now only permanent U.S. residents are eligible for these mortgages. More stringent residency requirements, including any similar changes to Fannie-Mae- or Freddie-Mac-backed mortgage financing eligibility requirements, could adversely impact the ability of some of our homebuyers, which include many homebuyers who are working in the U.S. market on H-1B visas or are otherwise non-permanent legal residents, to qualify for government-insured loan programs. The FHA may continue to impose stricter loan qualification standards, raise minimum down payment requirements, impose higher mortgage insurance premiums and other costs and/or limit the number of mortgages it insures which could further impact the availability of these mortgages. Due to growing federal budget deficits, the U.S. Treasury may not be able to continue supporting the mortgage-related activities of Fannie Mae, Freddie Mac, the FHA and the VA at present levels, or it may significantly revise the federal government’s participation in and support of the residential mortgage market. Because the availability of Fannie Mae, Freddie Mac, FHA- and VA-backed mortgage financing is an important factor in marketing and selling many of our homes, any limitations, restrictions or changes in the availability of such government-backed financing could reduce our home sales, which could have a material adverse effect on our business and results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of equity securities by the issuer
The following table provides information about repurchases of our common stock during the three months ended June 30, 2025:
PeriodTotal number of shares purchasedAverage price paid per shareTotal number of shares purchased as part of publicly announced plans or programs
Approximate dollar value of shares that may yet be purchased under the plans or programs (1)
April 1 - April 30, 2025384,857 $55.97 384,857 $61,728,000 
May 1 - May 31, 2025360,000 60.67 360,000 39,896,000 
June 1 - June 30, 2025— — — 39,896,000 
Total744,857 744,857 $39,896,000 

(1)    On February 17, 2025, the Board approved and authorized a new $100 million stock repurchase program (the “2025 Repurchase Plan”), replacing the prior plan authorized on April 27, 2023, which had a remaining authorization of $55.9 million. This new plan authorizes the Company to purchase, from time to time, up to $100 million of our outstanding Common Stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The 2025 Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board. During the three months ended June 30, 2025, the Company completed open market repurchases under the 2025 Share Repurchase Plan of 744,857 shares for approximately $43.4 million, excluding excise tax.

ITEM 5. OTHER INFORMATION

Insider trading arrangements and policies

During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 12, 2025, the Company entered into an employment agreement with Mr. Bobby Samuel (the “Employment Agreement”) who serves as the Company’s Executive Vice President - Land. The Employment Agreement is for a three-year term and provides Mr. Samuel with an annual base salary of $500,000. In addition, during the term of the Employment
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Agreement, Mr. Samuel is eligible to receive an annual incentive bonus with a target amount of no less than $500,000, subject to the achievement of performance objectives established and assessed by the Compensation Committee in its sole discretion. The annual incentive bonus may be payable partially in cash and partially in equity, as determined by the Compensation Committee. The Company’s annual incentive program, in which Mr. Samuel and the Company’s other executive officers participates, provides an annual incentive bonus based (i) 30% on the achievement of strategic goals, (ii) 35% on the achievement of operational/financial metrics relative to the performance of the Company’s peers and (iii) 35% on the Company’s EPS performance. All payments made under the Employment Agreement are subject to the Company’s Clawback Policy.

Solely in the case of termination (i) by the Company without Cause (as defined in the Employment Agreement) or (ii) by Mr. Samuel with Good Reason (as defined in the Employment Agreement), subject to Mr. Samuel’s execution of a release of claims in a form reasonably determined by the Company, Mr. Samuel would be entitled to receive a severance payment equal to 1.5 times the sum of (x) his base salary plus (y) the target bonus for the year of termination.

In addition, the Employment Agreement provides for non-competition, non-solicitation, non-disparagement and confidentiality provisions during Mr. Samuel’s employment and for a period of twelve months after termination.

ITEM 6. EXHIBITS
NumberDescription
10.51*
Employment Agreement, dated as of May 12, 2025, between the Company and Bobby L. Samuel III.     
31.1*
Certification of the Company’s Chief Executive Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241).
31.2*
Certification of the Company’s Chief Financial Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241).
32.1*
Certification of the Company’s Chief Executive Officer Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
32.2*
Certification of the Company’s Chief Financial Officer Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
101.INS**XBRL Instance Document. The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH**XBRL Taxonomy Extension Schema Document.
101.CAL**XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF**XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB**XBRL Taxonomy Extension Label Linkbase Document.
101.PRE**XBRL Taxonomy Extension Presentation Linkbase Document.
104**Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101).
*    Filed with this Form 10-Q.
** Submitted electronically herewith.
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GREEN BRICK PARTNERS, INC.
/s/ James R. Brickman
By: James R. Brickman
Its: Chief Executive Officer
/s/ Jeffery D. Cox
By: Jeffery D. Cox
Its: Interim Chief Financial Officer

Date:    July 30, 2025
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FAQ

How did GRBK's Q2 2025 earnings compare to Q2 2024?

Net income fell to $81.9 million from $105.4 million; diluted EPS slipped to $1.85 from $2.32.

What drove the decline in gross margin for GRBK?

Higher sales incentives and closing costs cut residential gross margin to 30.4%, down 410 bps YoY.

How much debt does Green Brick Partners have after Q2 2025?

Total debt is $276 million in senior notes and $2 million net on credit lines; no secured revolver balance.

What is the status of GRBK's 2025 share repurchase plan?

The company has spent $60.1 million buying 1.03 million shares; $39.9 million authorization remains.

How did operating cash flow change year-over-year?

Operating cash flow improved dramatically to $143 million from $3 million in the prior-year period.

What is GRBK's current backlog position?

Backlog stands at $516 million (730 units), down 21% in value and 18% in units compared to Q2 2024.
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Green Brick Partners Inc

NYSE:GRBK

GRBK Rankings

#2492 Ranked by Market Cap
N/A Ranked by Dividends

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GRBK Latest SEC Filings

Jul 31, 2025
[Form 4] Green Brick Partners, Inc Insider Trading Activity
Jul 30, 2025
[Form 3] Green Brick Partners, Inc Initial Statement of Beneficial Ownership
Jul 30, 2025
[8-K] Green Brick Partners, Inc Reports Material Event
Jul 10, 2025
[Form 4] Green Brick Partners, Inc Insider Trading Activity

GRBK Stock Data

2.89B
40.31M
7.46%
78.6%
2.99%
Residential Construction
Operative Builders
United States
PLANO