# EDGAR Filing Document

**Accession Number:** 0001373670
**File Stem:** 0001373670-25-000086
**Filing Date:** 2025-10
**Character Count:** 33305
**Document Hash:** 2cd04759eb4daab2c119af32bced19f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001373670-25-000086.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001373670-25-000086

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Green Brick Partners, Inc.
- **CENTRAL INDEX KEY:** 0001373670
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 205952523
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33530
- **FILM NUMBER:** 251430047

**BUSINESS ADDRESS:**
- **STREET 1:** 5501 HEADQUARTERS DR
- **STREET 2:** SUITE 300W
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024
- **BUSINESS PHONE:** 469-573-6755

**MAIL ADDRESS:**
- **STREET 1:** 5501 HEADQUARTERS DR
- **STREET 2:** SUITE 300W
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BioFuel Energy Corp.
- **DATE OF NAME CHANGE:** 20060823

?xml version='1.0' encoding='ASCII'? grbk-20251029

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

___________________

**FORM 8-K** 

___________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 29, 2025** 

**Green Brick Partners, Inc.**<br>

(Exact name of registrant as specified in its charter)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **Delaware** | **Delaware** | **001-33530** | **20-5952523** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
| **5501 Headquarters Drive** | **,** | **Ste 300W** | **Ste 300W** |  |  |
| **Plano** | **,** | **TX** | **75024** | **(469)** | **573-6755** |
| (Address of principal executive offices, including Zip Code) | (Address of principal executive offices, including Zip Code) | (Address of principal executive offices, including Zip Code) | (Address of principal executive offices, including Zip Code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |

---

(Former name or former address, if changed since last report) **Not Applicable**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | GRBK | The New York Stock Exchange |
| Common Stock, par value $0.01 per share | GRBK | NYSE Texas, Inc. |
| 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 PRA | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ◻

------

**Item 2.02 Results of Operations and Financial Condition.**

On October 29, 2025, Green Brick Partners, Inc. (the "Company") issued a press release announcing its financial and operational results for the third quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99 to this report.

**Item 8.01 Other Events.**

The Company announced today that on December 15, 2025 holders of record as of December 1, 2025 (the "Record Date") of its depositary shares (the "Series A Depositary Shares" (NYSE:GRBK.PRA)), each representing a 1/1,000th interest in a share of its 5.75% Series A Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock") will receive a quarterly dividend in the amount of $359.38 per share of Series A Preferred Stock (equivalent to $0.35938 per Series A Depositary Share), which will cover the period from, and including, September 15, 2025 through, but not including December 15, 2025. The dividend represents dividends at the rate of 5.75% of the $25,000.00 liquidation preference per share (equivalent to $25.00 per depositary share) per year (equivalent to $1,437.50 per share per year or $1.4375 per Series A Depositary Share per year).

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description of Exhibit</u>** |
| 99 | <u>[Press Release dated October 29, 2025](a2q32025ex99earningsrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**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 hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GREEN BRICK PARTNERS, INC.** | **GREEN BRICK PARTNERS, INC.** |
| By: | /s/ Jeffery D. Cox |
| Name: | Jeffery D. Cox |
| Title: | Chief Financial Officer |

---

Date:&nbsp;&nbsp;&nbsp;&nbsp;October 29, 2025

## Ex-99

**Exhibit 99**

![greenbrickpartnerslogocopy.jpg](greenbrickpartnerslogocopy.jpg)

**GREEN BRICK PARTNERS, INC. REPORTS THIRD QUARTER 2025 RESULTS**

**DILUTED EPS OF $1.77 AND NET INCOME OF $78M**

**NET NEW HOME ORDERS OF 898, UP 2.4% YOY, A RECORD FOR ANY THIRD QUARTER**

**HOME CLOSINGS REVENUE OF $499M, SECOND HIGHEST THIRD QUARTER ON RECORD**

 **NEW HOMES DELIVERIES OF 953, SECOND HIGHEST THIRD QUARTER ON RECORD**

**HOMEBUILDING GROSS MARGINS OF 31.1%, TENTH CONSECUTIVE QUARTER ABOVE 30%** 

PLANO, Texas, October 29, 2025 — Green Brick Partners, Inc. (NYSE: GRBK) ("Green Brick," "we," or the "Company"), today announced results for its third quarter ended September 30, 2025.

Third quarter net income attributable to Green Brick was $78 million or $1.77 per diluted share. The Company delivered 953 new homes, which was substantially in line to 2024's third quarter. Home closings revenue was $499 million, compared to $523 million in the third quarter of 2024. Homebuilding gross margins of 31.1% increased 70 basis points sequentially and decreased 160 basis points year-over-year as the Company adjusted incentives and sales prices to align with market demand. Approximately 80% of home closings revenue was generated from infill and infill-adjacent locations.

"Our third quarter results demonstrated the resilience of our differentiated business model amid a challenging market environment," said Jim Brickman, CEO and co-founder. "For the tenth consecutive quarter, our gross margins remained above 30%, continuing to lead the public homebuilding industry. In these conditions, we were particularly pleased to maintain sales velocity, with net new orders growing 2.4% year-over-year to 898 units, a record for any third quarter in Company history. Our sales cancellation rate declined 1.8% year-over-year and 3.2% sequentially to 6.7%, among the lowest among our public company peers. Our monthly sales pace increased slightly year-over-year to just under 3.0 sales per community. This performance underscores the strength of our infill-focused land self-development strategy, which we believe continues to deliver meaningful competitive advantages."

Mr. Brickman added, "Like our peers across the industry, we addressed both affordability pressures and elevated interest rates by strategically adjusting pricing and incentives to sustain sales momentum. As a result, incentives for new orders rose 2.8% year-over-year and 1.2% sequentially to 8.9%."

Mr. Brickman continued, "At quarter-end, we maintained a homebuilding debt-to-total capital ratio of 15.3% and a net homebuilding debt-to-total capital ratio of 9.5%, positioning us among the most financially strong homebuilders. We believe our investment-grade balance sheet, combined with our differentiated land strategy, provides the flexibility to adapt to evolving market conditions, resilience in challenging environments, and resources to capitalize on opportunities. Our focus remains on executing proven strategies, balancing price and pace to achieve top-tier returns, and delivering consistent value to shareholders through operational performance and capital returns."

Mr. Brickman concluded, "We remain excited about the future and believe we are well positioned for continued growth. As part of the next stage of our expansion, I am thrilled that we broke ground on our first master-planned community in the Houston market, and we anticipate being open for sales there in time for the spring selling season."

**Results for the Quarter Ended September 30, 2025:**

---

| | | | |
|:---|:---|:---|:---|
| (Dollars in thousands, except per share data) | **Three Months Ended September 30,** | **Three Months Ended September 30,** |  |
|  | **2025** | **2024** | **Change** |
| New homes delivered | 953 | 956 | (0.3)% |
| Total revenues | $499091 | $523660 | (4.7)% |
| Total cost of revenues | 343629 | 352097 | (2.4)% |
| Total gross profit | $155462 | $171563 | (9.4)% |
| Income before income taxes | $106635 | $118976 | (10.4)% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| Net income attributable to Green Brick Partners, Inc. | $77853 | $89111 | (12.6)% |
| Diluted net income attributable to Green Brick Partners, Inc. per common share | $1.77 | $1.98 | (10.6)% |
| Residential units revenue | $499091 | $522859 | (4.5)% |
| Average sales price of homes delivered | $523.7 | $546.9 | (4.2)% |
| Homebuilding gross margin percentage | 31.1% | 32.7% | -160 bps |
| Selling, general and administrative expenses as a percentage of residential units revenue | 11.6% | 11.0% | 60 bps |
| Backlog revenue | $465589 | $581848 | (20.0)% |
| Homes under construction | 2202 | 2330 | (5.5)% |

---

**Results for the Nine Months Ended September 30, 2025:**

---

| | | | |
|:---|:---|:---|:---|
| (Dollars in thousands, except per share data) | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  |
|  | **2025** | **2024** | **Change** |
| New homes delivered | 2905 | 2764 | 5.1% |
| Total revenues | $1545859 | $1531629 | 0.9% |
| Total cost of revenues | 1067098 | 1022143 | 4.4% |
| Total gross profit | $478761 | $509486 | (6.0)% |
| Income before income taxes | $325071 | $373786 | (13.0)% |
| Net income attributable to Green Brick Partners, Inc. | $234860 | $277770 | (15.4)% |
| Diluted net income attributable to Green Brick Partners, Inc. per common share | $5.29 | $6.12 | (13.6)% |
| Residential units revenue | $1541517 | $1513281 | 1.9% |
| Average sales price of homes delivered | $530.6 | $547.4 | (3.1)% |
| Homebuilding gross margin percentage | 30.9% | 33.6% | -270 bps |
| Selling, general and administrative expenses as a percentage of residential units revenue | 11.2% | 11.0% | 20 bps |

---

**Earnings Conference Call:**

We will host our earnings conference call to discuss our third quarter ended September 30, 2025 at 12:00 p.m. Eastern Time on Thursday, October 30, 2025. The call can be accessed by dialing 1-888-660-6353 for domestic participants or 1-929-203-2106 for international participants and should reference meeting number 3162560. Participants may also join the call via webcast at: https://events.q4inc.com/attendee/719083800

A telephone replay of the call will be available through November 29, 2025. To access the telephone replay, the domestic dial-in number is 1-800-770-2030, the international dial-in number is 1-647-362-9199 and the access code is 3162560, or by using the link at investors.greenbrickpartners.com.

------

**GREEN BRICK PARTNERS, INC.**

**CONSOLIDATED STATEMENTS OF INCOME**

**(In thousands, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Residential units revenue | $499091 | $522859 | $1541517 | $1513281 |
| Land and lots revenue |  | 801 | 4342 | 18348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 499091 | 523660 | 1545859 | 1531629 |
| Cost of residential units | 343629 | 351666 | 1064906 | 1005162 |
| Cost of land and lots |  | 431 | 2192 | 16981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 343629 | 352097 | 1067098 | 1022143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gross profit | 155462 | 171563 | 478761 | 509486 |
| Selling, general and administrative expenses | (58140) | (57740) | (172807) | (165912) |
| Equity in income of unconsolidated entities | 422 | 992 | 1406 | 4770 |
| Other income, net | 8891 | 4161 | 17711 | 25442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 106635 | 118976 | 325071 | 373786 |
| Income tax expense | 23226 | 23078 | 68406 | 71816 |
| Net income | 83409 | 95898 | 256665 | 301970 |
| Less: Net income attributable to noncontrolling interests | 5556 | 6787 | 21805 | 24200 |
| Net income attributable to Green Brick Partners, Inc. | $77853 | $89111 | $234860 | $277770 |
| Net income attributable to Green Brick Partners, Inc. per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.77 | $1.99 | $5.30 | $6.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.77 | $1.98 | $5.29 | $6.12 |
| Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 43541 | 44457 | 43914 | 44614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 43632 | 44530 | 44031 | 45019 |

---

------

**GREEN BRICK PARTNERS, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $142426 | $141543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 33018 | 18153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | 40263 | 13858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate inventory: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory owned | 1931799 | 1771203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated inventory related to VIE | 168296 | 166529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total inventory | 2100095 | 1937732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | 85386 | 60582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets - operating leases | 7837 | 7242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 5872 | 6551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnest money deposits | 13736 | 13629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets, net | 13984 | 13984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 218 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 680 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 37860 | 35758 |
| Total assets | $2481375 | $2249994 |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $91270 | $59746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 127523 | 110068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer and builder deposits | 35179 | 37068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities - operating leases | 8966 | 8343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on lines of credit, net | 62753 | 22645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes, net | 261877 | 299090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable | 14871 | 14871 |
| Total liabilities | 602439 | 551831 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interest in equity of consolidated subsidiary | 47302 | 44709 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Brick Partners, Inc. stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 47603 | 47603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value: 100,000,000 shares authorized; 43,565,098 issued and outstanding as of September 30, 2025 and 44,498,097 issued and outstanding as of December 31, 2024, respectively | 436 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 245661 | 244653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1510462 | 1332714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Green Brick Partners, Inc. stockholders' equity | 1804162 | 1625415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 27472 | 28039 |
| Total equity | 1831634 | 1653454 |
| Total liabilities and equity | $2481375 | $2249994 |

---

------

**GREEN BRICK PARTNERS, INC.**

**SUPPLEMENTAL INFORMATION**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Residential Units Revenue and New Homes Delivered (dollars in thousands)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | |
| **Residential Units Revenue and New Homes Delivered (dollars in thousands)** | **2025** | **2024** |<br>**Change** |<br>**%** | **2025** | **2024** |<br>**Change** |<br>**%** |
| Home closings revenue | $499059 | $522859 | $(23800) | (4.6)% | $1541485 | $1512901 | $28584 | 1.9% |
| Mechanic's lien contracts revenue | 32 |  | 32 | 100% | 32 | 380 | (348) | (91.6)% |
| Residential units revenue | $499091 | $522859 | $(23768) | (4.5)% | $1541517 | $1513281 | $28236 | 1.9% |
| New homes delivered | 953 | 956 | (3) | (0.3)% | 2905 | 2764 | 141 | 5.1% |
| Average sales price of homes delivered | $523.7 | $546.9 | $(23.2) | (4.2)% | $530.6 | $547.4 | $(16.8) | (3.1)% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Land and Lots Revenue<br>(dollars in thousands)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | |
| **Land and Lots Revenue<br>(dollars in thousands)** | **2025** | **2024** |<br>**Change** |<br>**%** | **2025** | **2024** |<br>**Change** |<br>**%** |
| Lots revenue | $— | $800 | $(800) | (100)% | $4342 | $5644 | $(1302) | (23.1)% |
| Land revenue |  | 1 | (1) | (100)% |  | 12704 | (12704) | (100)% |
| Land and lots revenue | $— | $801 | $(801) | (100)% | $4342 | $18348 | $(14006) | (76.3)% |
| Lots closed |  | 8.00 | (8) | (100)% | 42 | 79 | (37) | (46.8)% |
| Average sales price of lots closed | $— | $100.0 | $(100.0) | (100)% | $103.4 | $71.4 | $32.0 | 44.8% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **New Home Orders and Backlog<br>(dollars in thousands)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | |
| **New Home Orders and Backlog<br>(dollars in thousands)** | **2025** | **2024** |<br>**Change** |<br>**%** | **2025** | **2024** |<br>**Change** |<br>**%** |
| Net new home orders | 898 | 877 | 21 | 2.4% | 2912 | 2803 | 109 | 3.9% |
| Revenue from net new home orders | $448465 | $454358 | $(5893) | (1.3)% | $1511190 | $1539549 | $(28359) | (1.8)% |
| Average selling price of net new home orders | $499.4 | $518.1 | $(18.7) | (3.6)% | $519.0 | $549.3 | $(30.3) | (5.5)% |
| Cancellation rate | 6.7% | 8.5% | (1.8)% | (21.2)% | 7.5% | 7.1% | 0.4% | 5.6% |
| Absorption rate per average active selling community per quarter | 8.7 | 8.4 | 0.3 | 3.6% | 9.3 | 9.3 |  | —% |
| Average active selling communities | 103 | 105 | (2) | (1.9)% | 104 | 100 | 4 | 4.0% |
| Active selling communities at end of period | 100 | 106 | (6) | (5.7)% |  |  |  |  |
| Backlog revenue | $465589 | $581848 | $(116259) | (20.0)% |  |  |  |  |
| Backlog units | 675 | 809 | (134) | (16.6)% |  |  |  |  |
| Average sales price of backlog | $689.8 | $719.2 | $(29.4) | (4.1)% |  |  |  |  |

---

------

**GREEN BRICK PARTNERS, INC.**

**SUPPLEMENTAL INFORMATION**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Central** | **Southeast** | **Total** | **Central** | **Southeast** | **Total** |
| *<u>Lots owned</u>* |  |  |  |  |  |  |
| &nbsp;&nbsp;Finished lots | 4089 | 624 | 4713 | 3932 | 790 | 4722 |
| &nbsp;&nbsp;Lots in communities under development | 30135 | 1851 | 31986 | 22524 | 1670 | 24194 |
| &nbsp;&nbsp;Land held for future development<sup>(1)</sup> |  |  |  | 3800 |  | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lots owned | 34224 | 2475 | 36699 | 30256 | 2460 | 32716 |
| *<u>Lots controlled</u>*  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lots under option contracts | 465 | 121 | 586 | 806 |  | 806 |
| &nbsp;&nbsp;Land under option for future development | 1123 | 189 | 1312 | 1091 | 349 | 1440 |
| &nbsp;&nbsp;Lots under option through unconsolidated development joint ventures | 2518 | 71 | 2589 | 2614 | 255 | 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lots controlled | 4106 | 381 | 4487 | 4511 | 604 | 5115 |
| Total lots owned and controlled <sup>(2)</sup>  | 38330 | 2856 | 41186 | 34767 | 3064 | 37831 |
| Percentage of lots owned | 89.3% | 86.7% | 89.1% | 87.0% | 80.3% | 86.5% |

---

(1) Land held for future development consists 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.

The following table presents additional information on the lots we owned as of September 30, 2025 and December 31, 2024.

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Total lots owned<sup>(1)</sup> | 36699 | 32716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add certain lots included in Total Lots Controlled |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land under option for future acquisition and development | 1312 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lots under option through unconsolidated development joint ventures | 2589 | 2869 |
| Total lots self-developed | 40600 | 37025 |
| Self-developed lots as a percentage of total lots owned and controlled<sup>(1)</sup> | 98.6% | 97.9% |

---

(1) Total lots owned includes finished lot purchases, which were less than 1.5% of total lots self-developed as of September 30, 2025.

**Non-GAAP Financial Measures**

In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating our operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), they 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 following table represents the non-GAAP measure of adjusted homebuilding gross margin for the three and nine months ended September 30, 2025 and 2024 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(Unaudited, in thousands):** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(Unaudited, in thousands):** | **2025** | **2024** | **2025** | **2024** |
| Residential units revenue | $499091 | $522859 | $1541517 | $1513281 |
| Less: Mechanic's lien contracts revenue | (32) |  | (32) | (380) |
| Home closings revenue | $499059 | $522859 | $1541485 | $1512901 |
| Homebuilding gross margin | $155450 | $171193 | $476599 | $508003 |
| Homebuilding gross margin percentage | 31.1% | 32.7% | 30.9% | 33.6% |
| Homebuilding gross margin | 155450 | 171193 | 476599 | 508003 |
| Add back: Capitalized interest charged to cost of revenues | 2359 | 2788 | 7197 | 8539 |
| Add back: Land impairment charge |  | 1308 |  | 1308 |
| Less: Warranty reserve adjustment | (4809) |  | (4809) |  |
| Adjusted homebuilding gross margin | $153000 | $175289 | $478987 | $517850 |
| Adjusted homebuilding gross margin percentage | 30.7% | 33.5% | 31.1% | 34.2% |

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Net debt to total capitalization is calculated as the total debt less cash and cash equivalents, divided by the sum of total Green Brick Partners, Inc. stockholders' equity and total debt less homebuilding cash and cash equivalents. 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 September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total capitalization** | **Total capitalization** | **Total capitalization** | **Homebuilding capitalization**<sup>(1)</sup> | **Homebuilding capitalization**<sup>(1)</sup> | **Homebuilding capitalization**<sup>(1)</sup> |
| | **Gross** | **Cash and cash equivalents** | **Net** | **Gross** | **Cash and cash equivalents** | **Net** |
| Total debt, net of debt issuance costs | $339501 | $(142426) | $197075 | $324944 | $(135391) | $189553 |
| Total Green Brick Partners, Inc. stockholders' equity | 1804162 |  | 1804162 | 1804162 |  | 1804162 |
| Total capitalization | $2143663 | $(142426) | $2001237 | $2129106 | $(135391) | $1993715 |
| Debt to total capitalization ratio | 15.8% |  |  | 15.3% |  |  |
| Net debt to total capitalization ratio |  |  | 9.8% |  |  | 9.5% |

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(1) Homebuilding capitalization ratio excludes cash and debt related to our wholly owned mortgage company.

**About Green Brick Partners, Inc.**

Green Brick Partners, Inc (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates in Texas, Georgia, and Florida. Green Brick owns five subsidiary homebuilders in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a 50% interest in a homebuilder in Atlanta, Georgia (The Providence Group) and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also retains interests in related financial services platforms, including Green Brick Title, GRBK Mortgage, and Green Brick Insurance. Green Brick is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. For more information about Green Brick Partners Inc.'s subsidiary homebuilders, please visit https://greenbrickpartners.com/brands-services/.

**Forward-Looking and Cautionary Statements:** 

This press release and our earnings call contain "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar

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expressions concerning matters that are not historical facts and typically include the words "anticipate," "believe," "consider," "estimate," "expect," "feel,", "poised," "intend," "plan," "predict," "seek," "strategy," "target," "will" or other words of similar meaning. Specifically, these statements reflect our beliefs and expectations regarding (i) our infill-focused land self-development strategy; (ii) our ability to adapt to evolving market conditions; (iii) our ability adjust pricing in order to meet market demand; (iv) our investments in land, lots and development in 2025; (v) our strategic advantages, including our unique business model and focus on infill and infill-adjacent locations, and the impact on our future results; (vi) our lot and land strategy and its impact on our future financial position; (vii) our ability to successfully implement our growth strategy, including our expectations for expansion and growth of our Trophy brand in Austin and Houston and the impact that expansion will have on our future results; (viii) our ability to navigate short-term market headwinds; (ix) the impact of tariffs; (x) our ability to opportunistically deploy capital to maximize shareholder returns, and to accelerate growth as the housing market improves; (xi) the credit worthiness of our buyers, quality of our product, and desirability of our communities; (xii) our future financial and operational performance; (xiii) expansion of our financial services through Green Brick Mortgage and Green Brick Insurance and (xiv) our ability to deliver efficient and cost-effective growth, including our ability to manage costs and cycle times. 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. Green Brick assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. For a more detailed discussion of these and other risks and uncertainties applicable to Green Brick please see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

**Contact:** 

Investor Relations

469-573-6755

IR@greenbrickpartners.com

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