Green Brick Partners, Inc.: Q2 FY2025 earnings call

What management said about Q2 FY2025, from the documents filed with the SEC on 30 July 2025: press release. The quarter’s numbers.

Key takeaways

Deliveries reached a second-quarter record: New homes delivered rose 5.6% to 1,042 units, a record for any second quarter. Six-month deliveries were 1,952, up 8.0% year over year. Source
Net new orders at a second-quarter record: Net new orders reached 908 units, up 6.2%, the strongest second quarter on record for the company. Source
Backlog revenue and units down sharply: Backlog revenue was $516.2 million, down 20.6%, and backlog units were 730, down 17.9%, compared with a year earlier. Source
Gross margin down 410 basis points: Homebuilding gross margin was 30.4% against 34.5% a year earlier and fell 80 bps sequentially, which management attributed to higher incentives and lower average sales prices. Source
Construction cycle times under five months: Management said average construction cycle times fell to under five months, with Trophy's average at 3.5 months. Source
Debt to capital at lowest since 2015: Debt to total capital was 14.4% and net debt to total capital was 9.4% at quarter end; management said the debt ratio was the lowest since 2015. Source

“Our performance remained resilient despite a softer housing market, and underscores the strength of our land acquisition and self-development strategy.”
Jim Brickman, CEO

Guidance

Area	Period	Figure	Against last quarter
Land development spending Source	Full year 2025	about $300 million

Results and growth drivers

Deliveries reached a second-quarter record: New homes delivered rose 5.6% to 1,042 units, a record for any second quarter. Six-month deliveries were 1,952, up 8.0% year over year. Source
Net income and diluted EPS declined: Net income attributable to Green Brick was $81.9 million, down 22.2%; diluted EPS was $1.85 against $2.32 a year earlier, down 20.3%. Source
Home closings revenue roughly flat: Home closings revenue of $547.1 million was $161 thousand above the prior-year quarter, as higher deliveries offset a lower average sales price. Source

Demand and the order book

Net new orders at a second-quarter record: Net new orders reached 908 units, up 6.2%, the strongest second quarter on record for the company. Source
Incentives on new orders increased: Incentives for new orders rose to 7.7%, up 320 bps year over year and 100 bps sequentially. Source
Backlog revenue and units down sharply: Backlog revenue was $516.2 million, down 20.6%, and backlog units were 730, down 17.9%, compared with a year earlier. Source
Net new order revenue slightly lower: Revenue from net new home orders was $469.1 million, down 0.6% from $471.8 million a year earlier. Source

“we believe Green Brick is poised to navigate near-term market headwinds successfully and capitalize on long-term demographic trends leading to growing demand for housing in our markets.”
Jim Brickman, CEO

Pricing, incentives and margins

Gross margin down 410 basis points: Homebuilding gross margin was 30.4% against 34.5% a year earlier and fell 80 bps sequentially, which management attributed to higher incentives and lower average sales prices. Source
Average sales price fell on discounts: Average sales price of homes delivered was $525.1 thousand, down 5.3%, as increased discounts and incentives offset the benefit of higher deliveries. Source
Adjusted gross margin also lower: Adjusted homebuilding gross margin, which adds back capitalized interest, was 30.9% against 35.1% a year earlier. Source
Overhead ratio edged higher: Selling, general and administrative expenses were 10.9% of residential units revenue, up 40 bps from 10.5% a year earlier. Source

Construction speed and locations

Construction cycle times under five months: Management said average construction cycle times fell to under five months, with Trophy's average at 3.5 months. Source
Infill locations make up most closings: About 80% of home closings revenue came from infill and infill-adjacent locations, a share management described as unchanged from earlier periods. Source
Active communities slightly lower: Active selling communities at end of period were 102, down from 105 a year earlier; average active selling communities were 102, up from 101. Source

Land, lots and self-development

Land spending year to date: Year-to-date land acquisition spending was $109 million and land development spending was $139 million. Source
Lot position grew to 40,200: Lots owned and controlled totaled 40,200 at June 30, up from 37,831 at December 31, 2024. Source
Nearly all lots self-developed: Self-developed lots were 98.4% of total lots owned and controlled, up from 97.9% at year-end 2024, with 39,575 lots self-developed. Source

Capital, cash and shareholder returns

Debt to capital at lowest since 2015: Debt to total capital was 14.4% and net debt to total capital was 9.4% at quarter end; management said the debt ratio was the lowest since 2015. Source
Second-quarter buybacks of $44 million: The company repurchased about $44 million of common stock in the quarter at an average cost of $58.24 per share. Source
Year-to-date buybacks and remaining authorization: Year-to-date repurchases totaled $60 million, leaving $40 million remaining under the current buyback authorization. Source
Cash balance lower than year-end: Cash and cash equivalents were $112.5 million at June 30, down from $141.5 million at December 31, 2024; restricted cash was $33.3 million. Source

Figures management reported

Figure	Reported
New homes delivered Source	1,042
Net new home orders Source	908
Backlog units Source	730
Active selling communities at end of period Source	102
Total lots owned and controlled Source	40,200

Risks management discussed

Demand: Management cited a more challenging affordability and sales environment in the second quarter. Source

Earlier plans management reported on

Met: Management said it has kept gross margins above 30% for nine consecutive quarters and that its gross margins remained the highest in the public homebuilding industry. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

GREEN BRICK PARTNERS, INC. REPORTS SECOND QUARTER 2025 RESULTS

RECORD NEW HOMES DELIVERIES OF 1,042, UP 5.6% YOY

HOME CLOSINGS REVENUE OF $547M

HOMEBUILDING GROSS MARGINS OF 30.4%

DILUTED EPS OF $1.85

NET NEW HOME ORDERS OF 908, UP 6.2% YOY, RECORD FOR ANY SECOND QUARTER

DEBT TO TOTAL CAPITAL OF 14.4%; NET DEBT TO TOTAL CAPITAL OF 9.4%

PLANO, Texas, July 30, 2025 - Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”), today reported results for its second quarter ended June 30, 2025.

“Our performance remained resilient despite a softer housing market, and underscores the strength of our land acquisition and self-development strategy. Second quarter net income attributable to Green Brick was $82 million or $1.85 per diluted share,” said Jim Brickman, CEO “New homes delivered increased 5.6% year-over-year to 1,042 units, a record for any second quarter. The growth in deliveries was offset by a lower average sales price primarily as a result of increased discounts and incentives. As a result, home closings revenue of $547 million in the second quarter was roughly in line with the same period last year. Approximately 80% of home closings revenue was once again generated from infill and infill-adjacent locations. Homebuilding gross margins of 30.4% decreased 410 bps year-over-year and 80 bps sequentially due to higher incentives and lower average sales prices. However, our gross margins remained the highest in the public homebuilding industry, and we have successfully maintained gross margins in excess of 30% for nine consecutive quarters. ”

“Net new orders grew 6.2% year-over-year to 908 units, marking our strongest second quarter on record,” continued Mr. Brickman. “Moreover, our monthly sales pace remained steady year-over-year at approximately 3.0 sales per community. Incentives for new orders rose 320 bps year-over-year and 100 bps sequentially to 7.7%. Operationally, we achieved a major milestone by reducing our average construction cycle times to under 5 months. In particular, Trophy’s average cycle time was only 3.5 months.”

Mr. Brickman added, “While affordability and the sales environment became more challenging in the second quarter, we remain laser focused on executing our long-term strategies and delivering value to our shareholders, all while staying agile in response to evolving market conditions. Year-to-date, we invested $109 million in land acquisition and $139 million in land development. For 2025, we continue to expect full-year land development spending to be about $300 million. With a high-quality land position of over 40,000 lots, we remain extremely disciplined and selective on land acquisitions. In addition, we continued to return capital to our shareholders by repurchasing approximately $44 million of common stock during the second quarter at an average cost of $58.24 per share. Year-to-date, we have repurchased a total of $60 million in shares, with $40 million remaining under the current buyback authorization.”

Mr. Brickman concluded, “At the end of the second quarter, our net debt to total capital ratio was 9.4% and our debt to total capital ratio was only 14.4%, the lowest level since 2015. The weighted average interest rate on our long-term notes was 3.4%. With the backbone of an investment grade balance sheet and our strategic land advantages, we believe Green Brick is poised to navigate near-term market headwinds successfully and capitalize on long-term demographic trends leading to growing demand for housing in our markets.”

Results for the Quarter Ended June 30, 2025:

(Dollars in thousands, except per share data)	Three Months Ended June 30,
		2025		2024	Change
New homes delivered	1,042		987		5.6%
Total revenues	$549,147		$560,631		(2.0)%
Total cost of revenues	381,633		370,965		2.9%
Total gross profit	$167,514		$189,666		(11.7)%
Income before income taxes	$112,288		$139,177		(19.3)%

Net income attributable to Green Brick Partners, Inc.	$81,948	$105,358	(22.2)%
Diluted net income attributable to Green Brick Partners, Inc. per common share	$1.85	$2.32	(20.3)%
Residential units revenue	$547,109	$547,138	- %
Average sales price of homes delivered	$525.1	$554.2	(5.3)%
Homebuilding gross margin percentage	30.4%	34.5%		-410 bps
Selling, general and administrative expenses as a percentage of residential units revenue	10.9%	10.5%		40 bps
Backlog revenue	$516,183	$650,349	(20.6)%
Homes under construction	2,204	2,229	(1.1)%

Results for the Six Months Ended June 30, 2025:

(Dollars in thousands, except per share data)	Six Months Ended June 30,
		2025		2024	Change
New homes delivered	1,952		1,808		8.0%
Total revenues	$1,046,768		$1,007,969		3.8%
Total cost of revenues	723,469		670,046		8.0%
Total gross profit	$323,299		$337,923		(4.3)%
Income before income taxes	$218,436		$254,810		(14.3)%
Net income attributable to Green Brick Partners, Inc.	$157,007		$188,659		(16.8)%
Diluted net income attributable to Green Brick Partners, Inc. per common share	$3.52		$4.14		(15.0)%
Residential units revenue	$1,042,426		$990,422		5.3%
Average sales price of homes delivered	$534.0		$547.6		(2.5)%
Homebuilding gross margin percentage	30.8%		34.0%			-320 bps
Selling, general and administrative expenses as a percentage of residential units revenue	11.0%		10.9%			10 bps

Earnings Conference Call:

We will host our earnings conference call to discuss our second quarter ended June 30, 2025 at 12:00 p.m. Eastern Time on Thursday, July 31, 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/670549521

A telephone replay of the call will be available through August 30, 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.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Residential units revenue	$547,109	$547,138	$1,042,426	$990,422
Land and lots revenue	2,038	13,493	4,342	17,547
Total revenues	549,147	560,631	1,046,768	1,007,969
Cost of residential units	380,656	358,183	721,277	653,496
Cost of land and lots	977	12,782	2,192	16,550
Total cost of revenues	381,633	370,965	723,469	670,046
Total gross profit	167,514	189,666	323,299	337,923
Selling, general and administrative expenses	(59,772)	(57,602)	(114,667)	(108,172)
Equity in income of unconsolidated entities	511	1,186	984	3,778
Other income, net	4,035	5,927	8,820	21,281
Income before income taxes	112,288	139,177	218,436	254,810
Income tax expense	22,957	23,896	45,180	48,738
Net income	89,331	115,281	173,256	206,072
Less: Net income attributable to noncontrolling interests	7,383	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:
Basic	43,770	44,760	44,103	44,826
Diluted	43,824	45,154	44,188	45,277

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	June 30, 2025	December 31, 2024
ASSETS
Cash and cash equivalents	$112,459	$141,543
Restricted cash	33,334	18,153
Receivables	41,997	13,858
Real estate inventory:
Inventory owned	1,807,854	1,771,203
Consolidated inventory related to VIE	169,057	166,529
Total inventory	1,976,911	1,937,732
Investments in unconsolidated entities	82,342	60,582
Right-of-use assets - operating leases	6,826	7,242
Property and equipment, net	5,515	6,551
Earnest money deposits	15,407	13,629
Deferred income tax assets, net	13,984	13,984
Intangible assets, net	239	282
Goodwill	680	680
Other assets	25,575	35,758
Total assets	$2,315,269	$2,249,994
LIABILITIES AND EQUITY
Liabilities:
Accounts payable	$78,830	$59,746
Accrued expenses	102,632	110,068
Customer and builder deposits	39,635	37,068
Lease liabilities - operating leases	7,935	8,343
Borrowings on lines of credit, net	2,183	22,645
Senior unsecured notes, net	274,281	299,090
Notes payable	14,871	14,871
Total liabilities	520,367	551,831
Commitments and contingencies
Redeemable noncontrolling interest in equity of consolidated subsidiary	45,967	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 issued and outstanding as of June 30, 2025 and 44,498,097 issued and outstanding as of December 31, 2024, respectively	436	445
Additional paid-in capital	244,006	244,653
Retained earnings	1,433,328	1,332,714
Total Green Brick Partners, Inc. stockholders’ equity	1,725,373	1,625,415
Noncontrolling interests	23,562	28,039
Total equity	1,748,935	1,653,454
Total liabilities and equity	$2,315,269	$2,249,994

SUPPLEMENTAL INFORMATION

(Unaudited)

Residential Units Revenue and New Homes Delivered (dollars in thousands)		Three Months Ended June 30,								Six Months Ended June 30,
	2025		2024		Change		%		2025		2024		Change		%
Home closings revenue		$547,109		$546,948		$161		- %		$1,042,426		$990,042		$52,384		5.3%
Mechanic’s lien contracts revenue		-		190		(190)		(100.0)%		-		380		(380)		(100.0)%
Residential units revenue		$547,109		$547,138		$(29)		- %		$1,042,426		$990,422		$52,004		5.3%
New homes delivered		1,042		987		55		5.6%		1,952		1,808		144		8.0%
Average sales price of homes delivered		$525.1		$554.2		$(29.1)		(5.3)%		$534.0		$547.6		$(13.6)		(2.5)%

Land and Lots Revenue (dollars in thousands)		Three Months Ended June 30,										Six Months Ended June 30,
	2025			2024			Change		%		2025		2024		Change		%
Lots revenue		$2,038			$790			$1,248		158.0%		$4,342		$4,844		$(502)		(10.4)%
Land revenue		-			12,703			(12,703)		(100.0)%		-		12,703		(12,703)		(100.0)%
Land and lots revenue		$2,038			$13,493			$(11,455)		(84.9)%		$4,342		$17,547		$(13,205)		(75.3)%
Lots closed			18			8		10		125.0%		42		71		(29)		(40.8)%
Average sales price of lots closed		$113.2			$98.8			$14.4		14.6%		$103.4		$68.2		$35.2		51.6%

New Home Orders and Backlog (dollars in thousands)		Three Months Ended June 30,								Six Months Ended June 30,
	2025		2024		Change		%		2025		2024		Change		%
Net new home orders		908		855		53		6.2%		2,014		1,926		88		4.6%
Revenue from net new home orders		$469,119		$471,807		$(2,688)		(0.6)%		$1,062,725		$1,085,191		$(22,466)			(2.1)%
Average selling price of net new home orders		$516.7		$551.8		$(35.1)		(6.4)%		$527.7		$563.4		$(35.7)			(6.3)%
Cancellation rate		9.9%		9.2%		0.7%		7.6%		7.9%		6.5%		1.4%		21.5%
Absorption rate per average active selling community per quarter		8.9		8.5		0.4		4.7%		9.7		9.8		(0.1)		(1.0)%
Average active selling communities		102		101		1		1.0%		104		98		6		6.1%
Active selling communities at end of period		102		105		(3)		(2.9)%
Backlog revenue		$516,183		$650,349		$(134,166)		(20.6)%
Backlog units		730		889		(159)		(17.9)%
Average sales price of backlog		$707.1		$731.6		$(24.5)		(3.3)%

SUPPLEMENTAL INFORMATION

(Unaudited)

	June 30, 2025			December 31, 2024
	Central	Southeast	Total	Central	Southeast	Total
Lots owned
Finished lots	3,841	723	4,564	3,932	790	4,722
Lots in communities under development	25,345	1,759	27,104	22,524	1,670	24,194
Land held for future development	3,800	-	3,800	3,800	-	3,800
Total lots owned	32,986	2,482	35,468	30,256	2,460	32,716
Lots controlled
Lots under option contracts	504	121	625	806	-	806
Land under option for future development	1,170	266	1,436	1,091	349	1,440
Lots under option through unconsolidated development joint ventures	2,564	107	2,671	2,614	255	2,869
Total lots controlled	4,238	494	4,732	4,511	604	5,115
Total lots owned and controlled	37,224	2,976	40,200	34,767	3,064	37,831
Percentage of lots owned	88.6%	83.4%	88.2%	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 June 30, 2025 and December 31, 2024.

	June 30, 2025	December 31, 2024
Total lots owned	35,468	32,716
Add certain lots included in Total Lots Controlled
Land under option for future acquisition and development	1,436	1,440
Lots under option through unconsolidated development joint ventures	2,671	2,869
Total lots self-developed	39,575	37,025
Self-developed lots as a percentage of total lots owned and controlled	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.

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.

The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the three and six months ended June 30, 2025 and 2024 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.

(Unaudited, in thousands):		Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Residential units revenue		$547,109		$547,138		$1,042,426		$990,422
Less: Mechanic’s lien contracts revenue		-		(190)		-		(380)
Home closings revenue		$547,109		$546,948		$1,042,426		$990,042
Homebuilding gross margin		$166,453		$188,893		$321,149		$336,810
Homebuilding gross margin percentage		30.4%		34.5%		30.8%		34.0%
Homebuilding gross margin		166,453		188,893		321,149		336,810
Add back: Capitalized interest charged to cost of revenues		2,605		3,067		4,838		5,751
Adjusted homebuilding gross margin		$169,058		$191,960		$325,987		$342,561
Adjusted homebuilding gross margin percentage		30.9%		35.1%		31.3%		34.6%

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 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 June 30, 2025:

	Gross	Cash and cash equivalents	Net
Total debt, net of debt issuance costs	$291,335	$(112,459)	$178,876
Total Green Brick Partners, Inc. stockholders’ equity	1,725,373	-	1,725,373
Total capitalization	$2,016,708	$(112,459)	$1,904,249
Debt to total capitalization ratio	14.4%
Net debt to total capitalization ratio			9.4%

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:

Forward-looking statements notice

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 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 full-year land development spending; (ii) our ability to strengthen our presence in Texas; (iii) our ability adjust pricing in order to meet market demand; (iv) the impact of tariffs on our closing and earnings for 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; (viii) our ability to navigate near-term market headwinds and capitalize on long-term demographic trends; (ix) our future financial and operational performance; and (x) 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.

Contacts
Benting Hu
Vice President of Finance
469-573-6755
IR@greenbrickpartners.com