Green Brick Partners, Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 29 October 2025: press release. The quarter’s numbers.

Key takeaways

Diluted EPS fell to $1.77: Net income attributable to Green Brick was $78 million, or $1.77 per diluted share, against $1.98 a year earlier, a 10.6% decrease in diluted EPS. Source
Home closings revenue fell to $499M: Home closings revenue was $499 million against $523 million in the third quarter of 2024, a decrease of 4.6% in the supplemental table. Source
Backlog revenue down 20%: Backlog revenue was $465.6 million at quarter-end, down 20.0% from $581.8 million a year earlier. Source
Gross margin 31.1%, down 160 bps: Homebuilding gross margin was 31.1%, up 70 basis points from the prior quarter and down 160 basis points from 32.7%, as incentives and sales prices were adjusted to align with demand. Source
Tenth straight quarter above 30%: Gross margins stayed above 30% for a tenth consecutive quarter, which management says keeps the company leading the public homebuilding industry. Source
Incentives on new orders rose: Incentives for new orders rose 2.8% year-over-year and 1.2% sequentially to 8.9%, management said, as pricing and incentives were adjusted. Source
Net new orders at record Q3 level: Net new orders grew 2.4% to 898 units, which management described as a record for any third quarter in company history. Source

“Our third quarter results demonstrated the resilience of our differentiated business model amid a challenging market environment”
Jim Brickman, CEO and co-founder

What changed from last quarter

New: The company broke ground on its first master-planned community in the Houston market, which it expects to open for sales in time for the spring selling season. Source

Results and growth drivers

Diluted EPS fell to $1.77: Net income attributable to Green Brick was $78 million, or $1.77 per diluted share, against $1.98 a year earlier, a 10.6% decrease in diluted EPS. Source
Home closings revenue fell to $499M: Home closings revenue was $499 million against $523 million in the third quarter of 2024, a decrease of 4.6% in the supplemental table. Source
Deliveries held near prior-year level: The company delivered 953 new homes, down 0.3% from 956, which the release describes as substantially in line with the prior-year third quarter. Source
Nine-month EPS down 13.6%: For the first nine months, diluted EPS was $5.29 against $6.12, while new homes delivered rose 5.1% to 2,905. Source

Segments and regions

Operations span three states: The company operates in Texas, Georgia and Florida. The release does not break out results by state or by segment. Source
Infill locations generate most closings: About 80% of home closings revenue came from infill and infill-adjacent locations, the same share reported in the prior quarter. Source
Central region holds most owned lots: At September 30, 2025, the Central region held 34,224 owned lots and the Southeast 2,475, out of 36,699 total lots owned. Source

“We believe our investment-grade balance sheet, combined with our differentiated land strategy, provides the flexibility to adapt to evolving market conditions”
Jim Brickman, CEO and co-founder

Products and customers

Average price per home fell 4.2%: Average sales price of homes delivered was $523.7 against $546.9 a year earlier, down 4.2%. Average selling price of net new orders was $499.4. Source
Backlog revenue down 20%: Backlog revenue was $465.6 million at quarter-end, down 20.0% from $581.8 million a year earlier. Source
Monthly sales pace roughly steady: Monthly sales pace rose slightly to just under 3.0 sales per community. Average active selling communities were 103, against 105 a year earlier. Source

Costs, margins and pricing

Gross margin 31.1%, down 160 bps: Homebuilding gross margin was 31.1%, up 70 basis points from the prior quarter and down 160 basis points from 32.7%, as incentives and sales prices were adjusted to align with demand. Source
Tenth straight quarter above 30%: Gross margins stayed above 30% for a tenth consecutive quarter, which management says keeps the company leading the public homebuilding industry. Source
Incentives on new orders rose: Incentives for new orders rose 2.8% year-over-year and 1.2% sequentially to 8.9%, management said, as pricing and incentives were adjusted. Source
Adjusted margin deducts warranty reserve: Adjusted homebuilding gross margin, a non-GAAP measure, was 30.7% against 33.5%, after deducting a $4.8 million warranty reserve adjustment. Source
SG&A ratio up 60 bps: Selling, general and administrative expenses were 11.6% of residential units revenue, up 60 basis points from 11.0%. Source

“We remain excited about the future and believe we are well positioned for continued growth.”
Jim Brickman, CEO and co-founder

Demand and order book

Net new orders at record Q3 level: Net new orders grew 2.4% to 898 units, which management described as a record for any third quarter in company history. Source
Cancellation rate declined to 6.7%: The sales cancellation rate fell 1.8% year-over-year and 3.2% sequentially to 6.7%, which management said is among the lowest among public company peers. Source
Net new order revenue down 1.3%: Revenue from net new home orders was $448,465 thousand, down 1.3%, while the average selling price of net new orders fell 3.6%. Source
Active selling communities down to 100: Active selling communities at the end of the period were 100, against 106 a year earlier, a decrease of 5.7%. Source

Capital, cash and returns

Debt-to-capital ratios reported: At quarter-end, homebuilding debt-to-total capital was 15.3% and net homebuilding debt-to-total capital was 9.5%, according to management. Source
Senior notes balance reduced: Senior unsecured notes, net, fell to $261.9 million from $299.1 million at December 31, 2024, while borrowings on lines of credit rose to $62.8 million. Source
Cash balance held near year-start: Cash and cash equivalents were $142.4 million at September 30, 2025, compared with $141.5 million at December 31, 2024. Source
Common shares outstanding declined: Common shares outstanding were 43,565,098 at September 30, 2025, down from 44,498,097 at December 31, 2024. The release does not describe repurchases in the quarter. Source

Strategy and investment

Infill land self-development strategy credited: Management said the quarter's performance underscores the company's infill-focused land self-development strategy. Source
Self-developed lots at 98.6%: Total lots self-developed were 40,600 at September 30, 2025, about 98.6% of total lots owned and controlled, up from 97.9%. Source
Lots under option contracts reduced: Lots under option contracts fell to 586 from 806, and total lots controlled were 4,487 against 5,115 at December 31, 2024. Source

Coming up, as management said on 29 October 2025

Houston community to open for sales: Management anticipates that the first Houston master-planned community will be open for sales in time for the spring selling season. Source

Figures management reported

Figure	Reported
New homes delivered Source	953
Net new home orders Source	898
Backlog units Source	675
Cancellation rate Source	6.7%
Absorption rate per average active selling community per quarter Source	8.7
Total lots owned Source	36,699

Risks management discussed

Demand: Management cited affordability pressures and elevated interest rates, which it addressed by adjusting pricing and incentives to sustain sales momentum. 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 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,
		2025		2024	Change
New homes delivered	953		956		(0.3)%
Total revenues	$499,091		$523,660		(4.7)%
Total cost of revenues	343,629		352,097		(2.4)%
Total gross profit	$155,462		$171,563		(9.4)%
Income before income taxes	$106,635		$118,976		(10.4)%

Net income attributable to Green Brick Partners, Inc.	$77,853	$89,111	(12.6)%
Diluted net income attributable to Green Brick Partners, Inc. per common share	$1.77	$1.98	(10.6)%
Residential units revenue	$499,091	$522,859	(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	$465,589	$581,848	(20.0)%
Homes under construction	2,202	2,330	(5.5)%

Results for the Nine Months Ended September 30, 2025:

(Dollars in thousands, except per share data)	Nine Months Ended September 30,
		2025		2024	Change
New homes delivered	2,905		2,764		5.1%
Total revenues	$1,545,859		$1,531,629		0.9%
Total cost of revenues	1,067,098		1,022,143		4.4%
Total gross profit	$478,761		$509,486		(6.0)%
Income before income taxes	$325,071		$373,786		(13.0)%
Net income attributable to Green Brick Partners, Inc.	$234,860		$277,770		(15.4)%
Diluted net income attributable to Green Brick Partners, Inc. per common share	$5.29		$6.12		(13.6)%
Residential units revenue	$1,541,517		$1,513,281		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.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Residential units revenue	$499,091	$522,859	$1,541,517	$1,513,281
Land and lots revenue	-	801	4,342	18,348
Total revenues	499,091	523,660	1,545,859	1,531,629
Cost of residential units	343,629	351,666	1,064,906	1,005,162
Cost of land and lots	-	431	2,192	16,981
Total cost of revenues	343,629	352,097	1,067,098	1,022,143
Total gross profit	155,462	171,563	478,761	509,486
Selling, general and administrative expenses	(58,140)	(57,740)	(172,807)	(165,912)
Equity in income of unconsolidated entities	422	992	1,406	4,770
Other income, net	8,891	4,161	17,711	25,442
Income before income taxes	106,635	118,976	325,071	373,786
Income tax expense	23,226	23,078	68,406	71,816
Net income	83,409	95,898	256,665	301,970
Less: Net income attributable to noncontrolling interests	5,556	6,787	21,805	24,200
Net income attributable to Green Brick Partners, Inc.	$77,853	$89,111	$234,860	$277,770
Net income attributable to Green Brick Partners, Inc. per common share:
Basic	$1.77	$1.99	$5.30	$6.18
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:
Basic	43,541	44,457	43,914	44,614
Diluted	43,632	44,530	44,031	45,019

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	September 30, 2025	December 31, 2024
ASSETS
Cash and cash equivalents	$142,426	$141,543
Restricted cash	33,018	18,153
Receivables	40,263	13,858
Real estate inventory:
Inventory owned	1,931,799	1,771,203
Consolidated inventory related to VIE	168,296	166,529
Total inventory	2,100,095	1,937,732
Investments in unconsolidated entities	85,386	60,582
Right-of-use assets - operating leases	7,837	7,242
Property and equipment, net	5,872	6,551
Earnest money deposits	13,736	13,629
Deferred income tax assets, net	13,984	13,984
Intangible assets, net	218	282
Goodwill	680	680
Other assets	37,860	35,758
Total assets	$2,481,375	$2,249,994
LIABILITIES AND EQUITY
Liabilities:
Accounts payable	$91,270	$59,746
Accrued expenses	127,523	110,068
Customer and builder deposits	35,179	37,068
Lease liabilities - operating leases	8,966	8,343
Borrowings on lines of credit, net	62,753	22,645
Senior unsecured notes, net	261,877	299,090
Notes payable	14,871	14,871
Total liabilities	602,439	551,831
Commitments and contingencies
Redeemable noncontrolling interest in equity of consolidated subsidiary	47,302	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 September 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 September 30, 2025 and 44,498,097 issued and outstanding as of December 31, 2024, respectively	436	445
Additional paid-in capital	245,661	244,653
Retained earnings	1,510,462	1,332,714
Total Green Brick Partners, Inc. stockholders’ equity	1,804,162	1,625,415
Noncontrolling interests	27,472	28,039
Total equity	1,831,634	1,653,454
Total liabilities and equity	$2,481,375	$2,249,994

SUPPLEMENTAL INFORMATION

(Unaudited)

Residential Units Revenue and New Homes Delivered (dollars in thousands)		Three Months Ended September 30,								Nine Months Ended September 30,
	2025		2024		Change		%		2025		2024		Change		%
Home closings revenue		$499,059		$522,859		$(23,800)		(4.6)%		$1,541,485		$1,512,901		$28,584		1.9%
Mechanic’s lien contracts revenue		32		-		32		100%		32		380		(348)		(91.6)%
Residential units revenue		$499,091		$522,859		$(23,768)		(4.5)%		$1,541,517		$1,513,281		$28,236		1.9%
New homes delivered		953		956		(3)		(0.3)%		2,905		2,764		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 (dollars in thousands)		Three Months Ended September 30,								Nine Months Ended September 30,
	2025		2024		Change		%		2025		2024		Change		%
Lots revenue		$ -		$800		$(800)		(100)%		$4,342		$5,644		$(1,302)		(23.1)%
Land revenue		-		1		(1)		(100)%		-		12,704		(12,704)		(100)%
Land and lots revenue		$ -		$801		$(801)		(100)%		$4,342		$18,348		$(14,006)		(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 (dollars in thousands)		Three Months Ended September 30,								Nine Months Ended September 30,
	2025		2024		Change		%		2025		2024		Change		%
Net new home orders		898		877		21		2.4%		2,912		2,803		109		3.9%
Revenue from net new home orders		$448,465		$454,358		$(5,893)		(1.3)%		$1,511,190		$1,539,549		$(28,359)			(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		$465,589		$581,848		$(116,259)		(20.0)%
Backlog units		675		809		(134)		(16.6)%
Average sales price of backlog		$689.8		$719.2		$(29.4)		(4.1)%

SUPPLEMENTAL INFORMATION

(Unaudited)

	September 30, 2025			December 31, 2024
	Central	Southeast	Total	Central	Southeast	Total
Lots owned
Finished lots	4,089	624	4,713	3,932	790	4,722
Lots in communities under development	30,135	1,851	31,986	22,524	1,670	24,194
Land held for future development	-	-	-	3,800	-	3,800
Total lots owned	34,224	2,475	36,699	30,256	2,460	32,716
Lots controlled
Lots under option contracts	465	121	586	806	-	806
Land under option for future development	1,123	189	1,312	1,091	349	1,440
Lots under option through unconsolidated development joint ventures	2,518	71	2,589	2,614	255	2,869
Total lots controlled	4,106	381	4,487	4,511	604	5,115
Total lots owned and controlled	38,330	2,856	41,186	34,767	3,064	37,831
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
Total lots owned	36,699	32,716
Add certain lots included in Total Lots Controlled
Land under option for future acquisition and development	1,312	1,440
Lots under option through unconsolidated development joint ventures	2,589	2,869
Total lots self-developed	40,600	37,025
Self-developed lots as a percentage of total lots owned and controlled	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.

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.

(Unaudited, in thousands):		Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Residential units revenue		$499,091		$522,859		$1,541,517		$1,513,281
Less: Mechanic’s lien contracts revenue		(32)		-		(32)		(380)
Home closings revenue		$499,059		$522,859		$1,541,485		$1,512,901
Homebuilding gross margin		$155,450		$171,193		$476,599		$508,003
Homebuilding gross margin percentage		31.1%		32.7%		30.9%		33.6%
Homebuilding gross margin		155,450		171,193		476,599		508,003
Add back: Capitalized interest charged to cost of revenues		2,359		2,788		7,197		8,539
Add back: Land impairment charge		-		1,308		-		1,308
Less: Warranty reserve adjustment		(4,809)		-		(4,809)		-
Adjusted homebuilding gross margin		$153,000		$175,289		$478,987		$517,850
Adjusted homebuilding gross margin percentage		30.7%		33.5%		31.1%		34.2%

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:

	Total capitalization			Homebuilding capitalization
	Gross	Cash and cash equivalents	Net	Gross	Cash and cash equivalents	Net
Total debt, net of debt issuance costs	$339,501	$(142,426)	$197,075	$324,944	$(135,391)	$189,553
Total Green Brick Partners, Inc. stockholders’ equity	1,804,162	-	1,804,162	1,804,162	-	1,804,162
Total capitalization	$2,143,663	$(142,426)	$2,001,237	$2,129,106	$(135,391)	$1,993,715
Debt to total capitalization ratio	15.8%			15.3%
Net debt to total capitalization ratio			9.8%			9.5%

(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:

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 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.

Contacts
469-573-6755
IR@greenbrickpartners.com