Green Brick Partners Q3 2026 profit falls 24% to $59.2M
Financial services revenue rose 51.9% to $11.161 million, alongside 499 loan originations and $185.042 million in principal.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Green Brick Partners, Inc. reported third-quarter 2026 results for the period ended September 30, 2026: net income attributable to the company was $59.160 million, compared with $77.853 million a year earlier, and diluted earnings were $1.35 per share versus $1.77. Total homebuilding revenues were $437.043 million, down 9.7%, while homebuilding gross margin was 28.0%, compared with 32.1%.
Net new home orders were 926, up 3.1%, and deliveries were 978, up 2.6%; backlog stood at 629 homes with a stated value of $379.345 million. Financial services operating income was $5.604 million, up 68.9%. Quarter-end liquidity was $325 million, including $100 million in cash. Green Brick also repurchased 264,215 common shares for approximately $17.9 million and retired $50 million of 4.00% senior notes.
Green Brick declared a quarterly dividend of $0.35938 per Series A depositary share, payable December 15, 2026, to holders of record December 1, 2026. The dividend covers September 15, 2026 through, but not including, December 15, 2026; each depositary share represents a 1/1,000 interest in Series A preferred stock, with an annual dividend amount of $1.4375 per depositary share.
1 point · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Minor pointFinancial services operating income increased 68.9% to $5.604 million.
Negative
- Moderate pointNet income attributable declined 24.0% to $59.160 million.
- Moderate pointHomebuilding revenues declined 9.7% to $437.043 million.
Insights
Analyzing...
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net income attributable to Green Brick Partners: $59.160 million
Diluted earnings per share: $1.35 per diluted share
Total homebuilding revenues: $437.043 million
+4 more
7 metrics
Net income attributable to Green Brick Partners
$59.160 million
Three months ended September 30, 2026; compared with $77.853 million in 2025
Diluted earnings per share
$1.35 per diluted share
Three months ended September 30, 2026; compared with $1.77 in 2025
Total homebuilding revenues
$437.043 million
Three months ended September 30, 2026; down 9.7% year over year
Homebuilding gross margin percentage
28.0%
Three months ended September 30, 2026; compared with 32.1% in 2025
Net new home orders
926 homes
Three months ended September 30, 2026; up 3.1% year over year
Financial services operating income
$5.604 million
Three months ended September 30, 2026; up 68.9% year over year
Quarterly dividend per Series A depositary share
$0.35938 per share
Payable December 15, 2026, to holders of record December 1, 2026
Key Terms
Backlog, homebuilding gross margin percentage, net homebuilding debt to total capitalization, liquidation preference, +1 more
5 terms
Backlog financial
"Backlog of 629 homes with a dollar value of $379 million"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
homebuilding gross margin percentage financial
"Homebuilding gross margin percentage | 28.0%"
Homebuilding gross margin percentage shows how much profit a homebuilder makes from each sale after covering the direct costs of construction. It is calculated by dividing the profit on homes sold by the total sales revenue, expressed as a percentage. This figure helps investors assess how efficiently a homebuilder is managing expenses and pricing, indicating potential profitability and financial health.
net homebuilding debt to total capitalization financial
"The following table represents the non-GAAP measure of net homebuilding debt to total capitalization."
liquidation preference financial
"5.75% of the $25,000.00 liquidation preference per share"
A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.
Earnings Snapshot
Net income attributable to Green Brick Partners, Inc.: $59.160 million
Third quarter ended September 30, 2026
Net income attributable to Green Brick Partners, Inc.
$59.160 million
-24.0% year over year
Diluted net income attributable to Green Brick Partners, Inc. per common share
$1.35 per diluted share
-23.7% year over year
Total homebuilding revenues
$437.043 million
-9.7% year over year
Financial services operating income
$5.604 million
68.9% year over year
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was GRBK’s net income in the third quarter of 2026?
Green Brick reported $59.160 million in net income attributable to the company and diluted earnings of $1.35 per share. A year earlier, those figures were $77.853 million and $1.77 per diluted share.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 28, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||||||||||||||
| , | ||||||||||||||||||||||||||
| , | ||||||||||||||||||||||||||
| (Address of principal executive offices, including Zip 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:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 28, 2026 , Green Brick Partners, Inc. (the “Company”) issued a press release announcing its financial and operational results for the year and third quarter ended September 30, 2026. 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, 2026 holders of record as of December 1, 2026 (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, 2026 through, but not including December 15, 2026. 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.
(d) Exhibits
Exhibit No. | Description of Exhibit | |||||||
| 99 | Press Release dated October 28, 2026 | |||||||
| 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.
GREEN BRICK PARTNERS, INC. | |||||
| By: | /s/ Jeffery D. Cox | ||||
| Name: | Jeffery D. Cox | ||||
| Title: | Chief Financial Officer | ||||
Date: October 28, 2026
Exhibit 99
GREEN BRICK PARTNERS, INC. REPORTS THIRD QUARTER 2026 RESULTS
PLANO, Texas, October 28, 2026 — Green Brick Partners, Inc. (NYSE: GRBK) (“Green Brick,” “we,” or the “Company”), today announced results for its third quarter ended September 30, 2026. Net income attributable to Green Brick in the third quarter was $59 million or $1.35 per diluted share, compared to net income attributable to Green Brick in the third quarter of 2025 of $78 million, or $1.77 per diluted share.
2026 THIRD QUARTER HIGHLIGHTS
•Net new home orders of 926, up 3% year over year
•New home deliveries of 978, up 3% year over year
•Homebuilding gross margins of 28.0%
•Backlog of 629 homes with a dollar value of $379 million
•Home closing revenue of $437 million
•Book value of $46.10 per share increased 14% year over year
•Retired $50 million of 4.00% senior notes due August 2026
•Quarter-end liquidity of $325 million, including $100 million of cash
•Homebuilding debt to total capital of 13.1%; net homebuilding debt to total capital of 9.6%
•Cancellation rate of 8.2%
•Repurchased 264,215 shares of common stock for approximately $17.9 million
Jim Brickman, Co-CEO and Co-Founder said, "Our third quarter results demonstrate the resilience of Green Brick's differentiated operating model in a challenging housing environment. Despite continued affordability pressures, broader economic uncertainty and an increasing rate environment, demand across our markets remained resilient as buyers responded to our incentive strategy and attractive product offerings, particularly within Trophy Signature Homes. We continue to respond to deteriorating market conditions to maintain sales pace. Net new home orders of 926 was a 3% increase from the prior year, our sales pace declined slightly to 2.8 sales per community, and our cancellation rate was relatively low at 8.2%. While incentives on the company's growing new orders were elevated at 11% we were still able to maintain industry leading gross margins of 28.0%. We believe these results demonstrate the value of our communities and the ability of our operators to balance price, pace and profitability as market conditions evolve."
Jed Dolson, Co-CEO said, "Our third quarter results reflect disciplined execution, the continued growth of our Trophy Signature Homes brand in our core Texas markets, and the benefits of our long-standing strategy of owning and self-developing land in desirable infill and infill-adjacent submarkets. By securing land positions well in advance of home deliveries, we believe we have largely locked in our lot costs and are less exposed to inflation in finished lot pricing than many builders that rely primarily on third-party developers."
"Our financial services operations also continued to gain scale," added Mr. Dolson. "Financial services operating income for the quarter increased 69% year over year to $5.6 million and approximately $16 million for the first nine months of the year. Green Brick Mortgage continued to increase its capture in our core Texas markets, enhancing the homebuying experience while providing an additional source of earnings growth."
During the quarter, Green Brick retired $50 million of 4.00% senior notes and repurchased approximately $17.9 million of common stock while continuing to invest in our land pipeline. The company ended the quarter with $325 million of liquidity, homebuilding debt to total capital of 13.1% and net homebuilding debt to total capital of 9.6%, compared to 15.3% and 9.5%, respectively, over the prior year. At the same time, our owned lot position increased to 40,869 as of September 30, 2026, up 11.4% year over year and book value per share increased 14% to $46.10.
1
Mr. Brickman concluded, “We maintained a balance sheet with investment-grade characteristics, supported by low leverage, substantial liquidity, and significant financial flexibility, enabling Green Brick to remain patient and selective while continuing to invest through the current down-cycle. We believe our combination of resilient demand, differentiated margins, low leverage and a well-located land pipeline positions us to navigate the current environment and capitalize on future growth opportunities while continuing to generate attractive long-term returns for shareholders."
Results for the Quarter Ended September 30, 2026
| (Dollars in thousands, except per share data) | Three Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| New homes delivered | 978 | 953 | 2.6 | % | |||||||||||||
| Total homebuilding revenues | $ | 437,043 | $ | 484,216 | (9.7) | % | |||||||||||
Homebuilding cost of revenues | 314,475 | 328,754 | (4.3) | % | |||||||||||||
| Total gross profit | $ | 122,568 | $ | 155,462 | (21.2) | % | |||||||||||
| Income before income taxes | $ | 77,975 | $ | 106,635 | (26.9) | % | |||||||||||
| Net income attributable to Green Brick Partners, Inc. | $ | 59,160 | $ | 77,853 | (24.0) | % | |||||||||||
| Diluted net income attributable to Green Brick Partners, Inc. per common share | $ | 1.35 | $ | 1.77 | (23.7) | % | |||||||||||
| Residential units revenue | $ | 437,043 | $ | 484,216 | (9.7) | % | |||||||||||
| Average sales price of homes delivered | $ | 446.7 | $ | 508.1 | (12.1) | % | |||||||||||
| Homebuilding gross margin percentage | 28.0 | % | 32.1 | % | -410 bps | ||||||||||||
| Backlog revenue | $ | 379,345 | $ | 456,783 | (17.0) | % | |||||||||||
| Backlog units | 629 | 675 | (6.8) | % | |||||||||||||
| Homes under construction | 2,181 | 2,202 | (1.0) | % | |||||||||||||
| Three Months Ended September 30, | ||||||||||||||||||||
| 2026 | 2025 | % | ||||||||||||||||||
| Total financial services revenues | $ | 11,161 | $ | 7,350 | 51.9 | % | ||||||||||||||
| Financial services expenses | (5,557) | (4,033) | 37.8 | % | ||||||||||||||||
| Financial services operating income | $ | 5,604 | $ | 3,317 | 68.9 | % | ||||||||||||||
| Total originations: | ||||||||||||||||||||
| Loans | 499 | 351 | 42.2% | |||||||||||||||||
| Principal | $ | 185,042 | $ | 136,469 | 35.6% | |||||||||||||||
| Average FICO score | 734 | 740 | ||||||||||||||||||
2
Results for the Nine Months Ended September 30, 2026:
| (Dollars in thousands, except per share data) | Nine Months Ended September 30, | ||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| New homes delivered | 2,933 | 2,905 | 1.0 | % | |||||||||||||
| Total homebuilding revenues | $ | 1,374,626 | $ | 1,503,232 | (8.6) | % | |||||||||||
Homebuilding cost of revenues | 975,067 | 1,024,471 | (4.8) | % | |||||||||||||
| Total gross profit | $ | 399,559 | $ | 478,761 | (16.5) | % | |||||||||||
| Income before income taxes | $ | 261,715 | $ | 325,071 | (19.5) | % | |||||||||||
| Net income attributable to Green Brick Partners, Inc. | $ | 194,275 | $ | 234,860 | (17.3) | % | |||||||||||
| Diluted net income attributable to Green Brick Partners, Inc. per common share | $ | 4.44 | $ | 5.29 | (16.1) | % | |||||||||||
| Residential units revenue | $ | 1,357,526 | $ | 1,498,890 | (9.4) | % | |||||||||||
| Average sales price of homes delivered | $ | 462.5 | $ | 516.0 | (10.4) | % | |||||||||||
| Homebuilding gross margin percentage | 29.0 | % | 31.8 | % | -280 bps | ||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||
| 2026 | 2025 | % | ||||||||||||||||||
| Total financial services revenues | $ | 33,076 | $ | 18,532 | 78.5 | % | ||||||||||||||
| Financial services expenses | (17,512) | (10,442) | 67.7 | % | ||||||||||||||||
| Financial services operating income | $ | 15,564 | $ | 8,090 | 92.4 | % | ||||||||||||||
| Total originations: | ||||||||||||||||||||
| Loans | 1385 | 602 | 130.1% | |||||||||||||||||
| Principal | $ | 531,928 | $ | 245,370 | 116.8% | |||||||||||||||
| Average FICO score | 737 | 741 | ||||||||||||||||||
Earnings Conference Call:
We will host our earnings conference call to discuss our third quarter ended September 30, 2026 at 12:00 p.m. Eastern Time on Thursday, October 29, 2026. The call can be accessed by dialing 1-833-461-5787 for domestic participants or 1-585-542-9983 for international participants and should reference meeting number 508 067 954. Participants may also join the call via webcast at: https://events.q4inc.com/attendee/508067954.
A telephone replay of the call will be available through November 30, 2026. To access the telephone replay, the domestic dial-in number is 1-833-309-1852 and the access code is 508 067 954, or by using the link at investors.greenbrickpartners.com.
3
GREEN BRICK PARTNERS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Residential units revenue | $ | 437,043 | $ | 484,216 | $ | 1,357,526 | $ | 1,498,890 | ||||||||||||||||||
| Land and lots revenue | — | — | 17,100 | 4,342 | ||||||||||||||||||||||
| 437,043 | 484,216 | 1,374,626 | 1,503,232 | |||||||||||||||||||||||
Financial services revenue | $ | 11,161 | $ | 7,350 | $ | 33,076 | $ | 18,532 | ||||||||||||||||||
| Total revenues | 448,204 | 491,566 | 1,407,702 | 1,521,764 | ||||||||||||||||||||||
| Homebuilding cost of revenues | ||||||||||||||||||||||||||
| Cost of residential units | 314,475 | 328,754 | 964,509 | 1,022,279 | ||||||||||||||||||||||
| Cost of land and lots | — | — | 10,558 | 2,192 | ||||||||||||||||||||||
| 314,475 | 328,754 | 975,067 | 1,024,471 | |||||||||||||||||||||||
| Financial services expenses | (5,557) | (4,102) | (17,512) | (10,580) | ||||||||||||||||||||||
| Selling, general and administrative expenses | (51,761) | (55,223) | (158,750) | (165,227) | ||||||||||||||||||||||
| Equity in income of unconsolidated entities | 367 | 422 | 2,098 | 1,406 | ||||||||||||||||||||||
| Other income, net | 1,197 | 2,726 | 3,244 | 2,179 | ||||||||||||||||||||||
| Income before income taxes | 77,975 | 106,635 | 261,715 | 325,071 | ||||||||||||||||||||||
| Income tax expense | 16,559 | 23,226 | 55,683 | 68,406 | ||||||||||||||||||||||
| Net income | 61,416 | 83,409 | 206,032 | 256,665 | ||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | 2,256 | 5,556 | 11,757 | 21,805 | ||||||||||||||||||||||
| Net income attributable to Green Brick Partners, Inc. | $ | 59,160 | $ | 77,853 | $ | 194,275 | $ | 234,860 | ||||||||||||||||||
| Net income attributable to Green Brick Partners, Inc. per common share: | ||||||||||||||||||||||||||
| Basic | $ | 1.36 | $ | 1.77 | $ | 4.46 | $ | 5.30 | ||||||||||||||||||
| Diluted | $ | 1.35 | $ | 1.77 | $ | 4.44 | $ | 5.29 | ||||||||||||||||||
| Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: | ||||||||||||||||||||||||||
| Basic | 42,958 | 43,541 | 43,059 | 43,914 | ||||||||||||||||||||||
| Diluted | 43,204 | 43,632 | 43,283 | 44,031 | ||||||||||||||||||||||
4
GREEN BRICK PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data) (Unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 99,970 | $ | 154,590 | |||||||
| Restricted cash | 25,615 | 36,395 | |||||||||
| Receivables | 24,891 | 39,982 | |||||||||
| Real estate inventory: | |||||||||||
| Inventory owned | 2,149,081 | 1,941,524 | |||||||||
| Consolidated inventory related to VIE | 189,403 | 157,687 | |||||||||
| Total inventory | 2,338,484 | 2,099,211 | |||||||||
Mortgage loans held for sale | 33,143 | 49,099 | |||||||||
| Investments in unconsolidated entities | 86,862 | 93,050 | |||||||||
| Right-of-use assets - operating leases | 6,396 | 7,475 | |||||||||
| Property and equipment, net | 6,570 | 6,316 | |||||||||
| Earnest money deposits | 15,280 | 13,151 | |||||||||
| Deferred income tax assets, net | 11,243 | 11,243 | |||||||||
| Intangible assets, net | 133 | 197 | |||||||||
| Goodwill | 680 | 680 | |||||||||
| Other assets | 26,680 | 23,378 | |||||||||
| Total assets | $ | 2,675,947 | $ | 2,534,767 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Accounts payable | $ | 104,062 | $ | 94,516 | |||||||
| Accrued expenses | 105,042 | 152,637 | |||||||||
| Customer and builder deposits | 27,983 | 25,716 | |||||||||
| Lease liabilities - operating leases | 7,464 | 8,637 | |||||||||
| Borrowings on lines of credit, net | 103,071 | (2,465) | |||||||||
Warehouse lines of credit | 33,355 | 46,398 | |||||||||
| Senior unsecured notes, net | 187,219 | 261,972 | |||||||||
| Notes payable | 14,371 | 14,371 | |||||||||
| Total liabilities | 582,567 | 601,782 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable noncontrolling interest in equity of consolidated subsidiary | 56,307 | 52,271 | |||||||||
| 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, 2026 and December 31, 2025, respectively | 47,603 | 47,603 | |||||||||
Common stock, $0.01 par value: 100,000,000 shares authorized; 42,743,015 issued and outstanding as of September 30, 2026 and 43,205,947 issued and outstanding as of December 31, 2025, respectively | 427 | 432 | |||||||||
| Additional paid-in capital | 242,802 | 243,816 | |||||||||
| Retained earnings | 1,727,412 | 1,567,111 | |||||||||
| Total Green Brick Partners, Inc. stockholders’ equity | 2,018,244 | 1,858,962 | |||||||||
| Noncontrolling interests | 18,829 | 21,752 | |||||||||
| Total equity | 2,037,073 | 1,880,714 | |||||||||
| Total liabilities and equity | $ | 2,675,947 | $ | 2,534,767 | |||||||
5
GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
| Residential Units Revenue and New Homes Delivered (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | |||||||||||||||||||||||||||||||||||||||||||
| Home closings revenue | $ | 436,919 | $ | 484,184 | $ | (47,265) | (9.8)% | $ | 1,356,380 | $ | 1,498,858 | $ | (142,478) | (9.5) | % | |||||||||||||||||||||||||||||||||||
| Mechanic’s lien contracts revenue | 124 | 32 | 92 | 287.5% | 1,146 | 32 | 1,114 | 3,481.3 | % | |||||||||||||||||||||||||||||||||||||||||
| Residential units revenue | $ | 437,043 | $ | 484,216 | $ | (47,173) | (9.7)% | $ | 1,357,526 | $ | 1,498,890 | $ | (141,364) | (9.4) | % | |||||||||||||||||||||||||||||||||||
| New homes delivered | 978 | 953 | 25 | 2.6% | 2,933 | 2,905 | 28 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Average sales price of homes delivered | $ | 446.7 | $ | 508.1 | $ | (61.4) | (12.1)% | $ | 462.5 | $ | 516.0 | $ | (53.5) | (10.4) | % | |||||||||||||||||||||||||||||||||||
| Land and Lots Revenue (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | |||||||||||||||||||||||||||||||||||||||||||
| Lots revenue | $ | — | $ | — | $ | — | —% | $ | 7,500 | $ | 4,342 | $ | 3,158 | 72.7 | % | |||||||||||||||||||||||||||||||||||
| Land revenue | — | — | — | —% | 9,600 | — | 9,600 | 100.0% | ||||||||||||||||||||||||||||||||||||||||||
| Land and lots revenue | $ | — | $ | — | $ | — | —% | $ | 17,100 | $ | 4,342 | $ | 12,758 | 293.8 | % | |||||||||||||||||||||||||||||||||||
| Lots closed | — | — | — | —% | 75 | 42 | 33 | 78.6 | % | |||||||||||||||||||||||||||||||||||||||||
| Average sales price of lots closed | $ | — | $ | — | $ | — | —% | $ | 100.0 | $ | 103.4 | $ | (3.4) | (3.3) | % | |||||||||||||||||||||||||||||||||||
| New Home Orders and Backlog (dollars in thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | % | 2026 | 2025 | Change | % | |||||||||||||||||||||||||||||||||||||||||||
| Net new home orders | 926 | 898 | 28 | 3.1% | 3,042 | 2,912 | 130 | 4.5 | % | |||||||||||||||||||||||||||||||||||||||||
| Revenue from net new home orders | $ | 428,877 | $ | 433,862 | $ | (4,985) | (1.1)% | $ | 1,391,120 | $ | 1,513,535 | $ | (122,415) | (8.1) | % | |||||||||||||||||||||||||||||||||||
| Average selling price of net new home orders | $ | 463.2 | $ | 483.1 | $ | (19.9) | (4.1)% | $ | 457.3 | $ | 519.8 | $ | (62.5) | (12.0) | % | |||||||||||||||||||||||||||||||||||
| Cancellation rate | 8.2 | % | 6.7 | % | 1.5 | % | 22.4% | 7.9 | % | 7.5 | % | 0.4 | % | 5.3 | % | |||||||||||||||||||||||||||||||||||
| Absorption rate per average active selling community per quarter | 8.5 | 8.7 | (0.2) | (2.3)% | 9.5 | 9.3 | 0.2 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||
| Average active selling communities | 109 | 103 | 6 | 5.8% | 107 | 104 | 3 | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||
| Active selling communities at end of period | 104 | 100 | 4 | 4.0% | ||||||||||||||||||||||||||||||||||||||||||||||
| Backlog revenue | $ | 379,345 | $ | 456,783 | $ | (77,438) | (17.0)% | |||||||||||||||||||||||||||||||||||||||||||
| Backlog units | 629 | 675 | (46) | (6.8)% | ||||||||||||||||||||||||||||||||||||||||||||||
| Average sales price of backlog | $ | 603.1 | $ | 676.7 | $ | (73.6) | (10.9)% | |||||||||||||||||||||||||||||||||||||||||||
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GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
Central(1) | Southeast(2) | Total | Central(1) | Southeast(2) | Total | ||||||||||||||||||||||||||||||
| Lots owned | |||||||||||||||||||||||||||||||||||
| Finished lots | 4,406 | 1,166 | 5,572 | 4,518 | 663 | 5,181 | |||||||||||||||||||||||||||||
| Lots in communities under development | 30,508 | 989 | 31,497 | 26,339 | 1,703 | 28,042 | |||||||||||||||||||||||||||||
Land held for future development(3) | 3,800 | — | 3,800 | 3,800 | — | 3,800 | |||||||||||||||||||||||||||||
| Total lots owned | 38,714 | 2,155 | 40,869 | 34,657 | 2,366 | 37,023 | |||||||||||||||||||||||||||||
| Lots under contract | |||||||||||||||||||||||||||||||||||
| Lots and land under option contracts | 5,895 | 1,658 | 7,553 | 8,297 | 955 | 9,252 | |||||||||||||||||||||||||||||
| Lots under option through unconsolidated development joint ventures | 2,985 | 28 | 3,013 | 2,488 | 65 | 2,553 | |||||||||||||||||||||||||||||
Total lots under contract(4) | 8,880 | 1,686 | 10,566 | 10,785 | 1,020 | 11,805 | |||||||||||||||||||||||||||||
Total lots owned and under contract (5) | 47,594 | 3,841 | 51,435 | 45,442 | 3,386 | 48,828 | |||||||||||||||||||||||||||||
| Percentage of lots owned | 81.3 | % | 56.1 | % | 79.5 | % | 76.3 | % | 69.9 | % | 75.8 | % | |||||||||||||||||||||||
(1) The Texas market.
(2) The Atlanta and Florida markets.
(3) Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors.
(4) As of September 30, 2026 and December 31, 2025, 28.6% and 16.6% of the total lots under contract had refundable deposits.
(5) Total lots excludes lots with homes under construction.
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 net homebuilding debt to total capitalization. Net homebuilding 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. Homebuilding debt to total capitalization ratio 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. The following table represents a reconciliation of the net homebuilding debt to total capitalization ratio as of September 30, 2026:
| Total capitalization | Homebuilding capitalization(1) | ||||||||||||||||||||||||||||||||||
| Gross | Cash and cash equivalents | Net | Gross | Cash and cash equivalents | Net | ||||||||||||||||||||||||||||||
| Total debt, net of debt issuance costs | $ | 338,016 | $ | (99,970) | $ | 238,046 | $ | 304,661 | $ | (90,277) | $ | 214,384 | |||||||||||||||||||||||
| Total Green Brick Partners, Inc. stockholders’ equity | 2,018,244 | — | 2,018,244 | 2,018,244 | — | 2,018,244 | |||||||||||||||||||||||||||||
| Total capitalization | $ | 2,356,260 | $ | (99,970) | $ | 2,256,290 | $ | 2,322,905 | $ | (90,277) | $ | 2,232,628 | |||||||||||||||||||||||
| Debt to total capitalization ratio | 14.3 | % | 13.1 | % | |||||||||||||||||||||||||||||||
| Net debt to total capitalization ratio | 10.6 | % | 9.6 | % | |||||||||||||||||||||||||||||||
(1) Homebuilding capitalization ratio excludes cash and debt related to our wholly owned mortgage company.
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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 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) the ability of our operators to balance price, pace and profitability as market conditions evolve; (ii) our ability to navigate the current environment and capitalize on future growth opportunities while continuing to generate attractive long-term returns; (iii) our belief regarding our lot costs and our exposure to inflation; (iv) the resiliency of our demand; (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) the opportunities created by cyclical downturns; (vii) our ability to minimalize our exposure to cost inflation and fees; (viii) our ability to continue to deliver peer-leading gross margins; (ix) our integrated financial services offerings and its impact on our results; (x) our ability to adjust pricing in order to meet market demand; (xi) our investments in land, lots and development in 2026; (xii) our projections for land development in 2026; (xiii) our competitive advantages; (xiv) our land pipeline and the impact it will have on our future success; (xv) our expectations for Green Brick Mortgage’s capture rate in 2026; (xvi) our land position; (xvii) our lot and land strategy and its impact on our future financial position; (xviii) our expectations for expansion and growth of our Trophy brand and the impact that expansion will have on our future results; (xxix) our ability to opportunistically deploy capital to maximize shareholder returns, and to accelerate growth as the housing market improves; (xx) the desirability of our communities; (xxi) our future financial and operational performance; (xxii) the timing of our expansion of Green Brick Mortgage; and (xxiii) expansion of our financial services through Green Brick Mortgage and Green Brick Insurance. 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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