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美國
證券交易委員會
華盛頓特區20549

表格 10-Q

☒根據1934年證券交易法第13或15(d)條款的季度報告。
截至2024年6月30日季度結束 2024年9月30日
或
☐根據1934年證券交易所法第13或第15（d）條的過渡報告
在—至—的過渡期間

委員會文件號碼： 001-33530

Green Brick Partners, Inc.
 
（依憑章程所載的完整登記名稱）
特拉華州20-5952523
（註冊地或其他註冊司法管轄區）(IRS雇主身份識別號碼)
5501總部大道，300W套房
普蘭諾,德州75024(469)573-6755
(首席执行办公室地址，包括邮政编码)(註冊人電話號碼，包括區號)

根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
每股普通股，面值為0.01美元
GRBK紐約證券交易所
存托股（每份代表5.75%系列A累積永久優先股利息的1/1000份，每股面值為0.01美元）GRBk PRA紐約證券交易所

請在方框內打勾，表示公司已在過往12個月按照1934年證券交易法第13或第15(d)條的要求提交所有報告，並在過去的90天內受到相應的報告要求。 是 否 ☒

在前12個月內（或公司需要提交這些文件的較短時間內），公司是否已通過選中標記表明已閱讀並提交了應根據S-t法規第405條規定（本章第232.405條）提交的所有互動式數據文件？ 是 ☒ 否 ☐

請標示勾號，以指示申報人是否為大型快速遞交家、加速遞交家、非加速遞交家、較小型報告公司或新興成長公司。請參見《交易所法》第一百二十億二條，對“大型快速遞交家”、“加速遞交家”、“較小型報告公司”和“新興成長公司”的定義。

大型加速歸檔人 ☒ 加速後的申報人 ☐ 非加速後的申報人 ☐ 小型報告公司 ☐ 新興成長型公司 ☐

如果是新興成長型企業，在符合任何依據證券交易法第13(a)條所提供的任何新的或修改的財務會計準則的遵循的延伸過渡期方面，是否選擇不使用核准記號進行指示。☐
請勾選是否在法案第120億2條中定義的殼公司。 是 ☐ 否 ☒

截至2024年10月25日，登記公司的普通股流通數目是 44,498,248.
1

目 錄
项目1。
项目2。
项目4。
項目2。
第5項。
第6項。
1
目 錄

第一部分. 財務資訊
項目 1。基本報表
GREEN BRICK PARTNERS, INC.
縮表合併資產負債表
(以千為單位，股份數據除外)
(未經查核)
2024年9月30日2023年12月31日
資產
現金及現金等價物$80,069 $179,756 
限制性現金24,579 19,703 
應收帳款11,329 10,632 
存貨1,918,046 1,533,223 
投資未納入合併財務報表的實體59,356 84,654 
租賃財產 − 經營租賃7,535 7,255 
物業及設備，扣除折舊後淨值6,901 7,054 
誠意金存款13,869 16,619 
遞延所得稅資產，淨額15,307 15,306 
無形資產，扣除累計攤銷303 367 
商譽680 680 
其他資產34,096 27,583 
資產總額$2,172,070 $1,902,832 
負債和權益
負債：
應付賬款$67,346 $54,321 
應計費用165,900 96,457 
顧客及建造者存款45,065 43,148 
租賃負債-經營租賃8,600 7,898 
信貸額度借款，淨額(1,718)(2,328)
無擔保債券，淨額298,994 336,207 
應付票據— 12,981 
總負債584,187 548,684 
合約和可能負債
可贖回合併子公司權益中之非控制權益42,841 36,135 
股權：
Green Brick Partners, Inc.股東權益
優先股，面額$0.01，授權股數為5,000,000股，發行且流通股數為截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。0.01 每股面額： 5,000,000 授權股份為 2,000 截至2024年9月30日和2023年12月31日，已發行並流通的股份分別為
47,603 47,603 
0.010.01 每股面額： 100,000,000 授權股份為 44,498,248 截至2024年9月30日和 45,005,175 截至2023年12月31日，已發行並流通的股份分別為
445 450 
資本公積額額外增資243,199 255,614 
保留收益1,229,490 997,037 
Total Green Brick Partners, Inc.股東權益1,520,737 1,300,704 
非控制權益24,305 17,309 
總股本1,545,042 1,318,013 
負債加股東權益總額$2,172,070 $1,902,832 
相關附註是這些基本報表的一個不可或缺的部分。
1
目 錄

GREEN BRICK PARTNERS, INC.
縮寫的綜合損益表
(以千為單位，除每股數據外)
(未經查核)
截至9月30日的三個月截至9月30日的九個月
2024202320242023
住宅單位營業收入$522,859 $415,923 $1,513,281 $1,320,730 
土地和地塊營業收入801 3,055 18,348 6,598 
總收益523,660 418,978 1,531,629 1,327,328 
住宅單位成本351,666 277,446 1,005,162 915,600 
土地和地塊成本431 2,519 16,981 5,174 
總營業成本352,097 279,965 1,022,143 920,774 
總毛利潤171,563 139,013 509,486 406,554 
銷售、一般及管理費用(57,740)(46,884)(165,912)(142,058)
對未經合併實體的權益992 1,345 4,770 11,265 
其他收益，淨額4,161 4,612 25,442 13,709 
稅前收入118,976 98,086 373,786 289,470 
所得稅支出23,078 20,975 71,816 63,154 
凈利潤95,898 77,111 301,970 226,316 
凈利潤歸屬於非控股利益6,787 4,955 24,200 14,710 
凈利潤歸屬於Green Brick Partners, Inc.$89,111 $72,156 $277,770 $211,606 
Green Brick Partners, Inc.每普通股的凈利潤
基礎$1.99 $1.58 $6.18 $4.60 
稀釋$1.98 $1.56 $6.12 $4.55 
用於計算每普通股的Green Brick Partners, Inc.凈利潤的加權平均普通股
基礎44,457 45,320 44,614 45,543 
稀釋44,530 45,792 45,019 45,988 
相關附註是這些基本報表的一個不可或缺的部分。

2
目 錄

GREEN BRICK PARTNERS, INC.
股東權益變動表簡明合併財務報表
（單位：千元，股份數據除外）
(未經查核)

截至2024年和2023年9月30日的三個月：

普通股優先股庫藏股資本公積金保留收益總GRBk股東權益非
控股權益		股東權益總計
股份金額股份金額股份金額
2024年6月30日餘額44,897,775 $449 2,000 $47,603 (303,324)$(17,192)$246,863 $1,161,512 $1,439,235 $24,518 $1,463,753 
根據2024年綜合誘因計劃發行普通股，扣除沒收取貨部分2,302 — — — — — — — — — — 
來自股份報酬獎勵的扣繳金額(826)— — — — — (59)— (59)— (59)
分期攤銷递延股份報酬— — — — — — 572 — 572 — 572 
分紅派息— — — — — — — (719)(719)— (719)
股票回購— — — — (97,679)(5,445)— — (5,445)— (5,445)
庫藏股票養老(401,003)(4)— — 401,003 22,637 (2,219)(20,414)— — — 
贖回可贖回非控制權益公平價值變動— — — — — — (1,958)— (1,958)— (1,958)
分配— — — — — — — — — (5,000)(5,000)
凈利潤— — — — — — — 89,111 89,111 4,787 93,898 
2024年9月30日結餘44,498,248 $445 2,000 $47,603 — $— $243,199 $1,229,490 $1,520,737 $24,305 $1,545,042 

普通股優先股資本公積金保留收益總GRBk股東權益非
控制權利益		股東權益總計
股份金額股份金額
2023年6月30日結餘45,378,678 $454 2,000 $47,696 $256,965 $868,962 $1,174,077 $16,148 $1,190,225 
根據2014年全權股權激勵計畫，扣除沒收後的普通股發行(314)— — — — — — — — 
推銷延遲的股份報酬— — — — 363 — 363 — 363 
分紅派息— — — — — (718)(718)— (718)
可贖不控制權益公平價值變動— — — — (569)— (569)— (569)
預付發行成本到期— — — (93)— — (93)— (93)
分配— — — — — — — (3,000)(3,000)
凈利潤— — — — — 72,156 72,156 3,283 75,439 
截至2023年9月30日的結餘45,378,364 $454 2,000 $47,603 $256,759 $940,400 $1,245,216 $16,431 $1,261,647 

相關附註是這些基本報表的一個不可或缺的部分。
3
目 錄

GREEN BRICK PARTNERS, INC.
股東權益變動表簡明合併財務報表
(以千為單位，除股票資料外)（未經審核）
於2024年和2023年截至9月30日的九個月：
普通股優先股庫藏股資本公積金保留收益總GRBk股東權益非
控制利益		股東權益總計
股份金額股份金額股份金額
2023年12月31日餘額45,005,175 $450 2,000 $47,603 — $— $255,614 $997,037 $1,300,704 $17,309 $1,318,013 
根據2024年全面激勵計劃發行普通股，扣除沒收後的金額639,079 7 — — — — 5,843 — 5,850 — 5,850 
股份報酬獎勵扣繳金額(285,347)(3)— — — — (11,334)— (11,337)— (11,337)
推延的股份報酬攤銷— — — — — — 1,865 — 1,865 — 1,865 
分紅派息— — — — — — — (2,156)(2,156)— (2,156)
股票回購— — — (860,659)(48,035)— — (48,035)— (48,035)
庫藏股養老(860,659)(9)— — 860,659 48,035 (4,865)(43,161)— — 
贖回可贖回非控制權益公平價值變動— — — — — — (3,924)— (3,924)— (3,924)
分配— — — — — — — — — (11,785)(11,785)
凈利潤— — — — — — — 277,770 277,770 18,781 296,551 
2024年9月30日結餘44,498,248 $445 2,000 $47,603 — $— $243,199 $1,229,490 $1,520,737 $24,305 $1,545,042 
普通股優先股庫藏股資本公積金保留收益總GRBk股東權益非
控股權益		股東權益總計
股份金額股份金額股份金額
2022年12月31日結餘46,032,930 $460 2,000 $47,696 — $— $259,410 $754,341 $1,061,907 $20,908 $1,082,815 
根據2014年全面股權激勵計劃發行普通股，扣除被沒收部分208,882 2 — — — — 5,230 — 5,232 — 5,232 
扣除受限制股獎勵發放的預扣款(59,857)— — — — — (1,976)— (1,976)— (1,976)
償還延遲發放的股份報酬— — — — — — 1,393 — 1,393 — 1,393 
分紅派息— — — — — — — (2,156)(2,156)— (2,156)
股票回購— — — — 803,591 (27,991)— — (27,991)— (27,991)
庫藏股退休(803,591)(8)— — (803,591)27,991 (4,592)(23,391)— — — 
預付發行費用到期— — — (93)— — — — (93)— (93)
可贖回非控制權益公允價值變動— — — — — — (2,706)— (2,706)— (2,706)
分配— — — — — — — — — (14,056)(14,056)
凈利潤— — — — — — — 211,606 211,606 9,579 221,185 
截至2023年9月30日的結餘45,378,364 $454 2,000 $47,603 — $— $256,759 $940,400 $1,245,216 $16,431 $1,261,647 
相關附註是這些基本報表的一個不可或缺的部分。
4
目 錄

GREEN BRICK PARTNERS, INC.
簡明財務報表現金流量表
（以千計）
(未經查核)
截至9月30日的九個月
20242023
經營活動現金流量：
凈利潤$301,970 $226,316 
調整淨利潤以達經營活動所提供之淨現金流量：    
折舊和攤銷費用 3,624 2,442 
處置財產和設備損失（獲利），淨額75 (70)
股份報酬費用7,715 6,333 
對未經合併實體的權益(4,770)(11,265)
期權按金與收購前成本的提存185 54 
非合併實體投資出售所得(10,718)— 
來自非合併實體的收入分派2,664 10,489 
營運資產和負債的變化：  
應收款增加(697)(4,667)
存貨增加(383,927)(38,602)
保證金存款減少2,750 5,697 
其他資產增加(6,275)(6,835)
应付账款增加13,026 4,761 
應計費用增加69,438 19,920 
客戶及建設商存款增加1,918 18,126 
營運活動產生的淨現金流量(3,022)232,699 
投資活動之現金流量:
對非合併實體投資出售所得63,960 — 
投資未納入合併財務報表的實體(25,838)(5,210)
購置財產和設備，扣除處置後的凈額(3,482)(4,789)
投資活動提供的（使用的）淨現金34,640 (9,999)
來自籌資活動的現金流量:  
從信用額度借款26,000 22,000 
信用額度還款(26,000)(42,000)
償還無抵押債券(37,500)— 
應付票據款項收益— 63 
應付票據之償還(12,981)(1,687)
支付債務發行成本 — (73)
頒發限制性股票獎勵須繳納代扣稅款(11,335)(1,976)
購回普通股(48,035)(27,991)
分紅派息(2,156)(2,156)
發行優先股的淨籌資額— (93)
支付可贖回非控制權益的分配(2,637)(1,840)
分配給非控股權益(11,785)(14,056)
籌集資金的淨現金流量(126,429)(69,809)
現金及現金等價物和受限現金的減少（增加）(94,811)152,891 
期初現金及現金等價物及限制性現金199,459 93,270 
期末現金及現金等價物及限制性現金$104,648 $246,161 
現金流量資訊的補充披露：
支付的現金所得稅，扣除退款後淨額$28,216 $65,802 

附註是這些簡明合併財務報表不可或缺的一部分。

5
TABLE OF CONTENTS

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

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation
隨附的未經審核的簡明綜合財務報表是根據美國通行的會計準則（“GAAP”）所訂定的財務會計準則委員會（“FASB”）的會計標準編碼（“ASC”）和證券交易委員會（“SEC”）的適用規定編製的，但未包含所有完整財務報表所需的所有信息和附註。2023年12月31日的簡明綜合資產負債表是從公司年度報告Form 10-k所包括的經審核的綜合財務報表派生的，截至2023年12月31日。在管理層的意見中，附帶的未經審核的簡明綜合財務報表反映了呈現我們財務狀況、營運成果和現金流量所需的正常、經常性調整。這些簡明綜合財務報表應與公司年度報告Form 10-k所包括的綜合財務報表和附註一起閱讀。

截至2024年9月30日的三個月和九個月的營運結果並不一定代表截至2024年12月31日或之後時期可預期的結果，這是因為季節變化和其他因素。

合併原則
附表未經審計的簡明綜合基本報表包括綠磚夥伴公司及其受控子公司（統稱為「本公司」、「我們」、「我們」或「綠磚」）和變量利益實體（「VIEs」），其中綠磚夥伴公司或其受控子公司被視為主要受益方。

所有板塊間餘額和交易在合併中已被消除。

公司對其在未合併的實體中的投資採用股權法會計方法，這些實體受到公司的重大影響但並不具有控制權。根據股權法，公司對未合併實體的盈餘或損失（如有）均納入簡明綜合收入表中。

估計的使用
按照GAAP要求，公司管理層必須就資產及負債的金額報告、隨附附註、潛在資產及負債的披露，以及報告期間內的營業收入及費用數額進行估計和假設。實際結果可能與這些估計有所不同。

有關公司重大會計政策的完整設定，請參閱截至2023年12月31日為止的公司10-k表格第1條附註。

最近會計宣告
美國GAAP的變更是通過FASB以《會計準則更新》（"ASUs"）的形式制定的，以更新FASB ASC。我們考慮所有ASUs的適用性和影響，未列入以下列表的任何ASUs均經過評估，確定對我們的綜合財務報表無關或不預期具有實質影響。

2023年12月，FASB發布ASU 2023-09（“ASU 2023-09”）所得稅（第740號主題）：有關所得稅披露的改進。ASU 2023-09要求上市公司每年披露所得稅率調解的特定類別，並提供有關符合定量門檻的調解項目的附加信息（如果這些調解項目的影響等於或大於將稅前收入或虧損乘以適用的法定所得稅率所得總額的5%）。 ASU 2023-09將對2024年12月15日後開始的財政年度的年度報告期有效。該公司目前正在評估ASU 2023-09，並不認為它對公司的合併財務報表產生實質影響。

6
目 錄

2023年11月，FASB發布ASU 2023-07，“報告性區段披露的改進” （“ASU 2023-07”）。 ASU 2023-07要求披露（i）定期提供給首席執行決策者（“CODM”）並納入區段利潤或虧損指標的重要區段費用，（ii）其他區段項目的金額和組成說明，以協調區段盈利或虧損，以及（iii）實體CODM的標題和職位。ASU 2023-07將以追溯方式應用，並適用於2023年12月15日後開始的財政年度，以及2024年12月15日後開始的財政年度內的中期時段。公司正在審查ASU 2023-07採用可能對其綜合財務報表和披露產生的影響。

2. 庫存

存貨摘要如下（以千為單位）：
2024年9月30日2023年12月31日
已完成的住宅或施工中的住宅$689,488 $559,488 
土地和地塊-已開發和在開發中1,206,257 921,241 
未來開發用地(1)
14,946 48,991 
持有待售的土地7,355 3,503 
總庫存$1,918,046 $1,533,223 
(1)未來發展用地包括已因市場條件或其他因素而延後開發活動的原生土地地塊。所有適用的持有成本，包括物業稅，均按發生時列支。

截至2024年9月30日，公司審查了所有板塊和土地庫存的表現和展望，以尋找潛在損耗的因數，並在識別此類因數時執行了詳細損耗分析。截至2024年9月30日，一個銷售社區出現了損耗的因數，其攤銷價值約為1850萬美元。截至2024年9月30日，公司記錄了一筆損耗調整，以將受損社區的攤銷價值降至公平值。截至2023年9月30日止三個月和九個月，公司並未記錄任何損耗調整，以將社區或土地庫存的攤銷價值降至公平值。1.3發行存在中於2024年9月30日、適用的三倔九倔月結束時，公司記錄了一筆百所為的調整，以降低受損社區的殘報值至公譟值。於三倔九倔月結束的2023年9月30日，公司並未記錄調整，以降低社區或土地庫存的殘報值至公譟值。

以下是所產生的利息成本摘要（以千元計）：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
期初資本化的利息$25,234 $22,599$24,126 $22,752 
應付利息3,375 3,64110,298 11,008 
計入營業成本的利息(2,864)(2,971)(8,679)(10,491)
期末資本化的利息$25,745 $23,269$25,745 $23,269 
資本化利息佔存貨比例1.3 %1.6 %

7
目 錄

3. 投資於非合併實體

公司對未納入合併財務報表的實體投資摘要如下（以千為單位）：
2024年9月30日2023年12月31日
GBTm Sendera，有限責任公司$21,985 $19,866 
EJb River Holdings，有限責任公司12,812 10,867 
Rainwater Crossing Single-Family，有限責任公司12,714 — 
TMGb Magnolia Ridge，有限責任公司11,005 — 
BHome Mortgage，有限責任公司840 1,255 
Gb Challenger, LLC(1)
— 52,666 
在未合併實體的總投資 $59,356 $84,654 
(1)自2024年2月1日起生效，公司以約6400萬美元現金出售了其對Gb Challenger, LLC的所有權利益。

Gb Challenger所有權利益的出售
截至2024年2月1日生效，公司將其對Gb Challenger, LLC（“挑戰者”）的持股權出售給已持有挑戰者控制權的實體，以約6400萬美元現金交易。本次出售實現利潤1070萬美元，計入收入總額中的其他收益。

Rainwater Crossing Single-Family, LLC 創業公司合資
2024年2月，GRBk Edgewood，LLC（“GRBk Edgewood”）與Rainwater Single Family S-CORP成立了一家合資企業（“JV”），名為Rainwater Crossing Single-Family，LLC（“Rainwater Crossing”），以開發得克薩斯州Celina的一片土地。雙方在Rainwater Crossing持有50%的所有權。公司評估了JV協議，確定Rainwater Crossing是一家VIE，公司對該實體持有變量利益，但公司不是其主要受益人。具體來說，公司確定並不直接影響實體經濟績效的活動，因為主要決策需經管理委員會批准，該委員會中兩名成員平等代表。因此，公司對Rainwater Crossing的投資按股權法中的非合併投資進行處理，並納入公司簡明合併資產負債表中的非合併實體投資部分。

截至2024年9月30日，公司與Rainwater Crossing合作所面臨的最大損失風險約為2400萬美元，包括公司投資的1270萬美元和公司透過2029年3月31日之前按季度支付給合資公司的1220萬美元的剩餘承諾。公司還需要提供與該項目相關的剩餘開發成本。

TMGb Magnolia Ridge, LLC 合資公司

在2024年9月，TMGb Magnolia Ridge, LLC（“Magnolia Ridge”）由GRBk Edgewood和Tm Magnolia Ridge, LLC（“Tm Magnolia Ridge”）成立，旨在收購和開發德頓縣德克薩斯州的一塊土地。雙方均持有Magnolia Ridge 50%的所有權。

在2024年9月30日結束的三個月內，Magnolia Ridge 從其兩名成員 GBRk Edgewood 和 Tm Magnolia Ridge 收到了1100萬美元的兩筆初期貢獻。 根據 Magnolia Ridge 公司協議，GBRk Edgewood 和 Tm Magnolia Ridge 在 Magnolia Ridge 的利潤和損失中平分，除了某些慣例費用外。

根據上述事實的分析和Magnolia Ridge公司協議的條款，公司已確定Magnolia Ridge是一個應根據持股利益模型進行評估的合資企業。因此，公司對Magnolia Ridge的投資被視為按權益法會計處理的非合併投資，並納入公司簡明合併資產負債表中的非合併實體投資。

截至2024年9月30日，公司因參與Magnolia Ridge項目而可能承受的最大損失為3350萬美元，包括公司對Magnolia Ridge的投資1100萬美元以及對合資企業循環貸款提供最高2250萬美元的完成保證。
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截至2024年9月30日和2023年12月31日，以權益法核算的非合併實體的未經審計簡明財務資訊摘要如下（以千元計）：
2024年9月30日2023年12月31日
資產：
現金$9,309 $23,549 
應收帳款707 4,207 
應收債券和票據12,211 2,838 
待售的貸款，按公允價值衡量2,901 7,452 
存貨101,678 182,550 
其他資產2,043 6,425 
資產總額$128,849 $227,021 
負債：
應付賬款$4,453 $7,151 
應計費用及其他負債1,976 10,265 
應付票據16,071 49,701 
總負債22,500 67,117 
業主權益：
綠磚57,262 80,968 
其他49,087 78,936 
總業主權益106,349 159,904 
負債及業主權益總計$128,849 $227,021 
截至9月30日的三個月截至9月30日的九個月
2024202320242023
收益$6,498 $66,782 $44,315 $199,852 
成本及費用4,499 66,844 34,686 179,990 
未納入合併的實體的淨收益（損失）$1,999 $(62)$9,629 $19,862 
公司在未納入合併的實體的淨收益中的佔有比例$992 $1,345 $4,770 $11,265 

公司在未合併實體中的股份在淨收益中的摘要如下（以千為單位）：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
EJb River Holdings，有限責任公司655 770 1,945 1,844 
BHome Mortgage，有限責任公司337 646 1,896 1,980 
Gb Challenger，有限責任公司(1)
$— $(71)$929 $7,441 
合併尚未納入的實體綜合淨收入（虧損）$992 $1,345 $4,770 $11,265 
(1)自2024年2月1日生效起，該公司以約6400萬美元現金出售了其在Gb Challenger, LLC的所有權盈餘。

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4. 應計費用

公司應付費用摘要如下（以千元計算）：
2024年9月30日2023年12月31日
應付聯邦所得稅(1)
$39,328 $— 
房地產開發完成儲備(2)
35,349 26,063 
保固準備金29,031 23,474 
應計薪酬21,660 14,960 
應付物業稅款15,944 5,003 
其他應計費用24,588 26,957 
總應計費用$165,900 $96,457 
(1)2024年5月28日，美國國稅局（IRS）宣布針對2024年4月26日受嚴重天氣影響的德克薩斯州某些郡的個人和企業提供稅收救濟。對於受影響的納稅人，IRS將對於2024年4月26日或之後應納的任何預估所得稅款項的截止日期延長至2024年11月1日。
(2)公司的房地產開發儲備金主要包括完成社區開發的預估未來成本。

保固
保修累計金額包含在簡明的合併資產負債表的應計費用中。截至2024年9月30日和2023年9月30日三個月和九個月的保修活動如下（以千元為單位）：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
保修累計，期初$27,139 $20,824 $23,474 $17,945 
已發出的保修3,082 2,568 9,208 7,489 
現有保修責任變動264 57 515 608 
已支付金額(1,454)(1,440)(4,166)(4,033)
保修累計，期末$29,031 $22,009 $29,031 $22,009 

5. 債務

信用額度
到期日為2024年9月30日和2023年12月31日時，在放款信貸額抵減發行成本方面有下列情況(以千元計)：
2024年9月30日2023年12月31日
擔保循環信貸設施 $— $— 
未附抵押轉動信貸設施— — 
債務發行成本，減除攤銷(1,718)(2,328)
放款信貸總額，淨額$(1,718)$(2,328)

擔保循環信貸設施
該公司與Inwood國家銀行簽訂了一項循環信貸機制（“擔保循環信貸機制”），該機制提供的總承諾金額為$35.0 百萬。擔保循環信貸機制將於2025年5月1日到期，並設有最低利率為 3.15%。整個尚未償還的本金餘額和任何應計但未支付的利息將於到期日一次性支付。

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截至2024年9月30日，我們的有抵押旋轉信貸設施沒有任何未用信用證，淨可用承諾金額為$35.0 百萬

無抵押循環信貸設施
公司參與了一項信貸協議，提供一個高級、無擔保的循環信貸設施（“無擔保循環信貸設施”）。截至2023年12月8日，公司與這項信貸協議訂立了第十一項修正案，修訂某些財務條款，以適當反映公司的規模和增長。第十一項修正案還將信貸設施中2,500萬美元的承諾到期日延長至2026年12月14日，剩餘的2500萬美元的承諾到期日則為2025年12月14日。300.0百萬美元的承諾將透過2026年12月14日屆滿的信貸設施中，延長期限至2025年12月14日，剩餘2,500萬美元的承諾在2025年12月14日到期。
非擔保循環信貸設施下的未償餘額獲得公司的重要附屬公司和特定其他附屬公司的無擔保優先擔保。

優先無擔保票據
至2024年9月30日和2023年12月31日止，無抵押債券淨額包括以下內容（單位：千元）：
2024年9月30日2023年12月31日
截至2026年到期的4.00%無抵押債券（「2026債券」）$62,500 $75,000 
截至2027年到期的3.35%無抵押債券（「2027債券」）37,500 37,500 
截至2028年到期的3.25%無抵押債券（「2028債券」）100,000 125,000 
截至2029年到期的3.25%無抵押債券（「2029債券」）100,000 100,000 
債務發行成本，減除攤銷(1,006)(1,293)
總無擔保債券淨額$298,994 $336,207 

這些高級無抵押票據受公司重要子公司和某些其他子公司以高級無抵押方式作保。 可選擇提前償還每一個高級無抵押票據，支付根據市場利率期貨波動而變動的“彌補損失”罰款。 利息按季度預付。

2026票據
2026年到期的票面本金為$12.5 百萬美元的剩餘本金將於2025年8月8日到期，而剩餘的本金金額為$50.0 百萬美元將於2026年8月8日到期。

2027 年度筆記
2027年債券的總本金金額將於2027年8月26日到期。

2028年債券
2028年票據本金將在2025年、2026年、2027年和2028年的2月25日，每年增加2500萬美元。

4.875% 2029票據
2029年票據的本金為$30.0 萬元將於2028年12月28日到期，剩餘本金金額為$70.0萬元將於2029年12月28日到期。

我們的債務工具要求我們遵守特定的財務契約，截至2024年9月30日，我們都已遵守。

6.可贖回的非控制權益

公司在其簡明綜合基本報表中，記載了與佛羅里達合作夥伴所擁有的GRBk GHO Homes, LLC（“GRBk GHO”）的%少數股權息有關的不控股權，該股權被列為可贖回的控制子公司權益。 20公司在其簡明綜合基本報表中，記載了與佛羅里達合作夥伴所擁有的GRBk GHO Homes, LLC（“GRBk GHO”）的%少數股權息有關的不控股權，該股權被列為可贖回的控制子公司權益。
2023年3月23日，公司與少數合夥人修改了GRBk GHO的經營協議，將看跌和購買期權的開始日期從2024年4月更改為2027年4月。請參閱綜合財務附註中的附註2
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請參閱截至2023年12月31日結束的公司年度10-k表格中的聲明，以了解本協議的看跌/看漲結構詳情。
以下表格顯示2024年和2023年九月三個月結束時，子公司權益中可贖回的非控制股東權益的變化（以千元計）。
截至9月30日的三個月
20242023
可贖回非控制權益，期初$38,883 $32,995 
歸可贖回非控制股東權益合夥人的凈利潤2,000 1,672 
向可贖回非控制股東權益合夥人分配收益— — 
可贖回非控制權益公允價值變動1,958 569 
可贖回非控制權益，期末$42,841 $35,236 
截至9月30日的九個月
20242023
期初可贖回非控股權益$36,135 $29,239 
歸屬於可贖回非控股權益合夥人的凈利潤5,419 5,131 
向可贖回非控股權益合夥人分配收入(2,637)(1,840)
可贖回非控制權益公允價值變動3,924 2,706 
期末可贖回非控股權益$42,841 $35,236 

7. 股東權益

2022年股份回購計劃
截至2024年9月30日止九個月期間，公司根據2022年回購計劃進行離散的公開市場回購，金額為 65,481 自2022年起，根據該協議，公司以約售出了股份為$3.4百萬美元，不包括消費稅。公司已於2024年3月15日完成了2022年回購計劃的回購。回購的股份隨後已經注銷。

2023股份回購計畫
2023年4月27日，董事會（以下簡稱“董事會”）通過了一項新的股份回購計劃（以下簡稱“2023回購計劃”），該計劃授權公司不時購買多達$ 其他百萬的流通普通股，透過公開市場回購，符合1924年修訂後的《證券交易法》第100億18條的條例，和/或根據市場和業務條件、適用的法律要求和其他因素進行私下協商的交易。回購的股份將被注銷。2023回購計劃沒有時間限制，將持續進行，直至董事會酌情決定進行修改、完成或終止。100.0回購的股票將被注銷。2023回購計劃沒有時間限制，將持續進行，直至董事會酌情決定進行修改、完成或終止。

2024年9月30日止，公司分別回購了3個月和9個月的股份。 97,679 和 795,178 分別約$百萬，不包括貨物稅。5.4百萬和$44.1至2024年9月30日，根據2023年回購計畫，可回購的股份剩餘價值為$百萬，不包括貨物稅。55.9 至2024年9月30日，所有回購的股份均已退還。

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優先股
下表列出了2024年9月30日和2023年12月31日持續不斷的優先股總觀。
系列 描述發行的初始日期
總發行股數(1)
每股清算優先權（以美元計）攜帶價值（以千美元計）年息率贖回期
A輪融資(1)
5.75%累積永續2021年12月2,000 $25 $50,000 5.75 %n/a
(1) 持有的所有權以存託股的形式持有，每一份存託股代表一份優先股權益的1/1,000份，如果有必要，即可支付季度現金股息。

分紅派息
我們在2024年和2023年9月30日結束的三個月和九個月內，對我們的A系列優先股進行了分紅派息，金額為$0.7 百萬美元和2.2 分別為$，每股A系列優先股分紅派息於2024年和2023年9月30日結束的三個月和九個月。

2024年10月25日，董事會宣布將優先股每股支付$現金股息。0.359 股息將於2024年12月13日支付給截至2024年12月1日股東名冊上的股東。

8. 基於股份的報酬

2014年總公司股權激勵計劃和2024年總公司激勵計劃由董事會管理，允許發放股票獎勵（SAs）、限制性股票獎勵（RSAs）、績效限制性股票單位（PRSUs）、限制性股票單位（RSUs）、股票期權和其他股票為基礎的獎勵。

2024全方位激勵計劃
2024年6月11日，Green Brick Partners, Inc.的 2024年全權激勵計劃獲得了公司股東的批准。截至2024年6月11日，將不會在2014年全權股權激勵計劃下進行進一步的獎勵。

股份獎勵活動
在2024年9月30日結束的九個月期間，公司向執行官授予SAs，向董事會非僱員成員授予RSAs，並向員工授予PRSUs。授予給執行官的SAs 100百分之百於授予日期起開始並不可放棄。非獲得資格的股票獎勵通常授予非僱員董事一年的授予期、員工RSA兩年的斷崖授予，以及PRSUs三年的斷崖授予。所有股票獎勵的公平價值分別於授予日期和授予期間錄入為股份為本的薪酬費用。股票期權也在2024年9月30日結束的九個月期間由執行官行使。公司扣留 285,347 向執行官和員工扣除共計$11.3 百萬美元的普通股份用於滿足授予SAs、RSAs授予等和行使股票期權時的法定最低稅收要求。

2024年9月30日結束的九個月中，股份獎勵活動的摘要如下：
持有股份的數量
（以千為單位）		每股授予日加權平均公平價值
2023年12月31日未解除的股份92 $33.56 
已授予股份187 $53.04 
已行使股票數(152)$46.52 
已棄權股份(1)$37.12 
未發股份，2024年9月30日126 $46.84 

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股票期權
2024年9月30日結束的九個月期間股票期權活動總結如下:
股份數（以千計）每股加權平均行使價格加權平均剩餘合約期限（年）匯總內在價值（千元）
2023年12月31日的未行使期權500 $7.49 0.82$22,225 
已授予股份— — — — 
行使(500)7.49 — 23,160 
已棄權股份— — — — 
2024年9月30日尚未行使的期權— $— — $— 
2024年9月30日可行使的期權— $— — $— 

股份基礎報酬支出
股份報酬費用為 $ 百萬，分別為截至 2024 年和 2023 年九月三十日的三個月。0.6 百萬美元和0.3 分別為截至 2024 年和 2023 年九月三十日的九個月，股份報酬費用為 $ 百萬。7.7 百萬美元和6.3 百萬美元。

截至2024年9月30日，未攤銷的基於股份分配的報酬費用，銘證股和績效單位，減去被放棄的部分後，預估金額為$3.6 加權平均期間是$。 2.0 年
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9. 營業收入認列

營業收入的分解
以下反映了截至2024年9月30日和2023年9月30日結束的三個月和九個月的營業收入按主要地理市場、客戶類型、產品類型和營業收入確認時間進行的細分（以千為單位）：
2024年9月30日結束的三個月2023年9月30日結束的三個月
住宅單位營業收入土地和地塊營業收入住宅單位營業收入土地和地塊營業收入
主要地理市場
中央的$389,697 $801 $293,640 $2,580 
東南部133,162 — 122,283 475 
總收益$522,859 $801 $415,923 $3,055 
顧客類型
購房者$522,859 $— $415,923 $— 
房屋建築商和多戶開發商— 801 — 3,055 
總收益$522,859 $801 $415,923 $3,055 
產品類型
住宅單位$522,859 $— $415,923 $— 
土地和房地— 801 — 3,055 
總收益$522,859 $801 $415,923 $3,055 
營業收入確認的時間
在一個時間點轉移$522,859 $801 $415,827 $3,055 
隨時間轉移(1)
— — 96 — 
總收益$522,859 $801 $415,923 $3,055 
(1) 營業收入按時間分期認列，代表機械抵押合同的收入。

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2024年9月30日結束的九個月2023年9月30日結束的九個月
住宅單位營業收入土地和地塊營業收入住宅單位營業收入土地和地塊營業收入
主要地理市場
中央的$1,094,102 $18,348 $960,258 $6,123 
東南部419,179 — 360,472 475 
總收益$1,513,281 $18,348 $1,320,730 $6,598 
顧客類型
購房者$1,513,281 $— $1,320,730 $— 
房屋建造商和多戶開發商— 18,348 — 6,598 
總收益$1,513,281 $18,348 $1,320,730 $6,598 
產品類型
住宅單位$1,513,281 $— $1,320,730 $— 
土地和地塊— 18,348 — 6,598 
總收益$1,513,281 $18,348 $1,320,730 $6,598 
營業收入認定的時機
在某一時間點轉移$1,512,901 $18,348 $1,319,393 $6,598 
逐步轉移(1)
380 — 1,337 — 
總收益$1,513,281 $18,348 $1,320,730 $6,598 
(1) 營業收入按時間分期認列，代表機械抵押合同的收入。

合約餘額
總結合併賬戶表中包括的客戶和建築商存款的開戶和結戶合約餘額如下（單位：千元）：
2024年9月30日2023年12月31日
顧客及建造者存款$45,065 $43,148 

客戶和建築商定金的開戶和結算差額是因為客戶支付定金與公司交付房屋的時間差異產生，扣除因合同終止而產生的拆款。

截至2024年9月30日結束的三個月和九個月內持有並於期初認列為營業收入的住宅單元和土地存款金額如下（以千為單位）：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
購房者存款被視為營業收入。 $18,190 $13,537 $38,797 $25,329 

將交易價格分配給剩餘履約義務
The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $5.6 million. The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel. The Company expects to recognize revenue of $5.0 million in the remainder of 2024 and $0.6 million in 2025.

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

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

10. SEGMENT INFORMATION

Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Financial information related to the Company’s reportable segments is as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues: (1)
Builder operations
Central$389,697 $293,640 $1,094,212 $960,258 
Southeast133,162 122,758 419,179 360,947 
Total builder operations522,859 416,398 1,513,391 1,321,205 
Land development801 2,580 18,238 6,123 
Total revenues$523,660 $418,978 $1,531,629 $1,327,328 
Gross profit:
Builder operations
Central$134,759 $108,699 $386,959 $318,982 
Southeast47,749 40,931 153,271 120,128 
Total builder operations182,508 149,630 540,230 439,110 
Land development447 737 1,527 2,283 
Corporate, other and unallocated (2)
(11,392)(11,354)(32,271)(34,839)
Total gross profit$171,563 $139,013 $509,486 $406,554 
Income before income taxes:
Builder operations
Central$95,223 $76,967 $275,547 $219,784 
Southeast33,601 27,204 109,812 81,969 
Total builder operations128,824 104,171 385,359 301,753 
Land development361 1,148 2,376 3,063 
Corporate, other and unallocated (3)
(10,209)(7,233)(13,949)(15,346)
Income before income taxes$118,976 $98,086 $373,786 $289,470 

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September 30, 2024December 31, 2023
Inventory:
Builder operations
Central$743,588 $645,987 
Southeast348,393 314,087 
Total builder operations1,091,981 960,074 
Land development777,154 529,711 
Corporate, other and unallocated (4)
48,911 43,438 
Total inventory$1,918,046 $1,533,223 
Goodwill:
Builder operations - Southeast$680 $680 
(1)The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or lot closings. No land or lot closings revenue was recognized for the three months ended September 30, 2024. For the nine months ended September 30, 2024, land and lot closings revenue was $0.1 million, while $0.5 million was recognized for the three and nine months ended September 30, 2023.
(2)Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments.
(3)Corporate, other and unallocated income (loss) before income taxes includes results from Green Brick Title, LLC, Ventana Insurance, LLC, GRBK Mortgage, LLC, and investments in unconsolidated subsidiaries, in addition to capitalized cost adjustments that are not allocated to operating segments.
(4)Corporate, other and unallocated inventory consists of capitalized overhead and interest related to homes under construction and land under development.

11. INCOME TAXES

The Company’s income tax expense for the three and nine months ended September 30, 2024 was $23.1 million and $71.8 million, respectively, compared to $21.0 million and $63.2 million in the prior year periods. The effective tax rate was 19.4% and 19.2% for the three and nine months ended September 30, 2024, respectively, compared to 21.4% and 21.8% in the comparable prior year periods. The change in the effective tax rate for the three and nine months ended September 30, 2024 is primarily due to an improved rate benefit in the Energy Efficient Homes Tax credit as compared to pre-tax book income, lower state tax rates, and a discrete tax benefit for equity compensation deductions.

12. EARNINGS PER SHARE

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

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

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The computation of basic and diluted net income attributable to Green Brick Partners, Inc. per share is as follows (in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income attributable to Green Brick Partners, Inc.$89,111 $72,156 $277,770 $211,606 
Preferred dividends (719)(719)(2,156)(2,156)
Net income applicable to common stockholders88,392 71,437 275,614 209,450 
Weighted-average number of common shares outstanding - basic44,457 45,320 44,614 45,543 
Basic net income attributable to Green Brick Partners, Inc. per common share$1.99 $1.58 $6.18 $4.60 
Weighted-average number of common shares outstanding - basic44,457 45,320 44,614 45,543 
Dilutive effect of stock options and restricted stock awards73 472 405 445 
Weighted-average number of common shares outstanding - diluted44,530 45,792 45,019 45,988 
Diluted net income attributable to Green Brick Partners, Inc. per common share$1.98 $1.56 $6.12 $4.55 

The following shares which could potentially dilute earnings per share in the future are not included in the determination of diluted net income attributable to Green Brick Partners, Inc. per common share (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Antidilutive options to purchase common stock and restricted stock awards— — (3)(24)

13. FAIR VALUE MEASUREMENTS

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

Per the fair value hierarchy, level 1 financial instruments include cash and cash equivalents, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, and customer and builder deposits due to their short-term nature. The Company estimates that, due to the short-term nature of the underlying financial instruments or the proximity of the underlying transaction to the applicable reporting date, the fair value of level 1 financial instruments does not differ materially from the aggregate carrying values recorded in the condensed consolidated financial statements as of September 30, 2024 and December 31, 2023.

Level 2 financial instruments include borrowings on lines of credit, senior unsecured notes, and notes payable. Due to the short-term nature and floating interest rate terms, the carrying amounts of borrowings on lines of credit are deemed to approximate fair value. The estimated fair value of the senior unsecured notes was $289.7 million and $322.5 million as of September 30, 2024 and December 31, 2023, respectively. The aggregate principal balance of the senior unsecured notes was $300.0 million as of September 30, 2024 and $337.5 million as of December 31, 2023.

There were no transfers between the levels of the fair value hierarchy for any of our financial instruments during the three and nine months ended September 30, 2024 and 2023.

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14. RELATED PARTY TRANSACTIONS

During the three and nine months ended September 30, 2024 and 2023, the Company had the following related party transactions in the normal course of business.

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

GRBK GHO
GRBK GHO leases office space from entities affiliated with the president of GRBK GHO. During the three and nine months ended September 30, 2024 and 2023, GRBK GHO incurred de minimis and $0.1 million rent expense, respectively, under such lease agreements. As of September 30, 2024 and December 31, 2023, there were no amounts due to the affiliated entities related to such lease agreements.
    
GRBK GHO receives title closing services on the purchase of land and third-party lots from an entity affiliated with the president of GRBK GHO. During the three and nine months ended September 30, 2024 and 2023, GRBK GHO incurred de minimis fees related to such title closing services. As of September 30, 2024, and December 31, 2023, no amounts were due to the title company affiliate.

15. COMMITMENTS AND CONTINGENCIES

Letters of Credit and Performance Bonds
During the ordinary course of business, certain regulatory agencies and municipalities require the Company to post letters of credit or performance bonds related to development projects. As of September 30, 2024 and December 31, 2023, letters of credit and performance bonds outstanding were $16.8 million and $13.5 million, respectively. The Company does not believe that it is likely that any material claims will be made under a letter of credit or performance bond in the foreseeable future.

Operating Leases
The Company has leases associated with office and design center space in Georgia, Texas, and Florida that, at the commencement date, have a lease term of more than 12 months and are classified as operating leases. The exercise of any extension options available in such operating lease contracts is not reasonably certain.
Operating lease cost of $0.4 million and $1.2 million for the three and nine months ended September 30, 2024, respectively, and $0.6 million and $1.4 million for the three and nine months ended September 30, 2023, respectively, is included in selling, general and administrative expenses in the condensed consolidated statements of income. Cash paid for amounts included in the measurement of operating lease liabilities was $0.3 million and $0.6 million for the three and nine months ended September 30, 2024, respectively, and $0.4 million and $1.3 million in the prior year periods.
As of September 30, 2024, the weighted-average remaining lease term and the weighted-average discount rate used in calculating the Company’s lease liabilities were 6.1 years and 7.5%, respectively.
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The future annual undiscounted cash flows in relation to the operating leases and a reconciliation of such undiscounted cash flows to the operating lease liabilities recognized in the condensed consolidated balance sheet as of September 30, 2024 are presented below (in thousands):
Remainder of 2024$410 
20251,827 
20261,748 
20271,722 
20281,689 
Thereafter3,420 
Total future lease payments10,816 
Less: Interest2,216 
Present value of lease liabilities$8,600 

The Company elected the short-term lease recognition exemption for all leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. For such leases, the Company does not recognize right-of-use assets or lease liabilities and instead recognizes lease payments in the condensed consolidated income statements on a straight-line basis. Short-term lease cost of $0.2 million and $0.6 million for the three and nine months ended September 30, 2024, respectively, and $0.2 million and $0.7 million for the comparable prior year periods, is included in selling, general and administrative expenses in the condensed consolidated statements of income.

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

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

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

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FORWARD-LOOKING STATEMENTS

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

Please see “Risk Factors” located in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2023 for a further discussion of these and other risks and uncertainties which could affect our future results. We undertake no obligation to revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events, except to the extent we are legally required to disclose certain matters in SEC filings or otherwise.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024 and our condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q.

Overview and Outlook
Our key financial and operating metrics are home deliveries, home closings revenue, average sales price of homes delivered, net new home orders, which refers to sales contracts executed reduced by the number of sales contracts canceled during the relevant period, and homebuilding gross margin. Our results for each key financial and operating metric, as compared to the same period in 2023, are provided below:
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Home deliveries
Increased by 26.8%
Increased by 20.3%
Home closings revenue
Increased by 25.7%
Increased by 14.7%
Average sales price of homes delivered
Decreased by 0.8%
Decreased by 4.7%
Net new home orders
Increased by 11.3%
Increased by 4.7%
Homebuilding gross margin percentage
Decreased by 60 bps
Increased by 290 bps

Our strong operating results continued to be driven by our superior infill and infill-adjacent locations in high-growth markets, reduced cycle times, and the strong demand for new homes in our markets. Our average active selling communities increased 22.1% for the quarter while the average sales price of homes delivered decreased 0.8%. We maintained a strong homebuilding gross margin of 32.7%.

Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023
Residential Units Revenue and New Homes Delivered
The table below represents residential units revenue and new homes delivered for the three months ended September 30, 2024 and 2023 (dollars in thousands):
Three Months Ended September 30,
20242023Change%
Home closings revenue$522,859 $415,827 $107,032 25.7%
Mechanic’s lien contracts revenue— 96 (96)(100.0)%
Residential units revenue$522,859 $415,923 $106,936 25.7%
New homes delivered956 754 202 26.8%
Average sales price of homes delivered$546.9 $551.5 $(4.6)(0.8)%

The 25.7% increase in residential units revenue was primarily driven by the 26.8% increase in new homes delivered partially offset by a 0.8% decrease in average sales price of new homes delivered for the three months ended September 30, 2024. The increase in new homes delivered is attributable to the limited competition in our infill and infill-adjacent community sites, our reduced cycle times, and the continued low supply of existing and new home inventory in our markets.


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New Home Orders and Backlog
The table below represents new home orders and backlog related to our builder operations segments, excluding mechanic’s lien contracts (dollars in thousands):
Three Months Ended September 30,
20242023Change%
Net new home orders877 788 89 11.3 %
Revenue from net new home orders$454,358 $452,436 $1,922 0.4 %
Average selling price of net new home orders$518.1 $574.2 $(56.1)(9.8)%
Cancellation rate8.5 %6.1 %2.4 %39.3 %
Absorption rate per average active selling community per quarter8.4 9.2 (0.8)(8.7)%
Average active selling communities105 86 19 22.1 %
Active selling communities at end of period106 86 20 23.3 %
Backlog revenue$581,848 $622,560 $(40,712)(6.5)%
Backlog units809 916 (107)(11.7)%
Average sales price of backlog$719.2 $679.7 $39.5 5.8 %

Net new home orders increased 11.3% over the prior year period and our average active selling communities increased 22.1% due to the continued opening of new communities. As a result, our absorption rate per average active selling community decreased 8.7% year over year, which was primarily due to the impact of what we believe is buyer expectations for the expected drop in short-term rates to result in lower mortgage rates. Revenue from net new home orders was substantially in line with the prior year period.

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

Backlog revenue decreased by 6.5% due to a 11.7% decrease in backlog units offset by a 5.8% increase in the average sales price of backlog units.

Our cancellation rate, which refers to sales contracts canceled divided by sales contracts executed during the relevant period, was 8.5% for the three months ended September 30, 2024, compared to 6.1% for the three months ended September 30, 2023. Our cancellation rate remained in a historically low range under 10.0% since December 31, 2022.

Residential Units Gross Margin
The table below represents the components of residential units gross margin (dollars in thousands):
Three Months Ended September 30,
20242023
Residential units revenue$522,859 100.0 %$415,923 100.0 %
Cost of residential units351,666 67.3 %277,446 66.7 %
Residential units gross margin$171,193 32.7 %$138,477 33.3 %

Residential units revenue increased by $106.9 million or 25.7% for the three months ended September 30, 2024, mainly due to a an increase in homes delivered of 26.8% and partially offset by a decrease in the average sales price of homes delivered. Cost of residential units as a percent of residential units revenue for the three months ended September 30, 2024 was relatively unchanged at 67.3% compared to 66.7% in the same period in the previous year.

Residential units gross margin for the three months ended September 30, 2024 decreased 60 bps to 32.7%, from 33.3% for the three months ended September 30, 2023. The decrease in residential units gross margin is attributable to product mix and higher incentives.

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Selling, General and Administrative Expenses
The table below represents the components of selling, general and administrative expenses (dollars in thousands):
Three Months Ended September 30,As Percentage of Segment Revenue
2024202320242023
Builder operations$55,339 $46,709 
Corporate, other and unallocated (income) expense2,320 69 
Net builder operations57,659 46,778 11.0 %11.2 %
Land development81 106 10.1 %4.1 %
Total selling, general and administrative expenses$57,740 $46,884 11.0 %11.2 %

Selling, general and administrative expenses as a percentage of revenue decreased by 0.2% for the three months ended September 30, 2024 due to an increase in builder operations revenues with better leveraging of overhead costs.

Builder Operations
Selling, general and administrative expenses as a percentage of revenue for builder operations decreased by 0.2% for the three months ended September 30, 2024 due to an increase in builder operations revenues with better leveraging of our overhead costs. Builder operations expenditures include salary expenses, sales commissions, and community costs such as advertising and marketing expenses, rent, professional fees, and non-capitalized property taxes.

Corporate, Other and Unallocated
Selling, general and administrative expenses for the corporate, other and unallocated non-operating segment for the three months ended September 30, 2024 were $2.3 million, compared to $0.1 million for the three months ended September 30, 2023. Corporate, other and unallocated expenses generally include capitalized overhead adjustments that are not allocated to builder operations segments.

Equity in Income of Unconsolidated Entities
Equity in income of unconsolidated entities decreased to $1.0 million, for the three months ended September 30, 2024, compared to $1.3 million for the three months ended September 30, 2023. See Note 3 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of Green Brick’s share in net earnings by unconsolidated entity.

Other Income, Net
Other income, net, was $4.2 million for the three months ended September 30, 2024, compared to $4.6 million for the three months ended September 30, 2023.

Income Tax Expense
Income tax expense was $23.1 million for the three months ended September 30, 2024 compared to $21.0 million for the three months ended September 30, 2023. The increase was substantially due to higher taxable income partially offset by a lower effective tax rate, lower state tax rates, and a discrete tax benefit for equity compensation deductions. See Note 11 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion on the Company’s income tax expense for the three months ended September 30, 2024.

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Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

Residential Units Revenue and New Homes Delivered
The table below represents residential units revenue and new homes delivered for the nine months ended September 30, 2024 and 2023 (dollars in thousands):
Nine Months Ended September 30,
20242023Change%
Home closings revenue$1,512,901 $1,319,393 $193,508 14.7%
Mechanic’s lien contracts revenue380 1,337 (957)(71.6)%
Residential units revenue$1,513,281 $1,320,730 $192,551 14.6%
New homes delivered2,764 2,298 466 20.3%
Average sales price of homes delivered$547.4 $574.1 $(26.7)(4.7)%

The $192.6 million increase in residential units revenue was driven by the 20.3% increase in new homes delivered partially offset by a 4.7% decrease in the average sales price of homes delivered for the nine months ended September 30, 2024. The increase in new homes delivered was primarily driven by an increase in active selling communities and home starts and an improvement in cycle times. The 4.7% decrease in the average sales price of homes delivered for the nine months ended September 30, 2024 was a result of closing out infill communities and opening new communities in surrounding infill-adjacent areas.

New Home Orders
The table below represents new home orders and backlog related to our builder operations segments, excluding mechanic’s lien contracts (dollars in thousands):
Nine Months Ended September 30,
20242023Change%
Net new home orders2,803 2,677 126 4.7 %
Revenue from net new home orders$1,539,549 $1,572,859 $(33,310)(2.1)%
Average selling price of net new home orders$549.3 $587.5 $(38.2)(6.5)%
Cancellation rate7.1 %6.5 %0.6 %9.2 %
Absorption rate per average active selling community per quarter9.3 10.8 (1.5)(13.9)%
Average active selling communities100 83 17 20.5 %
Active selling communities at end of period106 86 20 23.3 %

Net new home orders increased 4.7% over the prior year period while our average active selling communities increased 20.5%. As a result, our absorption rate per average active selling community decreased 13.9% year over year, which was primarily due to the impact of increased mortgage rates, the metering of sales in certain infill communities, what we believe is the return of pre-pandemic seasonality that began in the second quarter, and buyer expectations for the expected drop in short-term rates to result in lower mortgage rates. The 2.1% decrease in revenue from net new home orders is primarily attributable to a higher mix of sales from newer, infill adjacent communities at lower average selling prices and fewer sales from closed-out, infill communities where we typically face more limited competition and have higher sales prices .

Our cancellation rate, which refers to sales contracts canceled divided by sales contracts executed during the relevant period, was 7.1% for the nine months ended September 30, 2024, compared to 6.5% for the nine months ended September 30, 2023. Our cancellation rate remained in a historically low range under 10.0% since December 31, 2022.

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Residential Units Gross Margin
The table below represents the components of residential units gross margin (dollars in thousands):
Nine Months Ended September 30,
20242023
Residential units revenue$1,513,281 100.0 %$1,320,730 100.0 %
Cost of residential units1,005,162 66.4 %915,600 69.3 %
Residential units gross margin$508,119 33.6 %$405,130 30.7 %

Residential units revenue increased $192.6 million or 14.6% during the nine months ended September 30, 2024 due to the increase in home deliveries of 20.3%, partially offset by lower average sales prices. Cost of residential units as a percent of residential units revenue was 66.4% for the nine months ended September 30, 2024 compared to 69.3% for the nine months ended September 30, 2023 due to a combination of lower direct construction costs and lower lot costs associated with the higher mix of deliveries from infill-adjacent communities.

Residential units gross margin for the nine months ended September 30, 2024 increased 290 bps to 33.6%, from 30.7% for the nine months ended September 30, 2023. The increase in residential units gross margin is attributable to product mix and limited competition in our infill and infill-adjacent community sites.

Land and Lots Revenue
The table below represents lots closed and land and lots revenue (dollars in thousands):
Nine Months Ended September 30,
20242023Change%
Lots revenue$5,644 $5,569 $75 1.3 %
Land revenue12,704 $1,029 11,675 1,134.6 %
Land and lots revenue$18,348 $6,598 $11,750 178.1 %
Lots closed79 55 24 43.6 %
Average sales price of lots closed$71.4 $101.3 $(29.9)(29.5)%

From time to time we will opportunistically sell finished lots to other homebuilders when we determine that we have excess capacity in specific neighborhoods or submarkets. Land revenue represents sales of two tracts of commercial land during the nine months ended September 30, 2024.

Selling, General and Administrative Expenses
The table below represents the components of selling, general and administrative expenses (dollars in thousands):
Nine Months Ended September 30,As Percentage of Segment Revenue
2024202320242023
Builder operations$159,655 $141,688 
Corporate, other and unallocated (income) expense6,033 65 
Net builder operations165,688 141,753 10.9 %10.7 %
Land development224 305 1.2 %5.0 %
Total selling, general and administrative expenses$165,912 $142,058 10.8 %10.7 %

Selling, general and administrative expenses as a percentage of revenue was 10.8% for the nine months ended September 30, 2024, which is substantially in line with 10.7% for the nine months ended September 30, 2023.

Builder Operations
Selling, general and administrative expenses as a percentage of revenue for builder operations increased from 10.7% to 10.9% mainly due to an increase in salary expenses. Builder operations expenditures include salary expenses, sales
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commissions, and community costs such as advertising and marketing expenses, rent, professional fees, and non-capitalized property taxes.

Corporate, Other and Unallocated
Selling, general and administrative expenses for the corporate, other and unallocated non-operating segment for the nine months ended September 30, 2024 were $6.0 million and de minimis for the nine months ended September 30, 2023. The increase was driven by incentive compensation and salary expenses during the nine months ended September 30, 2024. Corporate, other and unallocated expenses generally include capitalized overhead adjustments that are not allocated to builder operations segments.

Equity in Income of Unconsolidated Entities
Equity in income of unconsolidated entities decreased to $4.8 million, or 57.7%, for the nine months ended September 30, 2024, compared to $11.3 million for the nine months ended September 30, 2023. The decrease is mainly due to the sale of our ownership interest in Challenger during the three months ended March 31, 2024, wherein, we recognized only one month of net earnings from this investment compared to nine months in the prior year. See Note 3 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a summary of Green Brick’s share in net earnings by unconsolidated entity.

Other Income, Net
Other income, net, increased to $25.4 million for the nine months ended September 30, 2024, compared to $13.7 million for the nine months ended September 30, 2023. The increase was primarily due to a $10.7 million gain in the sale of our investment in Challenger.

Income Tax Expense
Income tax expense was $71.8 million for the nine months ended September 30, 2024 compared to $63.2 million for the nine months ended September 30, 2023. The increase was substantially due to higher taxable income partially offset by a lower effective tax rate, lower state tax rates, and a discrete tax benefit for equity compensation deductions. See Note 11 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for a discussion on the Company’s income tax expense for the nine months ended September 30, 2024.

Lots Owned and Controlled
The following table presents the lots we owned or controlled, including lot option contracts, as of September 30, 2024 and December 31, 2023. Owned lots are those for which we hold title, while controlled lots are those for which we have the contractual right to acquire title but we do not currently own.
September 30, 2024December 31, 2023
CentralSoutheastTotalCentralSoutheastTotal
Lots owned
Finished lots4,070 726 4,796 4,014 964 4,978 
Lots in communities under development20,942 1,887 22,829 9,122 1,335 10,457 
Land held for future development(1)
3,800 — 3,800 8,366 — 8,366 
Total lots owned28,812 2,613 31,425 21,502 2,299 23,801 
Lots controlled
Lots under third party option contracts851 — 851 1,169 — 1,169 
Land under option for future acquisition and development1,656 223 1,879 1,710 460 2,170 
Lots under option through unconsolidated development joint ventures2,627 270 2,897 1,210 331 1,541 
Total lots controlled5,134 493 5,627 4,089 791 4,880 
Total lots owned and controlled (2)
33,946 3,106 37,052 25,591 3,090 28,681 
Percentage of lots owned84.9 %84.1 %84.8 %84.0 %74.4 %83.0 %
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(1) Land held for future development consist of raw land parcels where development activities have been postponed due to market conditions or other factors.
(2) Total lots excludes lots with homes under construction.

The following table presents additional information on the lots we controlled as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
Total lots owned(1)
31,425 23,801 
Land under option for future acquisition and development1,879 2,170 
Lots under option through unconsolidated development joint ventures2,897 1,541 
Total lots self-developed36,201 27,512 
Self-developed lots as a percentage of total lots owned and controlled(1)
97.7 %95.9 %
(1) Total lots owned includes finished lot purchases, which were less than 1.8% of total lots self-developed as of September 30, 2024.

Liquidity and Capital Resources Overview
As of September 30, 2024 and December 31, 2023, we had $80.1 million and $179.8 million of unrestricted cash and cash equivalents, respectively. Our historical cash management strategy includes redeploying net cash from the sale of home inventory to acquire and develop land and lots that represent opportunities to generate desired margins and returns, and using cash to make additional investments in business acquisitions, joint ventures, share repurchases, or other strategic activities.

Our principal uses of capital for the nine months ended September 30, 2024 were home construction, land purchases, land development, repayments of debt, operating expenses, share repurchases, and payment of routine liabilities. Historically, we have used funds generated by operations and available borrowings to meet our short-term working capital requirements. We remain focused on generating positive margins in our homebuilding operations and acquiring desirable land positions in order to maintain a strong balance sheet and remain poised for continued growth.

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

Effective February 1, 2024, we sold our ownership interest in GB Challenger, LLC (“Challenger”) to the entity that already held the controlling interest in Challenger for approximately $64.0 million in cash. We have been using and intend to continue to use the proceeds from the transaction for investment in and expansion of opportunities with those builders in which we hold a controlling or one-hundred percent (100%) ownership interest, particularly including the growth and expansion of our Trophy Signature Homes brand into the Austin and Houston markets and other potential new markets.

Our debt to total capitalization ratio, which is calculated as the sum of borrowings on lines of credit, the senior unsecured notes, and notes payable, net of debt issuance costs (“total debt”), divided by the total capitalization, which equals the sum of Green Brick Partners, Inc. stockholders’ equity and total debt, was approximately 16.4% as of September 30, 2024.

Additionally, as of September 30, 2024, our net debt to total capitalization ratio, which is a non-GAAP financial measure, remained low at 12.5%. It is our intent to prudently employ leverage to continue to invest in our land acquisition, development and homebuilding activities.

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

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, 2024 (dollars in thousands):
GrossCash and cash equivalentsNet
Total debt, net of debt issuance costs$297,276 $(80,069)$217,207 
Total Green Brick Partners, Inc. stockholders’ equity1,520,737 — 1,520,737 
Total capitalization$1,818,013 $(80,069)$1,737,944 
Debt to total capitalization ratio16.4 %
Net debt to total capitalization ratio12.5 %

Key Sources of Liquidity
The Company’s key sources of liquidity were funds generated by operations and borrowings during the nine months ended September 30, 2024.

Cash Flows
The following summarizes our primary sources and uses of cash during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023:

•Operating activities. Net cash used for operating activities for the nine months ended September 30, 2024 was $3.0 million, compared to $232.7 million provided by operating activities during the nine months ended September 30, 2023. The net cash outflows for the nine months ended September 30, 2024 were primarily driven by an increase in inventory of $383.9 million, partially offset by $300.7 million of cash generated from business operations and the deferral of expense payments through a $82.5 million increase in accrued expenses and accounts payable.

•Investing activities. Net cash provided by investing activities for the nine months ended September 30, 2024 was $34.6 million, compared to net cash used of $10.0 million during the nine months ended September 30, 2023. The cash inflows for the nine months ended September 30, 2024 were primarily from proceeds of $64.0 million from the sale of our interest in Challenger in February 2024, partially offset by $25.8 million used in other investments in unconsolidated entities.

•Financing activities. Net cash used in financing activities for the nine months ended September 30, 2024 was $126.4 million, compared to net cash used of $69.8 million during the nine months ended September 30, 2023. The cash outflows were primarily related to share repurchases of $48.0 million, repayments of our senior unsecured notes of $37.5 million and notes payable of $13.0 million.

Debt Instruments
Secured Revolving Credit Facility – As of September 30, 2024 and December 31, 2023, we had no amounts outstanding under our $35.0 million Secured Revolving Credit Facility. Borrowings under the Secured Revolving Credit Facility bear interest at a floating rate per annum equal to the rate announced by Bank of America, N.A. as its “Prime Rate” less 0.25%,
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subject to a minimum rate. As amended, this credit agreement matures on May 1, 2025 and carries a minimum interest rate of 3.15%.

Unsecured Revolving Credit Facility – As of September 30, 2024 and December 31, 2023, we had no amounts outstanding under our Unsecured Revolving Credit Facility. Outstanding advances under the Unsecured Revolving Credit Facility accrue interest at the benchmark rate plus 2.5%. As amended, $300.0 million of the commitments under the credit facility mature on December 14, 2026, with the remaining $25.0 million of the commitments expiring December 14, 2025.

Senior Unsecured Notes - As of September 30, 2024, we had four series of senior unsecured notes outstanding which were each issued pursuant to a note purchase agreement. The aggregate principal amount of senior unsecured notes outstanding was $299.0 million as of September 30, 2024 compared to $336.2 million as of December 31, 2023, net of issuance costs.
•In August 2019, we issued $75.0 million of senior unsecured notes (the “2026 Notes”) of which $62.5 million is outstanding as of September 30, 2024. Interest accrues at an annual rate of 4.0% and is payable quarterly. Principal on the 2026 Notes of $12.5 million is due on August 8, 2025 and the remaining principal amount of $50.0 million is due on August 8, 2026.
•In August 2020, we issued $37.5 million of senior unsecured notes (the “2027 Notes”). Interest accrues at an annual rate of 3.35% and is payable quarterly. Principal on the 2027 Notes is due on August 26, 2027.
•In February 2021, we issued $125.0 million of senior unsecured notes (the “2028 Notes”) of which $100.0 million is outstanding as of September 30, 2024. Interest accrues at an annual rate of 3.25% and is payable quarterly. Principal on the 2028 Notes is due in increments of $25.0 million annually on February 25 in each of 2025, 2026, 2027, and 2028.
•In December 2021, we issued $100.0 million of senior unsecured notes (the “2029 Notes”). Interest accrues at an annual rate of 3.25% and is payable quarterly. A required principal prepayment of $30.0 million is due on December 28, 2028. The remaining unpaid principal balance is due on December 28, 2029.

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

Our debt instruments require us to maintain specific financial covenants, each of which we were in compliance with as of September 30, 2024. Specifically, under the most restrictive covenants, we are required to maintain the following:

•a minimum interest coverage (consolidated EBITDA to interest incurred) of no less than 2.0 to 1.0. As of September 30, 2024, our interest coverage on a last 12 months’ basis was 33.16 to 1.0;
•a Consolidated Tangible Net Worth of no less than approximately $960.0 million. As of September 30, 2024, our Consolidated Tangible Net Worth was $1,519.8 million; and
•a maximum debt to total capitalization rolling average ratio of no more than 40.0%. As of September 30, 2024, we had a rolling average ratio of 17.3%.

As of September 30, 2024, we believe that our cash on hand, capacity available under our lines of credit and cash flows from operations for the next twelve months will be sufficient to service our outstanding debt during the next twelve months and fund our operations. For additional information on our lines of credit, senior unsecured notes, and notes payable, refer to Note 5 to the condensed consolidated financial statements located in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Preferred Equity

As of September 30, 2024 and December 31, 2023, we had 2,000,000 Depositary Shares issued and outstanding, each representing 1/1000 of a share of our 5.75% Series A Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock”). We will pay cumulative cash dividends on the Series A Preferred Stock, when and as declared by the Board, at the rate of 5.75% of the $25,000 liquidation preference per share. Dividends will be payable quarterly in arrears. During the nine months ended September 30, 2024, we paid dividends of $2.2 million on the Series A Preferred Stock. On October 25, 2024, the Board declared a quarterly cash dividend of $0.359 per depositary share on the Series A Preferred Stock. The dividend is payable on December 13, 2024 to stockholders of record as of December 1, 2024.

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Off-Balance Sheet Arrangements and Contractual Obligations

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

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

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

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

As of September 30, 2024, the Company had earnest money deposits of $10.2 million at risk associated with contracts to purchase raw land and finished lots representing 3,380 total lots past feasibility studies with an aggregate purchase price of approximately $166.4 million.

Guarantees
In certain of our unconsolidated joint ventures, the joint ventures enter into loan agreements, whereby we or one of our subsidiaries will provide the joint venture lenders with customary completion guarantees subject to usual non-recourse terms.

Seasonality

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

Critical Accounting Policies

Our critical accounting policies are described in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Accounting Pronouncements

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

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer (“CEO”) and principal financial officer (“CFO”), we conducted an evaluation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our CEO and CFO concluded that
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our disclosure controls and procedures were effective as of September 30, 2024 in providing reasonable assurance that information required to be disclosed in the reports we file, furnish, submit or otherwise provide to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that information required to be disclosed in reports filed by us under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, in such a manner as to allow timely decisions regarding the required disclosures.

Changes in Internal Control over Financial Reporting

During the three months ended September 30, 2024, there were no changes in our internal controls that have materially affected or are reasonably likely to have a material effect on our internal control over financial reporting.

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PART II. OTHER INFORMATION

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

Purchases of equity securities by the issuer
The following table provides information about repurchases of our common stock during the three months ended September 30, 2024:
PeriodTotal number of shares purchasedAverage price paid per shareTotal number of shares purchased as part of publicly announced plans or programs
Approximate dollar value of shares that may yet be purchased under the plans or programs (1)
July 1 - July 31, 202497,679 $55.19 97,679 $55,867,000 
August 1 - August 31, 2024— — — 55,867,000 
September 1 - September 30, 2024— — — 55,867,000 
Total97,679 55.19 97,679 $55,867,000 

(1)    On April 27, 2022, the Board authorized a $100.0 million stock repurchase program (the “2022 Repurchase Plan”). On April 27, 2023, the Board approved a stock repurchase program authorizing us to repurchase, from time to time, up to an additional $100.0 million of our outstanding common stock (the “2023 Repurchase Plan”). The 2023 Repurchase Plan has no expiration and will continue until otherwise modified, completed, or terminated by the Board at any time in its sole discretion. There were no other repurchase plans as of September 30, 2024. Repurchases through March 15, 2024 were executed pursuant to the 2022 Repurchase Plan, which was fully utilized as of that date. Repurchases of approximately $44.2 million subsequent to March 15, 2024, were executed pursuant to the 2023 Repurchase Plan. As of September 30, 2024, the remaining dollar value of shares that may yet be purchased under the 2023 Repurchase Plan was approximately $55.9 million, excluding excise tax.

ITEM 5. OTHER INFORMATION

Insider trading arrangements and policies

During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS
NumberDescription
31.1*
31.2*
32.1*
32.2*
101.INS**XBRL Instance Document. The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH**XBRL Taxonomy Extension Schema Document.
101.CAL**XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF**XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB**XBRL Taxonomy Extension Label Linkbase Document.
101.PRE**XBRL Taxonomy Extension Presentation Linkbase Document.
104**Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101).
*    Filed with this Form 10-Q.
** Submitted electronically herewith.
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SIGNATURES

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

GREEN BRICK PARTNERS, INC.
/s/ James R. Brickman
By: James R. Brickman
Its: Chief Executive Officer
/s/ Richard A. Costello
By: Richard A. Costello
Its: Chief Financial Officer

Date:    October 30, 2024
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