Financial Analysis

The Company has a noncontrolling interest attributable to the 20% minority interest in GRBK GHO Homes, LLC (GRBK GHO) owned by our Florida-based partner that is included as redeemable noncontrolling interest in equity of the consolidated subsidiary in the Companys condensed consolidated financial statements. The Company entered into a put/call agreement (Put/Call Agreement) with respect to the equity interest in the joint venture held by the minority partner. The Put/Call Agreement provides that the 20% ownership interest in GRBK GHO held by the minority partner would be subject to put and purchase options. On July 7, 2026, the Company and the minority partner amended the operating agreement of GRBK GHO to change the start of the put and purchase options from April 2027 to April 2030. The exercise price would be based on the financial results of GRBK GHO for the completed quarters prior to exercise of the option and commencing with the second quarter of 2021. If the minority partner does not exercise the put option, we have the option, but not the obligation, to buy the 20% interest in GRBK GHO from our partner. Refer to Note 2 in the Notes to the Consolidated Financial Statements included in the Companys Annual Report on Form 10-K/A for the year ended December 31, 2025 for additional information. The following tables show the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the three and six months ended June 30, 2026 and 2025 (in tho …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

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 June 30, 2026 and December 31, 2025, letters of credit and performance bonds outstanding were $0.2 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 $0.5 million and $1.0 million for the three and six months ended June 30, 2026, and $0.4 million and $0.8 million for the three and six months ended June 30, 2025, 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 $0.5 million and $1.1 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $0.8 million in the prior year periods. As of June 30, 2026, the weighted-average remaining lease term and the weighted-average discount rate used i …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Lines of Credit Borrowings on lines of credit outstanding, net of debt issuance costs, as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands): June 30, 2026 December 31, 2025 Secured Revolving Credit Facility $ $ Unsecured Revolving Credit Facility Warehouse Facilities 34,632 46,398 Debt issuance costs, net of amortization (2,152) (2,465) Total borrowings on lines of credit, net $ 32,480 $ 43,933 Secured Revolving Credit Facility The Company was party to a revolving credit facility (the Secured Revolving Credit Facility) with Inwood National Bank, which provided for an aggregate commitment of $35.0 million. On March 31, 2026, the Company terminated its secured revolving credit facility. The termination was voluntary and not due to covenant violations or lender action. Unsecured Revolving Credit Facility The Company is party to a credit agreement, providing for a senior, unsecured revolving credit facility (the Unsecured Revolving Credit Facility). On December 10, 2025, the Company entered into the Thirteenth Amendment to this credit agreement. The Unsecured Revolving Credit Facility was amended (i) to reduce the SOFR spread and base rate spread, (ii) to allow the Company to request a revolving credit advance using Daily SOFR (as defined in the Unsecured Revolving Credit Facility) and (iii) for other administrative changes. The total commitments remain at $330.0 million. The maturity of all commitments under the facility were extended to December 1 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 381,101 $ 9,600 $ 407,944 $ 2,038 Southeast 90,895 124,581 Total revenues $ 471,996 $ 9,600 $ 532,525 $ 2,038 Type of Customer Homebuyers $ 471,996 $ $ 532,525 $ Homebuilders and Multi-family Developers 9,600 2,038 Total revenues $ 471,996 $ 9,600 $ 532,525 $ 2,038 Product Type Residential units $ 471,996 $ $ 532,525 $ Land and lots 9,600 2,038 Total revenues $ 471,996 $ 9,600 $ 532,525 $ 2,038 Timing of Revenue Recognition Transferred at a point in time $ 471,455 $ 9,600 $ 532,525 $ 2,038 Transferred over time (1) 541 Total revenues $ 471,996 $ 9,600 $ 532,525 $ 2,038 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 721,289 $ 17,100 $ 757,348 $ 4,342 Southeast 199,194 257,326 Total revenues $ 920,483 $ 17,100 $ 1,014,674 $ 4,342 Type of Customer Homebuyers $ 920,483 $ $ 1,014,674 $ Homebuilders and Multi-family Developers 17,100 4,342 Total revenues $ 920,483 $ 17,100 $ 1,014,674 $ 4,342 Product Type Residential uni …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

The Companys 2024 Omnibus Equity Incentive Plan is administered by the Board and allows for the grant of stock awards (SAs), restricted stock awards (RSAs), performance restricted stock units (PRSUs), restricted stock units (RSUs), stock options and other stock based awards. Share-Based Award Activity During the six months ended June 30, 2026, the Company granted SAs and RSUs to executive officers, RSAs to non-employee members of the Board, and PRSUs to executive officers and employees. The SAs granted to the executive officers were 100% vested and non-forfeitable on the grant date. Non-vested stock awards are generally granted with a one-year vesting for non-employee directors, three-year cliff vesting for employee PRSUs, and various vesting schedules for executive officer PRSUs. The fair value of all share awards were recorded as share-based compensation expense on the grant date and over the vesting period, respectively. The Company withheld 24,860 shares of common stock from executive officers and employees at a total cost of $1.8 million, to satisfy statutory minimum tax requirements upon vesting of the awards. A summary of share-based awards activity during the six months ended June 30, 2026 is as follows: Number of Shares (in thousands) Weighted Average Grant Date Fair Value per Share Unvested, December 31, 2025 225 $ 56.08 Granted 188 $ 66.34 Vested (94) $ 58.42 Forfeited (3) $ 56.33 Unvested, June 30, 2026 316 $ 61.47 Share-Based Compensation Expense Share-based comp …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

14. FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments The Companys 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. Assets and liabilities measured and disclosed at fair value are as follows (in thousands): Fair Value Hierarchy June 30, 2026 December 31, 2025 Measured at fair value on a recurring basis Mortgage loans held for sale Level 2 $ 34,765 $ 49,099 Forward sales contracts Level 2 (79) (56) Interest rate lock commitments Level 3 2,142 70 Disclosed at fair value Senior unsecured notes Level 2 $ 231,042 $ 257,268 Level 1 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 June 30, 2026 and December 31, 2025. Level 2 Level 2 financial instruments …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

The Companys income tax expense for the three and six months ended June 30, 2026 was $20.7 million and $39.1 million, respectively, compared to $23.0 million and $45.2 million in the prior year periods. The effective tax rate was 20.8% and 21.3% for the three and six months ended June 30, 2026, respectively, compared to 20.4% and 20.7% in the comparable prior year periods. The change in the effective tax rate relates primarily to tax benefits from investment tax credits, a decrease in the non-controlled earnings benefit and an increase in permanently non-deductible expenses in comparison to pre-tax book income. On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law, which is considered the enactment date under U.S. GAAP. Key corporate tax provisions include the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, amendments to energy credits, and expanded 162(m) aggregation requirements. In accordance with ASC 740, the effects of the new tax law have been recognized in the period of enactment. The Company does not expect the impact of the OBBBA to have a material effect on the Companys consolidated financial statements. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Changes to U.S. GAAP are established by the FASB in the form of Accounting Standard Updates (ASUs) to the FASB ASC. We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (ASU 2024-03), which requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. ASU 2024-03 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

During the three and six months ended June 30, 2026 and 2025, the Company had the following related party transactions in the normal course of business. Corporate Officers Trevor Brickman, the son of Green Bricks Chief Executive Officer, is the President of CLH20, LLC (Centre Living). Green Bricks ownership interest in Centre Living is 90% and Trevor Brickmans ownership interest is 10%. Green Brick has 90% voting control over the operations of Centre Living. As such, 100% of Centre Livings 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 six months ended June 30, 2026 and 2025, GRBK GHO incurred de minimis and $0.1 million rent expense, respectively, under such lease agreements. As of June 30, 2026 and December 31, 2025, 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 six months ended June 30, 2026 and 2025, GRBK GHO incurred de minimis fees related to such title closing services. As of June 30, 2026, and December 31, 2025, no amounts were due to the title company affiliate. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 381,101 $ 9,600 $ 407,944 $ 2,038 Southeast 90,895 124,581 Total revenues $ 471,996 $ 9,600 $ 532,525 $ 2,038 Type of Customer Homebuyers $ 471,996 $ $ 532,525 $ Homebuilders and Multi-family Developers 9,600 2,038 Total revenues $ 471,996 $ 9,600 $ 532,525 $ 2,038 Product Type Residential units $ 471,996 $ $ 532,525 $ Land and lots 9,600 2,038 Total revenues $ 471,996 $ 9,600 $ 532,525 $ 2,038 Timing of Revenue Recognition Transferred at a point in time $ 471,455 $ 9,600 $ 532,525 $ 2,038 Transferred over time (1) 541 Total revenues $ 471,996 $ 9,600 $ 532,525 $ 2,038 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 721,289 $ 17,100 $ 757,348 $ 4,342 Southeast 199,194 257,326 Total revenues $ 920,483 $ 17,100 $ 1,014,674 $ 4,342 Type of Customer Homebuyers $ 920,483 $ $ 1,014,674 $ Homebuilders and Multi-family Developers 17,100 4,342 Total revenues $ 920,483 $ 17,100 $ 1,014,674 $ 4,342 Product Type Residential uni …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 Companys reportable segments is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: (1) Builder operations Central $ 381,101 $ 407,944 $ 721,289 $ 757,348 Southeast 90,895 124,581 199,194 257,326 Total builder operations 471,996 532,525 920,483 1,014,674 Land development 9,600 2,038 17,100 4,342 Financial services 12,243 6,315 21,915 11,182 Total revenues $ 493,839 $ 540,878 $ 959,498 $ 1,030,198 Gross profit: Builder operations Central $ 119,530 $ 135,722 $ 224,516 $ 252,944 Southeast 31,478 41,961 67,020 90,422 Total builder operations 151,008 177,683 291,536 343,366 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Land development 4,698 1,081 6,594 2,199 Corporate, other and unallocated (2) (10,430) (11,250) (21,139) (22,266) Total gross profit $ 145,276 $ 167,514 $ 276,991 $ 323,299 Segment selling, general, and administrative expenses: Commissions Builder operations Central $ 18,982 $ 20,319 $ 36,539 $ 37,894 Southeast 3,144 4,534 6,665 8,968 Total builder operations 22,126 24,853 43,204 46,862 Financial services 839 263 1,440 503 Total commissions $ 22,965 $ 25,116 $ 44,644 $ 47,365 Salaries Builder operations Central $ 11,123 $ 11,466 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) as set forth in the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC) and applicable regulations of the Securities and Exchange Commission (SEC), but do not include all of the information and footnotes required for complete financial statements. The condensed consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated financial statements included in the Companys Annual Report on Form 10-K/A for the year ended December 31, 2025. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Companys Annual Report on Form 10-K/A for the year ended December 31, 2025. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026 or subsequent periods due to seasonal variations and other factors. Principles of Consolidation The accompanying unaudit …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Share Repurchase Plan On February 17, 2025, the Companys Board of Directors (the Board) approved and authorized a $100.0 million stock repurchase program (the 2025 Repurchase Plan), replacing the prior plan authorized on April 27, 2023, which had a remaining authorization of $55.9 million. On December 11, 2025, the Board authorized an additional $150.0 million of repurchases under the Repurchase Plan. The Repurchase Plan authorizes the Company to purchase, from time to time, our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Securities and Exchange Act of 1934, as amended (the Exchange Act) and/or in privately negotiated transactions at managements discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board. During the three and six months ended June 30, 2025, the Company completed open market repurchases under the Share Repurchase Plan of 744,857 and 1,027,678 shares for approximately $43.4 million and $60.1 million, excluding excise tax. These shares were subsequently retired. During the three and six months ended June 30, 2026, the Company completed open market repurchases under the Share Repurchase Plan of 143,026 and 256,875 shares, respectively for approximately $9.3 million and $16.5 million, excluding excise tax. As of June 30, 2026, …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing