Think of them as a D.R. Horton or Lennar, but with a concentrated focus on Sun Belt growth markets like Dallas-Fort Worth, Atlanta, and Florida.

They're essentially a regional homebuilder and land developer, similar to a PulteGroup, with operations primarily in Texas, Georgia, and Florida.

• Residential Homes: Green Brick Partners designs, constructs, and sells various types of residential properties, including townhomes, patio homes, single-family homes, and luxury homes.
• Land Development: The company acquires, develops, and entitles land primarily for residential homebuilding.
• Title and Mortgage Services: Green Brick Partners provides title and mortgage services to assist homebuyers with their property transactions.

Green Brick Partners (GRBK) primarily sells homes directly to individual consumers. Based on the types of homes it builds and sells, its customer categories include:

• First-time homebuyers and individuals seeking lower-maintenance living: This category encompasses buyers interested in townhomes and patio homes, which often appeal to those entering the housing market, downsizing, or preferring a more compact, managed lifestyle.
• Move-up buyers and families: This group typically seeks traditional single-family homes, often for more space, better schools, or desired community amenities, as their needs evolve.
• Luxury homebuyers: Green Brick Partners also serves affluent individuals and families looking for high-end, luxury homes with premium features, designs, and locations.

James R. Brickman, Co-founder, Chief Executive Officer & Director

Mr. Brickman co-founded Green Brick Partners and was appointed CEO in October 2014. He was the founding manager and advisor of JBGL Capital LP (since 2008) and JBGL Builder Finance LLC (since 2010), entities that preceded Green Brick's land-driven business model. These ventures, formed with David Einhorn, focused on purchasing discounted land and lending to distressed builders after the 2008 financial crisis. With over 40 years of experience in real estate, Mr. Brickman previously served as Chairman and CEO of Princeton Homes Ltd. and Princeton Realty Corporation, where he managed land development, single-family home construction, and apartment management.

Jeffery Cox, Interim Chief Financial Officer & Principal Accounting Officer

Mr. Cox was appointed Interim Chief Financial Officer and Principal Accounting Officer in March 2025. He joined Green Brick Partners as Senior Vice President of Finance in June 2023. His prior experience in the homebuilding industry includes serving as Regional Vice President of Finance, West Coast, at Richmond American Homes from October 2020 to June 2023, and as Division Controller at Lennar from July 2016 to October 2020. Mr. Cox has also led Green Brick Partners' wholly-owned mortgage subsidiary and title company.

Jed Dolson, President & Chief Operating Officer

Mr. Dolson serves as the President and Chief Operating Officer for Green Brick Partners. Before his current roles, he was Chief Operating Officer and Executive Vice President for the company from 2020 to 2023. He also held the position of President of the Texas Region, overseeing several of Green Brick's subsidiary builders, and served as the Head of Land Acquisition and Development for the company from 2013 to 2017.

Neal Suit, Executive Vice President, General Counsel, & Chief Risk and Compliance Officer

Mr. Suit holds the titles of Executive Vice President, General Counsel, and Chief Risk and Compliance Officer at Green Brick Partners.

Bobby L. Samuel III, Executive Vice President of Land

Mr. Samuel was promoted to Executive Vice President of Land in March 2025. He joined Green Brick Partners in 2018 as the National Vice President of Land, where he oversees land acquisition and development activities. Prior to joining Green Brick, Mr. Samuel was the Vice President of Land for the Dallas-Fort Worth Division of a major public homebuilder.

The key risks for Green Brick Partners (GRBK) are primarily tied to the cyclical nature of the homebuilding industry and its operational dependencies:

1. Housing Market Downturns and Interest Rate Fluctuations: As a homebuilding and land development company, Green Brick Partners is highly susceptible to adverse changes in macroeconomic conditions, including economic downturns, rising interest rates, and reduced mortgage availability. These factors can significantly dampen housing demand, leading to decreased home sales, pricing pressures, and negatively impacting the company's revenues, margins, and overall financial results.

2. Operational Risks, including Material and Labor Shortages and Cost Increases: Green Brick Partners faces risks associated with the availability and cost of raw materials, labor, utilities, and natural resources. Shortages or significant price fluctuations in these essential inputs can cause project delays, increase construction costs, and ultimately reduce profitability.

3. Intense Competition and Regional Market Concentration: The homebuilding industry is characterized by fierce competition and relatively low barriers to entry, which can lead to pricing pressures and higher costs for land acquisition. Furthermore, Green Brick Partners' business is concentrated in specific metropolitan areas, including Dallas-Fort Worth, Atlanta, and the Treasure Coast of Florida. This regional concentration makes the company vulnerable to localized economic downturns or shifts in market conditions within these particular areas.

Green Brick Partners (NYSE: GRBK) operates as a homebuilding and land development company, primarily focusing on townhomes, patio homes, single-family homes, and luxury homes. The company's key addressable markets are the Dallas-Fort Worth (DFW) metropolitan area in Texas, the Atlanta metropolitan area in Georgia, and the Treasure Coast region of Florida.

Dallas-Fort Worth Metropolitan Area, U.S.

The Dallas-Fort Worth metroplex is a significant market for new home construction. In 2024, DFW led major U.S. metro areas with 71,788 authorized new residential units, encompassing single-family homes, apartments, and condos. New home starts showed a year-over-year increase across most price segments in 2024, particularly for homes in the $300,000-$399,000 and $500,000-$749,000 ranges. While new home starts in new developments for Dallas-area builders were 9,153 in the third quarter of 2025, a 20% decrease from the third quarter of 2024, the annualized start rate for the 12-month period was 43,260 starts. Similarly, new development home sales in the third quarter of 2025 saw 11,045 units sold, a 6% drop from the previous year, with annualized closings falling 3.6% to 45,733 units. Multifamily construction starts in DFW decreased by nearly 50% in 2024, with approximately 18,400 units breaking ground. The projected completions for 2025 are just over 21,000 units, which is half the volume of 2024.

Atlanta Metropolitan Area, U.S.

The Atlanta metropolitan area also represents a substantial market for Green Brick Partners. In 2024, 22,943 new residential construction permits were issued in Metro Atlanta, indicating a 12% increase year-over-year. However, this trend reversed in 2025, with 19,529 new residential construction permits recorded, marking a 12% decline from the previous year. The total number of single-family homes sold in metro Atlanta in 2024 was slightly over 65,000. As of the fourth quarter of 2023, the metro area had more than 30,000 apartment units under construction, with an anticipated 14,800 new multifamily units expected in 2024.

Treasure Coast, Florida, U.S.

The Treasure Coast region of Florida, encompassing Martin, St. Lucie, and Indian River Counties, has experienced significant population and housing growth. As of the latest available data in 2024, the median price for a new home in the Treasure Coast was $478,708, with a median price per square foot of $241. The new home inventory for the Treasure Coast in 2024 included 1,590 single-family homes, 158 townhouses, 12 condos, and 14 multi-family units, totaling 1,785 overall units. Quality new construction homes in Port St. Lucie and Fort Pierce ranged from $380,000 to $580,000, while in desirable areas of Stuart and Vero Beach, prices ranged from $550,000 to $850,000. On a broader state level, Florida produced 138,717 single-family homes in 2023. Statewide, new residential construction permits in Florida totaled 79,044 through the third quarter of 2025, reflecting a 6% year-over-year decrease.

1. Expansion of Trophy Signature Homes: Green Brick Partners is strategically focused on expanding its Trophy Signature Homes brand, particularly targeting new markets like Houston, with its first community expected to open in the spring of 2026. This brand, known for more affordable products and quicker inventory turns, is also aiming to increase its market share in existing high-growth areas such as Dallas-Fort Worth and Austin.
2. Strategic Land Acquisition and Development in High-Growth Infill Markets: The company's disciplined approach to acquiring and developing land in desirable infill and infill-adjacent locations within its core high-growth markets (Dallas-Fort Worth, Atlanta, and Florida's Treasure Coast, and now Houston) provides a substantial pipeline of homesites for future development. This strategy supports sustained homebuilding activity and helps maintain robust gross margins through wholesale land acquisition.
3. Increased Community Count: Green Brick Partners' extensive land inventory and ongoing development plans are anticipated to lead to an increased number of active selling communities. A higher community count directly translates to a greater capacity for home deliveries, thereby driving revenue growth.
4. Growth of Financial Services: The expansion of Green Brick Mortgage and Green Brick Insurance, the company's wholly-owned financial services subsidiaries, across its markets is expected to contribute to overall revenue. The company aims for a significant mortgage capture rate, enhancing its integrated service offerings.
5. Adaptive Pricing and Incentives to Drive Sales Volume: In a dynamic market, Green Brick Partners utilizes adaptive pricing strategies and incentives, such as mortgage rate buydowns and closing cost assistance, to maintain sales velocity and stimulate demand. This flexibility, supported by the company's industry-leading gross margins, enables it to secure sales and, consequently, revenue in varying market conditions.

Green Brick Partners (symbol: GRBK) has made the following capital allocation decisions over the last 3-5 years:

Share Repurchases

• In December 2025, Green Brick Partners' board of directors authorized a new share repurchase program of up to $150 million, which will commence upon the completion of its existing $100 million authorization.
• For the full year 2025, the company repurchased approximately 1.4 million shares of common stock for a total of approximately $83 million.
• In the fourth quarter of 2025, Green Brick Partners repurchased 359,000 shares of its common stock for approximately $23 million.

Share Issuance

• The company's executives, including the CFO and CEO, received equity awards such as Restricted Stock Units that vested and converted into common stock, with some shares withheld for taxes, as part of their compensation plans.

Capital Expenditures

• Green Brick Partners' capital expenditure strategy is heavily focused on land acquisition and development, which is integral to its vertically integrated homebuilding business model.
• Year-to-date through the third quarter of 2025, the company invested $231 million in land acquisition and $233 million in land development, excluding reimbursements.
• The company anticipated its land development spending for the full year 2025 to be approximately $300 million, excluding reimbursements, marking a 50% increase from 2024.