Financial Data and Key Metrics Changes - Net new orders increased 95% year-over-year to 788 homes in Q3, with year-to-date growth of 73% [4][55] - Homebuilding gross margins reached a record high of 33.3%, up 90 basis points from the previous record [13][38] - Net income for Q3 was $72 million, or $1.56 per diluted share, with a return on average book equity of 25.3% year-to-date [81] Business Line Data and Key Metrics Changes - Home closings revenue grew 5.3% to $416 million, driven by a 16% increase in home closing units to 754 homes delivered [54][81] - The average selling price (ASP) for homes declined by 9% to $551,000, influenced by a higher percentage of lower-priced Trophy Signature Homes [54][56] - The cancellation rate decreased to 6.1%, the second lowest in company history, reflecting strong demand and limited competition [40][57] Market Data and Key Metrics Changes - The company continues to lead public homebuilding peers in new order growth, with a backlog value increasing 10% year-over-year to $623 million [55][57] - Existing home inventory remains low, with many markets having three or fewer months of supply, contributing to demand for new homes [14][40] - The average FICO score for Q3 closings was 748, indicating strong buyer credit quality despite higher mortgage rates [24] Company Strategy and Development Direction - The company is focused on acquiring prime land opportunities and has closed several opportunistic land deals, including a notable acquisition in Austin [17][84] - The strategy includes managing capital efficiently and maintaining operational efficiencies to improve cycle times and market share [16][33] - The company aims to expand its market presence in supply-constrained infill and adjacent submarkets, leveraging its strong balance sheet and gross margins [18][84] Management's Comments on Operating Environment and Future Outlook - Management noted that despite higher mortgage rates, demand remains strong, particularly in infill locations, with an increase in cash deals [24][35] - The company is adapting to the current market by adjusting pricing and offering incentives to address affordability concerns [35][57] - Management expressed optimism about future opportunities due to capital constraints faced by smaller builders and developers [30][84] Other Important Information - The company holds over 26,200 lots owned and controlled, positioning it well for future growth [18] - The average pay rate for fixed-rate debt is 3.3%, with a debt-to-total-capital ratio of 21.8%, indicating a strong balance sheet [33] - The company is building more ENERGY STAR-certified homes to enhance eligibility for future tax credits [39] Q&A Session Summary Question: Insights on ASP for Trophy Signature Homes - Management indicated a dip in ASP from approximately $480,000 to $450,000 over the past two quarters [5][6] Question: Future ASP Trends for Trophy - Management suggested that the ASP could continue to trend lower, especially if consumer preferences shift towards smaller homes [6] Question: Performance of Higher-End Communities - Management reported continued strong demand in higher-end segments, with complex homes selling at a satisfactory pace [48] Question: Land Acquisition Opportunities - Management discussed capital availability as a key driver for land acquisition opportunities, noting favorable economics for cash transactions [30][31] Question: Average Consumer Statistics - The average FICO score was reported at 743, with down payments varying significantly by location [69][72] Question: Use of Incentives - Management confirmed that incentives averaged 4.4% of sales price, with variations based on community and market conditions [57][68]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from — to — Commission file number: 001-33530 Green Brick Partners, Inc. (Exact name of registrant as specified in its charter) Delaware 20-5952523 (St ...

1 2023 Second Quarter Forward Looking Statements This presentation and our conference call contain "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words "anticipate," "believe," "consider," "estimate," "expect," "feel," "intend," "plan," "predict," "s ...

Financial Data and Key Metrics Changes - The company reported a net income of $75 million for the second quarter, with earnings per diluted share at $1.63, reflecting a 19% sequential increase and the second highest diluted EPS in company history [38][62] - Homebuilding gross margin increased by 370 basis points sequentially to 31.3%, the highest among public homebuilders, and only 110 basis points lower than the record high of 32.4% achieved in Q3 2022 [79][86] - The debt to total capital ratio decreased to 22.9%, and the net debt to total capital ratio reached a historic low of 10.6%, providing significant liquidity for future opportunities [12][44] Business Line Data and Key Metrics Changes - Home deliveries in Q2 declined 11% year-over-year to 783 units, attributed to a high level of deliveries in Q2 2022 and lower starts in the latter half of 2022 [8] - The cancellation rate improved by 400 basis points year-over-year to 7.4%, remaining the lowest in the industry [9][80] - Net new home orders increased by 51% year-over-year to 822 homes, marking the highest order level for any second quarter in company history [4][85] Market Data and Key Metrics Changes - The company noted that existing home inventory reached near all-time record low levels, which has driven demand for new home construction [5][50] - Approximately 80% of total revenues year-to-date were generated from self-developed infill and infill-adjacent locations, indicating a strong market presence in desirable areas [6][66] - The company is well-positioned to capture market share due to a strong balance sheet and ample high-quality finished lots in infill locations [52][66] Company Strategy and Development Direction - The company emphasizes its strategic long-term advantage in entitlement and development expertise, focusing on infill and infill-adjacent submarkets where competition is limited [59][82] - The management believes that ongoing operational improvements and scale as the third largest homebuilder in DFW will enhance competitive pricing and maintain industry-leading margins [14][66] - The company plans to capitalize on land and lot opportunities in the current marketplace, supported by abundant cash reserves [82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience and strength of the housing market, indicating that they are well-positioned to meet the large demand for single-family homes [70] - The company noted that high interest rates have had limited impact on slowing housing demand in most communities [13] - Management highlighted the chronic shortage of approximately 4 million housing units in the country, which is expected to drive demand for new homes [58] Other Important Information - The company repurchased 803,000 shares of common stock for $27.7 million year-to-date, representing 1.7% of total shares outstanding as of December 31, 2022 [57] - The average selling price (ASP) of new orders declined by 8% year-over-year to $596,000, influenced by changes in product mix and slightly higher incentives [63] Q&A Session Summary Question: How is the performance of mid-to-high-end homes compared to Trophy Signature products? - Management noted that the high-end market is supply constrained, leading to high demand, while entry-level homes face more competition [28] Question: Has the reluctance of existing homeowners to sell benefited Green Brick? - Management confirmed that their infill locations have indeed benefited from this trend, as existing homeowners are hesitant to forfeit low-interest loans [22][32] Question: Can you break down the 8% decline in average order price between incentives and mix? - Management explained that incentives in A locations are typically lower than in peripheral locations, affecting the overall average order price [24] Question: Are there signs of increased activity among private builders considering selling? - Management indicated that they have observed some private builders facing challenges due to high costs of capital, which may lead to increased activity in the market [91]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________ FORM 10-Q ___________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33530 Green Brick Partners, Inc. (Exact name of registrant as specified in its c ...

• Efficient operational infrastructure Net Sales Order YoY Change (Most Recently Reported Quarter) 22.1% 23.8% 29.6% 32.2% 32.3% 32.5%34.0% 35.1% 38.4% 49.7% MTH GRBK MHO TMHC MDC TPH Peer Avg. CCS LGIH BZH Industry-Leading Gross Margins Source: Public filings of each peer company 25,000 27,000 29,000 31,000 33,000 35,000 37,000 39,000 41,000 43,000 Population segment growth is expected to be ~3 million over the next 10 years. Single-Family Inventory Remains Low 7 • Average sales price of homes delivered wa ...

Green Brick Partners, Inc. (NYSE:GRBK) Q1 2023 Earnings Conference Call May 3, 2023 12:00 PM ET Company Participants Jim Brickman - Co-Founder and Chief Executive Officer Rick Costello - Chief Financial Officer Jed Dolson - Chief Operating Officer Conference Call Participants Jay McCanless - Wedbush Carl Reichardt - BTIG Alex Rygiel - B. Riley Operator Good afternoon, and welcome to the Green Brick Partners' Earnings Call for the First Quarter ended March 31, 2023. Following today's remarks, we will hold a ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements, management's analysis of financial condition and operations, and an assessment of internal controls and procedures [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2023, detailing the balance sheet, income statement, equity changes, and cash flows Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $177,271 | $76,588 | | Inventory | $1,373,014 | $1,422,680 | | **Total assets** | **$1,706,456** | **$1,655,675** | | **Liabilities & Equity** | | | | Total liabilities | $549,563 | $543,621 | | Total equity | $1,126,602 | $1,082,815 | | **Total liabilities and equity** | **$1,706,456** | **$1,655,675** | Condensed Consolidated Statements of Income Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total revenues | $452,061 | $393,616 | | Total gross profit | $124,606 | $108,356 | | Income before income taxes | $87,172 | $82,633 | | Net income | $68,141 | $64,196 | | Diluted EPS | $1.37 | $1.20 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $154,707 | $(13,994) | | Net cash used in investing activities | $(3,101) | $(448) | | Net cash (used in) provided by financing activities | $(49,189) | $1,123 | | **Net increase (decrease) in cash** | **$102,417** | **$(13,319)** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details accounting policies, inventory, debt, segment performance, and share repurchase activities, providing context for the financial statements Inventory Breakdown (in thousands) | Category | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Homes completed or under construction | $525,571 | $603,950 | | Land and lots - developed and under development | $796,826 | $768,190 | | **Total inventory** | **$1,373,014** | **$1,422,680** | Debt Summary (in thousands) | Debt Type | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Borrowings on lines of credit, net | $(2,453) | $17,395 | | Senior unsecured notes, net | $335,920 | $335,825 | | Notes payable | $14,607 | $14,622 | - During Q1 2023, the company repurchased **467,875 shares** for approximately **$15.4 million** under its 2022 Repurchase Plan. As of March 31, 2023, **$33.3 million** remained available for repurchase under the plan[53](index=53&type=chunk) Segment Revenues (in thousands) | Segment | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Builder operations - Central | $344,464 | $261,690 | | Builder operations - Southeast | $105,898 | $103,050 | | Land development | $1,699 | $28,860 | | **Total revenues** | **$452,061** | **$393,610** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses Q1 2023 performance drivers, including increased home deliveries and orders, and the company's financial position and debt strategy Key Operating Metrics (Q1 2023 vs Q1 2022) | Metric | Change | | :--- | :--- | | Home deliveries | Increased by 15.7% | | Home closings revenue | Increased by 23.8% | | Average sales price of homes delivered | Increased by 7.0% | | Net new home orders | Increased by 77.5% | - The absorption rate per average active selling community reached an **all-time high of 13.3 homes** for the quarter, a **66.3% increase** year-over-year[103](index=103&type=chunk) - The company's cancellation rate improved, decreasing to **6.2%** in Q1 2023 from **8.0%** in Q1 2022[103](index=103&type=chunk)[106](index=106&type=chunk) - The company maintains a low net debt to total capitalization ratio of **13.3%** as of March 31, 2023, and targets a ratio of **30% to 35%** to fund future growth[126](index=126&type=chunk)[128](index=128&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of March 31, 2023[146](index=146&type=chunk) - No changes in internal controls that materially affected or are reasonably likely to materially affect internal control over financial reporting occurred during the quarter ended March 31, 2023[147](index=147&type=chunk) [PART II OTHER INFORMATION](index=31&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides details on unregistered sales of equity securities, including share repurchases, and lists the exhibits filed with the report [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's stock repurchase activity for Q1 2023, including shares repurchased and remaining authorization under the plan Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Shares Purchased | Average Price Paid per Share | Approximate Dollar Value Remaining for Purchase | | :--- | :--- | :--- | :--- | | Jan 2023 | — | $— | $48,683,000 | | Feb 2023 | — | $— | $48,683,000 | | Mar 2023 | 467,875 | $32.81 | $33,345,000 | [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL interactive data files - The filing includes CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[151](index=151&type=chunk) - XBRL Instance, Schema, Calculation, Definition, Label, and Presentation documents are submitted electronically with the filing[151](index=151&type=chunk) [Signatures](index=32&type=section&id=Signatures) The Form 10-Q report was officially signed and authorized on May 3, 2023, by the Chief Executive Officer and Chief Financial Officer - The report was signed by CEO **James R. Brickman** and CFO **Richard A. Costello**[156](index=156&type=chunk) - The signing date of the report is **May 3, 2023**[156](index=156&type=chunk)

2022 Fourth Quarter l | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | This presentation of 1995. These expressions "expect," ...

Financial Data and Key Metrics Changes - Total revenues grew 25% year-over-year to $1.76 billion with a gross margin of 29.8% [6] - Earnings per share increased 62% to $6.02, and return on equity rose 550 basis points to 31.4% [6] - Net income attributable to Green Brick was $56 million, with diluted EPS at $1.18, down 4.8% year-over-year [31] Business Line Data and Key Metrics Changes - Home closing revenue grew 2.3% year-over-year to $429 million, driven by a 16% increase in average selling prices to $590,000, despite a 12% decline in the number of closings to 727 homes [24][31] - The cancellation rate increased to 20% in Q4 but was one of the lowest among peers, with a full-year cancellation rate of 14% [25] - The quarterly absorption rate for active selling communities was 5.5 homes in Q4, up from 5.3 in Q3 [26] Market Data and Key Metrics Changes - Sales momentum picked up in December, with sales up 43% over the average of the prior six months [7] - Job growth in key markets like Dallas and Atlanta was strong, with Dallas adding 235,000 jobs and Atlanta adding 126,000 jobs in 2022 [14] - Existing home inventory remains tight, with roughly one-third of homeowners mortgage-free, disincentivizing them from selling [11] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet and capital efficiency while managing inventory [22] - Green Brick aims to have approximately 6,000 finished lots by the end of 2023, with 75% located in desirable areas [15] - The company is exploring acquisitions and share repurchases as part of its capital allocation strategy [72][88] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the spring selling season based on increased demand, which is subject to interest rate fluctuations [21] - The company believes it is well-positioned for a market rebound due to its high-quality land pipeline and strategic advantages in key markets [15][18] - Management noted that the current housing cycle is different from the 2008 crisis, citing stronger mortgage market conditions and low supply of single-family homes [9][10] Other Important Information - The company amended its unsecured revolving credit agreement, increasing total commitments by $25 million to $325 million [37] - Construction costs have been reduced by an average of approximately $40,000 per home for homes started in December or later [48] - The company is expanding into Austin, with new home construction beginning in February [50] Q&A Session Summary Question: Thoughts on 2023 closings and gross margin - Management noted that sales pace has picked up significantly since December, maintaining pricing power due to infill locations [57][58] Question: Improvement in January and February sales - Management refrained from providing specific monthly sales numbers but confirmed significant improvement [68] Question: Capital allocation priorities for 2023 - Management is evaluating share repurchases, potential acquisitions, and expansion into new markets [72][88] Question: Mix of fixed and variable in SG&A - SG&A is a mix of fixed and variable, with higher volumes of closings leading to lower SG&A [75] Question: Average selling price outlook - Demand remains strong in A and B locations, with some incentives still necessary in C locations [77][79] Question: Percentage of out-of-market buyers - There has been a slight decrease in out-of-market buyers, with more in-state buyers this year [84] Question: Potential acquisition details - Management is exploring a low-probability off-market deal and sees opportunities due to banks being more restrictive [88][89]