On this page of StockholderLetter.com we present the latest annual shareholder letter from Green Brick Partners, Inc. — ticker symbol GRBK. Reading current and past GRBK letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT Trophy Signature Homes | Painted Tree | McKinney, TX

Southgate Homes | Prosper Ridge | Aubrey, TX
SHA RE H OL DE R Let te r Dear Shareholders, 2025 marked another record year for Green Brick Partners, reflecting the strength of our differentiated business model, disciplined execution, and focus on long term value creation in a period defined by elevated interest rates, affordability pressure, and uneven consumer confidence. Despite these headwinds, we continued to deliver industry leading gross margins and returns while further strengthening our balance sheet and capital position. For the full year, we delivered a company record 3,943 homes, generating $2.1 billion in home closings revenue, the highest in our history. With homebuilding gross margins of 30.5%, we earned $7.07 per diluted share and generated a return on equity of 18.5%, underscoring the resilience of our land strategy and operating discipline. Our consistent performance has generated an exceptional total shareholder return of 770% over the ten-year period ending with fiscal 2025, the highest among our peers. Several core strengths continue to differentiate Green Brick that have led to compounding our value for shareholders over the last several years. First, our land centric, self development strategy remains foundational to our performance. While many peers rely heavily on land light models and third parties, we selectively acquire high quality land and self develop the vast majority of our homesites. This approach allows us to control cost, timing, and product quality while delivering superior risk adjusted returns. At year end, we owned or had under contract approximately 48,800 lots, with more than 75% owned, and over 80% of our self developed lots located in infill and infill adjacent submarkets where supply is constrained and long term demand fundamentals remain attractive. Second, our diversified portfolio of builder brands enables us to serve a broad customer base. Through our seven builder brands, we operate across a wide range of price points and product types, from entry level and move up homes to luxury and urban offerings. Trophy Signature Homes, which primarily targets firsttime and first move-up buyers, continues to be our growth engine, benefiting from its value oriented homes and efficient operating model. We are also excited to expand our geographic footprint through our Trophy Signature Homes brand in both Austin and Houston, two of the country s largest homebuilding markets. 2025 marked the second full year of homebuilding operations in Austin, and we were able to grow our deliveries 7% over 2024. We also started our first homes in Houston in the latter part of 2025 with first sales and deliveries in March of 2026. We believe these large markets, along with expanding our presence in Dallas-Fort Worth, will provide a stable runway for sustained growth over the next several years while further diversifying our revenue stream. DAVID EINHORN CHAIRMAN & CO-FOUNDER 3 We serve the Dallas-Fort Worth market with four other awardwinning brands. CB JENI, one of the largest townhome builders in DFW, delivers exceptional townhomes in premium locations. Normandy Homes serves first-time and second-time move-up buyers in infill and infill-adjacent locations. Southgate targets the luxury buyer in upscale locations. Centre Living Homes serves the first-time and move-up buyer with offerings ranging from single-family homes on oversized lots to infill luxury townhomes. In the Southeast, The Providence Group offers premium single-family, townhome and condominium neighborhoods in suburban Atlanta, while GHO Homes serves Florida s Treasure Coast with unique villas, patio and single-family homes, and estate homes. Third, we pair disciplined growth with a strong balance sheet. At year end, cash and liquidity totaled approximately $520 million, with no outstanding borrowings on our revolving credit facilities. Our homebuilding debt to total capitalization ratio was 12.8%, and net homebuilding debt to total capitalization was 6.3%; among the lowest of our public homebuilding peers. Our investment grade balance sheet funds prudent land development with our technology focused, process-driven integration of home construction as we make the homebuying experience seamless with our mortgage and title companies. During fiscal 2025, we repurchased approximately 1.4 million shares of common stock for $83 million, and we adopted a new $150 million share repurchase authorization, reflecting our confidence in the long term value of the business and our commitment to disciplined, shareholder focused capital deployment. Green Brick Mortgage, our wholly owned captive mortgage company, funded its first loan in January 2025. Over the course of 2025, Green Brick Mortgage rolled out to most of our Texas communities with further expansion into Atlanta planned by the middle of 2026. In 2026, we believe the combined earnings from our financial service companies will be greater than the total interest cost on all of our debt, further bolstering our operating margins and de-risking our business. Finally, our results would not be possible without the talents and dedication of our people. Their hard work, commitment, and decades of local market expertise continue to be our defining advantage. We are grateful for the trust of our homebuyers, trade partners, lenders and shareholders, and we remain focused on building exceptional homes and delivering sustainable long term value. On behalf of our Board of Directors and the entire Green Brick team, thank you for your continued support. We look forward to continuing to strengthen the foundation we have built and creating enduring value for you in the years ahead. JAMES R. BRICKMAN CEO & CO-FOUNDER
Centre Living Homes | Painted Tree | McKinney, TX 3,943 3,783 3,123 $1,778 2023 2024 2025 2023 HOME DELIVERIES $381,583 $284,626 2023 2024 $313,225 2025 NET INCOME (IN THOUSANDS) $2,099 2024 2025 33.8% 30.9% 2023 30.5% 2024 2025 TOTAL REVENUES HOMEBUILDING GROSS MARGIN $8.45 $35.46 $6.14 2023 $2,098 2024 $41.92 $7.07 2025 DILUTED EARNINGS PER SHARE $27.84 2023 2024 2025 BOOK VALUE PER SHARE 4
 • shareholder letter icon 4/1/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/19/2023 GRBK Stockholder Letter
 • stockholder letter icon 3/18/2024 GRBK Stockholder Letter
 • stockholder letter icon 3/11/2025 GRBK Stockholder Letter
 • stockholder letter icon More "General Contractors & Builders" Category Stockholder Letters
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GRBK Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
Trophy Signature Homes | Painted Tree | McKinney, TX


Southgate Homes | Prosper Ridge | Aubrey, TX

SHA RE H OL DE R Let te r
Dear Shareholders,
2025 marked another record year for Green Brick Partners,
reflecting the strength of our differentiated business model,
disciplined execution, and focus on long   term value creation
in a period defined by elevated interest rates, affordability
pressure, and uneven consumer confidence. Despite these
headwinds, we continued to deliver industry   leading gross
margins and returns while further strengthening our balance
sheet and capital position.
For the full year, we delivered a company   record 3,943 homes,
generating $2.1 billion in home closings revenue, the highest
in our history. With homebuilding gross margins of 30.5%,
we earned $7.07 per diluted share and generated a return
on equity of 18.5%, underscoring the resilience of our land
strategy and operating discipline. Our consistent performance
has generated an exceptional total shareholder return of 770%
over the ten-year period ending with fiscal 2025, the highest
among our peers.
Several core strengths continue to differentiate Green Brick
that have led to compounding our value for shareholders over
the last several years.
First, our land   centric, self   development strategy remains
foundational to our performance. While many peers rely
heavily on land   light models and third parties, we selectively
acquire high   quality land and self   develop the vast majority of
our homesites. This approach allows us to control cost, timing,
and product quality while delivering superior risk   adjusted
returns. At year   end, we owned or had under contract
approximately 48,800 lots, with more than 75% owned,
and over 80% of our self   developed lots located in infill and
infill   adjacent submarkets where supply is constrained and
long   term demand fundamentals remain attractive.
Second, our diversified portfolio of builder brands enables us
to serve a broad customer base. Through our seven builder
brands, we operate across a wide range of price points and
product types, from entry   level and move   up homes to luxury
and urban offerings.
Trophy Signature Homes, which primarily targets firsttime and first move-up buyers, continues to be our growth
engine, benefiting from its value   oriented homes and efficient
operating model. We are also excited to expand our geographic
footprint through our Trophy Signature Homes brand in both
Austin and Houston, two of the country   s largest homebuilding
markets. 2025 marked the second full year of homebuilding
operations in Austin, and we were able to grow our deliveries
7% over 2024. We also started our first homes in Houston in
the latter part of 2025 with first sales and deliveries in March
of 2026. We believe these large markets, along with expanding
our presence in Dallas-Fort Worth, will provide a stable runway
for sustained growth over the next several years while further
diversifying our revenue stream.
DAVID EINHORN
CHAIRMAN & CO-FOUNDER
3
We serve the Dallas-Fort Worth market with four other awardwinning brands.
    CB JENI, one of the largest townhome builders in DFW,
delivers exceptional townhomes in premium locations.
    Normandy Homes serves first-time and second-time
move-up buyers in infill and infill-adjacent locations.
    Southgate targets the luxury buyer in upscale locations.
    Centre Living Homes serves the first-time and move-up
buyer with offerings ranging from single-family homes on
oversized lots to infill luxury townhomes.
In the Southeast, The Providence Group offers premium
single-family, townhome and condominium neighborhoods in
suburban Atlanta, while GHO Homes serves Florida   s Treasure
Coast with unique villas, patio and single-family homes, and
estate homes.
Third, we pair disciplined growth with a strong balance sheet.
At year   end, cash and liquidity totaled approximately $520
million, with no outstanding borrowings on our revolving credit
facilities. Our homebuilding debt   to   total capitalization ratio
was 12.8%, and net homebuilding debt   to   total capitalization
was 6.3%; among the lowest of our public homebuilding
peers. Our investment grade balance sheet funds prudent land
development with our technology focused, process-driven
integration of home construction as we make the homebuying
experience seamless with our mortgage and title companies.
During fiscal 2025, we repurchased approximately 1.4 million
shares of common stock for $83 million, and we adopted a
new $150 million share repurchase authorization, reflecting
our confidence in the long   term value of the business and
our commitment to disciplined, shareholder   focused capital
deployment.
Green Brick Mortgage, our wholly owned captive mortgage
company, funded its first loan in January 2025. Over the course
of 2025, Green Brick Mortgage rolled out to most of our Texas
communities with further expansion into Atlanta planned
by the middle of 2026. In 2026, we believe the combined
earnings from our financial service companies will be greater
than the total interest cost on all of our debt, further bolstering
our operating margins and de-risking our business.
Finally, our results would not be possible without the talents
and dedication of our people. Their hard work, commitment,
and decades of local market expertise continue to be our
defining advantage. We are grateful for the trust of our
homebuyers, trade partners, lenders and shareholders, and we
remain focused on building exceptional homes and delivering
sustainable long   term value.
On behalf of our Board of Directors and the entire Green Brick
team, thank you for your continued support. We look forward
to continuing to strengthen the foundation we have built and
creating enduring value for you in the years ahead.
JAMES R. BRICKMAN
CEO & CO-FOUNDER

Centre Living Homes | Painted Tree | McKinney, TX
3,943
3,783
3,123
$1,778
2023
2024
2025
2023
HOME DELIVERIES
$381,583
$284,626
2023
2024
$313,225
2025
NET INCOME (IN THOUSANDS)
$2,099
2024
2025
33.8%
30.9%
2023
30.5%
2024
2025
TOTAL REVENUES
HOMEBUILDING GROSS MARGIN
$8.45
$35.46
$6.14
2023
$2,098
2024
$41.92
$7.07
2025
DILUTED EARNINGS PER SHARE
$27.84
2023
2024
2025
BOOK VALUE PER SHARE
4


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