Green Brick Partners, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Green Brick Partners, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Green Brick Partners, Inc. (GRBK-PA) filed a Annual Report (10-K) with the SEC on February 29, 2024. Green Brick Partners, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is operative building. Green Brick Partners, Inc. was formerly known as BioFuel Energy Corp. before a name change on August 23, 2006. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Green Brick Partners, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Green Brick Partners' financial performance, operational activities, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The filing details the company's financial position, including assets, liabilities, and equity, as well as revenue and net income, offering insights into its profitability and growth trajectory within the real estate and construction sector.

Risk Assessment

Risk Level: — Green Brick Partners, Inc. shows moderate risk based on this filing. The company operates in the real estate and construction sector, which is subject to economic cycles, interest rate fluctuations, and regulatory changes, posing inherent risks to its financial performance and operations.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Green Brick Partners' performance and potential challenges in the housing market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-29 — Filing Date (Date of submission)
• 1531 — SIC Code (Standard Industrial Classification for Operative Builders)
• DE — State of Incorporation (Legal domicile)

Key Players & Entities

• Green Brick Partners, Inc. (company) — Filer name
• BioFuel Energy Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• Plano, TX (location) — Business and mailing address

FAQ

Industry Context

Green Brick Partners, Inc. operates within the real estate and construction industry, specifically as an operative builder focused on residential housing.

Regulatory Implications

As a publicly traded company, Green Brick Partners, Inc. is subject to SEC regulations, including the requirement to file annual reports (10-K) detailing its financial health and business operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Compare the 2023 results with previous years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of Green Brick Partners, Inc.)

Operative Builders

Companies primarily engaged in the construction and sale of residential housing. (This is the primary industry classification for Green Brick Partners, Inc., indicating its core business activities.)

Year-Over-Year Comparison

This is the initial filing data extracted; a comparison to a prior filing would require additional data.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share GRBK The New York Stock Exch
• $260,000 — phy") 100% DFW and Austin Single family $260,000 to $1,100,000 CB JENI Homes DFW LLC ("
• $1,100,000 — FW and Austin Single family $260,000 to $1,100,000 CB JENI Homes DFW LLC ("CB JENI") 100%
• $270,000 — DFW LLC ("CB JENI") 100% DFW Townhomes $270,000 to $640,000 Normandy Homes ("Normandy"
• $640,000 — B JENI") 100% DFW Townhomes $270,000 to $640,000 Normandy Homes ("Normandy") 100% DFW S
• $460,000 — mes ("Normandy") 100% DFW Single family $460,000 to $910,000 SGHDAL LLC ("Southgate") 1
• $910,000 — dy") 100% DFW Single family $460,000 to $910,000 SGHDAL LLC ("Southgate") 100% DFW Luxu
• $790,000 — LLC ("Southgate") 100% DFW Luxury homes $790,000 to $1,880,000 CLH20 LLC ("Centre Livin
• $1,880,000 — ate") 100% DFW Luxury homes $790,000 to $1,880,000 CLH20 LLC ("Centre Living") 90% DFW To
• $340,000 — g") 90% DFW Townhomes and Single Family $340,000 to $710,000 The Providence Group of Ge
• $710,000 — Townhomes and Single Family $340,000 to $710,000 The Providence Group of Georgia LLC ("
• $390,000 — wnhomes, Condominiums and Single Family $390,000 to $1,260,000 GRBK GHO Homes LLC ("GRB
• $1,260,000 — dominiums and Single Family $390,000 to $1,260,000 GRBK GHO Homes LLC ("GRBK GHO") 80% Tr
• $370,000 — ure Coast Patio homes and Single Family $370,000 to $2,100,000 * The Company sold its
• $2,100,000 — tio homes and Single Family $370,000 to $2,100,000 * The Company sold its 49.9% ownershi

Filing Documents

• grbk-20231231.htm (10-K) — 1808KB
• ex107costelloemploymentagr.htm (EX-10.7) — 161KB
• ex108dolsonemploymentagree.htm (EX-10.8) — 144KB
• ex1039afirstamendmenttonpa.htm (EX-10.39A) — 117KB
• ex1041agreenbrick-firstame.htm (EX-10.41A) — 119KB
• ex1045agreenbrick-firstame.htm (EX-10.45A) — 138KB
• ex1049agreenbrick-firstame.htm (EX-10.49A) — 136KB
• ex21listofsubsidiaries1231.htm (EX-21) — 80KB
• ex23consentofrsmusllpindep.htm (EX-23) — 2KB
• ex311certificationofchiefe.htm (EX-31.1) — 10KB
• ex312certificationofchieff.htm (EX-31.2) — 10KB
• ex321certificationofchiefe.htm (EX-32.1) — 5KB
• ex322certificationofchieff.htm (EX-32.2) — 5KB
• ex97clawbackpolicy.htm (EX-97) — 58KB
• grbk-20231231_g1.jpg (GRAPHIC) — 57KB
• grbk-20231231_g2.jpg (GRAPHIC) — 95KB
• 0001373670-24-000008.txt (&nbsp;) — 10551KB
• grbk-20231231.xsd (EX-101.SCH) — 37KB
• grbk-20231231_cal.xml (EX-101.CAL) — 71KB
• grbk-20231231_def.xml (EX-101.DEF) — 303KB
• grbk-20231231_lab.xml (EX-101.LAB) — 727KB
• grbk-20231231_pre.xml (EX-101.PRE) — 487KB
• grbk-20231231_htm.xml (XML) — 1388KB

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 18

Cybersecurity

Item 1C. Cybersecurity 18

Properties

Item 2. Properties 20

Legal Proceedings

Item 3. Legal Proceedings 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

Reserved

Item 6. Reserved 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 32

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 34

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 71

Controls and Procedures

Item 9A. Controls and Procedures 71

Other Information

Item 9B. Other Information 73 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 73

Executive Compensation

Item 11. Executive Compensation 73

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 74

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 74 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 75

Form 10-K Summary

Item 16. Form 10-K Summary 77

Signatures

Signatures 78 TABLE OF CONTENTS PART I

BUSINESS

ITEM 1. BUSINESS Green Brick Partners, Inc. and its subsidiaries ("Green Brick", "the Company", "we" or "us") is a diversified homebuilding and land development company. We acquire and develop land and build homes through our seven brands of builders in four major markets. Our core markets are in the high growth U.S. metropolitan areas of Dallas-Fort Worth ("DFW") and Austin, Texas, and Atlanta, Georgia, as well as the Treasure Coast, Florida area. We are engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, title and mortgage services, marketing and sales and the creation of brand images at our residential neighborhoods and master planned communities. We previously owned a noncontrolling interest in a builder in Colorado Springs, Colorado, which was sold on February 1, 2024. We believe we offer higher quality homes with more distinctive designs and floor plans than those built by our competitors at comparable prices. Many of our communities are located in premium locations and we seek to enhance homebuyer satisfaction by utilizing high-quality materials, and building well-crafted homes. We seek to maximize value over the long term and operate our business to mitigate risks in the event of a downturn by controlling costs and quickly reacting to regional and local market trends. We are a leading lot developer in our markets and believe that our strict operating discipline provides us with a competitive advantage in seeking to maximize returns while minimizing risk. As of December 31, 2023, we owned or controlled approximately 28,700 home sites in high-growth submarkets throughout the DFW, Austin, and Atlanta metropolitan areas and the Treasure Coast, Florida market. We provide finished lots to our subsidiary builders or option lots from third-party developers for our builders' homebuilding operations and provide them with construction funding and strategic planning. Our Atlanta and Fl

View Full Filing

View this 10-K filing on SEC EDGAR