Green Brick Partners Files Q2 2024 10-Q

TL;DR

GRBK 10-Q filed for Q2 2024. Financials are in.

AI Summary

Green Brick Partners, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Key financial data and operational details are presented in this filing, which follows the company's previous filings and fiscal year-end reporting.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Green Brick Partners, Inc., crucial for understanding the company's current health and future prospects in the real estate sector.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details within can reveal varying levels of risk.

Key Numbers

• 20240630 — Period End Date (The 10-Q covers financial data up to this date.)
• 20240731 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 to 2024-06-30 — Reporting Period (The first six months of the fiscal year 2024.)

Key Players & Entities

• Green Brick Partners, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — Period of report for the 10-Q
• 20240731 (date) — Filing date of the 10-Q
• BioFuel Energy Corp. (company) — Former company name

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share GRBK The New York Stock Exch
• $20.9 million — ty and determined its carrying value of $20.9 million does not exceed the community's fair va
• $64.0 million — in GB Challenger, LLC for approximately $64.0 million in cash. 6 TABLE OF CONTENTS Sale
• $10.7 million — million in cash. A gain on this sale of $10.7 million is included in other income, net in the
• $22.4 m — th Rainwater Crossing was approximately $22.4 million, representing its $2.6 million in
• $2.6 million — imately $22.4 million, representing its $2.6 million investment and the Company's remaining
• $15.0 million — ment to contribute to the joint venture $15.0 million in quarterly payments through March 31,
• $4.8 million — rly payments through March 31, 2029 and $4.8 million upon the joint venture's initial land c
• $25.0 million — h December 14, 2026, with the remaining $25.0 million commitment expiring December 14, 2025.

Filing Documents

• grbk-20240630.htm (10-Q) — 1408KB
• ex311certificationofchiefe.htm (EX-31.1) — 10KB
• ex312certificationofchieff.htm (EX-31.2) — 10KB
• ex321certificationofchiefe.htm (EX-32.1) — 5KB
• ex322certificationofchieff.htm (EX-32.2) — 5KB
• 0001373670-24-000061.txt ( ) — 7178KB
• grbk-20240630.xsd (EX-101.SCH) — 35KB
• grbk-20240630_cal.xml (EX-101.CAL) — 52KB
• grbk-20240630_def.xml (EX-101.DEF) — 224KB
• grbk-20240630_lab.xml (EX-101.LAB) — 476KB
• grbk-20240630_pre.xml (EX-101.PRE) — 389KB
• grbk-20240630_htm.xml (XML) — 1025KB

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets, June 30, 202 4 and December 31, 202 3 1 Condensed Consolidated Statements of Income for the three and six months ended June 30 , 202 4 and 202 3 1 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Controls and Procedures

Item 4. Controls and Procedures 32 PART II OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 TABLE OF CONTENTS

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS GREEN BRICK PARTNERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 133,294 $ 179,756 Restricted cash 24,882 19,703 Receivables 14,703 10,632 Inventory 1,792,056 1,533,223 Investments in unconsolidated entities 36,557 84,654 Right-of-use assets - operating leases 7,825 7,255 Property and equipment, net 6,975 7,054 Earnest money deposits 14,529 16,619 Deferred income tax assets, net 15,306 15,306 Intangible assets, net 324 367 Goodwill 680 680 Other assets 17,271 27,583 Total assets $ 2,064,402 $ 1,902,832 LIABILITIES AND EQUITY Liabilities: Accounts payable $ 67,978 $ 54,321 Accrued expenses 126,144 96,457 Customer and builder deposits 49,316 43,148 Lease liabilities - operating leases 8,756 7,898 Borrowings on lines of credit, net ( 1,921 ) ( 2,328 ) Senior unsecured notes, net 311,398 336,207 Notes payable 95 12,981 Total liabilities 561,766 548,684 Commitments and contingencies Redeemable noncontrolling interest in equity of consolidated subsidiary 38,883 36,135 Equity: Green Brick Partners, Inc. stockholders' equity Preferred stock, $ 0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 47,603 47,603 Common stock, $ 0.01 par value: 100,000,000 shares authorized; 44,897,775 issued and 44,594,451 outstanding as of June 30, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively 449 450 Treasury stock, at cost: 303,324 shares as of June 30, 2024 and none as of December 31, 2023 ( 17,192 ) — Additional paid-in capital 246,863 255,614 Retained earnings 1,161,512 997,037 Total Green Brick Partners, Inc. stockholders' equity 1,439,235 1,300,704 Noncontrolling interests 24,518 17,309 Total equity 1,463,753 1,318,013 Total liabilities and equity $ 2,064,402 $ 1,902,832 The accompanying n

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